HIGHLIGHTS
· MARKET TREND: CZ, Up $.01; SF, Up $.0075; WZ, Down $.0425; KWZ, Up $.0275
· Global equity markets are mixed. Shanghai ended up .27%. The Nikkei fell .69% and the Hang Seng lost .33%. Europe finds the FTSE unchanged; the DAX is 1.08% higher and the CAC 40, up .78%. Wall Street looks higher on the opening: futures have the DOW up 23; the S&P, 2.25 higher and the NAS, 11.75 to the plus side. Pending home sales and the Chicago PMI are due for release today. Externals: Jan WTI is up $.27 @ $41.98; gold is 40 cents cheaper, $1,0655.80 & the $ Index, up ¼ at 100.315
· T-storm Weather: Areas of heavy rain over the last several days expectedly affected Argentina, southern Brazil, and Paraguay, ultimately keeping much of these areas wetter than normal since November 1 — especially within swaths of South Brazil. The remnant of a cool front helps scattered thunderstorms to form within much of Brazil and Paraguay over the next 10 days, ultimately resulting in near-normal rainfall of 2.00” to 4.00” over the period.
· CZ, Up $.01 @ $3.6025; CH, Up $.0025 @ $3.6725. The funds sold 10 K on Friday. Deliveries, 0 corn
· SF, Up $.0075 @ $8.7375; SH, Up $.0025 @ $8.7575. The funds sold 1 K SB; 3 K SBM, 0 SBO. Del’y: 0 SB, 0 SBM, 910 SBO
· WZ, Down $.0425 @ $4.6150; WH, Down $.00745 @ $4.7825. The funds sold 5 K Friday. Del’y: 198 HRW; 2,343 SRW
CORN/SORGHUM     ;
· ATI Research: U.S. corn export sales for 15/16 were a marketing year high of 80.2 mbu for week end Nov. 19. With U.S. corn now the cheapest origin for such key markets as the Far East, a sharp up-turn in sales was to be expected
· December 2015 corn futures closed at $3.59 ¼ Fri.; one year ago, the December 2014 contract settled at $3.75 ¾
· Export Inspections released at 10 AM CST; Corn, 38.7 needed; 19.5 last week; Sorghum, 5.6 needed; 8.3 last week
· T-storm Weather: Much of Argentina remains cool with below-normal rainfall of 0.50” and less over the next 7 to 10 days. Drying is viewed as favorable for corn planting and growth through at least the first full week of December
SOYBEANS/WHEAT
· U.S. soybean export sales for 15/16 for the week end Nov. 19 were 43.1 mbu. That’s down 35% from the previous week and 18% from the prior 4-week average
· Export Inspections released at 10 AM CST; Soybeans, 26.3 needed; 68.1 last week
· USDA Crop Progress: U.S. winter wheat emergence for week ending Nov. 29 is projected at 94-96% vs. 95% avg.
· Export Inspections released at 10 AM CST; Wheat, 16.1 needed; 10.0 last week
· T-storm Weather: A notably drier and seasonable to mild pattern begins by Tuesday across central U.S. wheat
ENERGY
· Firmer: CLF16, +$0.27, $41.98; EBF, +$0.49; EBF-CLF, $3.37, +$.22; RBF, +$.0026; NGF, +$.014; HOF, +$.0204
· No report on Friday. On Wednesday, cash ethanol markets were mixed: Chicago firmed 1/8; New York off 1; Gulf added 1; Tampa eased ½; Dallas was unchanged; and LA was 1 lower at $1.60 ½ per gallon
· No report on Friday. On Wednesday, ethanol RINs were lower: 2014’s down ¼ at 41 -43; 2015’s off 5/8 at 40 ½-42; and 2016’s declined 3/8 to 41-43
· The Dec RBOB/Dec Ethanol inverse lost a little over ¾ of cent, closing at -$.0805/gallon Friday
LIVESTOCK/POULTRY  
· Choice boxed beef increased 31-cents on Friday and are $1.26 higher than last week
· Dressed steer weight for week end Nov. 14: 925 lb, up 4 pounds v. last week, 924.5 for 4-week avg. & 906 last year
· On Friday, USDA mandatory pork carcass cutout firmed 67-cents but is 16-cents lower compared to a week ago
· CME Lean Hog Index gained $0.10 to $55.74. December futures declined $0.075 but are $2.985 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather