HIGHLIGHTS

·       TRENDS—Mixed:  CK, +$.0125; SK, +$.0375; WK, -$.0425; KWK, -$.0425.  Del’y: SBM, 674; SBO, 653; RR, 83; HRW, 9 

·       What caught my eye: One producer publication is pegging planted SB acres at 80.6; interesting that the Outlook Forum and Informa are considerably higher at 85.0 and 86.5, respectively

·       Equities firmer, hopes Central banks & gov’ts will take stabilizing steps.  Asia: Up: Nikkei, +0.95%; Shanghai, +3.15%; Hang Seng, +0.62%; EUROPE: Mostly weaker—DAX, -0.67%; FTSE, +0.42%; CAC, -0.49%.  WALL STREET: Futures, sort of higher--DOW, +33; S&P, -1.5; NAS, +28.50.  EXTERNALS: April crude, +$0.40 @ $45.16 Gold: +$43.40 @ $1,610; Mar $ Index, -.406 @ 97.675

• Weather: Dry conditions or just a few light showers occur across northern Brazil today-Wed., followed by mostly dry weather Thursday.  Temps average near to below normal.  In southern Brazil, dry conditions or just a few  light showers occur today--Tue.  Mostly dry weather develops Wed.-Thu.  Temps average near to below normal.  Dry weather is forecast for Argentina growing areas this week, with temps averaging above normal through at least Thursday
• CK, up $.0150 @ $3.6975; CN, up $.01 @ $3.7350.  The funds were even in Friday’s trade   
• SK, up $0.0375 @ $8.96505; SNK, up $.0375 @ $9.0525.  Funds: sold 3 SB; 6 SBO, bot 3 SBM.  Board crush: $0.85, +1 LY, $0.97 
• WK, dn $.0425 @ $5.2075; WK, dn $.0425 @ $5.22.  The funds were again sellers, with 3 K estimated on Friday                           

CORN/SORGHUM

·       The final projected crop insurance price for December 2020 corn futures is $3.88 compared to $4.00 in 2019

·       May 2020 corn futures on Friday traded to a contract low of $3.65 ¾, but closed slightly higher at $3.68 ¼.  However, for the month of February, May corn futures were $0.18 ¼ lower compared to January

·       Export Inspections released at 10 am CST; Corn, 44.6 mbu needed; 35.9 last week.  Milo—2.5 needed; 0.7 last week

·       Consultant: In Brazil, planting of safrinha (double crop) corn is still taking place in Mato Grosso do Sul and Parana.  The late planted corn in these states runs a high risk of lower yields due to the risk of dry weather and frost

SOYBEANS/WHEAT

·     &​nbsp; The final projected crop insurance price for November 2020 soybean futures is $9.17 compared to $9.54 in 2019

·       November 2020 soybean futures on Friday traded to $9.00 ¼--the lowest price for the contract since May 24, 2019.  For the month of February, November soybean futures were $0.04 lower compared to January

·       Export Inspections released at 10 am CST; Soybeans, 28.3 mbu needed; 21.8 last week

·       The final projected crop insurance price for MGEX September 2020 wheat futures is $5.56 compared to $5.77 in 2019

·       Export inspections released at 10 am CST; Wheat, 23.8 needed; 15.1 last week

·       NWS updated forecast for March projects below to much-below normal precip for HRW wheat in most of KS, NE and the Oklahoma Panhandle; in contrast, above normal precip is forecast for SRW wheat in OH, IN, southern IL & Delta

ENERGY

·       Firm: CLJ20, +$0.40 @ $45.16; EBK, +$0.60 @ $50.27; EBK-QCLK, +.21; RBJ, +.0086; NGJ, +.018; HOJ, -.0090

·       Chicago ethanol was $.01375 firmer on Friday at $1.26375; basis, mostly lower:  NYC, -$.02125 @ $.07875; Gulf, +$.00125 @ $.10125; Dallas, -$.01375 @ +$.08625; Tampa, -$.02375 @ +$.17625; LA, -$.02375 @ +$.19625

·       Ethanol RINs values, weaker: 2018’s, -0.50 @ 27 ½ -31 ½; 2019’s, -0.75 @ 34 ½ -36; 2020’s, -0.75 @ 38 ½ -40                                   &nbs​p;                        ​;                         ​;                        ​          

·  ​;     The April RBOB/March ethanol spread widened $.0522 on Friday to $.2288/gallon        

LIVESTOCK/POULTRY                          ​;             

• Choice boxed beef eased $0.24 on Friday to $205.30, but is still 21-cents higher versus last week
• April live cattle futures on Fri. made a contract low of $107.475; since Feb. 14, the contract has fallen $13.60 (11.2%)

·       USDA mandatory pork carcass cutout value was 5-cents lower on Fri. at $63.09 & is down 61-cents versus a week ago

• CME Lean Hog Index fell $0.03 on Fri. to $56.33.  April futures declined $0.275 but remain $5.945 above the index

Sources: Bloomberg, Dow Jones, AP, DTN