· Market Trend: Corn, 2-2 ½ Lower; Soybeans, Steady/Lower; Wheat, 2-3 Lower
· Chinese manufacturing slips in November as HSBC’s index falls .4 to 50.0, approaching the contraction stage. The U.S. National Retail Federation says # Thanksgiving weekend shoppers fell 5.2% from LY; sales down an estimated 11% yr to yr. Pro-democracy protestors cause unrest in Hong Kong. Take-away: not a good start—Hang Seng falls 2.6%; Shanghai settles .08% lower while the Nikkei manages a .75% gain. Afterwards, Moody’s down-graded Japan’s credit rating from A1 to AA3. Europe is from .35% (DAX) to .84% (FTSE) lower. Pre-markets: DOW, -68; NAS, -9.3; S&P, -9.25. Energies are lower; $ Index is ¼ point lower; gold, -$2.70
· T-storm Weather: Above-average rain of continues across Center-West and Southeast Brazil over the next week, likely developing pockets of excessive wetness since several locations already received more than 150% of its average rainfall over the last 30 days. Across South Brazil and Paraguay, a cool front sweeps northward today-Tuesday and triggers thunderstorms thereby resulting in 1.00”-2.00” of rain to keep soil profiles moist. Around 5-7 days of drying are forecast across key grain and oilseed areas of Argentina, eventually leading to a period of heat late this week and weekend. Thunderstorms likely to re-develop around Dec. 7
· Dec Corn Down $.0250 at $3.7325; March Down $.02 at $3.8675. Deliveries: 40 Funds: sold 2 K
· Jan SB unch at $10.16; March unch at $10.2250. Del’y: SBO, 87. Funds: sold 8 K SB; 7 K SBM, 8 K SBO
· Dec Down $.0250 at $5.7475; March Down $.01 at $5.7750. The funds sold 8 K on Friday
CORN/SORGHUM     ;
· Outstanding U.S. corn export sales as of Nov. 20: 514 mbu vs. 722 mil last year and the 5-year avg. of 485 mil
· Outstanding U.S. sorghum export sales as of Nov. 20: 103 mbu vs. 56 mil last year and the 5-year avg. of 27 mil
· T-storm Weather: Favorable to wet subsoil profiles exist in first-crop corn areas of Brazil and Paraguay
· Export Inspections released at 10 AM CST; Corn, 35.6 needed; 20.9 last week. Milo—3.8 needed; 5.1 last week
SOYBEANS/WHEAT
· Outstanding U.S. soybean export sales as of Nov. 20: 742 mbu vs. 786 mil last year and the 5-year avg. of 582 mil
· T-storm Weather: Multiple rounds of thunderstorms keep soybean areas of Argentina, Brazil and Paraguay adequately-moist to wet into at least mid-December
· Export Inspection released at 10 AM CST; Soybeans, 25.2 needed; 102.3 last week
· T-storm Weather: U.S. HRW wheat would benefit from rain/snow as coverage of agricultural drought slowly increases
· Export Inspections released at 10 AM CST; Wheat, 18.1 needed; 16.4 last week
ENERGY
· Oil searching for support: QCLF14, -$0.71 at $65.44; QRBF, -$0.0221; QNGF, -$.1212; andQHOF, -$.0096
· No report on Friday. A mixed tone continued to be seen Wednesday in cash ethanol markets: Chicago soared 31 ½; Gulf added 8; Dallas slipped 3; Tampa eased 4; New York up 6; and LA was a penny lower at $2.70 per gallon
· No report on Friday. On Wednesday, RINs were higher: 2013’s up 4 1/8 to 55-56; 2014’s gained 1 ½ to 55 ½-56 ½; and 2015’s added 1 ½ to 55 ½-56 ½
· December ethanol’s premium to RBOB surged over 13 cents to $.1961 on Friday as OPEC’s stance pressured gasoline
LIVESTOCK/POULTRY   ;
· Choice boxed beef values were up 27-cents on Fri., are $2.01 above last week and remain the highest since Aug. 12
· Dressed steer weights for latest week: 906 pounds--3 pounds heavier vs. last week & 28 pounds heavier than last year
· USDA pork carcass cutout value increased 67-cents on Friday but is 18-cents lower vs. a week ago
· CME Lean Hog Index down $0.06 to $88.79. December futures down $0.625 to $90.325 & are $1.535 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather