HIGHLIGHTS

• TRENDS—Mixed: CH, +¾; SH, - 3 ½; WH, -1 ¼; KWH, +4 ¾ Dely: SBM, 30; SBO, 475; RR, 541; C, 910; O, 18; SB, 820; SRW, 400
• What caught my eye:  Trade beginning to express worries over cold, wet spring along with lack of significant field work last fall.  More soybeans, less corn?
• Asia: Lower-Nikkei, -0.79%; Shanghai, -0.44%; Hang Seng, -0.43%. EUROPE: Lower—DAX, -0.23%; FTSE, -0.75%; CAC, -0.17%.  WALL STREET: Futures, Down: DOW, -63; S&P, -8.25; NAS, -32.25. EXTERNALS: April crude: -$0.38 @ $56.56; Gold:  +$5.30 @ $1,327;Mar $ Index, -0.293 @ 95.745.  No deal nuclear arms agreement with North Korea
• T-storm Weather: In Brazil, cool fronts continue to sweep north & dissipate over the next 2 weeks, triggering thunderstorms.  Widespread coverage of near- & above-normal rainfall of 2.25”-4.50” is expected, except from Parana south where totals will be limited over the next 7 to 10 days.  In Argentina, most areas will be dry into Sun.  Increased rain follows next week; totals reach 1.25”-2.50”.  Temps stay very cool through today, then warm to near- to slightly below-normal through the first week of March

·       CH, up $.0075 @ $3.6450; CK, up $.0050 @ $3.7425.  Fund sell 5 K at mid-week         

• SH, dn $.0125 @ $9.0225; SK, dn $.0150 @ $9.1525.  Funds: even SB, bot 2 K SBM, sold 3 K SBO.  Board Crush: $.95, +1; LY, $1.74
• WH, dn $.0125 @ $4.5975; WK, up $.01 @ $4.6775.  Another 2 K sold by the funds on Wednesday  

CORN/SORGHUM

·       Export Sales report at 7:30 am CST for the week ending Feb. 21; trade expects 28-47 mbu for total corn sales

• Consultant: Rains during this past weekend in Argentina generally fell in corn areas that were already doing fine, but missed areas needed the rain most.  The driest areas include southern Buenos Aires, La Pampa and southern Cordoba

·       T-storm Weather: In Argentina, most corn areas will be dry into Sunday.  Better-organized rain develops March 4-10, producing 1.25”-2.50”.  Therefore, soil moisture stabilizes or improves on late-corn next week

·       Ethanol grind: Total of 1,028,000 barrels/day for week ending Feb. 22—up 3.2% vs. prior week but down 1.5% v. 2018

SOYBEANS/WHEAT

·       Export Sales report at 7:30 am CST for the week ending Feb. 21; trade expects 18-37 mbu for total soybean sales

·       Consultant: Improved rains of late have stabilized Brazil soybeans & improved yield prospects for later maturing crops

·       T-storm Weather: Northern Brazil soybeans benefited from recent rain, but none wetter than normal the last 30 days

·       Export Sales report at 7:30 am CST for the week ending Feb. 21; trade expects 7-18 mbu for total wheat sales

• T-storm Weather: In the U.S., a sharp turn toward mild and dry weather is needed later in March across the Northern Plains to quickly diminish snowpack for a timely start to spring wheat planting

ENERGY

·       Down: CLJ19, -$0.38 @ $56.56; EBJ, -$0.61 @ $65.78; EBJ-QCLJ, -$0.23;RBJ, -.0148; NGJ, +.034; HOJ, -0.0138

·       Chicago ethanol was $.0025 lower at $1.34; basis values were again mixed: New York, -$.0025 @ $.1125; Gulf, -$.0025 @ $.10; Dallas, -$.01 @ $.10; Tampa, +.0075 @ $.2150; LA, +$.0025 @ $.20   

·       Ethanol RINs, weaker: 2017’s, -0.3750 @ 19 -19 ½; 2018’s,-0.375 @ 20 -20 ½; 2019’s, -0.625 @ 22 ¼ - 22 ¾                                          

·       The March RBOB/March ethanol spread widened further, $.0457 to+$.2950     

LIVESTOCK/POULTRY                                    &nb​sp;  

• Choice boxed beef was 21-cents lower on Wednesday at $219.46, but is still up $2.97 versus last week 
• Cash cattle activity was sluggish on Wednesday with asking prices holding at $130 live and $205 to $206 dressed

·       USDA mandatory pork carcass cutout value fell $1.66 on Wed. to $57.79, and is 67-cents lower versus a week ago

• CME Lean Hog Index eased $0.03 on Wed. to $52.82.  April futures declined $0.125 but are still $2.78 above the index

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

 

HIGHLIGHTS

• TRENDS—Mixed: CH, +¾; SH, - 3 ½; WH, -1 ¼; KWH, +4 ¾ Dely: SBM, 30; SBO, 475; RR, 541; C, 910; O, 18; SB, 820; SRW, 400
• What caught my eye:  Trade beginning to express worries over cold, wet spring along with lack of significant field work last fall.  More soybeans, less corn?
• Asia: Lower-Nikkei, -0.79%; Shanghai, -0.44%; Hang Seng, -0.43%. EUROPE: Lower—DAX, -0.23%; FTSE, -0.75%; CAC, -0.17%.  WALL STREET: Futures, Down: DOW, -63; S&P, -8.25; NAS, -32.25. EXTERNALS: April crude: -$0.38 @ $56.56; Gold:  +$5.30 @ $1,327;Mar $ Index, -0.293 @ 95.745.  No deal nuclear arms agreement with North Korea
• T-storm Weather: In Brazil, cool fronts continue to sweep north & dissipate over the next 2 weeks, triggering thunderstorms.  Widespread coverage of near- & above-normal rainfall of 2.25”-4.50” is expected, except from Parana south where totals will be limited over the next 7 to 10 days.  In Argentina, most areas will be dry into Sun.  Increased rain follows next week; totals reach 1.25”-2.50”.  Temps stay very cool through today, then warm to near- to slightly below-normal through the first week of March

·       CH, up $.0075 @ $3.6450; CK, up $.0050 @ $3.7425.  Fund sell 5 K at mid-week         

• SH, dn $.0125 @ $9.0225; SK, dn $.0150 @ $9.1525.  Funds: even SB, bot 2 K SBM, sold 3 K SBO.  Board Crush: $.95, +1; LY, $1.74
• WH, dn $.0125 @ $4.5975; WK, up $.01 @ $4.6775.  Another 2 K sold by the funds on Wednesday  

CORN/SORGHUM

·       Export Sales report at 7:30 am CST for the week ending Feb. 21; trade expects 28-47 mbu for total corn sales

• Consultant: Rains during this past weekend in Argentina generally fell in corn areas that were already doing fine, but missed areas needed the rain most.  The driest areas include southern Buenos Aires, La Pampa and southern Cordoba

·       T-storm Weather: In Argentina, most corn areas will be dry into Sunday.  Better-organized rain develops March 4-10, producing 1.25”-2.50”.  Therefore, soil moisture stabilizes or improves on late-corn next week

·       Ethanol grind: Total of 1,028,000 barrels/day for week ending Feb. 22—up 3.2% vs. prior week but down 1.5% v. 2018

SOYBEANS/WHEAT

·       Export Sales report at 7:30 am CST for the week ending Feb. 21; trade expects 18-37 mbu for total soybean sales

·       Consultant: Improved rains of late have stabilized Brazil soybeans & improved yield prospects for later maturing crops

·       T-storm Weather: Northern Brazil soybeans benefited from recent rain, but none wetter than normal the last 30 days

·       Export Sales report at 7:30 am CST for the week ending Feb. 21; trade expects 7-18 mbu for total wheat sales

• T-storm Weather: In the U.S., a sharp turn toward mild and dry weather is needed later in March across the Northern Plains to quickly diminish snowpack for a timely start to spring wheat planting

ENERGY

·       Down: CLJ19, -$0.38 @ $56.56; EBJ, -$0.61 @ $65.78; EBJ-QCLJ, -$0.23;RBJ, -.0148; NGJ, +.034; HOJ, -0.0138

·       Chicago ethanol was $.0025 lower at $1.34; basis values were again mixed: New York, -$.0025 @ $.1125; Gulf, -$.0025 @ $.10; Dallas, -$.01 @ $.10; Tampa, +.0075 @ $.2150; LA, +$.0025 @ $.20   

·       Ethanol RINs, weaker: 2017’s, -0.3750 @ 19 -19 ½; 2018’s,-0.375 @ 20 -20 ½; 2019’s, -0.625 @ 22 ¼ - 22 ¾                           &nbs​p;              

·       The March RBOB/March ethanol spread widened further, $.0457 to+$.2950     

LIVESTOCK/POULTRY                                       

• Choice boxed beef was 21-cents lower on Wednesday at $219.46, but is still up $2.97 versus last week 
• Cash cattle activity was sluggish on Wednesday with asking prices holding at $130 live and $205 to $206 dressed

·       USDA mandatory pork carcass cutout value fell $1.66 on Wed. to $57.79, and is 67-cents lower versus a week ago

• CME Lean Hog Index eased $0.03 on Wed. to $52.82.  April futures declined $0.125 but are still $2.78 above the index

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