HIGHLIGHTS
· MARKET TREND—Firmer: CH, +$.0175; SH, up $.0075; WH, up $.0450; KWH, up $.04
· MACRO: global equity markets seem in a pensive mood. ASIA—Higher. Nikkei, closed; Hang Seng, +0.25%; Shanghai, +0.55%. EUROPE—weaker: FTSE, -0.00%; DAX, -0.60%; CAC, -0.79%. Wall STREET: Futures are lower: DOW, -29; S&P, -3.25; NASDAQ, -0.75. EXTERNALS: $ Index, +.071 @102.280; Jan Gold, +$1.10 @ $1,173.00; Feb Crude, -$0.97 @ $53.02. Deliveries: SBM, 208; SBO, 345; SB, 242
· T-storm Weather: Thunderstorms brought 0.50”-1.50” of rain to some (not all) of the wettest corn and soybeans in central and southern Argentina on Saturday, but continued to miss driest areas in/near southwest Buenos Aires. Rain continues in scattered fashion into Wednesday in Argentina, producing another 0.50”-2.00” for most (wettest in some of the wettest central area, and driest in driest areas of/near southeast Buenos Aires). Intensity of dryness in northeast Brazil worsens until at least Friday
· Corn: CH up $.0175 @ $3.5975; CK up $.0175 @ $3.6650. The funds closed the week buying 3 K
· SB: SH up $.0075 @ $9.9550; SK up $.01 @ $10.0450. Funds—sold 8 SB, 6 SBM, 3 SBO. Board Crush: $.75, $.00; LY, $.50
· Wheat: WH up $.0475 @$4.28; WK up $.0450 @ $4.3925. Fund buying was put at 2 Kon Friday
CORN/SORGHUM
·   Jan. 12 USDA WASDE report: Avg. trade guess for U.S. corn 16/17 carryout is 2.378 bbu vs. 2.403 in December
· Jan. 12 USDA Grain Stocks report: Avg. trade guess for Dec. 1 U.S. corn stocks is 12.323 bbu vs. 11.238 last year
· T-storm Weather: Key/flooded areas of central Argentina will be along the dividing zone between driest and wettest weather Jan. 11-17. Another 0.75”-1.50” of unneeded rain likely occurs across northern halves of Cordoba & Santa Fe
· Consultant: Growing indications that Argentina corn acreage will fall short of current USDA est. of 11.1 million acres
· Export Inspections released at 10 AM CST; Corn, 44.4 mbu needed; 25.1 last week. Milo—5.1 needed; 2.6 last week
SOYBEANS/WHEAT
· January 2017 soybean futures on Friday closed at $9.86—the lowest settlement price for the contract since Nov. 16
· Jan. 12 USDA WASDE report: Avg. trade guess for U.S. soybean 16/17 carryout is 473 mbu vs. 480 in December
· Jan. 12 USDA Grain Stocks report: Avg. trade guess for Dec. 1 U.S. soybean stocks is 2.953 bbu vs. 2.715 last year
· Export Inspections released at 10 AM CST: Soybeans, 24.0 mbu needed; 58.0 last week
· Jan. 12 USDA Grain Stocks report: Avg. trade guess for Dec. 1 U.S. wheat stocks is 2.056 bbu vs. 1.746 last year
· Jan. 12 USDA Winter Wheat Seedings: Avg. trade guesses; HRW, 25.3 (26.6 last year); SRW, 5.6 (6.0), White, 3.5 (3.5)
· Export Inspections released at 10 AM CST: Wheat, 18.4 needed; 14.5 last week
ENERGY
· Lower: CLG17, -$0.97 @ $53.02; EBH, -$0.95; EBH-CLH, $2.24, +$0.01; RBG, -$.0282;NGG, -$0.054; HOG, -$.0238
· Cash ethanol markets were mixed on Friday: Chicago added ¼; New York down 2 3/8; Gulf and Tampa eased 1 ½; Dallas off 1; but LA was ½ higher at $1.69 per gallon
· Ethanol RINs were higher on Friday: 2015’s, 2016’s and 2017’s were all 5 ¼ higher at 77-84
· The Feb RBOB/Feb ethanol spread gave up $.0477 on Friday, falling to 0.08300/gallon, premium RBOB
LIVESTOCK/POULTRY    
·  Choice boxed beef fell $2.71 on Friday to $198.81 and is down $4.52 compared to a week ago
· U.S. cattle slaughter week end Jan. 7 down 2.7% v. last year but beef production 2.3% lower due to heavier weights
· USDA mandatory pork carcass cutout value eased 69-cents on Friday to $78.51, and is $2.62 lower vs. last week
· CME Lean Hog Index firmed $0.08 to $57.69. February futures were $0.90 lower but are still $6.285 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather