HIGHLIGHTS
· Market Trend: Corn, 1-2 Lower; Soybeans, 1-2 Higher; Wheat, 4-5 Lower.
· Postponement of Japan’s sales tax hike until 2017 brought investors back to the Nikkei overnight, closing 2.2% higher. However, the enthusiasm did not carry-over to the Hang Seng and Shanghai which closed 1.1% and .6% lower. Germany’s ZEW indicator of economic sentiment rose from -3.6 in Oct to +11.5 in November, lifting the DAX 1.15%. The FTSE and CAC 40 came through with early gains of .47% and .71%. U.S. pre-market indicators are lower: DOW, -5; NAS, -4.8; S&P, -1.75. Externals: $ Index, -.355 at 87.84; gold, +$17.20 at $1,200.80 with energy futures mostly lower
· T-storm Weather: A cool front triggers scattered thunderstorms across Argentina Wednesday-Thursday and much of Brazil and Paraguay within Thursday-Sunday to maintain current soil conditions. Although the GFS model remains aggressive with widespread coverage of heavy rainfall across key first-crop corn and soybean areas of Center-West and Southeast Brazil, models oftentimes incorporate too much humidity into their output, ultimately resulting in lesser amounts. Regardless, it will take time for significant soil moisture issues to develop due to a typical mix of conditions
· Dec Corn Down $.0175 at $3.7575; March Down $.0175 at $3.8875. The funds began the week selling 5 K
· Jan SB Up $.0150 at $10.3775; Mar Up $.01 at $10.45. Funds: bought 5 K SB, 5 K SBM, & 4 K SBO.
· Dec Wheat Down $.0450 at $5.4725; March Down $.0550 at $5.4825. Fund selling totaled 4 K on Monday
CORN/SORGHUM      
· ATI Research: U.S. corn crop size is steady at 14.445 Bbu with national average yield of 173.9 bpa
· ATI Research: Updated corn balance sheet; 14/15 usage dn 92mbu from last week, carryout up 92 mbu to 2.326Bbu
· USDA Crop Progress: U.S. corn harvest pegged at 89% vs. 80% last week, 90% last year and the 5-year avg. of 88%. Michigan in 16 points below the average (59% vs. 75%) while Wisconsin is 14 points behind (64% vs. 78%)
· Private consultant: 2014/15 full-season corn planting in Brazil is 67% complete vs. 75% last year and the 74% average
SOYBEANS/WHEAT
· ATI Research: U.S. soybean crop size unchanged from last week at 3.978Bbu with national average yield of 47.7 bpa
· ATI Research: Updated soybean balance sheet; 14/15 usage up 50mbu from last week, carryout dn 50 mbu to 370 mil.
· USDA Crop Progress: U.S. soybean harvest pegged at 94% vs. 90% last week, 94% last year and the 5-year avg. of 96%
· Private consultant: 2014/15 Brazil soybean planting is 63% complete vs. 69% last year and the 63% average
· USDA Crop Progress: U.S. winter wheat planted, 95% vs. the 5-year avg. 97%.; emergence at 87% vs. of 84% avg.
· ATI Research: HRS wheat balance sheet, 14/15 carryout at 212 mbu. 15/16 carryout, 227 mbu
· Private consultant: Wheat quality in Southern Brazil very poor due to heavy rains & high temps during growing season
ENERGY
· Futures are mostly lower: QCLZ14, +$0.16 at $75.78; QRBZ, -$0.0011; QNGZ, -$.082; andQHOZ, -$.0081
· Cash ethanol markets were mixed on Monday: Chicago up 3 ¼; Gulf down 10; Dallas added 2; Tampa climbed 5; New York off 2 ½; and LA was 1 ½ higher to $2.70 per gallon
· RINs up again: 2013’s gained 1 ½ to 50-52; 2014’s firmed 2 to 50 ¾-53; and 2015’s climbed 1 5/8 to 50 ½-52 ½
· Logistics, export demand, falling gas prices lift the Dec RBOB/Dec Ethanol spread to $.0407 premium, favoring ethanol
LIVESTOCK/POULTRY    
·   Choice boxed beef values were $2.11 higher on Monday and are up $5.13 vs. a week ago
· New contract highs were made once again on Monday for December 2014 live cattle futures and all 2015 contracts
· The USDA pork carcass cutout value increased 1-cent on Monday and is $1.76 higher compared to last week
· CME Lean Hog Index down $0.24 to $88.01. December futures up $0.325 to $93.00 and are $4.99 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather