HIGHLIGHTS
· MARKET TREND: CZ, Steady; SF, Down $.03; WZ, Up $.0275; KWH, Up $.0025
· The ECB’s stimulus program was not well received by the global market-place. In Asia, Shanghai finished down 1.66% overnight; the Nikkei shed 2.18% and the Hang Seng lost .81%. Mid-day Europe finds the FTSE off .16%; the CAC 40 is down .59% and the DAX, .53% lower. However, there is a glimmer of hope for the U.S. as futures portend a positive start ahead of this morning’s jobs data. DOW futures, +54; S&P, +6.25 and the NAS, +10. Econ-types expect a 200 K gain in non-farm payrolls with unemployment steady at 5%. Externals: $ Index, +.656 @ 98.295; gold, -$.60 @ $1,070.70 and Jan WTI, up 60-65 cents
· T-storm Weather: Widespread rain affects Brazil over the next week as a cool front triggers scattered thunderstorms as it sweeps northward and dissipates – initially focusing on wettest southern areas over the next few days, then on drier (and hot) northern areas within Saturday-Tuesday. Thereafter, upper-level high pressure re-establishes across Mato Grosso, resulting in at least three to five days of mainly dry and hot weather starting Wednesday or Thurday (Dec. 9-10)
· CZ, Unch @ $3.7025; CH, Unch @ $3.77. The funds bought 8 K Thursday. Deliveries, 0 corn; 13 ETOH
· SF, Down $.03 @ $8.9450; SH, Down $.0325 @ $8.97. The funds bot 4 K SB; 1 K SBM, 3 SBO. Del’y: 0 SB, 0 SBM, 400 SBO
· WZ, Up $.0275 @ $4.6750; WH, Up $.01 @ $4.7975. The funds bought 5 K. Del’y: 20 HRW; 226 SRW
CORN/SORGHUM   ;  
· ATI Research: U.S. corn export sales week end Nov. 26 were 19.7 mbu. That’s down 76% from last week’s marketing year high and 30% below the prior 4-week average. Year-to-date sales of 672 mbu are down 25% v. last year
· ATI Research: U.S. sorghum export sales week end Nov. 26 were 4.9 mbu. That’s down 13% from last week and 38% below the prior 4-week average. Year-to-date sales: 179 mbu vs. 182 last year (-2%)
· T-storm Weather: Mainly dry and seasonable to cool weather dominates Argentina over the next 10 days, aiding corn planting and preventing wetness from becoming an issue in wetter areas
SOYBEANS/WHEAT
· ATI Research: U.S. soybean export sales for the week ending Nov. 26 were 32.3 mbu. That’s down 25% from last week and is 29% below the prior 4-week average. Year-to-date sales are 1.211 bbu vs. 1.457 last year (-17%)
· T-storm Weather: Forecast for Dec. 9-10 forward in Brazil—wettest areas are probable to remain wet, while driest areas receive some thunderstorms, but likely remain considerably drier than normal
· ATI Research: U.S. export sales of all wheat for the week ending Nov. 26 were 14.4 mbu. That’s up 29% from last week and is 17% above the prior 4-week average. Year-to-date sales are 532 mbu vs. 622 last year (-14%)
· International Grains Council projecting slightly lower world wheat harvested acreage and production in 2016/17
ENERGY
· Higher: CLF16, +$0.65, $41.73; EBF, +$0.66; EBF-CLF, $2.85, +$.10; RBF, +$.0011; NGF, +$.012; HOF, +$.0168
· Cash ethanol markets were mixed on Thursday: Chicago up ¾; New York and Gulf gained 1; Tampa and Dallas eased 3; and LA was 1 ½ higher at $1.58 ½ per gallon
· Ethanol RINs weaker: 2014’s off 3 ½ to 76 ½ -78; 2015’s declined 3 ¼ to 76-78; and 2016’s slid 3 ¼ to 77-78
· The Jan RBOB/Dec Ethanol inverse rose $.0108, to -$.2127/gallon
LIVESTOCK/POULTRY   </wbr>
· Choice boxed beef gained 41-cents on Thursday and have increased $1.70 the past 7 trading days
· Dressed steer weight for week end Nov. 21: 925 lbs, unchanged v. last week, 923.25 for 4-week avg. & 901 last year
· On Thursday, USDA mandatory pork carcass cutout firmed $1.54, which is the largest one-day increase since Nov. 19
· CME Lean Hog Index was up $0.32 at $55.13. December futures $1.00 lower but are $3.22 above the index