HIGHLIGHTS

• TRENDS—Mostly Higher: CK, +$.0175; SK, +$.0150; WK, -$.0075; KWK, +$.0050.
• What caught my eye:  Export demand for corn, in the absence of China, continues to look weak with larger crops in Brazil and particularly Argentina likely to limit interest in PNW corn all the way into DJF of 19/20 
• Fed holds rate, signals no additional hikes in 2019, a bit negative.  Asia: Mostly firm-Nikkei, day off; Shanghai, +0.35%; Hang Seng, -0.85%.  EUROPE: Moslty Lower—DAX, -0.41%; FTSE, +0.31%; CAC, -0.01%.  WALL STREET futures are mostly lower: DOW, -39; S&P, -2.00;NAS, +5.75.  EXTERNALS: May crude: -$0.32 @ $59.91; Gold:  +$16.30@ $1,318; Dec $ Index, +.249 @ 94.450
• T-storm Weather: Several rains are expected within the central U.S. over the next two weeks, producing widespread coverage of near- and above-normal totals through early April.  The first event focuses on the southern half of the central U.S. over Sat.-Mon., and then within a wide area from late next week forward when one or two moderate to strong systems pass.  Overall temps will be cooler than indicated recently, but will continue to melt deep snowpack in the north as highs stay above freezing

·       CK, up $.0175 @ $3.7325; CN, up $.0150 @ $3.8250.  The funds were modest buyers at mid-week, 2 K               

• SK, up $.0150 @ $9.0750; SN, up $.0150 @ $9.21.  Funds: Bot 2 SB & 1 SBM, 0 SBO.  Board Crush: $1.01, 09; LY, $1.28
• WK, dn $.0075 @ $4.64; WN, dn $.0125 @ $4.6850.  Fund buying on Wednesday , 6 K       

CORN/SORGHUM

·     &n​bsp; Export Sales report at 7:30 am CDT for the week ending March 14; trade expects 24-39 mbu for 2018/19 corn sales

·       T-storm Weather: In Argentina, dry & very cool weather prevail the next 10 days; temps avg. 4°F to 8° F below normal (highs in 60s-70s & lows in 40s-50s), which is likely ideal for filling late-corn.  Significant frosts or freezes are unlikely 

• Consultant: In Argentina, it is still early in the corn harvest but the yields being reported are very good.  One word of caution: the early harvested corn in Argentina will be the highest yielding corn for the country this year

·       Ethanol grind: Total of 1,004,000 barrels/day for week end March 15—dn 1,000 v. prior week and down 4.3% v. 2018

SOYBEANS/WHEAT

·       Export Sales report at 7:30 am CDT for the week end March 14; trade expects 22-59 mbu for 2018/19 soybean sales

·       Consultant: In Brazil, the main soybean areas left to harvest are Rio Grande do Sul and states in the northeast region

·       T-storm Weather: In Brazil, rainfall across northeast soybean areas through March 27 is forecast to be well above normal; however, much below-normal rainfall is forecast for Rio Grande do Sul for the same period

·       Export Sales report at 7:30 am CDT for the week ending March 14; trade expects 7-17 mbu for 2018/19 wheat sales

·       T-storm Weather: At least 1.00” of rain impacts SRW wheat in Ohio, Indiana and southern Illinois March 28-April 5

ENERGY

·       Lower: CLK19, -$0.329 @ $59.91; EBK, -$0.20 @ $68.30; EBK-QCLK, +$0.13; RBK, -.0078; NGK, +.001; HOK, -0.0097

·       Chicago ethanol was $.0125 lower yesterday to $1.40250; basis, firmer: New York, +$.0125 @ $.1475; Gulf, +$.00750 @ $.0875; Dallas, +$.0150 @ $.1225; Tampa, +$.0225 @ $.2675; LA, +$.0325 @ $.3325   

·       Ethanol RINs, higher: 2017’s, +.25 @ 1 -3 ½; 2018’s, +.75 @ 8-9; 2019’s, +.1250 @ 10 ½ - 11 ½                                              &nbs​p; 

·       The April RBOB/April ethanol spread widened another $.0245 yesterday to +$.5086/gallon      

LIVESTOCK/POULTRY                         ​;              

• ​ Choice boxed beef eased 66-cents on Wednesday to $228.67, but is still 43-cents higher compared to a week ago
• Estimates for March 22 USDA Cattle on Feed: March 1 on feed, 99.7%; Placed in Feb, 96.0%; Marketed in Feb, 100.8%

·       USDA mandatory pork carcass cutout value fell 25-cents on Wed. to $72.52, but is still up $6.37 versus last week

• CME Lean Hog Index increased $1.68 on Wed. to $59.22  April futures soared $3.00 and is $14.605 above the index

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