HIGHLIGHTS
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TRENDS—Higher: CH, +$.0475; SH, +$.0450; WH, +$.0775; KWH, $.0850. USDA Agricultural Outlook Forum is today-Friday
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MACRO: Lots of data out today—jobless claims, Philly Fed mfg index, durable goods order, mfg PMI; WH says China/U.S. have begun drawing up a trade memorandum of understanding. Asia: Mostly higher--Nikkei, +0.15%; Shanghai, -0.34%; Hang Seng, +0.41%. EUROPE: Mostly higher—DAX, +0.38%; FTSE, -0.57%; CAC, +0.11%. WALL STREET: Futures are positive: DOW, +38; S&P, +3.00; NAS,+18.25. EXTERNALS: April crude: +$0.18 @ $57.84; Gold: -$10.00 @ $1,338; Mar $ Index, +0.116 @ 96.41
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Weather: In Brazil, episodes of scattered showers and thundershowers favor Mato Grosso through Friday. Scattered to widely scattered showers occur in Mato Grosso do Sul and southern Goias during this time. Temps average near to below normal. In Argentina, light to moderate showers and thundershowers with locally heavier possible will favor central and east areas of South Buenos Aires and La Pampa today. Showers may linger in the area during Friday. Temps cool from recent above normal levels
· CH, up $.0475 @ $3.7550; CK, up $.0475 @ $3.8425. Funds were even on Wednesday despite White House corn sales comments
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SH, up $.0450 @ $9.07; SK, up $.0475 @ $9.2075. Funds: Sold 4 K SB, 2 K SBM, bot 2 K SBO. Board Crush: $.98, 0; LY, $1.50
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WH, up $.0775 @ $4.8850; WK, up $.08 @ $4.9225. The funds were again sellers, 8 K yesterday
CORN/SORGHUM</strong>
· Consultant: Brazil corn production est. for 2018/19 is unch at 91.5 MMT. The Mato Grosso Institute of Agricultural Economics last week reported that 74% of safrinha (double crop) corn was planted vs. 46% for the 5-year average
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Weather: In Parana, Brazil—a leading producer of safriha corn—mainly dry weather occurs today through Fri. Mostly dry or only a few light showers occur Sat. Planting of safrinha corn is likely to continue as field conditions allow
· Ethanol margins: $0.14 per gallon—up vs. $0.12 last week but well below $0.38 in 2018. EIA report at 10:00 am CST
SOYBEANS/WHEAT
· Consultant: Argentina soybean crop est. is unch at 55.0 MMT. The recent weather in Argentina has turned drier; this has resulted in some moisture stress developing in southern production areas and needs to watched going forward
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Weather: In Argentina, hot and dry weather has recently impacted soybeans in South Buenos Aires and La Pampa. However, light to moderate showers and thunderstorms impact these areas today and temperatures also cool
· KC HRW March wheat on Wed. traded $4.49 ½--first time nearby KC HRW have been below $4.50 since July 2, 2018
· Egypt reportedly bought a total of 360,000 MT of wheat on Wed.; origins were France, Romania, Russia and Ukraine
ENERGY
· Higher: CLJ19, +$0.18 @ $57.34; EBJ, +$0.04 @ $67.11; EBJ-QCLJ, -$0.14;RBJ, -.006; NGG, +.038; HOJ, +0.0020
· EIA Report Estimates (API): crude oil, +2.6 (+1.3); Gasoline, -0.2 (-1.6); Distillates, -1.6 (+0.8). Estimates for ethanol prod. avg. 1.027 mbpd (range: 1.005-1.050). Avg. est. of ethanol stocks: 23.679 mb (range: 23.500-23.816)
· Chicago ethanol gained $.0150 @ $1.333; basis values mostly weaker: New York, +$.01 @ $.0750; Gulf, -$.0075 @ $.0850; Dallas, -$.0050 @ $.07; Tampa, -.0050 @ $.17; LA, -$.0125 @ $.18
· Ethanol RINs, lower: 2017’s, -0.25 @ 18- 18 ½; 2018’s,-0.25 @ 19 -19 ½; 2019’s, -0.3750 @ 21 ½- 22 ¼
· The March RBOB/March ethanol spread again widened, $.0213 to+$.27110; trading $.2556 this am
LIVESTOCK/POULTRY  
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Choice boxed beef declined 78-cents on Wednesday to $216.49, and is 67-cents lower compared to a week ago
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Estimates for Feb. 22 USDA Cattle on Feed: Jan. 1 on feed, 102.2%; Placed in Dec, 101.4%; Marketed in Dec, 99.7%
· USDA mandatory pork carcass cutout value eased 19-cents on Wed. to $58.46, and is $4.25 lower versus last week
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CME Lean Hog Index was $0.30 lower on Wed. at $54.13. April futures declined $3.55 & are $1.155 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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