• MARKET TREND—Weaker:  CK, -$.0075; SK, -$.011; WK, -$.0450; KWK, -$.0450. 

·       MACRO: Initial enthusiasm over Jong Un/Trump rendezvous ebbs; tariff flexibility helps; job focus today.  Asia: Higher:  Nikkei, +0.47%; Shanghai, +0.58%; Hang Seng, +1.11%.  EUROPE: Sort of higher: DAX, -0.33%; FTSE, +0.01%; CAC, +0.03%.  WALL STREET:  Futures are positive—DOW, +28; S&P, +1.75; NAS, +6.25.  EXTERNALS: $ Index:+0.089 @ 90.245; Mar Gold: -$2.70 @ $1,317; Apr crude: +$.43 @ $60.55.  Deliveries:  SBM, 39; SBO, 18; RR, 0; C, 1; ETOH, 0; HRW, 37; Oats, 1; SB, 0

·       T-storm Weather: In Argentina, despite some thunderstorms Saturday-Sunday andTuesday-Wednesday, drought intensifies in most areas over the next 8 to 9 days as significant totals likely focus just north and south of most crops.  The best chance for rain of the entire growing season follows over next Friday-Sunday (March 16-18) when a strong autumnal-type system passes, most likely producing 1.00" to 3.00" totals (wettest east or northeast); ~2.75" of rain is normal of the next two weeks

·       CK, down $.0075 @ $3.9275; CN, down $.0075 @ $3.9975.  Export potential!! Big fund buying, 20 K        

• SK, dn $.11 @ $10.53; SN, dn $.1075 @ $10.6225. Funds: sold 5K SB, 2K SBM, 4K SBO. Board crush:  $1.30, -2; LY: $.76
• WK, down $.0450 @ $4.9475; WN, down $.0450 @ $5.1075.  The funds were in for 2 K on Report Day         

CORN/SORGHUM

·       USDA WASDE report pegs U.S. 17/18 corn carryout at 2.127 bbu vs. the avg. trade guess of 2.313 bbu & 2.352 in Feb.

·       WASDE: Brazil 17/18 Brazil corn crop, 94.5 MMT vs. 91.6 avg. guess.; Argentina corn, 36.0 MMT vs. 36.5 avg. guess

·       ATI Research: U.S. corn export sales of 73.2 mbu for week end March 1 were up 8% vs. previous week and 6% vs. the 4-week avg.  Unshipped export sales of 879 mbu are up 24% from last year & are a record for this time of year

• T-storm Weather: Drying probably follows March 16-18 rain in Argentina as the system clears atmosphere of humidity
• Consultant: In Brazil, the current range for corn production is from a high of 89.0 MMT to a low of 75.0 MMT

SOYBEANS/WHEAT

·       WASDE: U.S. 17/18 soybean carryout pegged at 0.555 bbu, above the avg. trade guess of 0.529 bbu & 0.530 in Feb.

·       WASDE: Brazil 17/18 Brazil bean crop, 113.0 MMT vs. 113.9 avg. guess.; Argentina bean, 47.0 MMT vs. 48.5 avg. guess

• ATI Research: Unshipped 17/18 export sales of U.S. soybeans as of March 1: 339 mbu—up 9% v. 313 mbu last year
• T-storm Weather: Drying probably follows March 16-18 rain in Argentina as the system clears atmosphere of humidity

·       WASDE: U.S. 17/18 all wheat carryout pegged at 1.034 bbu, above the avg. trade guess of 1.007 bbu & 1.009 in Feb.

·       ATI Research: Unshipped 17/18 export sales of U.S. all wheat as of March 1: 173 mbu—dn 29% vs. 242 mbu last year

·       T-storm Weather: Only low rain chances exist over the next two weeks for driest U.S. HRW wheat in southwest Plains

ENERGY

·       Firmer: CLJ18, +$.43 @ $60.55; EBK, +$.55 @ $64.16; EBK-QCLK, +$0.110; RBJ,+.0174; NGJ, -.021; HOJ, +.0138

·       On Thursday, cash ethanol markets were mixed: Chicago was quoted at $1.4775, up $0.0025; Basis to Chicago—New York, +11; Gulf, +9 ½; Dallas, +4 ¾; Tampa, +16 ¼; and LA, +20 ¾

·       On Thu., ethanol RINs eased: 2016’s off 1 7/8 to 41 ½-45; 2017’s dn 1 7/8 to 43 ½-47; & 2018’s down 1 7/8 at 44 ½-48

·       The April RBOB/April ethanol spread futher, off $.0396 to close at +$.3557/gallon 

  LIVESTOCK/POULTRY                       ​;              

• Choice boxed beef values were 31-cents higher on Thursday at $223.88, and are up $1.58 compared to last week
• Dressed steer weight for week end Feb. 24: 883 lbs, up 2 lbs. v. last week, 886.75 for 4-week avg. & 878 last year

·       USDA mandatory pork carcass cutout value fell $1.44 on Thursday to $72.74, and is $3.79 lower vs. a week ago

• CME Lean Hog Index eased $0.02 on Thu. to $67.64.  April futures firmed $0.275, and are $0.435 above the index

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