HIGHLIGHTS
· . Market Trend—Corn, ½ to 1 Higher; Soybeans, Down 2-3; Wheat, 2-3 Higher 230 regular beans for delivery, 5 minis
· Yellen wins favor in Asia; stimulus remarks boosts the Nikkei 2%; Hang Seng rises 1.7% and the Kospi, up 1.9% with Australia and China markets also posting gains. Sluggish growth in Europe continued to dampen sentiment there for the 2nd straight day with markets stable to slightly lower. U.S. futures point to a higher start: Dow, +30; S&P, +3.75 and Nasdaq, +8.50. External markets find gold off $4.75; energies are mostly weaker and the $ Index is 81.125, up .039
· T-storm Weather: Warming occurs through Saturday-Sunday, followed by very sharp coolingSunday-Monday. Scattered t-storms form in the eastern Corn Belt and Delta as the transition occurs from Saturday through Sunday (highest coverage Sunday and Sunday night), though some uncertainty exists regarding coverage and amounts; 0.50” – 1.00” amounts remain most likely, which is not ideal for remaining corn harvesting in the eastern Corn Belt given that much of the region was wetter than usual over the last two weeks. A significant storm system remains unlikely next week
· Dec Corn Up $.0075 at $4.2725; Mar Corn Up $.01 at $4.3750. Funds sold 3 yesterday; 2on Wednesday
· Nov SB Down $.0225 at $13.1125; Jan SB Down $.0375 at $12.9375. Funds sell 1 K SB; even on meal and oil
· Dec Wheat Up $.0225 at $6.47; Mar Wheat Up $.0275 at $6.58. The funds end the day even for the 2 straight session
CORN/SORGHUM
· Export Sales at 7:30 AM CST. Trade expects 31 to 39mbu corn. This week’s report to reflect level of pre-report buying
· ATI Research: USDA pegs Sept-Nov producer marketings of corn in 2012 at 36.3% of annual total, the 3rd highest ever trailing 1995 (38.1%) & 1993 (37.4%). Much lower total is likely in 2013, possibly near the recent low of 25.8% in 2008
· High moisture levels for corn are being noted in remaining un-harvested areas across the upper Midwest
· T-storm Weather: Scattered thunderstorms bring 0.50” – 1.00” to central and eastern growing areas of Argentina over the next 24 hours; topsoil remains wet for corn planting in wettest areas. Sustained drying follows next week
SOYBEANS/WHEAT
· Export Sales: Trade expects 33 to 44mbu soybeans; soymeal, 200-350 K MT; soyoil, 25-50 KMT
· Last trading day for November 2013 soybean futures is today
· T-storm Weather: Cool fronts trigger thunderstorms in drier areas of southern Brazil and ParaguayFriday-Saturday and again around Tuesday-Wednesday, resulting in a favorable mix of weather for soybean planting and growth
· Export Sales: Trade expects 13 to 20mbu for all wheat. Watching to see if active sales of HRW to Brazil continue
· T-storm Weather: Argentina’s wheat harvest is likely to be slowed following today’s rainfall. A lack of humidity Saturday forward, however, keeps most areas favorably dry for the resumption of harvest next week
ENERGY
· Energy markets are mostly lower: QCLZ13,+$0.15 at $93.91; QRBZ, -$0.0123; QNGZ, -$.015 andQHOZ, -$.0020
· Cash ethanol markets posted more gains on Thursday: Chicago advanced 8 ¾; Gulf was up 8 ½; Dallas, Tampa and New York were all 3 ½ firmer; and LA climbed 3 to $2.07 ½ per gallon
· RINs rebounded: 2012’s gained 2 to 21-23; 2013’s up 2 to 22-24; & 2014’s were 2 higher at 22 ½-25
· The December RBOB/December ethanol spread slipped 4 2/3 cents, settling at $.9057/gallon yesterday
LIVESTOCK/POULTRY    
· Choice boxed beef values eased 45-cents yesterday and are down $1.43 from a week earlier
· Cash cattle markets remain quiet with feedyards asking $133 while packers bid $129. Cash cattle traded LW at $131
· After falling $2.01 over the previous two days, the USDA pork carcass cutout value rebounded 57-cents yesterday
· The USDA’s Iowa/Minnesota average cash lean hog price fell $1.64 yesterday to $79.87
Sources: Bloomberg, Dow Jones, AP, T-storm Weather