HIGHLIGHTS
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MARKET TREND—Weaker: CK, -$.01; SK, -$.0750; WK, -$.03; KWK, -$.03. USDA supply/demand report at 11:00 am CST
· MACRO: Well, the White House’s soon-to-be implemented tariff program may contain a few exemptions. . . Asia: Higher: Nikkei, +0.54%; Shanghai, +0.54%; Hang Seng, +1.52%. EUROPE: A little weaker: DAX, -0.44%; FTSE, -0.02%; CAC, +0.24%. WALL STREET: Mixed—DOW futures, -35; S&P, +1.00; NAS, +18.75. EXTERNALS: $ Index:+0.168 @ 89.775; Mar Gold: -$1.40 @ $1,325; Apr crude: -$.04 @ $61.11. Deliveries: SBM, 135; SBO, 85; RR, 1; C, 178; ETOH, 0; HRW, 7; Oats, 0; SB, 0
· T-storm Weather: A few thunderstorms affect southern areas of Argentina this weekend, and then a wider area Tue.-Wed., but much more will be needed given only 1% of soybeans were wetter than normal over the last 60 days. A few days of drying follow, after which one or two strong systems pass and trigger thunderstorms across the northeast third of Argentina's growing belt late next week and / or weekend and also return thunderstorms to much of southern Brazil at the same time
· CK, down $.01 @ $3.8625; CN, down $.01 @ $3.9350. The funds took a breather, selling 4 K
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SK, dn $.0750 @ $10.5775; SN, dn $.0750 @ $10.6650. Funds: sold 7K SB, 6K SBM, 5K SBO. Board crush: $1.32, -4; LY: $.76
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WK, down $.03 @ $4.9425; WN, down $.03 @ $5.10. The funds were again sellers, 4 K at mid-week
CORN/SORGHUM
· USDA WASDE report at 11:00 am CST: Avg. trade guess for U.S. corn 17/18 carryout is 2.313 bbu vs. 2.352 in February
· USDA WASDE: Avg. trade est. 17/18 Brazil corn crop, 91.6 MMT (95.0 in Feb); Argentina corn, 36.5 MMT (39.0 in Feb)
· Export Sales to be released at 7:30 am CST. Trade expects 39-59 mbu for 17/18 corn
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T-storm Weather: In Argentina, most corn receives generalized rainfall of 0.25” to 0.75” over the next 10 days compared to normal rainfall of ~2.00”, followed by higher totals of 0.50” to 1.50” over March 16-19
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Consultant: In Argentina, the current range for corn production is from a high of 36.0 MMT to a low of 30.0 MMT
SOYBEANS/WHEAT
· USDA WASDE report at 11:00 am CST: Avg. trade guess for U.S. soybean 17/18 carryout is 0.529 bbu vs. 0.530 in Feb.
· USDA WASDE: Avg. trade est. 17/18 Brazil soybean crop, 113.9 MMT (112.0 Feb); Argentina soy, 48.5 MMT (54.0 Feb)
· Export Sales: Trade expects 33-51 mbu for 17/18 soybeans; 100-350 K MT 17/18 soymeal; & 10-40 K MT 17/18 soyoil
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T-storm Weather: ~2.00” of rain is normal of next 10 days in key Argentina soybean area but only 0.50”-1.00” forecast
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USDA WASDE report at 11:00 am CST: Avg. trade guess for U.S. wheat 17/18 carryout is 1.007 bbu vs. 1.009 in Feb.
· Export Sales report: Trade expects 7-18 mbu for 17/18 all wheat
· T-storm Weather: Rain returns late next week, but most likely just outside drought-stricken HRW wheat in SW Plains
ENERGY
· Lower: CLJ18, -$.04 @ $61.11; EBK, -$.10 @ $64.24; EBK-QCLK, -$0.05; RBJ, -.0072;NGJ, -.0014; HOJ, -.0026
· On Wednesday, cash ethanol markets were mostly higher: Chicago was quoted at $1.475, up $0.005; Basis to Chicago—New York, +11 ¼; Gulf, +9 ½; Dallas, +4 ½; Tampa, +16 ½; and LA, +21 ½
· On Wed., ethanol RINs firmed: 2016’s up 7/8 to 44 ¾-45 ½; 2017’s up 7/8 to 46 ¾-47 ½; & 2018’s up 7/8 at 47 ¾-48 ½
· The April RBOB/April ethanol spread again narrowed, losing $.0398 and closing at+$.3953/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef values increased 22-cents on Wednesday to $223.57, and are $2.54 higher vs. a week ago
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Since Feb. 13, choice boxed beef values have increased $16.21 (7.8%) and are the highest since June 30
· USDA mandatory pork carcass cutout value plummeted $2.82 on Wed. to $74.82, and is down $2.20 vs. last week
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CME Lean Hog Index gained $0.15 on Wed. to $67.66. April futures eased $0.40, but are $0.14 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather