HIGHLIGHTS
· Market Trend: Corn, 2 Lower; Soybeans, Down 1-2; Wheat, 6-7 Lower
· Lack of global economic growth is this morning’s theme: China’s Nov exports fell below expectations; July-Sep revisions has Japan atrophying 1.9%, more than had been reported earlier; Nov German industrial output gains a mere .2%. Major Asian markets were all lower: Shanghai plunged 5.3%; the Hang Seng was off 2.3%; the Nikkei shrank .7%; Europe is .75% to 1% in the red at mid-day. Pre-market activity does not look promising for U.S. markets: DOW futures, off 61; S&P, 7 ¼ lower and the NAS, 16 ½ to the down side. Energy futures appear to have applied a compress to the hemorrhaging; gold’s up $10 and the $ Index, off .177
· T-storm Weather: A parade of cool fronts trigger thunderstorm clusters as they move across South America through 10 days. The potential for excessive wetness exists within corn & soybean areas of Center-West & Southeast Brazil, though the pattern breaks ongoing drying in South Brazil. Thunderstorms also affect much of Argentina–especially in central & northern areas where near- and above-average rainfall occurs. Southern areas also receive rain (especially tonight), which is when southern wheat harvesting has the highest probability to slow; a few thunderstorms may follow, but mainly from far northern Buenos Aires and north
· Dec Corn Down $.02 at $3.7550; March Down $.0225 at $3.88. Funds sold 4 K on Monday
· Jan SB Down $.0150 at $10.4225; March Down $.0125 at $10.4850. Dely: 36 SBO. Funds: bought 4 K SB; 3 K SBM, sold 1 K SBO
· Dec Wheat, NA; March Down $.0650 at $5.9150. Dely: 21 KW. The funds bought 2 K againMonday
CORN/SORGHUM    
·   ATI Research: U.S. corn balance sheet; 14/15 use up 6 mbu from last week, carryout dn 6 mbu to 2.260 Bbu
· ATI Research: U.S. sorghum balance sheet; 14/15 use down 5 mbu from last week, carryout up 5 mbu to 23 mbu
· T-storm Weather: Subsoil moisture is adequate for corn planting and growth across Argentina given near-average rainfall totals over the last 30 days
· Private consultant: Nationwide the full-season corn crop in Brazil is 90% planted compared to 92% last year and 88% average.
SOYBEANS/WHEAT
· ATI Research: Updated U.S. soybean balance sheet; 14/15 use unch from last week, carryout steady at 390 mbu
· T-storm Weather: A few pockets of wetness exist for soybeans in Center-West and Southeast Brazil
· Private consultant: Brazil soybean crop is now approx. 92% planted compared to 94% last year and the 91% average
· ATI Research: U.S. HRS wheat balance sheet, 14/15 carryout at 212 mbu; 15/16 carryout is forecast at 227 mbu
· T-storm Weather: Unseasonable & record-setting mildness dominates U.S. HRW wheat in the Plains through Saturday
· Private consultant: Wheat harvest in Argentina is approx. 42% complete, which is 12% ahead of last year’s pace
ENERGY
· Futures are firmer: QCLF14, +$0.67 at $63.74; QRBF, +$0.0076; QNGF, +$.065; and QHOF, +$.0112
· A significantly weaker tone was evident in cash ethanol markets on Monday: Chicago off 9 5/8; Gulf slid 10 ½; Dallas down 11 ½; Tampa dropped 14 ½; New York eased 7 ½; and LA was 16 ½ lower at $2.35 ½ per gallon
· RINs were lower: 2013’s down 8/9 to 56-57; 2014’s off 1 1/8 to 56 ½-58; and 2015’s declined 1 1/8 to 56 ½-58
· January RBOB/January ethanol spread went back to a slight inverse, setting at -.0084 to begin the week
LIVESTOCK/POULTRY  
· On Monday, choice boxed beef values were 56-cents lower and are at the lowest level since Nov. 13
· The 5-Area Weekly Weighted Average Steer price decreased $4.55 last week to $166.83/cwt.
· USDA pork carcass cutout value increased 16-cents on Monday but is still 83-cents lower compared to last week
· CME Lean Hog Index down $0.22 at $88.30. December futures down $0.025 to $86.575 & are $1.725 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather