HIGHLIGHTS
· MARKET TREND: CH, Up $.0025; SF, Up $.0250; WH, Up $.01; KWH, Up $.0125
· Global equity markets are called “mixed” after yesterday’s weakness in oil weighed on Wall Street. Thought for the day: “the risk landscape is a continuum that warrants caution”. In Asia, Shanghia lost .93%; the Hang Seng rose .15% and the Nikkei was up .27%. Europe is in the red: FTSE, -.28%; CAC 40, -.31%; DAX, -1.08%. U.S. futures indices find the DOW 12 higher; the S&P is up 1.75 and the NAS, +5 ¼. Oil’s a bit firmer; gold is +$1.80 at $1,061.90 & the $ Index is .111 higher at 98.465
· T-storm Weather: Above-normal rainfall occurs across northern soybean areas of Brazil for the first time this growing season over the next 10 days; 2.75" to 5.50" is most probable, compared to normal rainfall of 2.75" to 3.50". To the south, a series of systems trigger thunderstorms across Argentina and Paraguay, turning these areas wetter as 2.00" to 5.00" unfolds through 10 days (compared to normal rainfall of ~1.50" in Argentina and ~2.00" in Paraguay). Paraguay is already in the midst of its wettest November-December since before 2002 by a large margin. In the U.S., mainly dry weather occurs for at least one week, marking a sharp change after the wettest November-December across the Corn Belt in more than 121 years
· CH, Up $.0025 @ $3.5925; CK, Up $.0025 @ $3.6550. The funds sold 3 K at mid-week
· SF, Up $.0250 @ $8.78; SH, Up $.0050 @ $8.7075. Funds bought 2 K SB; sold 2 K SBM; bot 2 K SBO. Del’y: SBO, 686
· WH, Up $.01 @ $4.7075; WK, Up $.0125 @ $4.7775. The funds sold 2 K yesterday
CORN/SORGHUM ;        
· Export Sales to be released at 7:30 AM CST. Trade expects 24-31 mbu for 15/16 corn
· December 2016 corn futures closed at $3.83 ¼ on Wednesday; one year ago, December 2015 futures settled at $4.21
· T-storm Weather: A series of systems trigger occasional thunderstorms across Argentina over the next 10 days. The end result is that dryness will not be an issue for corn development into mid-January but remaining planting slows
· Consultant: The most advanced corn in Argentina is in early grain filling and has a high yield potential
· Ethanol grind: 992,000 barrels/day for week end Dec. 25—up 2.0% compared to both last week and last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 37-51 mbu for 15/16 soybeans; soymeal, 150-265 K MT; and soyoil, 10-25 K MT
· November 2016 soybean futures closed at $8.88 ¼ Wed.; one year ago, November 2015 futures settled at $10.05 ½
· Consultant: It has been moderately dry for soybeans across southern Argentina, but no significant problems as yet
· Export Sales report. Trade expects 9-17 mbu for 15/16 all wheat
· T-storm Weather: Temperatures vary through 10-14 days, ultimately averaging near-normal through the period and marking the first break in unusual mildness that dates to early September
ENERGY
· Firmer: CLG16,+$.09, $36.69; EBG, +$.23; EBG-CLGH, $.0, +$.14; RBG, +$.0075; NGG, +$.131; HOG, +$.0018
· A mixed trend developed in cash ethanol markets on Wednesday: Chicago eased 1 ½; New York declined 1 ¼; Gulf was unchanged; Tampa up 1; Dallas unchanged; and LA was ½ lower at $1.52 ½ per gallon
· Ethanol RINs steady: 2014’s unch at 70-70 ½; 2015’s unch at 69 ½-70; and 2016’s unch at 68 ½-69
· The Jan RBOB/Jan Ethanol inverse rose $.0260/gallon to -$.1500 Thursday
LIVESTOCK/POULTRY     ;
· ;On Wednesday, choice boxed beef values were $2.50 higher and at $208.67 are up $13.77 compared to last week
· Sharp gains were noted in cash cattle prices Wed. with dressed sales in Nebraska mostly $12 higher than last week
· The USDA mandatory pork carcass cutout declined $2.18 Wednesday to $67.57 and is the lowest since April 22
· CME Lean Hog Index was $0.16 lower at $52.97. February futures up $0.625 and are $6.805 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather