HIGHLIGHTS
· Market Trend: Corn, Up 2; Soybeans, Up 2-3 Wheat, Down 2
· Signs that oil prices may have found a floor along with ADP’s 241 K boost in December U.S.payrolls helped lift some Asian markets overnight. The Nikkei picked up 1.67%; the Hang Seng was .65% higher but Shanghai fell 2.36%. Continued prospects for an ECB stimulus package pushed the Euro to a 9-year low as equity markets there posted gains: FTSE, +1.5%; DAX, +1.6% & CAC 40, +2%. Today’s U.S. focus will be on jobless and consumer credit; analysts expect 290 K in new claims for the latest week. Pre-markets-not too shabby!: DOW, +174; S&P, +19.25 and the NAS, +42. Externals: $ Index, +1/2 point; Energy, higher; Gold, -$4.30
· T-storm Weather: Upper-level high pressure limits thunderstorm coverage across Center-West, Northeast, and Southeast Brazil through 10 days, while sending a parade of storm systems across Argentina; heavy to excessive rainfall is probable form central / northern Argentina into Rio Grande do Sul. Temperatures average warmer than usual in all growing areas through the period, though warmth will occasionally be limited by t-storms from Argentina into South Brazil; warmest weather occurs in Center-West and Southeast Brazil where sunny skies from a lack of thunderstorms causes maximums to frequently reach the mid-90s
· Mar Corn Up $.02 at $3.9825; May Up $.02 at $4.0725. Del’y: 0 ethanol. The funds sold 7 KWednesday
· Jan SB Up $.0225 at $10.55; May Up $.03 at $10.5925. Del’y: SB, 20; SBO, 198. Funds: sold 1 K SB; 1 K SBM; 2 K SBO
· Mar Wheat Down $.0225 at $5.7725; May Down $.0175 at $5.8225. The funds sold 3 K at mid-week
CORN/SORGHUM     ;
· Export Sales to be released at 7:30 AM CST. Trade expects 24 to 31 mbu corn
· Ethanol grind: 949,000 barrels per day for week end Jan. 2--down 23 thousand vs. last week but up 3.3% vs. last year
· T-storm Weather: Driest and hottest weather in Brazil over the next 10 days focuses on Minas Gerais northward through Bahia. These states accounted for 26% of first-crop corn production over the last three years
· Jan. 12 USDA WASDE report: Avg. trade guess for U.S. corn 14/15 carryout is 1.940 Bbu vs. 1.998 in November
· Jan. 12 USDA Grain Stocks report: Avg. trade guess for Dec. 1 U.S. corn stocks is 11.161 Bbu vs. 10.453 last year
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CST. Trade expects soybeans, 18 to 26 mbu; soymeal, 50-200; soyoil, 5-20
· Jan. 12 USDA WASDE report: Avg. trade guess for U.S. soybean 14/15 carryout is 402 mbu vs. 410 in November
· Jan. 12 USDA Grain Stocks report: Avg. trade guess for Dec. 1 U.S. soybean stocks is 2.608 Bbu vs. 2.154 last year
· Export Sales to be released at 7:30 AM CST. Trade expects 7-15 mbu for all wheat
· Jan. 12 USDA Winter Wheat Seedings: Avg. trade guesses; HRW, 31.2 (30.5 last year); SRW, 8.1 (8.5), White, 3.5 (3.4)
ENERGY
· Futures are mostly higher: QCLG15, +$0.53 at $49.19; QRBG, +$0.0042; QNGG, -$.025; andQHOG, +$.0133
· Weakness continued in cash ethanol markets on Wednesday: Chicago down 2; New York eased 4 ½; Gulf off 5 ½; Tampa declined 7; Dallas dipped 7 ½; and LA was 6 lower at $1.59 ½ per gallon
· RINs were lower: 2013’s down 5 to 78 ½-86 ½; 2014’s off 5 to 79 ½-87 ½; and 2015’s eased 4 ½ to 79-87
· The Feb RBOB/Feb Ethanol spread was again easier, as the invers fell $.0083 to -$.1334 per gallon
LIVESTOCK/POULTRY    
· On Wednesday, choice boxed beef values were up $2.42 vs. the previous day
· Scattered cash cattle sales at $170-$172 were reported in northern feeding areas on Wed. but activity was slow
· USDA pork carcass cutout value down 5-cents Wed., is $1.77 below last week & at lowest level since April 15, 2013
· CME Lean Hog Index 7-cents lower at $77.72. February futures up $0.75 to $79.325 and $1.605 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather