HIGHLIGHTS
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TRENDS—Mostly Lower: CK, -$.0050; SK, +$.01; WK, -$.0450; KWK, -$.02
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What caught my eye: Trade expecting a sizable (+178 mbu) increase in ending 2018/2019 U.S. corn stocks as a result of the bearish March 1 inventory report; also, weather forecast not conducive to field work in the WCB
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Global equities take a breather after last week’s rally. Asia: Mostly weaker-Nikkei, -0.21%; Shanghai, -0.05%; Hang Seng, +0.47%. EUROPE: Lower—DAX, -0.45%; FTSE, -0.15%; CAC, -0.08%. WALL STREET—Futures, lower--DOW, -58;S&P, -4.50; NAS, -13.00. EXTERNALS: June crude: +$.36 @ $63.51; Gold: +$5.60 @ $1,301; $ Index, -.227 @ 95.760
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T-storm Weather: An intense & large system produces heavy rain, high winds, & snow from NE-SD & points east through the northern half of Corn Belt Wed.-Thu. as air pressure falls to levels equivalent of a Category 2 hurricane for 2nd time in 2 months. Water-equivalent rain totals of 1.25”-2.25” fall across the region; much will fall in the form of extreme snowfall of 8”-18” across northern/western NE, SD, MN, & far northern IA. The system will also produce some rain in eastern Corn Belt (IN & OH) Thu.-Fri.
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CK, dn $.0050 @ $3.62; CN, dn $.0025 @ $3.7075. The funds were sellers of an estimated 3 K on Friday
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SK, uo $.01 @ $9.00; SN, up $.01 @ $9.13. Funds: Sold 4 SB, 3 SBM & even SBO. Board Crush: $1.01, 0; LY, $1.59
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WK, dn $.0450 @ $4.6325; WN, dn $.04 @ $4.6575. Friday had the funds selling 2 K
CORN/SORGHUM
· Export Inspections released at 10 am CDT; Corn, 54.9 mbu needed; 49.6 last week. Milo—2.0 needed; 2.3 last week
· T-storm Weather: A system produces 1.00”-2.00” of rain across the southern two-thirds of the Delta through today. Another system then affects the Delta and southeast half of the Corn Belt Sat.-Sun., producing 0.75” to 1.50”
· Consultant: While the later-harvested corn in Argentina will not be as good as the early-harvested crop due to the fact it will be from areas that are not as productive, overall production prospects continue to look very good
· December 2019 corn futures on Friday closed at $3.90—one year ago, December 2018 corn futures settled at $4.12 ½
SOYBEANS/WHEAT
· Export Inspections released at 10 am CDT; Soybeans, 36.3 mbu needed; 26.9 last week
· Consultant: In Brazil, the second half of the soybean harvest has been better than the first half due to the improved rainfall, which started about mid-January
· T-storm Weather: In Argentina, dry weather dominates through at least Thursday, supporting soybean harvesting
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Export Inspections released at 10 am CDT; Wheat, 30.4 mbu needed; 15.4 last week
· T-storm Weather: Much of the HRW wheat in KS, OK, and TX miss significant rains and snows over the next 10 days
ENERGY
· Higher: CLM19, +$.36 @ $63.51; EBM, 0.34 @ $70.68; EBM-QCLM, +0.01;RBM, +.0135; NGM, +.012; HOM, +0.0141
· Chicago ethanol was $.00375 higher on Friday at $1.29375; basis, mostly weaker: New York, -$.00125 @ $.14625; Gulf, -$.01375 @ $.12125; Dallas, -$.00875 @ $.13125; Tampa, -$.01875 @ $.23125; LA, +$.00625 @ $.40125
· Ethanol RINs, mixed: 2018’s, -0.25 @ 12 ½ -13; 2019’s, +0.125 @ 15 ¾ -17 ¼  
· The May RBOB/May ethanol spread expanded $.0312 on Friday to+$.66670/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef firmed 19-cents on Friday to $226.93, and is 89-cents higher compared to a week ago
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Light cash cattle trade developed through the North on Fri. with prices mostly $126 per cwt live & $204-$205 dressed
· USDA mandatory pork carcass cutout value eased 74-cents on Friday to $80.56, but is still up $1.12 versus last week
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CME Lean Hog Index was $0.27 higher on Fri. at $78.53. April futures fell $0.175 but are still $0.495 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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