HIGHLIGHTS
· Market Ideas: Corn, Steady/Lower; Soybeans, Steady/Lower; Wheat, 2-4 Higher.
· OPEC keeps daily production target at 30 million bpd; surprises analysts/markets. Oil plunges below $70. . Asian markets close mixed: Nikkei gains 1.2%; Shanghai rises 2% while the Hang Seng ends slightly lower, -.07%. Light trade in Europe has energy stocks pulling markets mostly lower—DAX, -.4%; FTSE, -.7%, CAC 40, -.5%. U.S. futures lower as Black Friday looms: DOW, -34; NAS, +8; S&P500, -4.50. Energy futures sharply weaker; $ Index soars ½ point to 88.65; gold is $15 lower at $1,182.40
· T-storm Weather: Widespread coverage of near- and above-average rainfall occurs in key areas of Argentina, Brazil, and Paraguay the next 7-10 days. Highest coverage and amounts of 2.25” – 4.50” occur in Center-West and Southeast Brazil, potentially developing pockets of excessive wetness. Dry weather occurs to the south through at least today, but heavy thunderstorms erupt in Argentina Saturday-Sunday to slow corn / soybean planting and wheat harvesting. The front then triggers thunderstorms across South Brazil and Paraguay Monday-Tuesday to slow planting, while maintaining adequate to favorable soil moisture levels
· Dec Corn closed Up $.04 at $3.7825; March was Up $.0425 at $3.9150. The funds bought 5 K ahead of the Thanksgiving holiday
· Jan SB closed Down $.04 at $10.47; March Down $.0350 at $10.5275. Funds: even on SB and SBO; bought 2 K SBM
· Dec Wheat closed Up $.1050 at $5.62; March Up $.05 at $5.6275. Fund buying totaled 5 KWednesday
CORN/SORGHUM ; ;
· Export Sales to be released at 7:30 AM CST. Trade expects 24 to 31 mbu corn
· Ethanol grind: 982,000 barrels per day for week end Nov. 21—up 12 thou vs. last week and up 5.9% vs. last year. This week’s total highest since this data set began in June 2010 (previous high: 972,000 for week end June 13, 2014)
· T-storm Weather: Following heavy rain across Argentina this weekend, at least 5 consecutive days of drying follow
· December 2014 corn futures closed at $3.78 ¼ on Wednesday compared to the Oct. 31 settlement price of $3.76 ¾
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CST. Trade expects soybeans, 26 to 37 mbu; soymeal, 50-200; soyoil, 10-20
· T-storm Weather: Excessive rain through Dec. 2 for Center-West/Southeast Brazil to limit remaining soybean planting
· January 2015 soybean futures closed at $10.47 on Wed. compared to the Oct. 31 settlement price of $10.49 ¼
· Export Sales to be released at 7:30 AM CST. Trade expects 11-18 mbu for all wheat
· T-storm Weather: 48% of U.S. SRW wheat was drier than usual over the last 30 days, which is down from 92% on Nov. 21. Mild and mainly dry weather continues for U.S. HRW wheat through 7-10 days
ENERGY
· OPEC leaves output target steady: QCLF14, -$4.71 at $68.98; QRBF, -$0.1257; QNGF, -$.142; and QHOF, -$.0979
· A mixed tone continued to be seen Wednesday in cash ethanol markets: Chicago soared 31 ½; Gulf added 8; Dallas slipped 3; Tampa eased 4; New York up 6; and LA was a penny lower at $2.70 per gallon
· RINs were higher: 2013’s up 4 1/8 to 55-56; 2014’s gained 1 ½ to 55 ½-56 ½; and 2015’s added 1 ½ to 55 ½-56 ½
· December ethanol’s premium to RBOB gains $.0387 to $.0649 on Wednesday
LIVESTOCK/POULTRY  
· Choice boxed beef values were up 26-cents on Wed., are $2.34 above last week and are the highest since Aug. 12
· December live cattle futures have declined $2.40 since making a new contract high of $171.65 on Monday
· USDA pork carcass cutout value increased 5-cents on Wednesday but is 50-cents lower compared to last week
· CME Lean Hog Index up $0.11 to $88.85. December futures unchanged at $90.95 and are $2.10 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather