HIGHLIGHTS
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MARKET TREND—Mixed: CH, +$.0025; SH, +$.0375; WH, -$.0325; KWH, -$.0175. USDA supply/demand report 11:00 am CST
· MACRO: Global markets looking for direction with about the only certainty being continued volatility. ASIA—Mostly firmer: Nikkei, +1.13%; Shanghai, -1.42%; Hang Seng,+0.42%. EUROPE: Weaker: DAX, -1.18%; FTSE, -0.87%; CAC, -0.95%. WALL STREET Futures—Mostly Weaker —DOW, -52; S&P, -5.75; NAS, +0.25. EXTERNALS: $ Index:+.252 @ 90.370; Feb Gold: -$1.30 @ $1,310; Mar crude: -$.48 @ $61.31
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T-storm Weather: In Argentina, a cool front breaks heat and triggers scattered thunderstorms in central and northern areas from tonight through Saturday night, producing 0.75" to 1.25" totals for corn, soybeans, and sunflowers in this area, but lesser totals of 0.25" to 0.75" to the south in Buenos Aires and La Pampa. In Brazil, scattered thunderstorms affect northern areas over Thursday-Saturday, after which thunderstorms focus on southern areas (and Paraguay) from Sunday-Mondayforward
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CH, up $.0025 @ $3.6550; CK, up $.0050 @ $3.7325. More fund buying withWednesday’s activity at 5 K
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SH, up $.0350 @ $9.8650; SK, up $.0325 @ $9.975. Funds sold 1 SB, 4 SBO, bot 3 SBM. Board Crush: $1.13, +$.05; LY: $.73
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WH, down $.0325 @ $4.5725; WK, down $.0325 @ $4.6975. The funds bought 10 K at mid-week
CORN/SORGHUM
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March 2018 corn futures on Wed. closed at $3.65 ¼—the highest settlement price for the contract since Oct. 25
· Export Sales to be released at 7:30 am CST. Trade expects 51-71 mbu for 17/18 corn
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T-storm Weather: In Argentina, most corn will be drier than normal over the next two weeks as 1.50"-2.50" of rain north contrasts with 1.00"-2.00" central & 0.50"-1.00" south, v. normal that ranges from ~2.50" north to ~1.75" south
· Consultant: ~40% of Argentina corn is early planted & 60% late planted. There have been reports of poor pollination for early planted crop, but most pollination risk is over. Most of the pollination risk for later planted crop is still ahead
SOYBEANS/WHEAT
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November ‘18 soybean futures on Wed. closed at $10.00 ½; one year ago, November 2017 futures settled at $10.28 ¼
· Export Sales. Trade expects 15-26 mbu for 17/18 soybeans; 150-450 K MT 17/18 soymeal; & 8-35 K MT 17/18 soyoil
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T-storm Weather: In Brazil, near-normal rainfall of 2.00" to 4.00" affects most soybean areas over the next two weeks
· Consultant: So far, there are not believed to be any reduced soybean yields in Mato Grosso, Brazil due to wet fields
· Export Sales report. Trade expects 7-18 mbu for 17/18 all wheat
· T-storm Weather: Some light rain and/or snow are probable within drought-stricken U.S. HRW wheat areas at some point(s) within the next two weeks, but it is too early in the year to expect significant totals
ENERGY
· Lower: CLH18, -$.48 @ $61.31; EBJ, -$.39 @ $65.12; EBJ-QCLJ, +$.10; RBH, -.0055;NGH, +.019; HOH, -.0118
· Wednesday’s cash ethanol markets were mostly lower: Chicago was quoted at $1.39 1/2, -$0.0162; Basis to Chicago—New York, +10 ¾; Gulf, +9 ½; Dallas, +7; Tampa, +18 ½; and LA, +22 ½, with the latter up 2 5/8’s
· Ethanol RINs weakened: 2016’s down 1 1/8 at 56 ¾ -63 ½; 2017’s off 1 1/8 to 57 ½- 64 ½; & 2018’s, -1 ¼ to 58-65
· The Mar RBOB/Mar ethanol spread shed $.0242 on Wednesday, slipping to+$.3580/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef values gained $0.94 on Wednesday to $209.37, but are $0.69 lower compared to last week
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April lean hog futures on Wed. plummeted $2.20 to $69.95—lowest settlement price for the contract since Sep. 28
· USDA mandatory pork carcass cutout value fell $0.68 on Wednesday to $76.46, and is down $4.54 vs. a week ago
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CME Lean Hog Index gained $0.54 on Wed. to $75.38. February futures fell $0.90, & are $1.53 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-st