We kicked off the month with S&P Global Manufacturing PMI Final at 8:45 A.M., ISM Manufacturing PMI, ISM Manufacturing Employment, Michigan Consumer Sentiment Final, Construction Spending MoM, ISM Manufacturing New Orders, ISM Manufacturing Prices, Michigan 5-Year Inflation Expectations Final, Michigan Expectations Final, Michigan Current Conditions Final, and Michigan Inflation Expectations Final at 9:00 A.M., Fed Logan & Fed Waller at 9:15 A.M., Fed Bostic Speech at 11:15 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., Fed Daly Speech at 12:30 P.M., Cotton System, Fats & Oils, and Grain Crushings at 2:00 P.M., and Fed Kugler Speech at 2:30 P.M.

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We start off the month with the grains mixed to weaker while the soybeans are trading higher. Most likely some profit-taking from yesterday's Corn charts are looking better to the bullish side as traders will be watching fund flows in the new month and whether money is going in or out of the grain complex. The weekly Commitment of Traders is not expected to show much change from last week with a massive net short managed money position. The interesting aspect of the Commitment of Traders data is whether the commercial long position was reduced much with the liquidation of the March basis contract heading into First Notice Day. March CBOT deliveries were 502 contracts of soybeans, 116 contracts of Chicago Wheat, 37 contracts of soybean oil, 10 contracts of oats, 3 contracts of corn, and 1 contract of soybean meal. Bunge stopped 348 contracts of soybean deliveries while Wells Fargo stopped al 37 soybean oil receipts. March deliveries are finding strong hands and March open interest has liquidated. Brazilian crop yield data continues to disappoint in Mato Grosso do Sul and Sao Paulo where producers report harvests that are 9-17% less than last year. And Brazilian exporters and crushers are unable to pry away more than 10-14 days of supply need from the farmer. Brazilian farmers have been much less engaged in cash market sales as yields and CBOT prices slide. The Brazilian soybean harvest should surpass 50% completed early next week. Below normal rainfall persist in North Central Brazil, while lack of extreme temperatures helps preserve Argentine soil moisture. NASS will release their fats & oils monthly and annual reports later today along grain crushing for ethanol. USDA Ag Secretary Vilsack and EPA Administrator Regan headline news at the Commodity Classic Conference in Houston to determine the eligibility of US ag feedstocks to receive tax exempt status, updating the GREET Sustainable Aviation Fuel (SAF) biofuel model to include ethanol and other biofuels. This all happening as the government averted a shutdown until March 28^th .

Our prayers go out to our friends in the Texas & Oklahoma Panhandle as wildfires are really taking their toll.

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