HIGHLIGHTS
· MARKET TREND: CORN: CZ, Up $.0150; SOYBEANS: SF, Up $.01; WHEAT: WZ, Up $.01 KWZ: Up $.0375
· World equities ponder geopolitical uneasiness—Asia mostly lower with both the Nikkei and Hang Seng down .39-.40%; Shanghai gains .88%. Europe is in positive territory this morning: FTSE, +.94% with the DAX and CAC 40 each up 1.43%. U.S. markets want to start higher: DOW futures, +40; S&P 500, +4 and the NAS, +9. A slew of pre-Turkey Day data is out—personal income and spending; durable goods; new home sales and weekly jobless claims. Externals: crude’s weaker; gold is $1.10 cheaper at $1,072.10 and the $ Index is above 100, +.42
· T-storm Weather: Waves of energy trigger heavy thunderstorms in Paraguay and southern Brazil on most of the next 7-10 days. Since several locations within this area received around 300% of its normal rainfall over the last three weeks (especially in Parana), much less rain would be ideal; 2.50" to 5.00" is most probable with locally higher amounts in Parana (compared to normal rain of ~2.50"). In the U.S., heavy rain is likely from the southern Plains through the Corn Belt and Delta Thursday-Sunday
· Dec Corn Up $.0150 at $3.6575; Mar Up $.02 at $3.7150. The funds sold 4 K on Tuesday
· Jan SB Up $.01 at $8.6475; Mar Up $.0050 at $8.6675. The funds were even on SB; sold 2 K SBM, and bot 5 K SBO
· Dec Wheat Up $.01 at $4.8525; Mar Up $.02 at $4.9050. Fund selling amounted to 5 K yesterday
CORN/SORGHUM   ;   </wbr>
· ATI Research: U.S. 2015/16 corn reported under loan as of Nov. 23 was 250.0 mbu. This is up 87.0 mbu (53%) from the 163.0 mbu of 2014/15 corn reported under loan at this time last year
· ATI Research: Unshipped U.S. corn export sales of 55 mbu to Asia & the Mid-East are a 28-year low, with year-to-date exports to the same region the 2nd lowest since 1987. This suggests the USDA export forecast may still be too high
· Crop consultant: Wet weather in southern Brazil has benefitted full-season corn, which is rated 95% in good condition
· Ethanol margins: $0.23 per gallon--unchanged vs. last week but below $1.45 last year. EIA report at 9:30 AM CST
SOYBEANS/WHEAT
· ATI Research: U.S. 2015/16 soybeans reported under loan as of Nov. 23 was 60.4 mbu. This is up 24.6 mbu (69%) from the 35.8 mbu of 2014/15 soybeans reported under loan at this time last year
· ATI Research: U.S. soybean exports inspections the last 4 weeks have averaged 23 mbu less per week than last year
· ATI Research: U.S. all wheat exports are forecast to continue to range from 10-15 mbu per week short-term
· T-storm Weather: Pockets of field flooding likely develop in the U.S. this week due to heavy rain, but highest coverage and amounts occur near eastern Oklahoma—along the eastern fringe of HRW wheat and western fringe of SRW
ENERGY
· Weaker: CLF16, -$0.49, $42.38; EBF, -$0.64; EBF-CLF, $3.12, -$.13; RBF, -$.0312; NGF, -$.040; HOF, -$.0102
· EIA estimates: crude, +1.1 (API: +2.6); Gasoline, +0.5 (+1.4); Distillates, -0.5 (+0.7)
· Cash ethanol was mostly higher: the Gulf, Dallas and LA were all up ½; Tampa held steady; Chicago edged up $.0012 to $1.5163/gallon while NY slipped a ½ cent to $1.59
· Ethanol RINs again weaker: 2014’s -1 5/8’s to 41-43 ½; 2015’s down 1 ½ to 40 ¾-43; 2016’s, eased 1 ½ to 41 ¼ -43 ½
· The Dec RBOB/Dec Ethanol inverse lost over 7 cents, settling at -$.1108 per gallon
LIVESTOCK/POULTRY <wbr>   ;
· December live cattle futures closed at $129.50 Tuesday; one year ago, the December 2014 contract settled at $170.15
· Daily cattle slaughter for Tuesday was estimated 110,000 vs. 107,000 last week and 117,000 last year
· On Tuesday, USDA mandatory pork carcass cutout increased $1.32 and is $1.40 higher compared to a week ago
· CME Lean Hog Index was up $0.13 at $55.50. This is the first day-to-day increase since Oct. 14
Sources: Bloomberg, Dow Jones, AP, T-storm Weather