HIGHLIGHTS

·       TRENDS—Up:  CH, +$.0325; SH, +$.0275; WH, +$.1150; KWH, +$.0950.  China to accept Ag Imp exemptions, smaller Aussie crop 

·       What caught my eye: With China’s Sep-Dec SB imports from the Big 3 up 9.5 MMT year to year, some analysts are more and more inclined to argue the USDA’s forecast for just a 1 MMT increase in the annual total is too pessimistic

·       Apple warns qtrly revenue will miss guidance due to coronavirus.  Asia: Mostly weaker: Nikkei, -1.40%; Shanghai, +0.05%; Hang Seng, -1.54%; EUROPE: Lower—DAX, -0.70%; FTSE, -0.83%; CAC, -0.38%.  WALL STREET: Futures, sharply lower--DOW, -146; S&P, -13; NAS, -69.75.  EXTERNALS: March crude, -$0.79 @ $51.26; Gold: +$4.430 @ $1,591; Mar $ Index, +.027 @ 99.030

• T-storm Weather®: in Argentina, an extended period of dry but ideally-cool weather as surface-level high pressure dominates for 7 to 10 days.  Conversely, a wet period affects much of Brazil (and Paraguay) over the next two weeks as a series of cool fronts pass and dissipate, easing dryness in most areas (except far south, including drier areas of Rio Grande do Sul), but occasionally slowing first-crop harvesting and second-crop planting
• CH, up $0.0325 @ $3.81; CK, up $.0325 @ $3.8525.  Fund selling on Friday amounted to 2 K as demand worries persist     
• SH, up $.0275 @ $8.9650; SK, up $.03 @ $9.0625.  Funds: sold 2 SB, 1 SBM, & 2 SBO.  Board crush: $0.83, -1; LY, $0.97,-; 
• WH, up $.1150 @ $5.5425; WK, up $.1050 @ $5.52.  Fund selling to close out the week amounted to 2 K            

CORN/SORGHUM

• Export Inspections released at 10 am CST; Corn, 43.9 mbu needed; 30.3 last week.  Milo—2.5 needed; 3.1 last week
• Consultant: Argentina corn production is increased 1.5 MMT to 49.0 MMT; neutral to higher bias going forward.  Most of the cropping areas of Argentina continue to receive enough timely rains to maintain adequate soil moisture
• T-storm Weather®: in Argentina, some thunderstorms potentially form within Feb. 26 - Mar. 2) when a storm system approaches, but many uncertainties exist with a major rain event not currently expected
• Corn planting in Argentina is complete, according to the Buenos Aires Grain Exchange
• Updated 2020/21 U.S. corn balance sheet to be released on Fri. at the USDA Agricultural Outlook Forum

SOYBEANS/WHEAT

• Export Inspections released at 10 am CST; Soybeans, 28.4 mbu needed; 22.2 last week
• Consultant: Brazil soybean production is increased 1.0 MMT to a record 125.0 MMT; neutral to higher bias going forward.  Weather in Brazil continues to generally be beneficial, especially for the soybeans that are filling pods
• T-storm Weather®: soybean harvest may be slowed by heavy rainfall later this week in central and northern Brazil
• Export Inspections released at 10 am CST; Wheat, 23.0 mbu needed; 19.2 last week
• T-storm Weather®: showers occur at times through Wed. for U.S. HRW wheat in the central & southern Plains

ENERGY

• Mixed: CLH20, -$0.79 @ $51.26; EBJ, -$0.96 @ $56.53; EBJ-QCLJ, -.30; RBH, +.0029; NGH, +.125; HOH, -.0296
• Chicago ethanol was $.0075 higher Friday at $1.3575; basis, weaker:  NYC, -$.0050 @ $.0850; Gulf, -$.0025 @ $.1075; Dallas, -$.0025 @ +$.0775; Tampa, -$.0025 @ +$.1775; LA, -$.00750 @ +$.1975
• Ethanol RINs values, unch/lower: 2018’s, u nch @ 23½-24 ½; 2019’s, -1.00 @ 25 -27; 2020’s, -0.25 @ 31-32                                                          ​                        &​nbsp;                       &n​bsp;              
• The March RBOB/March ethanol spread shed $.0081 on Friday to $.2253/gallon       

LIVESTOCK/POULTRY              &nb​sp;                        

• Choice boxed beef was 83-cents lower on Monday at $207.26 and down $1.65compared to a week ago
• 5-Area Weekly Weighted Average Steer price fell $2.15 v. last week to $118.90/cwt, and is down $6.06 v. last year

·       USDA mandatory pork carcass cutout value eased 53-cents on Mon. to $61.41 and $2.80 lower versus last week   

·       CME Lean Hog Index fell $0.32 on Fri. to $56.38.  April futures increased $0.225 and are $7.920 above the index   

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