HIGHLIGHTS
· Market Trend—Corn, 3-4 Higher; Soybeans, SX, 4 Lower, SF, +3/4; Wheat, 3+ Higher
· Asian markets began the week on a mixed note—strong U.S. jobs and growth numbers from Friday reaffirm expectations the Fed will soon begin trimming back its stimulus efforts. The DAX is flat, Frances’s CAC-40 is up .2% and the FTSE, +.1%. Futures for U.S. indices are similarly mixed: S&P, +.50; the Dow, +10 and the Nasdaq, -1.75. Gold is up .1% at $1,285.90; crude is 26 cents weaker and the Dec $ Index contract is .177 lower at 81.21
· T-storm Weather notes that a significant precipitation event is not foreseen across the central U.S. for the next several days as conditions for cattle grazing and corn harvesting gradually improve; conditions are particularly wet for corn harvesting in Iowa, Kansas, Nebraska, and South Dakota. Temperatures turn unseasonably cold starting today for a few days as Arctic air slams southward. Thereafter, large temperature fluctuations occur as Arctic & Pacific air continually battle for position
· Dec Corn Up $.0350 at $4.3025; Mar Corn Up $.0350 at $4.42
· Nov SB Down $.04 at $13.02; Jan SB Up $.0075 at $12.9675.
· Dec Wheat Up $.0350 at $6.5325; Mar Wheat Up $.0350 at $6.65.
CORN/SORGHUM
· In observance of Veterans Day, the USDA will be closed today and no regular reports will be sent
· December 2013 corn futures traded to $4.15 ½ on Friday, the lowest price since July 7, 2010. However, the contract recovered to close at $4.26 ¾, which was 6 ¼ cents higher on the day
· Buenos Aires Grains Exchange reports corn planting is 39% complete in Argentina, which is up from 35% last week
· T-storm Weather: Several days of dry & increasingly warm weather are seen this week for Argentina corn area
· Commitment of Traders report: Non-Commercial long corn futures positions increase 12,344 contracts
SOYBEANS/WHEAT
· ATI Research: For now, the U.S. has what is probably unprecedented export demand for both soybeans and soymeal through early spring
· Buenos Aires Grains Exchange reports soybean planting is 11% complete in Argentina, which is up from 5% last week
· T-storm Weather: Dry and warm weather across Brazil and Paraguay will be mixed between scattered thunderstorms Monday-Tuesday and again late this week or weekend. Upcoming weather is viewed as favorable for soybeans
· Commitment of Traders report: Non-Commercial long soybean futures positions increase 340 contracts
· Buenos Aires Grains Exchange reports wheat harvest is 4% complete in Argentina
· T-storm Weather: Despite some rain in Argentina wheat area, a significant slowing of harvest is not expected
· Commitment of Traders report: Non-Commercial long wheat futures positions decrease 11,218 contracts
ENERGY
· Energy markets: crude’s weaker: QCLZ13,-$0.26 at $94.34; QRBZ, +$0.0043; QNGZ, +$.008 andQHOZ, +$.0075
· Rebound in cash ethanol markets continued on Friday: Chicago was up 3; Gulf gained 3 ¼; Dallas and Tampa were both 2 ¼ higher; NY was up 3 ½; and LA was 2 ½ firmer at $1.98 per gallon
· RINs were lower: 2012’s down 1 ¼ at 25-27; 2013’s also off 1 ¼ at 26-28; & 2014’s down 1 ½ to 27-29
· The December RBOB/December ethanol spread tightened 1.13 cents of Friday, to $.8794
LIVESTOCK/POULTRY    
· Cash cattle traded last week at mostly $131, down $1 from the week before
· Choice boxed beef values fell $1.20 Friday and have declined $2.77 over the last four trading days
· After gaining $1.05 on Thursday, the USDA pork carcass cutout value fell $2.25 Friday
· The USDA’s Iowa/Minnesota average cash lean hog price eased 2-cents Friday to $82.12
Sources: Bloomberg, Dow Jones, AP, T-storm Weather