HIGHLIGHTS

• MARKET TREND—Higher:  CK, +$.0150; SK, +$.0725; WK, +$.0325; KWK, +$.05
• MACRO: Foreign markets recover from U.S.-global trade relations concerns; U.S. equity direction uncertain.  Asia: Firmer:  Nikkei, +0.12%; Shanghai, +0.01%; Hang Seng, +0.34%.  EUROPE: Firmer: DAX, +0.34%; FTSE, +0.31%; CAC, +0.29%.  WALL STREET:  Futures are mostly higher—DOW, +24; S&P, +0.50; NAS, -1.75. EXTERNALS: $ Index: +0.053 @ 89.740; Apr Gold: -$1.90 @ $1,324; Apr crude:+$.08 @ $61.04.  Deliveries:  SBM, 129; SBO, 19; RR, 0; C, 28; ETOH, 0; HRW, 30; O, 2; SB, 24

·       T-storm Weather: In Argentina, a round of heavy thunderstorms miss most corn and soybeans to the north over the next 24 hours.  Thunderstorms affect a wide areaSaturday-Sunday, especially in / near northeast Buenos Aires and Entre Rios.  Four to six days of drying follow before some thunderstorms within March 23-25.  In Brazil, near-normal rainfall affects a wide area over the next two weeks, except for above-normal totals in Rio Grande do Sul and northern Mato Grosso

·       CK, up $.0150 @ $3.9025; CN, up $.0125 @ $3.98.  The funds sold 5 K on forecasts for rain in Argentina      

• SK, up $.0725 @ $10.3950; SN, up $.0725 @ $10.5025. Funds: sold 8K SB, 6K SBO, 6K SBM. Board crush:  $1.33, +1; LY: $.77
• WK, up $.0325 @ $4.92; WN, up $.0275 @ $5.09.  Fund buying was estimated at 2 K at mid-week             

CORN/SORGHUM

• December 2018 corn futures on Wed. traded to $4.12—highest price since Aug. 10—but closed $.02 lower at $4.07 ¾
• Export Sales to be released at 7:30 am CDT.  Trade expects 51-67 mbu for 17/18 corn
• T-storm Weather: Across Argentina corn producing areas, temperatures fluctuate rapidly and within a wide range through late-month, averaging close to normal as any heat offsets coolness, and coolness offsets heat
• Consultant: If the weather in Argentina during the second half of March improves as some suggest, it could help some of the later planted corn.  However, bias is the best corn in Argentina will be the earlier planted corn

SOYBEANS/WHEAT

• May 2018 soybean futures on Wed. closed at $10.32 ¼—the lowest settlement price for the contract since Feb. 14

·       Export Sales.  Trade expects 29-44 mbu for 17/18 soybeans; 100-350 K MT 17/18 soymeal; & 15-35 K MT 17/18 soyoil

• T-storm Weather: Across Argentina soybean producing areas, a strong system pulls muggy air southward and triggers thunderstorms Saturday-Sunday, producing 0.25”-0.75” of rain west, 0.75”-1.50” central and 1.25”-2.50” east

·       Consultant: Current maximum est. of Argentina soybean crop is 45.0 MMT & the current minimum est. is 40.0 MMT

·       Export Sales report.  Trade expects 9-18 mbu for 17/18 all wheat

·       T-storm Weather: In the U.S., intrusions of dry air likely suppress rain over next 2 weeks for HRW wheat in SW Plains

ENERGY

·       Mostly lower: CLJ18, +$.08 @ $61.04; EBK, -$.01 @ $64.88; EBK-QCLK, -$0.07; RBJ,-.0083; NGJ, +.009; HOJ,-.0012

·       On Wednesday, cash ethanol markets were mixed: Chicago was quoted at $1.49275, up $0.00025; Basis to Chicago—New York, +11 ¼; Gulf, +11 ½; Dallas, +4; Tampa, +16 ¾; and LA, +18 ½

·       On Wed., ethanol RINs firmed: 2016’s up 3 ¾ at 37 ½-40; 2017’s added 3 ½ to 39-41; & 2018’s gained 3 ¾ to 40-42 ½

·       The April RBOB/April ethanol spread widened $.0330 yesterday, to +$.3973/gallon 

  LIVESTOCK/POULTRY                      ​;               

• Choice boxed beef values firmed 38-cents on Wednesday to $224.11, and are up 54-cents compared to last week
• A week-to-week increase in choice boxed beef values has been seen for 20 consecutive trading days
• USDA mandatory pork carcass cutout value plummeted $2.57 on Wed. to $71.83, and is $2.35 lower vs. a week ago
• CME Lean Hog Index eased $0.29 on Wed. to $66.38.  April futures declined $0.85, but are still $0.495 above the index

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