HIGHLIGHTS
· Market Trend: Corn, ½ to 1 Higher; Soybeans, 4-5 Higher; Wheat, 3-5 Lower
· Asia closed mixed as a number of fronts pressure the market, including a weakening Chinese economy. The Nikkei lost 2.25%; Shanghai managed to post a near-3% gain and the Hang Seng edged .16% higher. Europe has overcome doubts about Greece’s economy, for the time being and is up from .13% (FTSE) to .78% (DAX). U.S. markets look poised for a mixed start: DOW futures are off 7; the NAS is 1.2 points higher; the S&P, ¼ lower. Energy futures are weaker, again; the $ Index is flat and gold, -$1.60
· T-storm Weather: Widespread coverage of near- and above-average rainfall of 2.00”-4.00” occurs in Center-West and Southeast Brazil over the next week; soil profiles remain moist. Thunderstorms also occur in South Brazil and Paraguay; near-average rainfall of 0.75”-1.50” is probable, preventing dryness from increasing or decreasing into next week. In Argentina, thunderstorms frequently occur in central and northern areas (northern Buenos Aires and points north) to slow planting and harvesting; above-average amounts of 1.25”-2.50” most common
· Dec Corn Up $.0075 at $3.8375; March Up $.0025 at $3.9550. Funds bought back the 4 K they sold on Monday
· Jan SB Up $.0425 at $10.5350; March Up $.0475 at $10.6025. Dely: 196 SBO. Funds: bought 3 K SB; 3 K SBM, even SBO
· Dec Wheat, Down $.0325 at $5.9725; March Down $.0550 at $5.8025. Dely: 28 KW. The funds sold 3 K Tuesday
CORN/SORGHUM      
· USDA WASDE report at 11:00 CST: Avg. trade est. 14/15 U.S. corn end stocks, 2.018 Bbu (vs. USDA’s Nov est of 2.008)
· ATI Research: Black Sea and Brazil continue to be the low price origins for the world corn export market
· T-storm Weather: Subsoil moisture is adequate for corn across a large swatch of Brazil
· Ethanol margins: $0.63 per gallon vs. $0.61 last week and below $1.26 last year. EIA report at9:30 AM CST
SOYBEANS/WHEAT
· USDA WASDE report: Avg. trade est. 14/15 U.S. soybean ending stocks, 431 mbu (vs. USDA’s Nov est of 450)
· ATI Research: The final U.S. soybean export total could be as much as 30-50 mbu above the latest USDA forecast
· T-storm Weather: Subsoil moisture is adequate for soybean planting and growth across Argentina
· Private consultant: Soybean crop in Brazil is approx. 92% planted vs. 94% last year and the 91% average
· USDA WASDE report: Avg. trade est. 14/15 U.S. all wheat ending stocks, 651 mbu (vs. USDA’s Nov est of 644)
· ATI Research: Latest indicators suggest potential for an additional increase in the forecast of U.S. HRS wheat exports
ENERGY
· Futures are weaker, again: QCLF14, -$1.14 at $62.64; QRBF, -$0.0374; QNGF, -$.025; andQHOF, -$.0258
· EIA estimates: crude, -2.7 (API: +4.4); Gasoline, +2.2 (+6.7); Distillates, +0.6 (+4.3)
· A significantly weaker tone was again present in cash ethanol markets: LA fell 18 ½; Tampa was 16 ½ lower and Dallas dropped 16. The Gulf declined 9 cents; NY was 11 ¼ lower while Chicago only eased 2 ¾ cents
· RINs edged higher: 2013’s down ¾’s higher to 56 ½-58; 2014’s up ¼ to 56 ½-58 ½; and 2015’s gained 1 to 57-58 ½
· January RBOB/January ethanol remains somewhat volatile as RBOB moved back to a $.0136 premium
LIVESTOCK/POULTRY ;
· ; Tuesday, choice boxed beef values fell $1.47 to the lowest level since Nov. 11
· The 6-state daily Weighted Average Steer price eased $.03 to $167.32/cwt.
· USDA pork carcass cutout value increased 62-cents Tuesday and is now $1.75 above a week ago
· CME Lean Hog Index rose $0.05 to $88.35. December futures gained $.375 to $86.9, $1.40 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather