HIGHLIGHTS
· TRENDS—lower: CK, -$.0350; SK, -$.07; WK, -$.045; KWK, -$.0425. Del’y: SBM, 35; SBO, 33; RR, 7; C, 69; SB, 6; W, 60
· What caught my eye: Some back of the napkin math but the fall in the bean/corn ratio since the 1st of the year, from 2.44 at its peak to 2.32 on Friday might suggest a 1.6 to 1.8 million acre swing from soybeans to corn
· Fed cuts rates to zero, stock futures still hit “limit down”. Asia: DOWN: Nikkei, -2.46%; Shanghai, -3.40%; Hang Seng, -4.03%; EUROPE: Cratering—DAX, -7.84%; FTSE, -6.64%; CAC, -8.07%. WALL STREET: Futures, Weaker--DOW, -1,041; S&P, -128.5; NAS, -359.75.  EXTERNALS: April crude, -$1.63 @ $30.10; Gold: +$3.60 @ $1,520; Mar $ Index, -1.209 @ 97.555
· T-storm Weather®: in Argentina, recent heavy rain and more rain through early this week break the flash drought and heat wave as the corn and soybean growing seasons begin to close. In Brazil, dry and hot weather continue on the southern half of second-crop corn through Tuesday, followed by a period of thunderstorms that is typical of March, but more rains will need to follow in several weeks because of rapidly increasing rainfall deficits
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CK, dn $.0350 @ $3.6225; CN, dn $.0350 @ $3.65. The funds were said to be modest buyers on Friday, estimated at 2 K
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SK, dn $0.07 @ $8.4175; SN, dn $.06 @ $8.50. Funds: Sold 7 SB; 3 SBM; 5 SBO. Board crush: $1.00 (K/K), +3; LY, $1.00
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WK, dn $.0425 @ $5.0175; WN, dn $.0425 @ $5.0275. The funds also bought 2 K of wheat to close out the week
CORN/SORGHUM
· Export Inspections released at 10 am CDT; Corn, 45.5 mbu needed; 32.7 last week. Milo—2.5 needed; 2.3 last week
· T-storm Weather®: in southern Brazil, where ~40% of safrinha (double crop) corn is produced, dry & hot weather continue through at least Tue. Scattered thunderstorms occur Wed.-Thu. but more so Fri.-Sat as 1.00”-2.00” occurs
· Consultant: full-season corn crop in Rio Grande do Sul, Brazil has been significantly impacted by recent dry weather. Full-season corn in the state is 50% harvested, but yields might decline on remaining crop if dry weather persists
· Buenos Aires Grain Exchange last week pegged Argentina corn harvest at 6.7%. Corn harvest has expanded at a good pace into early-planted plots. Final corn production estimate remains at 50.0 MMT
SOYBEANS/WHEAT
· Export Inspections released at 10 am CDT; Soybeans, 28.7 mbu needed; 21.0 last week
· T-storm Weather®: in Argentina, scattered thunderstorms occur in central & northern soybean areas Tue.-Wed. with generalized totals (including amounts this weekend) of 0.50”-1.00” south to contrast with 1.00”-2.00” central & north
· Consultant: prior to last week, some soybeans had gone 2-3 weeks without significant rain in southwestern Argentina
· Export inspections released at 10 am CDT; Wheat, 24.5 needed; 15.3 last week
· T-storm Weather®: in the U.S., numerous systems pass over the next 10-14 days, producing widespread rain. Result will be wet conditions across a wide swath of the central U.S. by the end of March (including all winter wheat areas)
ENERGY
· DOWN: CLJ20, -$1.63 @ $30.10; EBK, -$2.75 @ $31.10; EBK-QCLK, -1.09; RBJ, -.1720; NGJ, -.05; HOJ, -.0826
· Chicago ethanol was steady at $1.18; basis, mostly weaker: NYC, -$.0075 @ $.08250; Gulf, unch @ $.0950; Dallas, -$.01 @ +$.0950; Tampa, -$.0150 @ +$.20; LA, -$.005 @ +$.25
· Ethanol RINs values, Lower: 2018’s, -1.50 @ 23 ½-25 ½; 2019’s, -1.75 @ 22 -23; 2020’s, -2.50 @ 24 ½ -27   ;  
· The inverse on April RBOB/April ethanol spread widened $.0093 Friday to $.2928
LIVESTOCK/POULTRY ;
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Choice boxed beef increased $2.13 on Friday to $208.14, and is 67-cents higher compared to a week ago
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April live cattle futures on Fri. fell to a contract low of $95.575; since Feb. 19, the contract has declined $25.225 (21%)
· USDA mandatory pork carcass cutout value firmed 54-cents on Fri. to $68.88, & is $3.08 higher versus last week
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CME Lean Hog Index was $0.54 higher on Fri. at $58.86. April futures fell $4.500 & are $2.485 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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