HIGHLIGHTS
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TRENDS—(5:30 am) Firm: CH, +$.015; SH, +$.0175; WH, +$.0250; KWH, +$.0125. USDA reports to be released at 11:00 am CST
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MACRO: Global economic slowdown appears to be spreading to more countries. Asia: Lower--Nikkei, -2.01%; Shanghai, Closed; Hang Seng, -0.16%. EUROPE: Higher—DAX, +0.06%; FTSE, +0.10%; CAC, +0.28%. WALL STREET: Futures are lower: DOW, -78; S&P, -9.25; NAS, -33.75. EXTERNALS: March crude: -$0.22 @ $52.42; Gold: +$0.70 @ $1,315;Mar $ Index, +0.066 @ 96.355
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T-storm Weather: In Brazil, scattered thunderstorms continue in central & northern areas through Sun., but coverage & amounts have not been high & similar coverage continues. Better-organized rains follow in central & northern areas in 7 to 10 days with the end result being near-normal totals across a wide area over the next two weeks. In Argentina, some thunderstorms dot southern areas through today, but most occur within Sat.-Mon. producing 0.50"-1.50" south & 1.00"-2.00" central & north
· CH, up $.0150 @ $3.78; CK, up $.0150 @ $3.8575. The funds were heavy sellers, 10 K on lack of U.S./PRC trade progress
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SH, up $.0175 @ $9.15; SK, up $.0175 @ $9.29. Funds: Sold 5 SB, 4 SBM, 1 SBO. Board Crush:, $.98,0; LY, $1.18
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WH, up $.0225 @ $5.1550; WK, up $.0250 @ $5.1950. The funds sold 8 K ahead of today’s reports
CORN/SORGHUM
· USDA Supply/Demand report: Avg. trade guess for U.S. corn 18/19 carryout is 1.708 bbu (range: 1.621-1.787)
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USDA Crop Production report: Avg. trade guess for 2018 U.S. corn crop is 14.532 bbu (range: 14.343-14.760)
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Consultant: In Mato Grosso, Brazil, the early safrinha (double crop) corn planting continues at a record fast pace of 30% (vs. avg. of 15%) , which is good for corn if there is normal rainfall in the second half of the summer rainy season
· T-storm Weather: In Brazil, soil moisture improves over the next 2 weeks for safrinha (double crop) corn development
SOYBEANS/WHEAT
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USDA Grain Stocks report: Avg. trade guess for Dec. 1 U.S. soybean stocks is 3.743 bbu (range: 3.414-3.872)
· USDA Supply/Demand report: Avg. trade guess for U.S. soybean 18/19 carryout: 0.926 bbu (range: 0.800-1.015)
· USDA Crop Production report: Avg. trade guess for 2018 U.S. soybean crop is 4.569 bbu (range: 4.490-4.620)
· T-storm Weather: In Brazil, increased rain for central & northern areas the next 2 weeks likely slows soybean harvest
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USDA Winter Wheat Seedings report: Avg. trade guess all winter: 32.1 mil; HRW, 22.6; SRW, 6.0; and White, 3.5
· USDA Supply/Demand report: Avg. trade guess for U.S. wheat 18/19 carryout: 0.989 bbu (range: 0.950-1.028)
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USDA Grain Stocks report: Avg. trade guess for Dec. 1 U.S. all wheat stocks is 1.957 bbu (range: 1.846-2.003)
ENERGY
· Mixed: CLH19, -$0.22 @ $52.42; EBJ, +$0.20 @ $61.83; EBJ-QCLJ, +$0.43;RBH, -.0021; NGH, +.016; HOH, +0.0042
· Chicago ethanol declined $.0150 to $1.2875; basis values were mostly firm: New York, -$.0075 @ $.10; Gulf, unch @ $.10250; Dallas, +$.0150 @ $.0925; Tampa, +$.0250 @ $.1925; and LA, +$.0250 @ $.1925
· Ethanol RINs, firmer: 2017’s, +1.00 @ 17-17 ¾; 2018’s, +1.00 @ 17 3/8 -18 ¾; 2019’s, +0.75 @ 21- 21 ¾  
· The March RBOB/March ethanol spread narrowed $.0193 on Thursday to+$.1328/gal
LIVESTOCK/POULTRY  
· USDA mandatory pork carcass cutout value declined 37-cents on Thu. to $64.06, & is $2.35 lower versus last week
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CME Lean Hog Index was $0.27 lower on Thu. at $56.89. February futures fell $0.65, and are $1.615 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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