HIGHLIGHTS

·       TRENDS—Higher:  CK, +$.05; SK, +$.0875; WK, +$.0925; KWK, +$.0725 

·       What caught my eye: Strong export soybean meal demand has lifted Board crush to $1.30/bu as shipments the past month are averaging a seasonally record large 312 K MT per week--Brazil seems unable to make up for the Argentine shortfall

·       Asia: Firm-- Nikkei, closed; Shanghai, +1.61%; Hang Seng, +5.05%; EUROPE: Sharply higher—DAX, +5.87%; FTSE, +3.79%; CAC, +6.24%.  WALL STREET: Futures, higher--DOW, +840; S&P, +93.25; NAS, +352.  EXTERNALS: April crude, +$1.95 @ $22.74; Gold: +$31 @ $1,510; Sep $ Index, -0.830 @ 102.950

·       T-storm Weather®: Despite thunderstorms yesterday, the southern ~40% of corn in Brazil remains at risk of stress because recent rainfall was not enough to eliminate deficits.  A dry period starts today, and new rains are unlikely to return for at least 7 to 10 days.  Corn to the north will be wetter as a cool front passes and dissipates in Goiás and Mato Grosso, but potentially followed by a drier period starting around April 1.  No rain in Argentina through at least Tuesday

• CK, up $.05 @ $3.5050; CN, up $.0425 @ $3.5525.  A day of optimism returns to the markets, funds buy 20 K
• SK, up $0.0875 @ $8.52; SN, up $.0950 @ $8.5750.  Funds: Bot 15 SB; 10 SBM; 8 SBO.  Board crush: $1.30 (K/K), +29; LY, $1.01 
• WK, up $.0950 @ $5.4450; WN, up $.0575 @ $5.3825.  Funds buy 15 K on ideas China will buy 2-5 vessels of HRW                                     

CORN/SORGHUM

·      &​nbsp;T-storm Weather: in Brazil, a dry but seasonable to cool period occurs for 7 to 10 days, leaving safrinha (double crop) corn much drier than normal with a high probability for stress to develop if heavy rains do not quickly follow

·       Consultant: in Argentina, yields of later planted corn are yet to be determined.  Much of the later planted corn is in far northern Argentina and dryness seems to be migrating toward that region

·       Updated U.S. NWS forecast for the month of April released on Thursday projected above normal precip for IA, NE, most of IL and most of KS.  An equal chance of above or below preip is forecast for most of the eastern Corn Belt

·       U.S corn export sales for the week ending March 12 totaled 35.6 mbu, which is down 17% from the 4-week average

SOYBEANS/WHEAT

·       Consultant: recent rain in previously dry areas in south-central Argentina stabilized the soybean crop, but damage had already been done to yield potential.  Dry weather appears to have been especially detrimental to later planted beans

·       Updated U.S. NWS forecast for the month of April released on Thursday projected above normal precip for IA, NE, most of IL and most of KS.  An equal chance of above or below preip is forecast for most of the eastern Corn Belt

·       U.S wheat export sales for the week ending March 12 totaled 12.4 mbu, which is down 21% from the 4-week average

·       T-storm Weather: the jet stream loosely aligns near the central U.S. into April, focusing rain and thunderstorms on the Corn Belt and Delta, while likely bringing at least some rains to the spring and HRW wheat belts of the Plains

ENERGY

·       Higher: CLJ20, +1.95 @ $27.17; EBK, +$1.83 @ $30.30; EBK-QCLK, -0.80; RBJ, +.0528; NGJ, +.035; HOJ, +.0508

·       Chicago ethanol bounced back, up $.05 to $1.0050/gallon; basis, mostly weaker:  NYC, -$.0025 @ $.0875; Gulf, unch @ $.09; Dallas, -$.01 @ +$.1350; Tampa, -$.0150 @ +$.2150; LA, -$.5 @ +$.17

·       Ethanol RINs values, Higher: 2018’s, +2.0 @ 17-19; 2019’s, +2.5 @ 13 ½ -16; 2020’s, +2.75 @ 17 -23                                                ​                        &​nbsp;                       &n​bsp;                          

·       The April RBOB/April ethanol inverse rose $.0177 yesterday to $.3320 per gallon      

LIVESTOCK/POULTRY                       &​nbsp;               <​/wbr>

• Choice boxed beef gained $2.63 on Thursday at $249.87, and is $43.86 higher compared to last week 
• Estimates for today’s USDA Cattle on Feed: March 1 on feed, 100.2%; Placed in Feb., 92.4%; Marketed in Feb., 105.6%

·       USDA mandatory pork carcass cutout value was $3.75 higher on Thu. at $77.63, & is up $9.29 versus a week ago

• CME Lean Hog Index firmed $0.76 on Thu. to $61.34.  April futures jumped $3.000 but remain $0.19 below the index

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®