HIGHLIGHTS

• MARKET TREND—Weaker: CH, -$.0075; SH, -$.0575; WH, -$.02; KWH, -$.02 

·      MACRO:  Optimists . . . “recent/today’s pause gives comfort stocks are not heading into a ‘melt-down’ environment”; E-Bay, MasterCard report better than expected #’s; not so UPS.  ASIA—Mostly weaker:  Nikkei, -0.90%; Shanghai, +0.46%; Hang Seng,-0.12%.  EUROPE: Lower: DAX, -1.10%; FTSE, -0.26%; CAC, -1.10%.  WALL STREET—Futures are not so pleasant —DOW, -269 S&P, -20.50; NAS, -27.25.  EXTERNALS: $ Index:+.200 @ 88.705; Feb Gold: $1.20 @ $1,346; Mar crude: +$.05 @ $65.85

• T-storm Weather: In Argentina, mainly dry and hot to very-hot weather dominate through next week as areas of high pressure suppress rain.  That said, a few thunderstorms occur in southern areas at some point, but well-organized rain is not expected as most areas average much drier than normal.  In Brazil, a quasi-stationary circulation triggers thunderstorms each day in northern growing areas through next week, culminating in 4.00" to 8.00" over the next 10 days.  Notably drier weather occurs to the south
• CH, down $.0075 @ $3.61; CK, down $.0075 @ $3.6925.  Fund buying was again reported at 2 K                     
• SH, dn $.0575 @ $9.7925; SK, dn $.0575 @ $9.9075.  Funds sold 5 SB, 4 SBM and 2 SBO.  Board Crush: $1.12, +$.01; LY: $.78
• WH, down $.02 @ $4.49; WK, down $.0275 @ $4.6150.   The funds were even inThursday trading efforts        

  CORN/SORGHUM

·      U.S. corn export sales of 72.9 mbu for week ended Jan. 25 were 3^rd highest of the marketing year.  While unshipped export sales of U.S. corn of 726 mbu are down 10% from last year, they are still the 4^th highest of the past 22 years

• Consultant: Wetter weather across Mato Grosso, Brazil near-term will slow the soybean harvest and the subsequent safrinha (double crop) corn planting.  As a result, it is uncertain if all intended safrinha corn acreage will get planted  

·      T-storm Weather: Argentina’s heat wave breaks next weekend, triggering scattered rain with 0.40"-0.80" most likely, but not higher amounts because of a lack of humidity, or because the cool front moves too quickly to generate rain

SOYBEANS/WHEAT

• Unshipped 17/18 export sales of U.S. soybeans as of Jan. 25 were 379 mbu—down 11% from 425 mbu last year
• USDA monthly Fats and Oils: Oilseed Crushings, Production, Consumption and Stocksreport released on Thu. pegged December 2017 soybean crush at 176.4 mbu—up 1.8% compared to November 2017 and 4.4% above December 2016

·      Consultant: Weather approaching a key point for Argentina soybeans.  In terms of stage of development, the earlier planted beans would be the equivalent of late-July or early August in U.S., with later planted beans early to mid-July

·      Unshipped 17/18 export sales of U.S. all wheat as of Jan. 25 were 189 mbu—down 25% from 254 mbu last year

• T-storm Weather: Most HRW wheat to the south of Nebraska stays dry through Feb. 10, but temps avg. near normal

ENERGY

·      Firmer: CLH18, +$.05 @ $65.85; EBJ, -$.03 @ $69.62; EBJ-QCLJ, -$.04; RBH, -.0050;NGH, +.032; HOH, -.0022

·      On Thursday, cash ethanol markets were higher: Chicago was quoted at $1.4125, up $0.04; Basis to Chicago—New York, +12 ¼; Gulf, +11 ¼; Dallas, +2 ¾; Tampa, +16 ¼; and LA, +20 ¼

·      On Thu., ethanol RINs firmed: 2016’s up ¼ at 61-63; 2017’s added ¼ to 62-64; & 2018’s gained ¼ to 63-65

·      The Feb RBOB/Feb ethanol spread lost $.0477 yesterday, narrowing to +$.4698/gallon 

  LIVESTOCK/POULTRY                 ​;                     

<​ul>

Choice boxed beef values fell 46-cents on Thursday to $209.60, but are still $2.83 higher vs. a week ago

Dressed steer weight for week end Jan. 20: 891 lbs, down 5 lbs v. last week, 900.25 for 4-week avg. & 889 last year

·      USDA mandatory pork carcass cutout value was 35-cents lower on Thu. at $80.65, & is down 33-cents vs. last week

• CME Lean Hog Index added $0.02 on Thu. to $73.87.  February futures firmed $1.60, and are $0.955 above the index

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