HIGHLIGHTS
· MARKET TREND: Europe is weaker; CORN: CF, Down $.0125; Feb Rapeseed, Down $.0725; WHEAT: WH, Down $.0075
· Shanghai tanked overnight, falling 5.48% (probe announced regarding alleged violation of trading regs) and most other markets followed suit. The Hang Seng dropped 1.87% and the Nikkie closed ,30% lower. Europe is trading mixed: the FTSE is off .07% while the DAX and CAC 40 are .23-.25% higher. Futures point to an uncertain start on Wall Street: the DOW is 8 lower; the S&P is up 1 and the NAS, 11 to the plus side. IMF expected to grant China reserve currency status on Monday. Externals: energy futures are decidedly weaker; gold is $6 to the downside at $1,064 and the $ Index is at 100.09, +.26
· T-storm Weather: A strong system sends a cool front far to the north, allowing surface-level high pressure to dry Argentina for approximately one week starting today-Saturday, and for at least several days starting Saturday-Sunday in wettest areas of southern Brazil and Paraguay. The cool front interacts with mugginess across Center-West and Southeast Brazil within Sunday-Tuesday, producing 1.00" to 2.00" of rain (2.50" to 3.00" is normal of the next 10 days)
· Dec Corn: Steady to weaker bias. The funds bought 4 K ahead of Thanksgiving
· Jan SB: Steady to lower. The funds bought 5 K SB on Wednesday along with 2 K SBM, 5 K SBO
· Dec Wheat: Steady/lower. The funds sold 1 K on Wednesday
CORN/SORGHUM ; ;    
· Export Sales to be released at 7:30 AM CST. Trade expects 35-51 mbu for 15/16 corn
· ATI Research: The latest quotes suggest Black Sea and Gulf corn are vying for the position of the low cost spot supplier with the former at $168 and the U.S. at $169
· T-storm Weather: Cool weather in Argentina likely keeps corn growth a bit sluggish through at least early December
· Ethanol grind: 1,008,000 barrels per day for week end Nov. 20—up 3.4% vs. last week and 2.6% higher vs. last year. The latest total is a record surpassing the previous high of 994,000 barrels from the week ended June 19, 2015
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CST. Trade expects 37-55 mbu for 15/16 soybeans; soymeal, 150-300 K MT; and soyoil, 15-40 K MT
· T-storm Weather: Rainfall of 1.00”-2.00” through today is projected to slow soybean planting and develop pockets of wetness in Argentina from Cordoba through northern Buenos Aires
· Export Sales to be released at 7:30 AM CST. Trade expects 15-22 mbu for 15/16 all wheat
· T-storm Weather: A notably drier pattern is forecast for most U.S. wheat areas from aroundMonday forward once the current large system exits. Temperatures are forecast to return above-normal levels at that time
ENERGY
· Lower: CLF16, -$0.98, $42.07; EBF, -$0.35; EBF-CLF, $3.04, +$.63; RBF, -$.0198; NGF, -$.066; HOF, -$.0357
· Cash ethanol markets were mixed on Wednesday: 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
· 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 snugged in $.0219 to -$.0889/gallon on Wednesday
LIVESTOCK/POULTRY </wbr>
· On Wednesday, choice boxed beef increased 28-cents but are still down $2.59 vs. a week ago
· Daily cattle slaughter for Wednesday was estimated 112,000 vs. 108,000 last week and 118,000 last year
· On Wednesday, USDA mandatory pork carcass cutout declined $1.75 and is 29-cents lower vs. last week
· CME Lean Hog Index up $0.14 at $55.64. December futures increased $1.575 and are $3.16 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather