HIGHLIGHTS
· MARKET TREND: CORN: CZ, Down $.0075; SOYBEANS: SF, Down $.0550; WHEAT: WZ, Up $.0075; KWZ: Steady
· Global equities are mixed this morning as markets await comments from the ECB. Asia finished modestly higher with Shanghai registering a .38% gain; the Hang Seng leaped 1.13% and the Nikkei crept up .10%. Mid-day in Europe finds the DAX up .10%; the FTSE is off ever-so slightly, .01% and the CAC 40 is down .28%. Pre-markets appear favorable for the U.S.: DOW futures, +53; NAS, +8.50 and the S&P, +3.75. Gold is $4.90 dearer at $1,082.90; Dec crude is down $48/gallon and the $ Index is up .261 at 99.325
· T-storm Weather: A series of cool fronts trigger thunderstorms on varying days in varying areas of Brazil and Paraguay, especially southern Brazil and Paraguay where pockets of excessive rainfall and some field flooding are most likely. Upcoming weather is viewed as mixed for planting and growth; less rain would be ideal in southern areas, while any thunderstorms to the north prevent planting from quickly catching up (while improving soil moisture)
· Dec Corn Down $.0075 at $3.6350; Mar Down $.0050 at $3.6975. Funds boughg 3 K on Thursday
· Jan SB Down $.0550 at $8.5450; Mar Down $.05 at $8.58. Funds bought 1 K SB; 1 K SBM; and 1 K SBO in Thursday’s trade
· Dec Wheat Up $.0075 at $4.9150; Mar Up $.0050 at $4.9275. Fund buying was an estimated 3 K yesterday
CORN/SORGHUM          
· ATI Research: U.S. corn export sales week end Nov. 12 were 30.7 mbu—a marketing year high. That’s also up 26% from the prior week and 46% above the 4-week avg. Year-to-date sales are still down nearly 30% v. last year
· ATI Research: U.S. sorghum export sales week end Nov. 12 were 15.9 mbu—a marketing year high. That’s more than triple the prior week & more than four times the 4-week avg. Year-to-date sales: 169 mbu vs. 148 last year (+14%)
· December 2015 corn futures closed at $3.64 ¼ on Thursday—one year ago, December 2014 corn settled at $3.73 ¼
· T-storm Weather: In Argentina, mainly dry & cool weather occur into early next week now that heavy rain has exited
SOYBEANS/WHEAT
· ATI Research: U.S. soybean export sales for the week ending Nov. 12 were 66.0 mbu. That’s up 39% from last week and is 23% above the 4-week average. Year-to-date sales are 1.135 bbui vs. 1.362 last year (-17%)
· T-storm Weather: The highest potential for field flooding/excessive rainfall over the next 10 days in Brazil is across the western two-thirds of Parana (Note: Parana is the second largest soybean producing state in Brazil)
· ATI Research: U.S. export sales of all wheat for the week ending Nov. 12 were 26.5 mbu. That’s more than triple the prior week and more than double the prior 4-week average. Year-to-date sales are 507 mbu vs. 595 last year (-15%)
· KC December 2015 wheat futures closed at $4.62 ½ Thur.—one year ago, KC December 2014 wheat settled at $6.02 ¼
ENERGY
· Weaker: CLZ15, -$0.48, $40.06; EBF, +$0.15; EBF-CLF, $2.77, +$.31; RBZ, -$.0106; NGZ, -$.042; HOZ, -$.0049
· A notably firmer trend developed in cash ethanol markets on Thursday: Chicago up 3 ¾; New York gained 1 ¾; Gulf added 2 ¾; Tampa and Dallas climbed 4 ½; and LA was a nickel higher at $1.59 ½ per gallon
· Ethanol RINs steady to lower: 2014’s unch at 44 -44 ½; 2015’s down ¼ at 43 ¼-43 ¾; & 2016’s off ¼ at 43 ¾-44 ¼
· The Dec RBOB/Dec Ethanol inverse rose $.0122 to -$.1941 Thursday and is trading at -$.2207/gal this morning
LIVESTOCK/POULTRY ;
· ; Choice boxed beef values declined $1.85 on Thursday and are $6.97 lower compared to the previous week
· Estimates for today’s USDA Cattle on Feed: Nov 1 on feed, 102.2%; Oct placements, 95.9%; Marketed in Oct, 96.2%
· On Thursday., USDA mandatory pork carcass cutout increased $1.72 but is still $2.43 lower vs. last week
· CME Lean Hog Index eased $0.17 to $55.87. December futures firmed $1.025 and are $0.47 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather