HIGHLIGHTS

• TRENDS—Higher: CK, +2; SK, +1 ¼; WK, -3 ¼; KWH,+2 ½. Dely: SBM-257; SBO-95; C-1092; HRW-5; O-2;SB-599; SRW-41
• USDA Supply/Demand report to be released at 11:00 am CST today; USDA Cattle on Feed report to be released at 2:00 pm CST
• What caught my eye:  PNW corn is $19/MT ($.50/bu) MORE expensive delivered to Japan than the Argentine variety; beans to China, sans tariff, $1 to $2/MT higher-priced than Brazil, not considering their higher quality 
• Asia: Lower, a lot-Nikkei, -2.01%; Shanghai, -4.40%; Hang Seng, -1.91%. EUROPE: Ditto, less so—DAX, -0.60%; FTSE, -0.93%; CAC, -0.51%.  WALL STREET: we have a trend: DOW, -104; S&P, -11.00; NAS, -38.75. EXTERNALS: April crude: -$0.95 @ $55.71; Gold:  +$7.60 @ $1,294;Mar $ Index, -0.228 @ 97.400.  ECB stimulus policy suggests all not well in “Denmark”  Or, globally
• T-storm Weather: In Brazil, widespread coverage of near- and above-normal rain of 2.00”-4.00” occurs over the next two weeks.  Temps will vary, but average near-normal in safrinha (double crop) corn areas.  In Argentina, heavy thunderstorms affect central and northern areas today, diminishing the coverage and intensity of dryness on late-corn and soybeans.  Cool weather follows

·       CK, up $.02 @ $3.6725; CN, up $.0225 @ $3.7650.  Big-time fund selling ahead of today’s WASDE, 20 K           

• SK, up $.0125 @ $9.0375; SN, up $.01 @ $9.1750.  Funds: even SB and SMB, sold 2 SBO.  Board Crush: $.98, -1; LY, $1.30
• WK, up $.03 @ $4.4825; WN, up $.0325 @ $4.4825.  Funds again sold 8 K yesterday

CORN/SORGHUM

·       December corn futures on Thursday closed at $3.89—the lowest settlement price for the contract since Sep. 19

·       USDA Supply/Demand report 11:00 am CST: Avg. trade guess for U.S. corn 18/19 carryout is 1.751 bbu v. 1.735 in Feb.

·       USDA Supply/Demand report: Avg. trade guess Brazil corn, 94.6 MMT (94.5 in Feb); Argentina corn, 46.0 (46.0 in Feb)

·       T-storm Weather: In Brazil, dryness is much less of a concern than earlier this year because only 28% and 29% of safrinha (double crop) corn was drier than normal over the 14- and 30-day periods ending Tuesday

• Consultant: Brazil safrinha (double crop) corn was generally planted ~2 weeks earlier than avg. & is off to a good start

SOYBEANS/WHEAT

·       USDA Supply/Demand report: Avg. trade guess for U.S. soybean 18/19 carryout is 0.904 bbu vs. 0.910 in Feb.

·       Supply/Demand report: Avg. trade guess Brazil soybean, 115.7 MMT (117.0 in Feb); Argentina soybean, 55.3 (55.0)

• Consultant: In Argentina, southwestern soybean areas remain mostly dry with patchy frost reported last week
• Chicago SRW wheat May futures on Thursday made a contract low of $4.37 ½ & closed $0.11 ¾ lower at $4.38 ¼
• USDA Supply/Demand report: Avg. trade guess for U.S. wheat 18/19 carryout is 1.019 bbu vs. 1.010 in Feb.

·       T-storm Weather: Two systems into March 14 nearly guarantee March to be wetter than usual for U.S. winter wheat 

ENERGY

·       Down: CLJ19, -$0.95 @ $55.71; EBK, -$1.16 @ $65.14; EBK-QCLK, -$0.19;RBJ, -.0389; NGJ, +.010; HOJ, -0.0387

·       Chicago ethanol was $.02025 lowr at @ $1.30475; basis, mixed: New York, -$.00975 @ $.10525; Gulf, -$.00475 @ $.10025; Dallas, +$.02025 @ $.13525; Tampa, +.02525 @ $.25525; LA, +$.02525 @ $.21525   

·       Ethanol RINs, mixed: 2017’s, -1.375 @ 15 -17 ¼; 2018’s, +0.3750 @ 18 ½ -19 ¾; 2019’s, +0.375 @ 21 ¼ -22                           &nb​sp;                 

· &​nbsp;     The April RBOB/April ethanol spread was again wider, +$.0424 to+$.48740/gallon yesterday      

LIVESTOCK/POULTRY           &nbs​p;                     &n​bsp;     

• Choice boxed beef was $1.11 higher on Thursday to $226.04, and is up $6.09 versus last week
• Estimates for today’s USDA Cattle on Feed: Feb. 1 on feed, 100.2%; Placed in Jan, 92.6%; Marketed in Jan, 102.3%

·       USDA mandatory pork carcass cutout value increased $1.69 on Thu. to $63.18, and is $3.56 higher versus a week ago

• CME Lean Hog Index fell $0.10 on Thu. to $51.75.  April futures firmed $0.65 and are $5.975 above the index

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