HIGHLIGHTS
· Market Trend: Corn, 2 Lower; Soybeans, 6-7 Lower; Wheat, ½ to 2 Higher
· Follow-through from Friday’s Chinese rate cut has led most global markets higher this morning. Both the Hang Seng and Shanghai closed up nearly 2% with the Nikkei rising a more modest .33%. Mid-day trade in Europe indicates a .81% gain for the CAC 40; the DAX is up 2/3’s of a point but the FTSE is off .11%. Pre-market readings for the U.S. find DOW futures up 26 points; the NAS is 10.7 higher and the S&P500, +3 ¾. Externals: energy futures are lower; gold is $2.80 cheaper and the $ Index, off .068.
· T-storm Weather: Widespread coverage of heavy rainfall expectedly affected key corn and soybean areas of Brazil and Paraguay over the weekend, while Argentina was expectedly dry; wettest weather focused on key areas of Center-West Brazil where several areas received over 2.00. Looking ahead, widespread rainfall of 2.50" - 5.00" affects much of Center-West and Southeast Brazil through 7-10 days as cool fronts dissipate across the region; around 2.00" - 2.50" is average for the period Further south, 1.00" - 2.00" of rain affects South Brazil and Paraguay, but longer periods of drying occur between each rain event
· Dec Corn Down $.02 at $3.7075; March Down $.0150 at $3.84. The funds bought 5 K in Friday’strade
· Jan SB Down $.06 at $10.335; Mar Down $.0725 at $10.3875. Funds: bought 6 K SB, 6 K SBM and 3 K SBO
· Dec Wheat Up $.0050 at $5.4575; March Up $.0175 at $5.5525. The funds bought 3 K on Friday
CORN/SORGHUM   ;
· ;ATI Research: U.S. corn harvest estimated at 92-95% as of Nov. 23 vs. the 5-year avg. of approximately 93%
· T-storm Weather: Lack of rain in Argentina recently began aiding planting after sluggish start, but additional amounts may eventually be needed; 40% of Argentina corn planted as of Nov. 20—slightly behind pace of the last 2 years
· Export Inspections released at 10 AM CST; Corn, 35.2 needed; 15.8 last week. Milo—3.9 needed; 7.0 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 8,724 contracts
SOYBEANS/WHEAT
· Export Inspection released at 10 AM CDT; Soybeans, 27.1 needed; 114.4last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 12,471 contracts
· T-storm Weather: A round of rain would be ideal for U.S. HRW wheat given that 73% of production received less than three-fourths of its average precipitation over the last 30 days
· Export Inspections released at 10 AM CST; Wheat, 18.1 needed; 5.1 last week
ENERGY
· Futures are weaker: QCLF14, -$0.027 at $76.24; QRBF, -$0.0131; QNGF, -$.222; and QHOF, -$.0168
· Cash ethanol markets higher on Friday: Chicago up 16; Gulf gained 18; Dallas added 6; Tampa climbed 3 ½; New York jumped 17; and LA was 6 ½ higher at $2.66 per gallon
· RINs sharply lower: 2013’s off 6 ¾ at 44-56 ½; 2014’s down 6 ½ at 45-57; and 2015’s eased 6 ½ to 44 ½-56 ½
· The Dec RBOB/Dec Ethanol spread ended the week with ETOH at a premium, -$.0035/gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values were 17-cents lower Friday but $3.06 higher compared to the previous week
· Cattle on Feed report: On feed Nov.1, 100.5% (99.8 est.); placed in Oct. 99.1%, (95.7); marketed in Oct. 92.2%, (92.6)
· On Friday, the USDA pork carcass cutout value increased 74-cents but is still down $2.01 vs. last week
· CME Lean Hog Index down $0.09 to $88.86. December futures down $0.125 to $90.65 & are $1.79 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather