HIGHLIGHTS

·         Market Trend—Corn, 2-3 Higher; Soybeans, 5-7 higher; Wheat, 2-3 Higher

·         Mixed results overseas with Asia generally higher and while Europe opened lower.  The former were said to benefit from Friday’s favorable US economic #’s—Nikkei, +2.2% with the Kospi and Shanghai Composite rising .8-.9%.  Investors also awaiting news on reform plans by China’s new leaders.  U.S. futures point to a lower start:  S&P, -3.25; Dow, -17 and the Nasdaq, -6 ¼.  Outside markets have gold .16% lower at $1,279; crude is slightly lower and the $ Index is ¼ higher at 81.45

·         T-storm Weather: Very large temperature fluctuations occur every few days in the U.S. short-term as cold Arctic air crashes southward, but is quickly replaced by mild Pacific air that blasts eastward.  Light rain and/or snow showers accompany the sharp temperature changes but a more notable system follows Friday-Saturday.  The best chance for precip (in the form of rain) is across the Delta & potentially the southern or eastern Corn Belt; a major event is not expected.  A more interesting system potentially follows Sunday-Tuesday as a rain or snow system develops along leading edge of an Arctic cold front

·         Dec Corn Up $.0250 at $4.3725; Mar Corn Up $.0225 at $4.4875.  Funds bought 5 K on Friday and another 7 K Monday

·         Nov SB Up $.07 at $13.15; Jan SB Up $.0550 at $13.0650.  Funds bot 2 K SB yesterday; even on meal ; bot 2 K SBO

·         Dec Wheat Up $.0275 at $6.495; Mar Wheat Up $.0225 at $6.5950.  Fund selling estimated at 2 K Friday and 3 yesterday

CORN/SORGHUM

·         December 2013 corn futures ended trading Monday at $4.34 ¾, the highest closing price for the contract since Oct. 25

·         U.S. corn harvest for week end Nov. 10 likely to be 80-85%, which is well below last year’s 98% but near the 80% avg.

·         Export Inspections released at 10 AM; Corn, 27.8 needed; 31.3 last week.  Milo—3.6 needed; 1.2 last week

·         T-storm Weather: Mainly dry and increasingly windy and warm weather aid drying in Argentina throughThursday.  Rain returns Thursday night through Friday with 0.50” – 1.00” amounts expected.  Further corn planting delays likely

·         The USDA Friday reduced its forecast of 13/14 corn production in Brazil by 2.0 MMT to 70.0.  This would represent a decline of nearly 14% from last year’s record 81.0 MMT total and would be the smallest crop in three years

SOYBEANS/WHEAT

·         U.S. soybean harvest for week end Nov. 10 likely to be 90-95%--behind last year’s 96% but near the 92% avg.

·         Export Inspections released at 10 AM CDT; Soybeans, 25.8 needed; 80.6 last week

·         Brazil's soybean planting has reached 59% of the projected crop according to AgRural, a local farm consultancy

·         T-storm Weather: A mix of wet and dry periods aid soybean planting and/or growth in Brazil and Paraguay this week

·         U.S. winter wheat planting for week end Nov. 10 likely to be 95-97% vs. 98% last year and the avg. of 95%

·         U.S. winter wheat emergence for week end Nov. 10 likely to be 83-87% vs. 78% last year and the avg. of 80%

·         Export Inspections released at 10 AM CDT; Wheat, 16.8 needed; 7.1 last week

·         T-storm Weather: Unneeded thunderstorms re-slow and re-stop wheat harvesting in ArgentinaThursday-Friday

ENERGY

·         Energy markets mostly higher:  QCLZ13,-$0.23 at $94.91; QRBZ, +$0.0051; QNGZ, +$.036 andQHOZ, +$.0039

·         Additional rebound in cash ethanol markets on Monday: Chicago and Gulf both gained 6 ¼; Dallas was up 1 ¾; Tampa edged ¼ higher; NY was 6 ½ firmer; and LA was up 1 ½ at $1.99 ½ per gallon

·         Weaker trend in RINs: 2012’s weakened 1 at 24-26; 2013’s down 1 at 25-27; & 2014’s off 1 ¼ to 25 ½-28

·         The December RBOB/December ethanol spread eased 1.11 cents per gallon to $.8905  

LIVESTOCK/POULTRY               &​nbsp;                        &​nbsp;                  

​ ·         Feedyards are asking $133 for cattle this week, but no packers have bid.  Cattle traded last week at mostly $131

·         Typically slow beef sales ahead of Thanksgiving could limit near term cattle prices

·         Deferred hog futures continue to find suppler from worries the PED virus will dramatically slow pork production

·         No wholesale meat prices were reported yesterday due to the Veterans Day holiday

Sources: Bloomberg, Dow Jones, AP, T-storm Weather