HIGHLIGHTS
· MARKET TREND: Mixed--CZ: Down $.0025; SF: Up $.0975; WZ: Up $.0075; KWZ: Up $.0075
· MACRO: World markets are strongly higher after news Sunday that the FBI indicated no new evidence was found to warrant charges against presidential candidate Hillary Clinton. ASIA: Firmer: Nikkei, +1.61%; Hang Seng, +0.52%. EUROPE: Higher: FTSE, +0.04%; DAX, +1.64%. WALL STREET: Strong gains: DOW, +234; S&P, +28; NASDAQ, +71. EXTERNALS: $ Index, +.557 @ 97.945; Gold, -$15.85 @ $1,287.57; Dec Crude, +$0.76 @ $44.83. Deliveries: 164 SB, 80 ethanol
· Weather: Scattered light to locally moderate showers are forecast for the western U.S. Corn Belt today. Mostly dry weather is then projected for the region Tue.-Sat. Temps average above to much above normal through Fri., before cooling to near to above normal Sat. Dry weather continues in the Eastern Belt today, following by scattered light showers on Tue. Dry weather Wed.-Thu. with some light rain on Fri. Temps average above to much above normal through Fri., near to above normal Sat.
· Corn: CZ down $.0025 @ $3.4850; CH down $.005 @ $3.57. The funds were even on Friday
· SB: SX up $.0975 @ $9.9125; SF up $.095 @ $10.0025. Funds: Bot 1 SB and 1 SBM; sold 3 SBO.
· Wheat: WZ up $.0075 @ $4.15; WH up $.01 @ $4.33. The funds bought 1 K Friday
CORN/SORGHUM
· USDA WASDE on Nov. 9: Avg. trade guess U.S. corn crop, 15.041 bbu (range 14.880-15.226) and 15.057 in Oct.
· USDA WASDE on Nov. 9: Avg. trade est U.S. corn carryout--16/17, 2.300 bbu (range 2.143-2.669) and 2.320 in Oct.
· USDA Crop Progress: U.S. corn harvest progress for the week ended Nov. 6 is estimated at 83-88% vs. 75% last week, 91% last year and the 5-year average of 85%
· Mostly dry conditions forecast today in southern Brazil where corn planting is finishing; next chance for rain is Wed.
· Export Inspections released at 10 AM CDT; Corn, 42.4 mbu needed; 31.2 last week. Milo—5.1 needed; 1.3 last week
SOYBEANS/WHEAT
· USDA WASDE on Nov. 9: Avg. trade guess U.S. soybean crop, 4.314 bbu (range 4.256-4.386) and 4.269 in Oct.
· USDA WASDE on Nov. 9: Avg. trade est U.S. soybean carryout--16/17, 420 mbu (range of 381-467) and 395 in Oct.
· USDA Crop Progress: U.S. soybean harvest progress for the week ended Nov. 6 is estimated at 91-96% vs. 87% last week, 94% last year and the 5-year average of 91%
· Export Inspections released at 10 AM CDT: Soybeans, 34.9 mbu needed; 105.4 last week
· Export Inspections released at 10 AM CDT: Wheat, 17.7 needed; 12.0 last week
· USDA WASDE on Nov. 9: Avg. trade guess U.S. wheat carryout--16/17, 1.141 bbu (range 1.126-1.169) & 1.138 in Oct.
ENERGY
· Firmer: CLZ16, +$.76 @ $44.83; EBF, +$0.52; EBF-CLF, $0.77, -$0.16; RBZ, +$.0017; NGZ, +$.084; HOZ, +$.0196
· A firmer tone was evident in cash ethanol markets on Friday: Chicago up 2 3/8; New York gained 4 ¾; Gulf increased 2 ¼; Tampa added ½; Dallas climbed 1 ½; and LA was 2 ¾ higher at $1.75 ¾ per gallon
· Ethanol RINs were weaker: 2014’s, 2015’s and 2016’s all declined ¾ to 86 ½-89 ½
· The Dec RBOB/Nov ethanol inverse is -0.16770/gallon
LIVESTOCK/POULTRY   ;
· Choice boxed beef eased 4-cents on Friday to $188.70, but is still $5.59 higher compared to last week
· A few scattered cash cattle sales were noted on Friday in the South at $104, which is $1 lower vs. a week ago
· USDA mandatory pork carcass cutout increased 28-cents on Fri.. to $72.74, and is 30-cents higher vs. the prior week
· CME Lean Hog Index fell $0.34 on Friday to $51.09. December futures were $0.85 lower & are $4.94 below the index
Sources: Bloomberg, Dow Jones, AP, DTN
Brian Basting
mail to: bbasting@advance-trading.com
http://www.advance-trading.com