HIGHLIGHTS
· Market Bias: Corn, Up 2-3; Soybeans, Up 9-10; Wheat, Up 7-8
· Shanghai surged out of the gate this morning, closing up 3.6% driven by the real estate and commodity sectors. Other Asian markets were a bit more subdued with the Hang Seng losing .6% and the Nikkei, .2%. Europe started higher on prospects for additional ECB stimuli but more weakness in oil and political uncertainty in Greece pushed markets lower: DAX, -.43%; FTSE, -.75% and the CAC 40, -.74%. Pre-market indications suggest a negative start for Wall Street: DOW futures, off 38; S&P, -5 and the NAS, -9. Energy futures are mostly lower (except nat gas); the $ Index is approaching 92 (up .6) and gold is $2.30 higher
· T-storm Weather: Above-average rain occurs from central / northern Argentina through Paraguay & southern Brazil next 10 days as cool fronts sweep north & trigger heavy thunderstorms, keeping parts of the region wetter than ideal; 2.00"–4.00" most likely. Although the fronts also help thunderstorms form further north, only 1.00" – 2.00" expected in Goias, Mato Grosso, Minas Gerais & points north, which is less than the 10-day avg. of around 3.00"; more rain might be ideal. Rain chances remain low in southern sunflower areas of Argentina next 5-7 days, but may improve thereafter as a warmer pattern de-stabilizes the atmosphere
· Mar Corn Up $.0325 at $3.99; May Up $.0275 at $4.0725. The funds sold 4 K to close out the week
· Jan SB Up $.0950 at $10.12; May Up $.08 at $10. Del’y: SB, 0; SBO, 10. Funds: sold 7 K SB; 6 K SBM; even on SBO
· Mar Wheat Up $.0775 at $5.89; May up $.07 at $5.9375. The funds sold an estimated 5 K on Friday
CORN/SORGHUM    
· Export Inspections released at 10 AM CST; Corn, 36.9 needed; 24.0 last week. Milo—3.4 needed; 4.5 last week
· Outstanding U.S. corn export sales as of Dec. 25: 585 mbu vs. 677 mil last year and the 5-year avg. of 458 mil
· Outstanding U.S. sorghum export sales as of Dec. 25: 133 mbu vs. 78 mil last year and the 5-year avg. of 33 mil
· T-storm Weather: Most corn in Argentina was seasonable to wet over the last 30 days, though a few locations in the south would benefit from rain
SOYBEANS/WHEAT
· Export Inspections released at 10 AM CST; Soybeans, 19.5 needed; 52.3 last week
· Outstanding U.S. soybean export sales as of Dec. 25: 526 mbu vs. 633 mil last year and the 5-year avg. of 473 mil
· T-storm Weather: One round of heavy rain would be ideal for Center-West Brazil crop, but a lesser amount is forecast
· Export Inspections released at 10 AM CST; Wheat, 19.5 needed; 7.3 last week
· Outstanding U.S. wheat export sales as of Dec. 25: 190 mbu vs. 201 mil last year and the 5-year avg. of 207 mil
· T-storm Weather: Despite intense cold in northern U.S., wheat winterkill does not occur due to protective snowpack
ENERGY
· Futures are mostly lower: QCLG15, -$1.10 at $52.73; QRBG, -$0.0239; QNGG, +$.121; andQHOG, -$.0175
· Cash ethanol markets were mixed on Friday: Chicago off ¼; New York up 1 ½; Gulf added 3; Tampa and Dallas eased ½; and LA was 5 higher at $1.81 ½ per gallon
· RINs posted gains: 2013’s climbed 1 ½ to 75-76; 2014’s up 2 1/8 to 77-78; & 2015’s added 2 ¾ to 76-78
· The Feb RBOB/Jan Ethanol inverse edged slightly higher, up ½ cent to -$.1955/gallon on Friday, premium to ethanol
LIVESTOCK/POULTRY ;
· Choice boxed beef values were $1.07 lower on Friday but are still $3.31 higher compared to a week ago
· February live cattle futures closed at $165.675 on Friday--the highest settlement price for the contract since Dec. 4
· USDA pork carcass cutout value declined $1.23 Fri., is $4.36 below last week & at the lowest level since Jan. 6, 2014
· CME Lean Hog Index down 16-cents at $78.11. February futures up $0.10 to $81.30 and $3.19 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather