HIGHLIGHTS
· MARKET TREND—Mixed: CH, down $.0050; SF, up $.0125; WH, down $.0125; KWH, down $.0025
· MACRO: Global stocks climb higher ahead of Wednesday Fed meeting; China should meet TY’s growth target. ASIA-higher: Nikkei, +0.50%; Hang Seng, +0.06%; Shanghai, +0.08%. EUROPE-higher: FTSE, +0.52%; DAX, +0.73%; CAC, +0.66%. Wall STREET: Up, up & away: DOW, +72; S&P, +6.75; NASDAQ, +18. EXTERNALS: $ Index, +.116 @ 101.165; Gold, -$6.20 @ $1,157.30; Jan Crude, +$0.42 @ $53.24. Deliveries: SBM, 53; SBO, 33; HRW, 46 SRW, 0; Oats, 126; EU wheat, 19
· T-storm Weather: Thunderstorms focus on northern growing areas of Brazil into the weekend, while dry weather occurs to the south. Thereafter, several waves trigger thunderstorms within driest areas of Argentina starting Sunday-Monday with seasonably-heavy rainfall of 0.75" to 1.50 most probable over Dec. 18-24. Southern areas of Brazil (as well as Paraguay) also receive renewed rainfall after significant totals over the last week
· Corn: CH down $.0050 @ $3.60; CK, down $.0025 @ $3.67. The funds opened the week buying 3 K
· SB: SF up $.0125 @ $10.3225; SH, up $.01 @ $10.4350. Funds—Sold 4 SB, 3 SBM, 0 SBM. Board Crush: $.71+.01; LY, $.70
· Wheat: WH down $.0125 @ $4.16; WK, down $.0050 @ $4.2725. The funds were even in Monday’s trade
CORN/SORGHUM
·   Consultant: If a drier-than-normal weather pattern persists in Argentina for the second half of December and first half of January, some of the intended corn acreage may not get planted
· T-storm Weather: Except for a thunderstorm or two today, dry weather continues through Sat. for Argentina corn. Temperatures initially stay seasonable to cool, but turn hot starting Thu.-Fri. as maximums soar well into the 90s
· ATI Research: U.S. corn balance sheet; 16/17 carryout estimated at 2.539 bbu
· ATI Research: U.S. sorghum balance sheet; 16/17 carry-out pegged at 29 mbu
SOYBEANS/WHEAT
· Consultant: Nationwide Brazilian soybean harvest estimate left unchanged this week at 101.0 MMT
· ATI Research: U.S. soybean balance sheet; 16/17 carry-out is estimated at 482 mbu
· T-storm Weather: Near-normal rainfall is probable across much of Brazil (and Paraguay) soybean areas through 10 days with wet weather in the north this week, then the south next week
· ATI Research: U.S. HRS wheat balance sheet; 16/17 carryout projected at1200mbu compared to 272 last year
· T-storm Weather: In the U.S., a strong system spins up Friday-Saturday, leading to areas of rain, snow, and ice – but mainly to the east of HRW wheat in the central and southern Plains
ENERGY
· Firmer: CLF17, +$0.42 @ $53.24; EBG, +$0.36; EBG-CLF, $2.88, +$0.02; RBF, +$.0160; NGF, -$.008; HOF, +$.0033
· Sharp gains were noted in cash ethanol markets on Monday: Chicago jumped 11 ¾; New York added 7 1/8; Gulf climbed 7; Tampa rose 4; Dallas gained 3; and LA was 6 higher at $1.94 per gallon
· Ethanol RINs rebounded slightly: 2015’s, 2016’s and 2017’s all increased 1 ½ to 80-85
· The Jan RBOB/Jan ethanol inverse continues to widen, up $.0343 to -$0.21000/gallon
LIVESTOCK/POULTRY      
· Choice boxed beef values were 62-cents higher on Monday at $189.56, but are down $1.83 vs. a week ago
· 5-Area Weekly Weighted Average Steer price down $4.51 v. last week to $109.52/cwt, and is $8.63 lower vs. last year
· USDA mandatory pork carcass gained 46-cents on Monday to $75.89, and is $2.36 higher compared to last week
· Current nearby board hog crush value is $41.13/cwt vs. last week’s $37.75, last month’s $39.28 & last year’s $42.06
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather