HIGHLIGHTS

·         Market Trend:  Corn, 2-3 Lower; Soybeans, Down 1-2; Wheat, Mixed

·         This morning’s November jobs report is expected to show unemployment steady at 5.8% with 230 K created during the month. Ahead of that, Asia closed higher:  Nikkei, +.19%; Shanghai, +1.36% and the Hang Seng, +.71%.  Optimism is noticeable as European trading nears mid-day:  DAX, +1.35%; FTSE, +.61% and the CAC 40, +1.4%.  Pre-market indicators suggest a positive opening for Wall Street:  futures have the DOW up 21; the NAS is 7 higher and the S&P, up 1.50.  The $ Index is 1/5 of a point firmer at 89.14; energy is mostly lower and gold is $5.40 cheaper at the moment.

·         T-storm Weather: A mix of stormy and dry periods affects grain and oilseed areas of South America through 10 days due to the close proximity of the energy-laden jet stream.  Thunderstorms occur with the most frequency in Center-West and Southeast Brazil, as is typical of the summer.  Thunderstorms also occur elsewhere, but with less frequency, initially returning to Argentina Saturday-Sunday (though only scattered 0.50” – 1.00” amounts occur), then South Brazil and Paraguay Monday.  Although is also notable that heat continues across Argentina through today, it is not expected to last

·         Dec Corn Down $.0250 at $3.7350; March Down $.0250 at $3.8725. Deliveries: 40.  Funds bought 6 K on Thursday

·         Jan SB Down $.0275 at $10.0825; March Down $.02 at $10.1525.  Funds: bought 4 K SB; 3 K SBM, sold 3 K SBO

·         Dec Wheat Up $.0075 at $6.0050; March Down $.0425 at $5.8550.  Del’y: 177 KW.  The funds sold 2 K yesterday

CORN/SORGHUM                                  ​;                        ​                        &​nbsp;    

·         Ou​tstanding U.S. corn export sales as of Nov. 27: 531 mbu vs. 705 mil last year and the 5-year avg. of 474 mil

·         Outstanding U.S. sorghum export sales as of Nov. 27: 114 mbu vs. 57 mil last year and the 5-year avg. of 28 mil

·         Year-to-date U.S. sorghum export sales to China are 151 mbu compared to 32 million last year

·         T-storm Weather: Drying is needed for corn planting in Argentina since 3.00”-5.00” of rain occurred over the last two weeks, though amounts over the last 30 days were only near-average due to a period of dryness earlier this month

SOYBEANS/WHEAT

• Outstanding U.S. soybean export sales as of Nov. 27: 710 mbu vs. 746 mil last year and the 5-year avg. of 559 mil
• T-storm Weather: Parts of Center-West and South Brazil soybean production areas would benefit from drying
• ATI Research: Impressive that unshipped soymeal export sales to Southeast Asia—Indonesia, the Philippines, Thailand & Vietnam—are double last year.  Growth in protein demand in this market has rivaled that of China in recent years 
• Outstanding U.S. wheat export sales as of Nov. 27: 180 mbu vs. 194 mil last year and the 5-year avg. of 199 mil
• T-storm Weather: Only 29% of U.S. SRW wheat production was drier than usual over the last 60 days

ENERGY

·         Futures are mostly weaker: QCLF14, -$0.62 at $66.20; QRBF, -$0.0169; QNGF, +$.076; and QHOF, -$.0163

·         A firmer trend continued in cash ethanol markets on Thursday: Chicago added 1 ¼; Gulf up 1; Dallas gained 8; Tampa climbed 6 ½; New York tacked on 7; and LA was 6 higher at $2.54 per gallon

·         RINs were slightly lower: 2013’s down ¾ at 58 ½-59; 2014’s off 5/8 to 59 ¼-59 ½; and 2015’s dipped 3/8 to 59 ¼-59 ½

·         January RBOB/January ethanol spread is now at a $.0238 premium favoring the former

LIVESTOCK/POULTRY                        &nb​sp;                       &nbs​p;          

• Choice boxed beef values declined $1.99 on Thursday to $254.42 and are at the lowest level since Nov. 18
• December live cattle futures closed at $166.45 on Thursday—the lowest settlement price for the contract since Nov. 6
• USDA pork carcass cutout value increased 57-cents on Thursday after reaching the lowest level since Feb. 10 on Wed.
• CME Lean Hog Index up $0.08 at $88.72.  December futures down $0.425 to $87.625 & are $1.095 below the index
• Broiler egg set last week was up 3.0% from last year and average set over the last four weeks is 2.9% above last year

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