Export Sales to be released at 7:30 CST. Trading expecting 31-51 corn, vs 26/week needed
Weekly EIA ethanol production of 1.054 mbpd was 13 K above the trade average. Inventories declined 63 K to 24.72 million barrels and continue to run about 1 million barrels higher than last year
· One well followed consulting group thinks the Brazil crop is 3 MMT larger than the USDA (104 vs 103)
· Through Feb. 26, the average projected crop insurance price for December 2020 corn futures is $3.8954
· A contract low in May 2020 corn futures was made on Wednesday at $3.72 ½ with settlement at $3.74 ½; since establishing a calendar year 2020 high of $3.98 ¾ on Jan. 23, May futures have declined $0.24 ¼ (6.1%)
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 CST. 22-33 SB expected (21 needed); 150-300 K SBM & 8-45 K SBO
· Brazil bean crop keeps growing . . . Memphis-based group up 2 at 128 (USDA, 125); Arg, 55 (USDA; 53)
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Arg Ag Minister suspended export registrations yesterday until further notice
· Through Feb. 26, the average projected crop insurance price for November 2020 soybean futures is $9.1807
· Export Sales to be released at 7:30 CST. Trade expecting 15-22 old crop wheat & 1-4 new crop
· KC HRW July wheat futures on Wed. closed at $4.66 ¼, the lowest settlement price for the contract since Dec. 13
· Through Feb. 26, the average projected crop insurance price for MGEX September 2020 wheat futures is $5.5749
ENERGY
· Lower: CLJ20, -$1.12 @ $46.72; EBJ, -$1.06 @ $52.36; EBJ-QCLJ, -.01; RBJ, -.0522; NGJ, -.067; HOJ, -.0388
· Chicago ethanol was off $.0275 at $1.28; basis, mostly firmer: NYC, +$.0025 @ $.0950; Gulf, -$.0075 @ $.10500; Dallas, +$.0050 @ +$.0975; Tampa, +$.0125 @ +$.20; LA, +$.0125 @ +$.2150
· Ethanol RINs values, firmer: 2018’s, +21.00 @ 25-29; 2019’s, +3.00 @ 27 ½ -33; 2020’s, +5.50 @ 33 -44 ;    
· The March RBOB/March ethanol spread was again narrower, $.0655 at $.1769/gallon
LIVESTOCK/POULTRY ;
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Choice boxed beef declined $1.13 on Wednesday to $206.34, but is still up 77-cents compared to a week ago
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Cash cattle trading in the South this week was $5.00 lower compared to last week, including clean-up sales on Wed.
· USDA mandatory pork carcass cutout value fell $1.67 on Wed. to $63.36 but is still 43-cents higher versus last week
· USDA’s Iowa/Minnesota average cash lean hog price increased $0.14 on Wednesday to $49.69
Sources: Bloomberg, Dow Jones, AP, DTN