HIGHLIGHTS
· Market Trend: Corn, Down 4; Soybeans, Down 13; Wheat, 4 Lower. Europe: Wheat, -1 ¾; Corn, - 1 ½
·   With the mid-term elections now history, pre-market indications point to a higher U.S. opening, as expected. DOW, up 55; NAS, +20 and the S&P500, +7.75. Will Washington gridlock continue? Service sector growth in China weakened in October, following anemic factory output #’s: Shanghai closed .42% lower; the Hang Seng lost .63% but continued hopes for a positive outcome from new BOJ stimulus efforts lifted the Nikkei .44%. Europe is off to a positive start in spite of an admittedly fragile economic picture: FTSE, +.90%; DAX, +1.20%; CAC 40, +1.27%. The $ Index, up ½ point & not export friendly; gold continues to fall from grace, off $29.60 to $1.138 and energy futures are still mostly lower, at the moment
· Weather: Light rain is possible in the northern areas of the western Corn Belt today but most of the region is likely to remain dry. In the eastern Corn Belt, some lingering lighter rain is possible along the Ohio River but most other areas remain dry. Temperatures are forecast to be above to much-above normal today in the west, while above normal readings are projected for . the east. Dry conditions are forecast for the west on Thursday, while light rain is possible in the east. Near to above normal temperatures are likely for all regions tomorrow
· Dec Corn Down $.04 at $3.6050; March Down $.0425 at $3.73. The funds sold 8 K Tuesday
· Nov SB Down $.1325 at $9.9675; Jan Down $.13 at $9.9675. Funds: again sold 7 K SB; 4 K SBM and6 K SBO. No SB deliveries
· Dec Wheat Down $.04255 at $5.2625; March Down $.0375 at $5.3825. Fund selling was pegged at 5 K yesterday
CORN/SORGHUM ;
· ATI Research: Past large crop years suggest there may be justification for as much as a 3.0 bpa increase in U.S. corn yield in the Nov. 10 USDA Crop Production report. The USDA forecast the 2014 yield at 174.2 bpa in October
· Private crop consultant: Early corn planting in some parts of Argentina is down as much as 20% from last year
· Ethanol margins: $0.48 per gallon vs. $0.34 last week and very near $0.49 in 2013. EIA report at9:30 AM CDT
· ATI Research: U.S. corn exports estimated at 20-27mbu per week near-term; 15-20 via Gulf, 0-2 via PNW, 2-5 Interior
SOYBEANS/WHEAT
· ATI Research: U.S. soybean exports on a pace to hit a record 725mbu in Sept-Nov, up 7.1% vs. last year
· Private crop consultant: Argentina soybean planting off to a little slow start but not late enough for concern yet
· Early trade estimates are for approx. 0.50-0.75bpa increase in the U.S. soybean yield inNovember 10 USDA report
· ATI Research: Current indicators suggest U.S. SRW annual export forecast of 155mbu
· Private crop consultant: Brazil wheat harvest is disappointing; may be closer to 6.0 MMT vs. current USDA est of 6.3
ENERGY
· Mostly lower: QCLZ14, $0.18 at $77.00; QRBZ,-$0.0108; QNGZ, +$.141; and QHOZ, -$.0108
· EIA estimates: crude, +2.2 (API: -0.64); Gasoline, -0.3 (+0.24); Distillates, -1.8 (+0.15)
· Another day of mixed trade in cash ethanol markets on Tuesday: Chicago and Gulf added ½; New York lost 6; Tampa up 1 ½; Dallas unchanged; and LA was ½ higher at $2.04 ½ per gallon
· Weaker RINs: 2013’s down 1 ½ to 44-44 ½; 2014’s eased 8/9 to 44 ½-46; and 2015’s declined 1 5/8 to 44-44 ¼
· The Dec RBOB/Nov Ethanol spread narrowed further, in $.0466 to $.2160/gallon on strong Gulf and East Coast needs
LIVESTOCK/POULTRY   </wbr>
· Choice boxed beef values were 59-cents lower on Tuesday and are down $1.42 vs. a week ago
· Cash cattle were not traded on Tuesday; there are ideas it might be the end of the week before active trade develops
· USDA pork carcass cutout value decreased $2.26 on Tuesday, is down $2.21 vs. last week and lowest since Feb. 19
· CME Lean Hog Index down $0.78 to $89.28. December futures down $0.875 to $87.975 & are $1.305 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather