HIGHLIGHTS

• TRENDS—Mostly Higher: CK, +$.0025; SK, -$.0225; WK, +$.03; KWH, +$.0375.
• What caught my eye:  The USDA’s China Ag attache expects the country’s port imports to increase almost 30% in 2019 to 2.0 MMT with beef imports up 20%.  Expect more pork sales from the U.S. 
• Awaiting direction from the Fed & Bank of England.  Asia: Mostly lower-Nikkei, -0.08%; Shanghai, -0.18%; Hang Seng, +0.19%.  EUROPE: Higher—DAX, +0.61%; FTSE, +0.31%; CAC, +0.31%.  WALL STREET futures are higher: DOW, +75; S&P, +8; NAS, +20.50.  EXTERNALS: April crude: +$0.42 @ $59.51; Gold:  +$5.10 @ $1,307; $ Index, NA. 
• T-storm Weather: In the U.S., temperatures turn mild from midweek forward, initiating melting of deep snowpack in the north, and likely inducing additional river and field flooding in varying areas.  Numerous storm systems also produce widespread rain, initially focusing on cattle, corn, and HRW wheat areas of the central and southern Plains Fri.-Sun. (March 22-24), but more-so across a wide area from next week into early April as several moderate to strong systems pass

·       CK, up $.0025 @ $3.7175; CN, up $.0025 @ $3.81.  The funds began the week selling 3 K             

• SK, dn $.0225 @ $9.0350; SN, dn $.0175 @ $9.1750.  Funds: Sold 2 K SB & SBO, even SBM.  Board Crush: $1.00, -5; LY, $1.19
• WK, up $.03 @ $4.5975; WN, up $.0275 @ $4.6625.  Fund sales on Monday were an estimated 4 K     

CORN/SORGHUM

·       Consultant: Argentina corn production estimate is increased 1.0 MMT to 45.0 MMT.  Producers have harvested 6% of their 2019/20 corn crop and early yield reports continue to be very good

·       T-storm Weather: In Brazil, favorable weather for safrinha (double crop) corn is forecast to persist as reproduction approaches and begins over the next two weeks due to near- and above-normal rainfall and/or coolness

·       ATI Research: U.S. 18/19 corn ending stocks estimate is 2.024 bbu vs. the latest USDA forecast of 1.835 bbu. 

·       December 2019 corn futures on Mon. closed at $3.94 ¾; one year ago, December 2018 corn futures settled at $3.97 ½

SOYBEANS/WHEAT

·       Consultant: Brazil soybean crop estimate is steady at 113.5 MMT with a neutral to slightly higher bias.  Soybean harvest is approx. 63% v. 58% last year & 56% for the 5-year avg.  Harvest has slowed recently due to wet weather

·       T-storm Weather: In Brazil, near- & above-normal rain this week may slow soybean harvest in central & southern area

·       ATI Research: U.S. 18/19 soybean ending stocks estimate is 0.934 bbu vs. the latest USDA forecast of 0.900 bbu

·       ATI Research: U.S. 18/19 HRW wheat ending stocks estimate is 0.479 bbu vs. the latest USDA forecast of 0.495 bbu

·       T-storm Weather: Multiple rain events are expected to impact U.S. winter wheat from last week of March into April

ENERGY

·       Higher: CLJ19, +$0.42 @ $59.51; EBK, +$0.44 @ $67.98; EBK-QCLK, +$0.03; RBJ, +.0126; NGJ, +.046; HOJ, +0.0216

·       Chicago ethanol rose $.0450 Monday to $1.41875; basis, weaker: New York, -$.0125 @ $.11625; Gulf, -$.01250 @ $.08625; Dallas, -$.0250 @ $.10125; Tampa, -$.01 @ $.22625; LA, 0$.0150 @ $.25625   

·       Ethanol RINs, easier: 2017’s, -4.50 @ 1 -3; 2018’s, -1.25 @ 8 14 -10 ¼; 2019’s, -1.500 @ 11-13                                           &nb​sp;  

·       The April RBOB/April ethanol spread narrowed $.0169 to +$.4588/gallon;trading $.4662 this morning      

LIVESTOCK/POULTRY                      ​;                 

Choice boxed beef firmed $1.34 on Monday to $228.33, and is 97-cents higher compared to a week ago

5-Area Weekly Weighted Average Steer price down $1.01 v. last week at $127.14/cwt, and is $0.77 lower v. last year

·       USDA mandatory pork carcass cutout value soared $3.69 on Monday to $70.73, and is up $5.48 versus last week

• CME Lean Hog Index gained $1.14 on Monday to $56.54  April futures firmed $2.225 and are $14.485 above the index

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