HIGHLIGHTS

• TRENDS—Lower: CK, -$.0050; SK, -$.0425; WK, -$.04; KWH, -$.0225.
• What caught my eye:  Interesting with U.S. corn supposedly being $8 to $10 too high relative to Argentina on a delivered basis into East Asia recently, the #1 and #2 buyers this week were South Korea and Japan  
• Little in the way of news, Fed comments at mid-week.  Asia: Higher-Nikkei, +0.62%; Shanghai, +2.47%; Hang Seng, +1.37%.  EUROPE: Mostl higher—DAX, -0.03%; FTSE, +0.63%; CAC, +0.11%.  WALL STREET futures: Mixed: DOW, -53; S&P, unch; NAS, +4.25.  EXTERNALS: April crude: -$0.38 @ $58.14; Gold:  +$2.40 @ $1,305; Mar $ Index, -0.090@ 96.500. 
• T-storm Weather: In Brazil, similar weather continues over the next 10-14 days as cool fronts shift northward every few days and dissipate, triggering thunderstorms in varying areas at varying times, and producing widespread coverage of above-normal rainfall of 2.25” to 4.50”.  In Argentina, cool fronts pass every few days the next 10-14 days, leaving all areas much cooler than normal by 3°F to 8°F.  High coverage of organized rain is not expected with most to receive below-normal totals of 0.50”-1.50”

·       CK, down $.0050 @ $3.7275; CN, dn $.0025 @ $3.82.  The funds ended the week buying 8 K, following a 7 K purchase Thursday            

• SK, dn $.0425 @ $9.05; SN, dn $.0425 @ $9.1875.  Funds: Bot 7 SB, 5 SBM, & sold 1 SBO.  Board Crush: $1.05, +5; LY, $1.23
• WK, dn $.04 @ $4.5825; WN, dn $.0375 @ $4.6450.  Fund buying on Friday totaled 6 K, up from 5 the day before    

CORN/SORGHUM

·       Export Inspections released at 10 am CST; Corn, 53.2 mbu needed; 30.1 last week.  Milo—1.9 needed; 2.5 last week

·       Consultant: In Argentina, most of the later planted corn is filling grain, so the recent widespread rains came at an ideal time for these regions

·       T-storm Weather: In Brazil, favorable soil moisture is forecast to persist for safrinha (double crop) corn into early April

·       ATI Research: The ongoing African swine fever outbreak in China has the potential to eventually result in significant imports of U.S. pork by China, which would require increased domestic corn feeding in the U.S.

SOYBEANS/WHEAT

·       ATI Research: Friday’s February NOPA crush report was slightly negative as soybean crush was 4.2 million below trade average.  In addition, soybean oil stocks of 1.752 billion far exceeded the 1.612 trade average

·       Export Inspections released at 10 am CST; Soybeans, 35.6 mbu needed; 32.1 last week

·       T-storm Weather: In Argentina, current cool conditions following recent widespread rain are near-ideal for soybeans

• Export Inspections released at 10 am CST; Wheat, 26.5 mbu needed; 21.7 last week

·       T-storm Weather: In the U.S., 0.67”-1.33” of rain occurs Thu.-Sat. for most HRW wheat in central & southern Plains

ENERGY

·       Weaker: CLJ19, -$0.38 @ $58.14; EBK, -$0.31@ $66.85; EBK-QCLK, +$0.04; RBJ, -.0082; NGJ, -.007; HOJ, -0.0121

·       Chicago ethanol was $.01625 higher Friday at $1.37375; basis, mostly firmr : New York, +$.02125 @ $.12875; Gulf, -$.01250 @ $.098750; Dallas, +$.01875 @ $.12625; Tampa, +$.02875 @ $.23625; LA, +$.5375 @ $.27125   

·       Ethanol RINs, easier: 2017’s, -1.50 @ 6 -7; 2018’s, -1.50 @ 10-11; 2019’s, -1.500 @ 13-14                                              ​

·       The April RBOB/April ethanol spread gave up $$.0192, slipping to+$.4757/gallon     

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

• Choice boxed beef eased 71-cents on Friday to $226.99, but is still up 96-cents versus the previous week  
• Light-to-moderate cash cattle trade developed on Wednesday & Thursday last week, with prices generally $1 weaker

·       USDA mandatory pork carcass cutout value fell 31-cents on Friday to $67.04, but is still $3.75 higher v. a week ago

• CME Lean Hog Index firmed $1.27 on Friday to $55.40  April futures climbed $3.00 and are $13.40 above the index

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