HIGHLIGHTS
· MARKET TREND—Mixed: CH, up $.02; SF, up $.0450; WH, down $.0050; KWH, down $.01
· MACRO: Asia/Europe respond mostly positively to ECB easing. ASIA-Mostly higher: Nikkei, +1.23%; Hang Seng, -0.44%; Shanghai, +.52%. EUROPE-firmer: FTSE, +0.06%; DAX, +0.32%; CAC, +0.17%. Wall STREET: Futures point to a higher opening: DOW, +24; S&P, +0.25; NASDAQ, +5. EXTERNALS: $ Index, .130 @ 101.255; Gold, -$1.90 @ $1,167.90; Jan Crude, +$0.49 @ $51.33. Deliveries: SBM, 3; SBO, 606; HRW, 36; SRW, 0
· T-storm Weather: In Argentina, key central and southern areas remain mostly dry with near-normal temperatures through at least next Friday (Dec. 16). Changes potentially follow when some waves of energy pass from next Sat.-Sun. (Dec. 17-18) forward, but recent history and a lack of consistent computer model output cause us to only forecast scattered 0.50" to 1.00" amounts next weekend, followed by some additional rainfall
· Corn: CH up $.02 @ $3.5950; CK, up $.02 @ $3.6225. Fund selling was estimated at 3 K on Thursday
· SB: SF up $.0450 @ $10.315; SH, up $.0450 @ $10.425. Funds—sold 5 SB, 5 SBO, 3 SBM. Board Crush: $.73,.00; LY, $.76
· Wheat: WH down $.0050; WK, steady @ $4.1875. The funds bought 4 K
CORN/SORGHUM
·   USDA WASDE 11:00 AM CST: Avg. trade est U.S. corn carryout--16/17, 2.413 bbu (range 2.364-2.584) & 2.403 in Nov.
· WASDE: Avg. trade est Brazil corn--16/17, 84.7 MMT v. 83.5 in Nov.; Argentina corn--16/17, 36.4 MMT vs. 36.5 in Nov
· ATI Research: U.S. corn export sales for 16/17 for the week ending Dec. 1 of 58.9 mbu were well above the trade range of 28-39, and above last year’s 43.1. Sorghum sales for 16/17 were minus 409,000 bu vs. +4.1 last year
· T-storm Weather: Since Nov. 1, Argentina corn was the driest since 2007 and #3 driest since 1980---namely from a lack of rain in key central areas where early-crop pollination is starting
SOYBEANS/WHEAT
· USDA WASDE 11:00 AM CST: Avg. trade est U.S. soybean carryout--16/17, 470 mbu (range of 428-500) & 480 in Nov.
· WASDE: Avg. trade est Brazil soybean--16/17, 102.2 MMT v. 102.0 in Nov.; Argentina--16/17, 56.6 MMT v. 57.0 in Nov
· ATI Research: U.S. soybean export sales for 16/17 for the week ending Dec. 1 of 53.7 mbu were above the trade range of 37-48, and slightly above last year’s 53.4 total
· USDA WASDE 11:00 AM CST: Avg. trade guess U.S. wheat carryout--16/17, 1.139 bbu (range 1.030-1.187), 1.143 Nov.
· ATI Research: U.S. wheat export sales of 18.5 mbu above the trade range of 11-18 & more than double last year’s 8.3
· T-storm Weather: Winter storms possible in U.S. Corn Belt through Dec.15; precip chances lower in HRW Plains wheat
ENERGY
· Firmer: CLF16, +$0.49 @ $51.33; EBG, +$0.31; EBG-CLF, $2.885, -$0.17; RBF, +$.0065; NGF, +$.040; HOF, +$.0095
· A mostly firmer tone was evident in cash ethanol markets on Thursday: Chicago gained 1 ¾; New York eased ¼; Gulf increased 1 ½; Tampa and Dallas climbed 1; and LA was a penny higher at $1.86 per gallon
· Ethanol RINs were significantly weaker: 2015’s, 2016’s and 2017’s all declined by 8 ½ to 88-100
· The Jan RBOB/Jan ethanol inverse lost nearly a ½ cent, down $.0045 to -$0.13430/gallon yesterday
LIVESTOCK/POULTRY  
· Choice boxed beef values were 54-cents higher on Thursday at $189.48, but are down $1.03 vs. a week ago
· Moderate cash cattle trading developed on Thursday in the North at $170, which is $5 lower than last week
· USDA mandatory pork carcass increased $1.04 on Thursday to $75.47, and is $1.71 higher vs. the prior week
· CME Lean Hog Index gained $1.22 on Thu. to $53.17. December futures firmed $0.975 & are $2.505 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather