HIGHLIGHTS
· MARKET TREND: CH, Up $.0325; SH, Up $.0425; WH, Up $.0425; KWH, Up $.0475
· The financial markets are generally lower as they look ahead to speeches from Fed reps in Washington today as well as Thursday’s ECB meeting. Asia: Shanghai, +.85%; Nikkei, -.61%; Hang Seng, -.08%. China revises growth target to 6-7%. Europe: FTSE -.84%; DAX, -.89% & CAC 40. -.93%. U.S.: futures are lower: DOW, -51; S&P, -8.5; NAS, -22.25. Externals: $ Index, +.332 @ 97.675; Gold, -$.150 @ $1,268.40; April WTI, +$.56 @$36.48
· Weather: Light showers are forecast across the central region of the U.S. Corn Belt today with heaviest totals projected for Illinois. Heavier rainfall is anticipated across the Delta on Tuesday with mostly light amounts across the western Corn Belt. Additional heavy amounts are forecast for the Delta and southern half of Illinois and southeast Missouri on Wednesday but limited precip is projected for HRW wheat. Temperatures are projected to well above normal throughout the week
· CH, Up $.0325@ $3.5575; CK, Up $.0325 @ $3.6150. The funds bought 2 K. 19 Corn deliveries; 0 etoh
· SH, Up $.0425 @ $8.7475; SK, Up $.04 @ $8.8250. Funds: bought 7 SB, 7 SBM; 4 K SBO. Del’y: 564 SB, 107 SBM, 346 SBO
· WH, Up $.0425 @ $4.59; WK, Up $.0475@ $4.6550. The funds bought 3 K. Del’y: 0 SRW, 19 HRW
CORN/SORGHUM        
· March 9 USDA WASDE report: Avg. trade guess for U.S. corn 15/16 carryout is 1.873 bbu vs. 1.837 in February
· March 9 USDA WASDE: Avg. guess for Brazil & Argentina corn production: 84.4 (84.0 in Feb) & 27.2 (7.0), respectively
· ATI Research: U.S. 2015/16 corn reported under loan as of March 4 was 685.6 mbu. This is up 220.7 mbu (48%) from the 463.9 mbu of 2014/15 corn reported under loan at this time last year
· Export Inspections released at 10 AM CST; Corn, 41.1 needed; 29.0 last week; Sorghum, 4.7 needed; 4.3 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 10,702 contracts
SOYBEANS/WHEAT
· March 9 USDA WASDE report: Avg. trade guess for U.S. soybean 15/16 carryout is 466 mbu vs. 450 in February
· March 9 WASDE: Avg. guess for Brazil & Argentina soybean prod: 100.2 (100.0 in Feb) & 59.0 (58.5), respectively
· ATI Research: U.S. 2015/16 soybeans reported under loan as of March 4 was 106.3 mbu. This is more than double the 52.8 mbu of 2014/15 soybeans reported under loan at this time last year
· Export Inspections released at 10 AM CST; Soybeans, 10.6 needed; 38.5 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 15,676 contracts
· March 9 USDA WASDE report: Avg. trade guess for U.S. wheat 15/16 carryout is 970 mbu vs. 966 in February
· Export Inspections released at 10 AM CST; Wheat, 17.8 needed; 13.7 last week
ENERGY
· Mostly higher: CLJ16, +$0.56, $36.48; EBJ, +$0.42; EBK-CLK, +$0.82, -$.16;RBJ, +$.0060; NGJ, -0.032; HOJ, +$.0129
· Cash ethanol markets were firmer on Friday: Chicago up 5/8; New York gained 2 ¼; Gulf added 1; Dallas climbed 2; Tampa increased 2 ½; and LA was 2 ¼ higher at $1.51 per gallon
· Ethanol RINs higher: 2014’s up 1/8 to 71 ½-72 ¼; 2015’s added ½ to 71 ¼-72 ¼; and 2016’s firmed ¼ to 71 ¼-72 ¼
· The April RBOB/March Ethanol inverse gave up about a ½ cent on Friday, settling at -$.0539/gal.
LIVESTOCK/POULTRY ;
· ; Choice boxed beef values were $1.22 higher on Friday,, and at $220.97 are up $3.30 vs. last week
· Over the past 10 trading days, choice boxed beef values have increased $9.31 (4.4%) and are the highest since Feb. 4
· USDA mandatory pork carcass cutout declined 21-cents on Friday, but at $75.22 is still $1.40 higher vs. a week ago
· CME Lean Hog Index was $0.01 lower at $66.90. April futures increased $0.45 and are $3.90 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather