HIGHLIGHTS
· Market Trend—Trading resumes at 8:30 am, following the Thanksgiving Holiday
· Asian stocks were mixed Friday with the Nikkei off .4%; Hong Kong and Taiwan posted gains; South Korea and Australia slipped. In Europe, the DAX was up .1% early; the CAC-40 was holding steady and the UK’s FTSE was .2% higher. U.S. futures point to a better start on Black Friday with the S&P leaning 7 ½ higher; the Nasdaq, up 20 ½ and the Dow, 35 higher. The $ Index is off 1/5 of a point; energies are mostly firmer and gold is $9 higher.
· T-storm Weather: No changes to the T-storm Weather® Outlook: Scattered t-storms linger over the next few days in NE Brazil, improving soil moisture. T-storms are expected to occasionally form along the southern edge of a developing high Friday-Saturday and continuing one week with notably drier weather in key areas of Center-West and Southeast Brazil. In Argentina, a period of dry weather is beginning, and dry weather is needed because several corn and soybean locations received 9.00” – 13.00” the past 30 days. A few storms cannot be ruled out, especially Monday-Tuesdayforward, but a major rain event is not foreseen. Completely dry weather is very likely needed for corn planting to resume.
· Corn: Steady. The funds bought 3 K ahead of Thanksgiving. Zero Corn deliveries
· Soybeans: Steady. Funds sold 6 K SB, 4 K SBM and 4 K SBO. Zero SBM deliveries, 1,371 SBO
· Wheat: Steady: Funds purchased 5 K Wednesday. 1,204 Wheat deliveries
CORN/SORGHUM
· 0 corn deliveries versus 0-200 expected
· Export Sales Estimates: corn expected at 31-43 versus 11 needed; milo, 2.8/wk needed
· Less corn, more soybean acres in Argentina, cuts corn area 4% to 3.3 million ha; beans at 20.45, up from 20.2
· Corn ground for ethanol rises 2.5 mbu to 100.2 million in latest week; YTD approximately 927 mbu, 23 above LY
SOYBEANS/WHEAT
· Australia government says no to ADM, GrainCorpLTD take-over blocked; shares fall 22%
· Export Sales Estimate: soybeans, 26-48 versus 3.7/wk needed; SBM, 150-300 versus 86/week; SBO, 10-25
· Wheat Export Sales Estimates: 14-23 against 11 per week needed
· CNG&OIC analyst sees possibility for 13/14 PRC wheat imports reaching 8 MMT (USDA: 7.7)
· IGC lifts global wheat production forecast 2 MMT to 698, 8 below the USDA’s November forecast
· Argentina Ag Minister on wheat crop: 8 .5 MMT but no new official forecast since October release
· South Korea reports 200 K purchase of 2015 soybeans from U.S.
ENERGY
· The energy markets have QCLF14,+$.26 at $92.56; QRBF14, +$0.0005; QNGF14, +$.023 and QHOF14, -$.0005
· Cash ethanol markets were sharply mixed with news sources putting NY and Chicago 23-26 cents higher with the Gulf up 25 cents. LA was unchanged; Dallas and Tampa both fell 4 cents
· RINs: 2012’s were ¾’s higher at $.2550-$.27; 2013’s also gained ¾’s to 26.50-28.00 & 2014’s picked up 1, $. 27-$.29
· The spread between December RBOB & December ethanol tugged in nearly 8 cents to $.8843/gallon on Wednesday
LIVESTOCK/POULTRY    
·  Choice boxed beef values gained $1.13 Wednesday and have increased $3.97 over the last four trading days
· Cash cattle traded Wednesday at mostly $132, up $1 to $2 from last week
· The USDA pork carcass cutout value eased 70-cents Wednesday and has lost $1.38 over the last three days
· The USDA’s Iowa/Minnesota average cash lean hog price eased 67-cents Wednesday to $80.06
Sources: Bloomberg, Dow Jones, AP, T-storm Weather