HIGHLIGHTS
· Market Trend: Corn, 5-6 Lower; Soybeans, 5 Lower; ; Wheat, 15-16 Lower. French wheat, Down 9 ¼; Corn, 3 lower
· Asia ended the week on a sharply higher note, stemming from the Fed’s mid-week remarks: Nikkei, up 2.39%; Shanghai, +1.7% and the Hang Seng, +1.25%. However, Europe has turned weaker and mid-day finds both the DAX and CAC 40 .6-.7% lower with the FTSE ¼% to the plus side. This despite growing confidence the ECB will expand its asset buying program to sovereign bonds in 2015. Pre-market indications for the U.S. equity markets have DOW futures up 32; the NAS is 13 higher and the S&P500, up 3.50. The Ruble was down 3%, off its lows. Outside markets: energy, mostly higher; $ Index, +.133 @ 89.61; gold, +$1.80 to $1,196.50
· T-storm Weather: Widely scattered thunderstorms dot Center-West and Southeast Brazil over the next few days, but the main event for Brazil (and Paraguay) occurs within Sunday-Tuesday when a strong cool front triggers heavy thunderstorms. Heavy rainfall of 1.50”-2.50” is probable across South Brazil and Paraguay to further break prior drying. Amounts of 1.50”-3.00” are most probable in Center-West and Southeast Brazil. Considerably less rain occurs in key areas of Argentina, thereby aiding planting and wheat harvesting, while reducing wet pockets
· Mar Corn Down $.05 at $4.06; May Down $.05 at $4.1450. Funds were again buyers of 5 K
· Jan SB Down $.06 at $10.29; March Down $.06 at $10.3725. Funds: bought 5 K SB; 4 K SBM; even again on SBO
· Mar Down $.17 at $6.3825; May Down $.1825 at $6.3850. The funds bought 5 K yesterday
CORN/SORGHUM      
· December 2015 corn futures traded to $4.37 ¼ Thurs., which is the highest price for the contract since July 8, 2014
· Outstanding U.S. corn export sales as of Dec. 11: 540 mbu vs. 699 mil last year and the 5-year avg. of 468 mil
· Outstanding U.S. sorghum export sales as of Dec. 11: 118 mbu vs. 70 mil last year and the 5-year avg. of 29 mil
· T-storm Weather: Soil moisture is adequate for corn planting and growth across Argentina given near- and above-average rainfall totals over the last 30 days
SOYBEANS/WHEAT
· Outstanding U.S. soybean export sales as of Dec. 11: 608 mbu vs. 682 mil last year and the 5-year avg. of 508 mil
· T-storm Weather: At least near-average rainfall occurs into late-month across most soybean growing areas of Brazil with heaviest amounts forecast for Dec. 21-23
· Outstanding U.S. wheat export sales as of Dec. 11: 186 mbu vs. 198 mil last year and the 5-year avg. of 202 mil
· Updated NWS U.S. Seasonal Drought Outlook: Drought persists/intensifies for U.S. Southern Plains through March
ENERGY
· Futures are mostly +higher: QCLF14, +$0.84 at $54.95; QRBF, +$0.0220; QNGF, -$.039; andQHOF, +$.0251
· A mostly lower trend was evident in cash ethanol markets on Thursday: Chicago and Gulf eased 1 ½; Dallas down 1; New York gained 11; Tampa down ½; and LA was 8 lower at $1.80 per gallon
· Steady to slight gains in RINs: 2013’s unch at 63-65; 2014’s up ½ to 65-66 ½; and 2015’s added ¾ to 64 ½-66
· The inverse in the January RBOB/January ethanol spread rose over $.06 to -$.1148, anticipated ETOH export demand
LIVESTOCK/POULTRY  
· Choice boxed beef values declined 46-cents on Thurs., are down $5.84 vs. last week & at the lowest level since Oct. 6
· Dressed steer weights: 901 lbs—unch vs. last week, 1.75 lbs below the prior 4-week avg. but 24 lbs heavier than 2013
· USDA pork carcass cutout value declined 5-cents Thurs., is $3.28 below last week & at lowest level since Jan. 24, 2014
· CME Lean Hog Index down $0.80 at $85.15. February futures up $1.40 to $81.875 & are $3.275 below the index
· Broiler egg set last week was up 1.7% from last year and average set over the last four weeks is 2.7% above 2013
Sources: Bloomberg, Dow Jones, AP, T-storm Weather