HIGHLIGHTS
· Market Trend: Corn, Steady to ½ Lower; Soybeans, ½ Lower to ½ Higher; Wheat, Up 2 to Down 2
· Reuters says the People’s Bank of China may cut reserve requirements to help stimulate a sluggish economy. Shanghai responds closing up 3.1%; the Hang Seng gains 1.2% and the Nikkei, .42%. Europe has something for everyone: CAC 40 is flat; the FTSE is up 1% and the DAX, off .3%. Oil recovered somewhat yesterday but the economic benefits of lower oil prices to consumers has U.S. pre-markets higher: DOW, +30; NAS, +9 ½; S&P, +2 ¾. Energy futures are mostly lower; the $ Index is up .29 and gold is $19.10 lower
· T-storm Weather: Cool fronts sweep northward and dissipate across Brazil and Paraguay over the next 10 days, resulting in a continuation of above-average rainfall across Center-West Brazil, and near-average rainfall elsewhere. Although dryness will not be an issue across these countries through at least mid-December, the intensity of wetness will need to be monitored in Center-West Brazil. To the south in Argentina, dry and increasingly hot weather develop for Wednesday-Saturday to aid topsoil drying, but a cool front follows to induce thunderstorms. We continue to forecast 0.67” – 1.33” amounts for the upcoming weekend
· Dec Corn Unch at $3.7550; March Down $.0050 at $3.8925. Deliveries: 40. Funds: sold 1K
· Jan SB Down $.0025 at $10.1675; March Up $.0025 at $10.2425. Del’y: SBO, 3. Funds: sold 2 K SB; 2 K SBM, bought 1 K SBO
· Dec Wheat Up $.0250 at $6.0925; March Down $.0250 at $6.0425 The funds bought 8 K to begin December
CORN/SORGHUM    
· ATI Research: U.S. corn balance sheet; 14/15 use up 82 mbu from last week, carryout dn 82 mbu to 2.266 Bbu
· ATI Research: U.S. sorghum balance sheet; 14/15 use up 10 mbu from last week, carryout dn 10 mbu to 18 mbu
· T-storm Weather: Additional rainfall is not needed across Argentina since most areas were wetter than usual over the last 30 days, including amounts of 5.00” to 9.00” across the heart of the grain belt
· Private consultant: The full-season corn crop in southern Brazil is essentially planted and the only areas that still need to plant full-season corn are in northeastern Brazil
SOYBEANS/WHEAT
· ATI Research: Updated U.S. soybean balance sheet; 14/15 use dn 20 mbu from last week, carryout up 20 to 390 mbu
· T-storm Weather: Dryness will not be an issue for soybeans across Brazil or Paraguay into at least late-December
· Private consultant: Brazil soybean crop is now approx. 85% planted compared to 88% last year and the 81% average
· ATI Research: U.S. SRW wheat balance sheet, 14/15 carryout at 167 mbu; 15/16 carryout is pegged at 156 mbu
· T-storm Weather: Weekend rain of 2.00”-4.00” halted wheat harvest in Argentina & potentially reduced crop quality
ENERGY
· Futures are mostly lower: QCLF14, -$0.89 at $68.10; QRBF, -$0.0207; QNGF, +$.002; and QHOF, -$.0215
· Relative to last Wednesday, sharp declines posted in cash ethanol markets on Monday: Chicago plummeted 48; Gulf slid 20; Dallas dipped 12 ½; Tampa down 6; New York off 10 ½; and LA was 8 ½ lower at $2.61 ½ per gallon
· Firmer RINs vs. Nov. 26: 2013’s up 1 to 56-57; 2014’s added ¾ to 56-57 ½; and 2015’s gained 1 ¼ to 56-58 ½
· December ethanol’s premium to RBOB moves higher again, up over $.09 to $.2870 per gallon
LIVESTOCK/POULTRY    
·   Choice boxed beef values were up 8-cents on Mon., are $1.78 above last week and are the highest since Aug. 12
· The 5-Area Weekly Weighted Average Steer price increased $0.23 last week to a record $171.38/cwt.
· USDA pork carcass cutout value increased 97-cents on Monday and is 35-cents above last week
· CME Lean Hog Index down $0.34 to $88.45. December futures down $0.20 to $90.125 & are $1.675 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather