HIGHLIGHTS
-
TRENDS—Mostly higher: CK, +$.0075; SK, -$.01; WK, +$.04; KWH, +$.0325. Dely: SBM-42; C-163; HRW, 12; SB-222; SRW-9
-
What caught my eye: Chinese corn buying rumors at the same time one wire service was reporting Chinese government was purchasing up to 3 MMT of domestic supplies to support producer prices
-
Asia: Mostly lower-Nikkei, -0.02%; Shanghai, -1.20%; Hang Seng, +0.15%. EUROPE: Higher—DAX, +0.10%; FTSE, +0.49%; CAC, +0.59%. WALL STREET: Mixed: DOW, -5; S&P, unch; NAS, +5.75. EXTERNALS: April crude: -$0.04 @ $58.22 Gold: -$11.20 @ $1,298; Mar $ Index, +0.228 @ 96.740.
-
T-storm Weather: In Brazil, scattered thunderstorms continue for safrinha (double crop) over the next 10 to 14 days. Temps will vary but average near- to above-normal north and below-normal south. As a result, weather will remain favorable for corn as reproductive phases approach and/or begin into late month. In Argentina, all areas stay much cooler than normal by 3°F to 8°F over the next 2 weeks, which is near-ideal for filling late-corn and soybeans. High coverage of organized rainfall is not expected
· CK, up $.0075 @ $3.6725; CN, up $.0050 @ $3.7675. Fund buying 2 K on Chinese corn rumors?
-
SK, dn $.01 @ $9.00; SN, dn $.01 @ $9.1375. Funds: Bought 3 SB, 3 SBM, & sold 1 SBO. Board Crush: $.99, 0; LY, $1.33
-
WK, up $.0450 @ $4.5175; WN, up $.0375 @ $4.59. The funds sold 3 K yesterday
CORN/SORGHUM
· Export Sales report at 7:30 am CDT for the week ending March 7; trade expects 31-47 mbu for 2018/19 corn sales
· T-storm Weather: In Argentina, 48% of late-crop corn production was drier than normal over the 30 -day period ending Mon., indicating some more rain would be ideal; but temps were cool in recent weeks, likely aiding filling
-
Consultant: In Argentina, some corn production areas could use more rain; e.g. southwestern region. While yields will probably be disappointing in this area, very good yields from central Argentina should more than compensate
· Ethanol grind: Total of 1,005,000 barrels/day for week end March 8—down 1.9% v. prior week and down 2.0% v. 2018
SOYBEANS/WHEAT
· Export Sales report at 7:30 am CDT for the week ending March 7; trade expects 44-70 mbu for 2018/19 soybean sales
· Consultant: In Brazil, the last soybean areas to be harvested are Rio Grande do Sul (far south) & northeast. The trend of increased rain of late will be closely monitored in these regions as excessive moisture could impact seed quality
· T-storm Weather: Soybean areas of northeast Brazil are forecast to see slightly above-normal rain through March 20
· Export Sales report at 7:30 am CDT for the week ending March 7; trade expects 15-22 mbu for 2018/19 wheat sales
· T-storm Weather: Temps turn sharply colder today for U.S. HRW wheat in the Plains & stay below-normal for a week
ENERGY
· Mixed: CLJ19, -$0.04 @ $58.22; EBK, +$0.07 @ $67.62; EBK-QCLK, +$0.14; RBJ, +.0105; NGJ, +.008; HOJ, -0.0054
· Chicago ethanol rose was $.0265 higher at $1.3275; basis, mostly weaker : New York, +$.00125 @ $.11500; Gulf, -$.01375 @ $.10250; Dallas, -$.02125 @ $.11; Tampa, -$.02375 @ $.21250; LA, -$.00625 @ $.2175
· Ethanol RINs, mixed: 2017’s, +1.00 @ 9-11; 2018’s, -.125 @ 16 -16 ½; 2019’s, -.125 @ 18-18 ¾  
·  The April RBOB/April ethanol spread edged wider yesterday, $.0223 to+$.5268/gallon
LIVESTOCK/POULTRY    
-
Choice boxed beef firmed 2-cents on Wednesday to $228.24, and is up $3.31 versus last week
-
Light cash cattle trading occurred on Wednesday in Nebraska and Iowa at $127, which is $1 lower than last week
· USDA mandatory pork carcass cutout value increased 25-cents on Wed. to $66.15, & is $4.66 higher vs. a week ago
-
CME Lean Hog Index gained $0.74 on Wed. to $53.12. April futures fell $0.175 but are still $10.355 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
The information contained in this e-mail is subject to a disclaimer. Please follow the link below to view.