HIGHLIGHTS
· Market Trend: Corn, Up 3+; Soybeans, Up 7; Wheat, Up 7-8
· Greece and the rest of the EU are at an impasse over a proposed 6-month extension of the former’s bail-out package. This had little impact in Asia where the Nikkei eased .10%; Shanghai posted a .78% gain and the Hang Seng closed a ¼ point higher. The DAX is off .32%; the CAC 40 is .14% lower at mid-day while the FTSE is up .41%. Pre-market indicators for U.S. indices are mixed: DOW, up 1; NAS, +7.3 and the S&P, down 1 ¾. Outside markets find energy futures higher across the Board; the $ Index is ¼ point weaker at 94.035 and gold is down $3.80 to $1,222.70.
· T-storm Weather: Two cool fronts trigger multiple thunderstorm clusters from northern Paraguay and Parana northward through Center-West and Southeast Brazil through Friday-Saturday—widespread rainfall of 2.00”-4.00” (and locally higher) occur with highest totals most probably in Mato Gross do Sul and Sau Paulo. To the south, a cool front triggers a few thunderstorms across central and northern Argentina Wednesday-Thursday, but only scattered 0.50”-1.00” amounts occur; other areas of and adjacent Argentina say mostly dry over the next 7-10 days
· Mar Corn Up $.0325 at $3.9050; May Up $.03 at $3.9825. The funds bought 5 K to close out the week
· Mar SB Up $.07 at $9.9750; May Up .07 at $10.0175. Funds bought 4 K SB; 4 K SBM and 4 K SBO
· Mar Wheat Up $.0775 at $5.4075; May Up $.0850 at $5.3775. Fund activity estimate at 5 K in purchases on Friday
CORN/SORGHUM    
· March 2015 corn futures closed at $3.87 ¼ on Friday; one year ago, the March 2014 contract settled at $4.40 ½
· USDA Long-Term Projections: U.S. corn exports increase during the next decade in response to strong global demand for feed grains to support growth in meat production
· T-storm Weather: Upcoming rainfall this week slows second-crop corn planting in Brazil
· Export Inspections released at 10 AM CST; Corn, 39.1 needed; 27.6 last week. Milo—3.9 needed; 4.8 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 19,248 contracts
SOYBEANS/WHEAT
· Export Inspections released at 10 AM CDT; Soybeans, 12.4 needed; 54.6 last week
· USDA Long-Term Projections: U.S. soybean acreage to decline from 84.0 mil. in 2014 to 78-79 mil. by 2024/25
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 13,106 contracts
· Export Inspections released at 10 AM CST; Wheat, 20.6 needed; 14.6 last week
· USDA Long-Term Projections: U.S. imports of wheat projected to rise through 2024/25 due to increases from Canada
· Commitment of Traders report: Non-Commercial long CBT wheat futures only positions decrease 2,360 contracts
ENERGY
· Futures are higher: QCLH15, +$0.39 at $53.17; QRBH, +0.0046; QNGH, +$.045; and QHOH, +$.0142
· A mixed trend was seen in cash ethanol markets on Friday (no report on Monday): Chicago and Gulf up ½; New York down ¾; Dallas eased ½; Tampa was steady; and LA was 1 ½ higher at $1.59 per gallon
· RINs were higher: 2013’s up 1 ¼ at 71-71 ½; 2014’s gained ½ to 72-72 ½; and 2015’s added 1 to 71 ½-72
· The Mar RBOB/Mar Ethanol spread added another 2 ½ cents, moving out to $.1842/gallon on Friday
LIVESTOCK/POULTRY    
·   Choice boxed beef values were 54-cents higher on Monday but are down 26-cents from a week ago
· 5-Area Weekly Weighted Average Steer price increased $1.50 last week to $161.78/cwt and is up $19.89 vs. last year
· On Monday, the USDA mandatory pork carcass cutout value increased 23- cents but is down $1.29 vs. last week
· CME Lean Hog Index $0.90 lower to $63.01. February futures up $0.125 to $62.075 and is $0.935 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather