HIGHLIGHTS

• TRENDS—Mixed: CK, -$.01; SK, +$.0125; WK, -$.0275; KWK, -$.0150.  Prospective Pltgs/March 1 Stx at 11 am CDT
• What caught my eye:  the U.S. sold just 11.8 mbu of corn to non-Chinese destinations (need about 25) and bean sales of 6.7 million were well short of the implied rate of 15/week.  Export demand may struggle the last ½ of the year
• China stx surging as a fresh round of trade talks resume.  Asia: Higher-Nikkei, +.82%; Shanghai, +3.20%; Hang Seng, +0.96%.  EUROPE: Higher—DAX, +0.43%; FTSE, +0.52%; CAC, +0.64%.  WALL STREET--futures are higher: DOW, +35; S&P, +3.25; NAS, +14.00.  EXTERNALS: May crude:+$0.49 @ $59.79; Gold:  unch @ $1,295; $ Index, +0.100 @ 97.31 
• T-storm Weather: The showers in the Midwest will expand today through Saturday. Moisture totals through Tuesday will vary from 0.50 to 2.00 inches from southern Iowa through southern Michigan. Some forecasters are indicating the weekend rains will be more to the south, alleviating flooding concerns.  The US southeastern states will see rain Saturday through Monday and the Delta will see rain amounts this weekend on the order of ½ to 1 1/2”

·       CK, dn $.01 @ $3.73; CN, dn $.01 @ $3.8275.  The funds sold 2 K in Thursday’s trading session                

• SK, up $.0125 @ $8.9075; SN, up $.0150 @ $9.0450.  Funds: Even SB; bot 1 SBM, sold 2 SBO.  Board Crush: $1.03, +2; LY, $1.31
• WK, dn $.0275 @ $4.6175; WN, dn $.0275 @ $4.6775.  The funds sold an estimated 5 K of Chicago wheat yesterday        

CORN/SORGHUM

· &​nbsp;     Corn plantings expected at 91.3; range: 89.5-82.7(Reuters); March 1 corn stocks at 8.335 bbu (range: 7.62-8.80)

·       Yesterday’s $3.73 ¾ CK close was just a ¼ of a cent higher than CK18’s finish a year ago to that date

·       ATI Research: Unshipped U.S. old-crop corn export sales of 546 mbu remain down 41% v. last year.  ATI’s U.S. corn export forecast continues at 2.185 bbu as despite the Chinese hoopla, they have just 18 mbu on the books

SOYBEANS/WHEAT

·       Soybean plantings seen at 86.169 million; March 1 stocks at 2.683 bbu

·       All Wheat seedings pegged at 46.915 (45.9-48.0 range); March 1 stx at 1.555 (range: 1.435-1.617)

·       ATI Research: Unshipped U.S. 18/19 soybean export sales of 457 fell nearly 30 million from last week and are now up 33% v. last year & remain a record for the 3^rd week of March

• Central and Southern Brazil are expected to dry down during the next two weeks
• Other than some heavy rains in parts of Argentina over the weekend, harvest progress should advance quickly with the next two weeks looking fairly open
• US HRW areas will see rain today and Friday. Snow will impact northwestern Nebraska Friday with accumulations ranging from 1 to 5 inches and a few locally greater amounts. The northern US Great Plains will see flooding in central and eastern Dakotas during the rest of the week.  West TX will not see much rain this week

ENERGY

·       Higher​: CLK19, +$0.49 @ $59.79; EBK, +$0.38 @ $68.20; EBK-QCLK, -$0.11; RBK, +.0125; NGK, -.017; HOK, +0.0100

·       Chicago ethanol eased $.00125 yesterday to $1.36875; basis values were mixed: New York, -$.00125 @ $.17875; Gulf, +$.00125 @ $.16125; Dallas, -$.02875 @ $.19625; Tampa, -$.04375 @ $.32125; LA, +$.00125 @ $.44125   

·       Ethanol RINs, mixed: 2017’s, -1.25 @ 1 -1/2; 2018’s, +5/8’s @ 11-11 ½; 2019’s, +5/8’s @ 13 ½ - 15                                    &​nbsp;           

·       ​;The April RBOB/April ethanol spread lost $.0226 to +$.4999 Thursday   

LIVESTOCK/POULTRY                   &nbs​p;                   <​/p>

• Choice boxed beef lost $1.55 on Thursday to $227.44, and is down $1.87 versus last week 
• Most key #’s in Hogs & Pigs report were near expectations--should have little impact on current slaughter/production forecasts. Key takeaway--#’s suggest supplies up 2-2.5%; USDA’s forecast for a 3.8% annual increase revised lower?
• CME Lean Hog Index was $2.22 higher on Thu. at $71.72  April futures shed $2.45 to $78.875

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