HIGHLIGHTS
· MARKET TREND: CH, Up $.0025; SF, Up $.3 WH, Up $.0150; KWH, Up $.0250
· “Jittery” is the word one service used to describe U.S. equity markets ahead of 3rd quarter final GDP #’s (1.9% expected); November existing home sales & the Oct FHFA home price index today. Most overseas markets are higher. Asia had the Hang Seng and Shanghai up .18-.27% while the Nikkei slipped .16%. Europe is firmer heading into the afternoon—DAX, +.16%; CAC 40, +.32%; FTSE, +.73%. Pre-markets have the DOW, +4; NAS, -4.5; S&P, +.75. $ Index, -.094; gold, -$3.70; CLG, +$.18
· T-storm Weather: Below- to much-below-normal rainfall likely continues across northern areas of Brazil over the next 10 days. Therefore, the magnitude of dryness continues or intensifies into late-month, potentially leaving December (and November-December) as the driest since before 2002 by a large margin (Speedwell Indices). To the south, rounds of heavy rain occur every one to three days from northeast Argentina into southern Brazil and Paraguay, likely leaving November-December in southern Brazil (and potentially Paraguay) as the wettest since before 1977, also by a large margin
· CH, Up $.0025 @ $3.7225; CK, Up $.00755 @ $3.7875. The funds started off the week selling 4 K
· SF, Up $.03 @ $8.9425; SH, Up $.0275 @ $8.9425. Funds sold 1 K SB; 2K SBM and bought 2 K SBO
· WH, Up $.0150 @ $4.8050; WK, Up $.0125 @ $4.8750. The funds sold an estimated 5 Kon Monday
CORN/SORGHUM          
· ATI Research: U.S. corn balance sheet; 15/16 carryout up 30 mbu to 1.838 bbu; 16/17 carry-out up 78 to 1.720 bbu
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout unchanged at 52 mbu; 16/17 carry-out steady at 58 mbu
· Consultant: Full-season corn in southern Brazil is generally doing fine, excessive moisture not been much of a problem
· T-storm Weather: Although it is notable that some heat develops in Argentina with time through 10 days, it is more notable that areas of thunderstorms continue to keep most areas moist; wettest north, driest south
· USDA export inspections: Year-to-date U.S. corn exports of 337 mbu are down 22% vs. last year and 21% from two years ago. This year’s pace is the slowest since 2012
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout up 25 mbu to 510 mbu; 16/17 carry-out up 45 to 388 mbu
· USDA export inspections: Year-to-date U.S. soybean exports of 906 mbu are down 12% vs. last year’s 1026 mbu total
· Consultant: Brazil soybean crop est. lowered 2.0 MMT to 97.0 MMT due to dry weather in central, northeastern areas
· USDA export inspections: Year-to-date U.S. wheat exports of 420 mbu are down 14% from last year’s 487 mbu total
· ATI Research: U.S. HRW wheat balance sheet, 15/16 carryout at 429 mbu vs. 295 million for 14/15
· T-storm Weather: A total of 95% of U.S. HRW wheat production was wetter than normal over the last 60 days
ENERGY
· Mixed: CLG16,+-$.08, $35.99; EBG, +$0.13; EBG-CLGH, $.45, -$.09; RBG -$.0233; NGG, -$.008; HOG, +$.0033
· Cash ethanol markets were steady to weaker on Monday: Chicago and Gulf off ¾; New York slipped 1; Tampa unchanged; Dallas eased 1 ½; and LA was unchanged at $1.48 ½ per gallon
· Ethanol RINs higher: 2014’s added 2 ¼ to 70-71 ½; 2015’s up 1 7/8 to 69 ¼-70 ½; & 2016’s firmed 1 7/8 to 69 ¼-70 ½
· The Jan RBOB/Jan Ethanol inverse increased $.0492 to -$.1736 per gallon on Monday
LIVESTOCK/POULTRY    
· Choice boxed beef values were $2.86 lower on Monday and have declined $11.18 (5.8%) the past 7 trading days
· 5-Area Weekly Weighted Average Steer price down $1.51 last week to $116.64/cwt and is $41.87 lower vs. last year
· On Monday, the USDA mandatory pork carcass cutout increased 7-cents but is still $2.97 lower compared to last week
· CME Lean Hog Index declined $0.56 to $54.65. February futures were $0.175 lower but are $1.80 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather