HIGHLIGHTS
· Market Trend—Corn, 1-3 Higher; Soybeans, 7-9 Higher; Wheat, 5-6 Higher
· Most world stock markets edge higher on U.S. strength. Money managers report a pick-up in Asian funds flowing to the U.S. and Germany. The Hang Seng, Shanghai and Kospi all gained while the Nikkei slipped .4%. The major EU markets were all up .2% shortly out of the gate. Germany reaches agreement on a coalition government; consumer confidence there at a 6-year high. U.S. markets will be looking at today’s Chicago PMI; Oct durable goods and initial jobless claims for the week of 10/22. Futures point higher: Dow, +18; S&P, +2 and the Nasdaq, +4 ½. Crude’s 40 cents lower; the $ Index is -.093 to 80.545.
· T-storm Weather: Dry upper-level high pressure will temporarily expand westward through Center-West Brazil, which would help thunderstorms to form across southern Brazil and Paraguay within Saturday-Monday as it interacts with a weak cool front. Several days of drying begin today in Argentina to slowly improve conditions for planting and harvesting. That being said, completely dry weather is unlikely from Saturday-Sunday forward as weak waves of energy drift eastward; only 43% of corn was planted as of Nov. 21, so completely dry weather would be ideal for planting
· Dec Corn Up $.0175 at $4.2025; Mar Corn Up $.0225 at $4.27. The funds sold 8 KTuesday
· Jan SB Up $.0850 at $13.38; Mar SB Up $.0775 at $13.1975 Funds sell 2 K SB, buy 3K SBM and sold 3 K SBO
· Dec Wheat Up $.0525 at $6.5175; Mar Up $.0575 at $6.6175. Funds were sellers of 4 K yesterday
CORN/SORGHUM
· ATI Research: Year-to-date U.S. corn export sales are 961mbu, which is 69% of the USDA annual forecast. This is only the second time in 25 years that sales have reached that level this early in the crop year
· Implied corn grind for ethanol in the latest reporting week fell 2.5mbu to 97.7 million, which was 10.3mbu greater than a year ago
· T-storm Weather: Argentina is moist; any additional rain will limit corn planting, which is already 20% behind average
· Private consultant indicating that an historically high percentage of Argentina corn will be planted in December, weather permitting. Stronger indications that at least some of those intended acres will be switched to soybeans
SOYBEANS/WHEAT
· ATI Research: U.S. soybean export sales are 1.303Bbu, or 90% of the annual USDA forecast. This is the highest percentage ever for this time of year with 70-75% being more of a “typical” level
· Soybean planting progress in Brazil is approaching 80%. Most of the soybeans that remain to be planted are in Rio Grande do Sul in far southern Brazil and in eastern and northeastern Brazil
· ATI Research: Near-term exports of all wheat likely to average 15-20mbu per week into December
· T-storm Weather: Weekend snowfall reduced longer-term dryness problems for U.S. HRW wheat. Only 6% of production received less than one-half of its average precipitation over the last 60 days vs. 12% on Nov. 21
ENERGY
· The energy markets have QCLF14,-$.41 at $93.27; QRBF14, +$0.0116; QNGF14, +$.005 andQHOF14, +$.0088
· EIA estimates (API): Crude, +.5 mb (+6.9); gasoline, +0.4 mb (+0.2); distillates, -1.1 (-1.7)
· Cash ethanol were again weaker with Chicago and the Gulf both losing 18 ½ cents; Dallas and Tampa each declined 7 cents; LA was off 4 ½ cents while NY was the lone exception, bucking the trend with a 4 ½ cent increase
· RINs were firmer: 2012’s up 2 ½ to 25-26; 2013’s were 2 higher at 26-27; & 2014’s were also 2 higher, 26 ½ to 27 ½
· The spread between December RBOB & December ethanol increased nearly 4 ¼ cents to $.7639/gallon Tuesday
LIVESTOCK/POULTRY    
·   Choice boxed beef values firmed 10-cents yesterday and have increased $2.84 over the last three trading days
· Cash cattle markets are quiet with feedyards asking $133, but no packer bids. Cattle traded LW at mostly $131
· The USDA pork carcass cutout value eased a penny yesterday and has lost 68-cents over the last two days
· The USDA’s Iowa/Minnesota average cash lean hog price firmed $1.39 yesterday to $80.64
Sources: Bloomberg, Dow Jones, AP, T-storm Weather