HIGHLIGHTS

• MARKET TREND—Firmer: CK, +$.02; SK, +$.0150; WK, +$.04; KWK, +$.035
• MACRO: Fed raises rates a ¼ percent as expected; lifts GDP growth forecast as well its expectations for future rate hikes. Asia: Mostly weaker:  Nikkei, +0.99%;Shanghai, -0.52%; Hang Seng, -1.09%.  EUROPE: Lower: DAX, -0.96%; FTSE, -0.46%;CAC, -1.03%.  WALL STREET:  Futures are off sharply—DOW, -145; S&P, -16.25; NAS,-68.75.  EXTERNALS: $ Index: -0.224 @ 88.315; Apr Gold: +$8.10 @ $1,330; May crude: -$0.36 @ $64.81

·       T-storm Weather: n South America, a round of thunderstorms affects Argentina Sat., but mostly in the north & less-so in the south.  In Brazil, widespread coverage of near- & above-normal rain is expected over the next 2 weeks.  The potential exception is in / near Minas Gerais, but only including 15% (or less) of second-crop corn production.  In the U.S., a sharply wetter period develops every few days from Mon.-Tue. forward, bringing rain to much of the HRW wheat belt, & heavy totals to the Delta

·       CK, up $.02 @ $3.7675; CN, up $.02 @ $3.85.  Fund buying totaled 4 K at mid-week      

• SK, up $.0150 @ $10.3125; SN, up $.0150 @ $10.42. Funds: Bot 2 K SB, 3 K SBM, 5 K SBO. Board crush:  $1.28, +11; LY: $.81
• WK, up $.04 @ $4.5750; WN, up $.0350 @ $4.7275.  The funds sold 5 K on Wednesday                

CORN/SORGHUM

·    &​nbsp;  Corn Export Sales out at 7:30:  estimated at 55-83 with 20.3/wk needed; LW at 98.6 and LY, 53.0

·       Corn sales the past month surging—at the rate of 75.5 mbu/week & nearly double 2011’s previous high of 43.6

·       CK seems range bound of late and Wednesday’s $3.75 close is $.13 ¾ above the 3/21/2017 close

·       SX/CZ:  2.59 versus 2.60 LY with USDA virtually flat on bean acres at 90.0 (90.1 LY) & corn 90.0 (90.2 LY)

SOYBEANS/WHEAT

·       SB Export Sales: estimated at 26-51 with 10.2 needed; comparatives include 46.6 LW and 27.1 LY

·       Product Sales:  trade at 100-300 for SBM (183 LW) and 20-50 for SBO (31 LW)

·       Wheat Export Sales: estimated at 4-11 with 10.0 needed; sales were 19.5 LW and only 7.8 LY

·       T-storm Weather: Brazil to see widespread, near/above normal rainfall; Argentina, limited amount, drought remains

·       SK closed at $10.2975 today, against $10.0150 a year ago. FWIW, March 1 Big 3 supplies are likely to be down 3%/295 mbu; with the Chinese on pace to take 100 MMT & perhaps flat U.S. acre, is this enough of a premium?

·       T-storm Weather: the latest GFS run calls for significant moisture (rain mixed with snow) in the drought-stricken areas of the Southwest Plains next Thursday and Friday. ½ to 1 ½” are expected over the next 2 weeks

ENERGY

·       Lower: CLK18, -$.36 @ $64.81; EBK, -$.67 @ $68.80; EBK-QCLK, -$0.32; RBK, -.0126;NGK, +.011; HOK, -.0128

·       Cash ethanol markets saw Chicago firmer, gainng $.02 to $1.45 while the basis to Chicago was generally $.01 weaker—New York, +11; Gulf, +11 ½; Dallas, +6½; Tampa, +19 ½; and LA, +22

·       Etha*nol RINs were up sharply: 2016’s +5 to 39-44; 2017’s +5 to 41-46; and 2018’s also +5 to 42-47

·       The April RBOB/April ethanol spread continued its meteoric rise, up $.0373 to+$.5412/gallon 

  LIVESTOCK/POULTRY                             &nbs​p;       

• Choice boxed beef values gained $1.03 on Wednesday to $224.38 and are 27-cents higher compared to last week
• Cash cattle trading developed Wednesday at $126 live and $203 dressed, generally $2 lower than last week
• USDA mandatory pork carcass cutout value fell 71-cents on Wed. to $71.02 and is 81-cents lower vs. a week ago
• CME Lean Hog Index declined $0.66 on Wed. to $64.63.  April futures fell $0.675 and are $2.055 below the index

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