HIGHLIGHTS
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TRENDS—(4:45 am)—Higher: CH, +$.0175; SH, +$.0175; WH, +$.02; KWH, +$.0175
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MACRO: China takes small efforts in boosting its sagging economy: cuting taxes, accelerating infrastructure investment & small business credit availability. Asia: Higher--Nikkei, +0.96%; Shanghai, +1.36%;Hang Seng, +2.02%. EUROPE: Firm—DAX, +0.26%; FTSE, +0.28%; CAC, +0.34%. WALL STREET: Futures are higher: DOW, +75; S&P, +6.25; NAS,+25.25. EXTERNALS: Feb crude: +$0.33 @ $50.84; Gold: -$2.10 @ $1,289; Mar $ Index, +0.268 @ 95.475. Del’y: SBM, 28; SBO, 11; RR, 9; SB, 228
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T-storm Weather: In Brazil, thunderstorm coverage remains low in central and northern areas through Thursday. A cool front then sweeps further north than recently and dissipates, allowing scattered thunderstorms to form across a wider area from Friday forward. In Argentina, another round or two of thunderstorms affect central and northern corn and soybean areas through Thursday-Friday, followed by five to seven days of drying after a cool front passes and breaks the pattern
· CH, up $.0175 @ $3.8025; CK, up $.0175 @ $3.8875. Fund activity was said to be even on Monday
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SH, up $.0175 @ $9.0525; SK, up $.0175 @ $9.19. Funds: Sold 5 K SB, 4 K SBM & 1 K SBO. Board Crush: $0.95, +1; LY: $1.01
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WH, up $.02 @ $5.1625; WK, up $.0150 @ $5.2125. Fund selling on Monday was estimated at 4 K
CORN/SORGHUM
· Consultant: Brazil corn prod. est. unch at 93.0 MMT. The two big full-season corn states are Rio Grande do Sul (RGDS) & Minas Gerais (MG); RGDS corn has benefited from recent rain but hot/dry weather in MG has been less than ideal
· T-storm Weather: End result of increased rain in Brazil starting Friday is that soil moisture improves over Jan. 18-23 & potentially beyond, though chances are somewhat low in/near Bahia where corn drying will be the most monitored
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ATI Research: U.S. price competitiveness in world market has improved but unless there is a yet-to-be announced significant amount of Chinese corn buying, exports struggling to meet USDA forecast; bias is 35-45 mbu/wk near-term
SOYBEANS/WHEAT
· Consultant: Brazil soybean prod. est. unch at 116.0 MMT; virtually every major soybean producing state is forecasting lower soybean yields versus last year. Early planted crop was hit hardest by dry weather during pod fill in December
· T-storm Weather: End result of increased rain in Brazil starting Friday is that soil moisture improves over Jan. 18-23
· ATI Research: U.S. 18/19 soybean c/o est 1.032 bbu. Export pace sub-par, Chinese demand yet to surface in a big way
· ATI Research: Bias on near-term U.S. all wheat exports is 15-20 mbu per week
· T-storm Weather: Mildness melts snow in southern Kansas HRW wheat this week; sharply colder period follows as temps plummet 20F to 40F Fri.-Sat. A potent system passes as cold period begins, producing a swath of rain & snow
ENERGY
· Higher: CLG19, +$0.33 @ $50.84; EBG, +$0.35 @ $59.34; EBG-QCLG,$0.00; RBG, +.0162; NGG, -.018; HOG, +0.0086
· Chicago ethanol was $.00375 firmer @ $1.2850; basis values were mixed: New York, +$.02625 @ $.1350; Gulf, +$.00375 @ $.1125; Dallas, -$.02875 @ $.04; Tampa, -$.02375 @ $.15; and LA, -$.00375 @ $.19
· Ethanol RINs were mostly weaker: 2017’s, -.75 @ 10 ½ -11; 2018’s, -0.25 @ 14 ½ -15; 2019’s, +0.3750 @ 17 ½ -18 ¼
· The Feb RBOB/Feb ethanol spread was again narrower, $.0359 to +$.0778/gal on Monday
LIVESTOCK/POULTRY <wbr>  
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Choice boxed beef values eased 44-cents on Monday to $212.02, and are down $2.26 compared to last week
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5-Area Weekly Weighted Average Steer price up $1.16 v. last week at $123.71/cwt, and is $3.79 higher v. last year
· USDA mandatory pork carcass cutout value fell 8-cents on Monday to $69.87, but is still up 96-cents vs. a week ago
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CME Lean Hog Index firmed $0.52 on Mon. to $57.21. February futures eased $0.80, but are $4.64 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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