HIGHLIGHTS

·       TRENDS—Higher!:  CK, +$.08; SK, +$.1050; WK, +$.1025; KWK, +$.11 

·       What caught my eye: Will pay particular attention to this morning’s export sales report for both corn and soybeans; trade midpoint on the former well above implied rate; soybeans, less optimistic at 15-37 with 22.5/wk needed

·       U.S. futures turn lower, eye towards initial jobless claims later today.  Asia: Down-- Nikkei, -1.04%; Shanghai, -0.98%; Hang Seng, -2.61%; EUROPE: Mostly lower—DAX, -0.72%; FTSE, -0.73%; CAC, +1.14%.  WALL STREET: Futures, down--DOW, -431; S&P, -50.25; NAS, -85.  EXTERNALS: April crude, +$2.37 @ $22.74; Gold: -$.50 @ $1,477; Sep $ Index, +0.377 @ 102.000

·       T-storm Weather®: scattered thunderstorms affected Argentina yesterday, but appear to have missed some of the driest soybeans, and the next rain chances are low and not for another 7 to 10 days.  Scattered thunderstorms affect very dry second-crop in southern Brazil over the next two days, but at least 7 to 10 days of dry weather also follow, maintaining the potential for stress to develop later this month on at least 40% of the crop

• CK, up $.08 @ $3.4325; CN, up $.07 @ $3.4875.  Demand destruction worries continue, funds sell 10 K yesterday
• SK, up $0.1050 @ $8.36; SN, up $.0950 @ $8.4225.  Funds: Bot 2 SB; 4 SBM; sold 2 SBO.  Board crush: $1.19 (K/K), +9; LY, $1.01 
• WK, up $.1025 @ $5.1850; WN, up $.0950 @ $5.18.  Funds bought 3 K, talk of China interest                                  ​; 

CORN/SORGHUM

·      &n​bsp;Export Sales report at 7:30 am CDT for the week ending March 12; trade expects 24-47 mbu for 2019/20 corn sales

·       T-storm Weather®: in southern Brazil, scattered thunderstorms form through today, producing 0.50”-1.50” totals on  safrinha (double crop) corn.  A dry, but seasonable to cool period then follows for at least one week

·       Consultant: in southern Brazil, safrinha (double crop) corn was planted 10-15 days later than normal in southwestern Mato Grosso do Sul.  Farmers there indicate they need at least 2.00” of rain soon to avoid significant moisture stress

·       Ethanol grind: Total of 1,035,000 barrels/day for week ending March 13 dn 0.9% v. prior week but up 3.1% v. 2019

SOYBEANS/WHEAT

·       Export Sales report at 7:30 am CDT for the week ending March 12; trade expects 15-37 mbu for 2019/20 soybean sales; 150-400 for 19/20 soymeal; and 5-35 for 19/20 soyoil

·       T-storm Weather®: in Argentina, areas of high pressure dominate over the next week, leaving all soybean areas dry 

·       Consultant: in Brazil, some soybean losses in southern state of Rio Grande do Sul will be compensated by potentially record yields in northern & northeastern states.  Harvest progress nationwide is 62.8% according to Arc Mercosul

·       Export Sales report at 7:30 am CDT for the week ending March 12; trade expects 7-22 mbu for 2019/20 wheat sales

·       T-storm Weather®: rains focus on SRW wheat of U.S. Corn Belt & Delta every 3-5 days into April, while also producing at least some significant totals on HRW wheat in the Plains, including a wide area of the central U.S. through today

ENERGY

·       Higher: CLJ20, +2.37 @ $22.74; EBK, +$1.21 @ $26.09; EBK-QCLK, -1.16; RBJ, +.0290; NGJ, +.056; HOJ, +.0336

·       Chicago ethanol was off 3 ½ cents to $.9950/gallon; basis, mostly weaker:  NYC, unch @ $.09; Gulf, -$.06 @ $.09; Dallas, -$.0050 @ +$.1450; Tampa, -$.0150 @ +$.23; LA, -$.04 @ +$.22

·       Ethanol RINs values, Lower: 2018’s, -2.0 @ 15-17; 2019’s, -2.5 @ 13 -14; 2020’s, -2.75 @ 16 ½ -18                        &nbs​p;                     &n​bsp;                                                 &n​bsp;                       &nb​sp;  

·       The April RBOB/April ethanol inverse was little changed Thursday, falling $.0023 to $.3143       

LIVESTOCK/POULTRY             <​wbr>                      &nbs​p;   

​
• Choice boxed beef was $7.31 higher on Wednesday at $247.24, and is up $40.07 versus a week ago
• Light to moderate cash cattle trade developed on Wednesday at generally higher money than Monday's decline

·       USDA mandatory pork carcass cutout value firmed 18-cents on Wed. to $73.88, & is up $6.32 versus last week

• CME Lean Hog Index gained $0.84 on Wed. to $60.58.  April futures fell $0.325 and are $2.43 below the index

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