HIGHLIGHTS
· MARKET TREND: CORN: CZ, Down $.0050; SOYBEANS: SF, Down $.1025; WHEAT: WZ, Down $.0275; KWZ: Down $.02
· Newly elected Argentine President Macri said to have plans to drop SB export tax to 0% for 1st month in office. Global equity markets lower as investors mull Central Banks’ stimulus policies. In the Far East; Shanghai was off .54%; the Hang Seng ended .39% weaker while the Nikkei closed up .10%. Mid-day European trading is all in the red: DAX, -.44%; FTSE, -.62% and the CAC 40, -.89%. Wall Street futures show the same trend: DOW, -36; S&P, -5 and the NAS, -8.50. Outside markets find energy futures down but off their lows; the $ Index is up 1/3rdof a point at 99.945 and gold is $6.40 cheaper at $1,69.90
· T-storm Weather: Seasonably scattered thunderstorms focused on Center-West and Southeast Brazil over the weekend, and broke intense dryness of recent months in key areas of Bahia. Temperatures were cooler than normal in most areas as the hot upper-level high of recent weeks broke. Several waves of energy develop thunderstorms every one to two days over the next week within South Brazil and Paraguay, increasing the intensity of wetness as above-normal rainfall of 2.50” to 5.00” unfolds.
· Dec Corn Down $.0050 at $3.6275; Mar Down $.0025 at $3.6950. The Funds sold 1 K to close out the week.
· Jan SB Down $.102550 at $8.4725; Mar Down $.1025 at $8.5025. The Funds sold 2 K SB, 4 K SBM and bought 3 K SBO Friday
· Dec Wheat Down $.0275 at $4.8575; Mar Down $.02 at $4.88. Fund selling totaled 1 K on Friday
CORN/SORGHUM     ;
· ; December 2016 corn futures closed at $3.91 ¼ Fri.; one year ago, the December 2015 contract settled at $4.15 ¾
· Export Inspections released at 10 AM CST; Corn, 38.2 needed; 14.7 last week; Sorghum, 5.6 needed; 10.7 last week
· USDA Crop Progress: U.S. sorghum harvest progress for the week ending Nov. 22 is projected at 95-97% compared to 87% for last year and the five-year average of 93%
· Crop consultant: Drier conditions than forecast for southern Brazil would benefit corn given recent wet conditions
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 12,309 contracts
SOYBEANS/WHEAT
· Crop consultant: Some re-planting of soybeans occurring in central Brazil due to recent dryness
· Export Inspections released at 10 AM CST; Soybeans, 27.3 needed; 79.4 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 1,523 contracts
· USDA Crop Progress: U.S. winter wheat emergence for week ending Nov. 22 is projected at 90-92% vs. 90% avg.
· Export Inspections released at 10 AM CST; Wheat, 15.9 needed; 10.3 last week
· T-storm Weather: Heavy rainfall of 1.50”-3.50” occurs from Texas through much of the Corn Belt and Delta Thursday-Friday including SRW wheat areas that received 2.00”-5.00” from Arkansas into Illinois & Missouri over the last week
ENERGY
· Lower: CLF16, -$0.65, $41.23; EBF, -$0.54; EBF-CLF, $2.89, +$.14; RBF, +$.0012; NGF, -$.053; HOF, -$.0008
· Additional gains were seen in cash ethanol markets on Friday: Chicago firmed 1 3/8; New York up 3; Gulf gained 2 ½; Tampa and Dallas added ½; and LA was ½ higher at $1.60 per gallon
· Ethanol RINs mostly steady: 2014’s down 1/8 to 43 ¾ -44 ½; 2015’s unch at 43 ¼-43 ¾; & 2016’s unch at 43 ¾-44 ¼
· The Dec RBOB/Dec Ethanol inverse increased $.0166 on Friday to -$.2107 Friday
LIVESTOCK/POULTRY </wbr>
· Choice boxed beef values were $1.69 lower on Friday and have declined $13.43 (6.2%) the past 8 trading days
· Cattle on Feed: Nov 1 on feed, 102.1% (102.2% avg. guess); Oct placements, 96.3 % (95.9%); Marketed, 96.7% (96.2%)
· On Friday, USDA mandatory pork carcass cutout declined $1.18 and is 65-cents lower compared to a week ago
· CME Lean Hog Index was $0.35 lower at $55.52. December futures added $2.05 and are now $1.93 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather