HIGHLIGHTS

·       TRENDS—Monday sees higher prices:  CZ, +$.0175; SF, +$.0325; WZ, +$.0735; KWZ, +$.0475

·       What caught my eye:  Rising domestic and Brazilian FOB corn values (the latter at $178.75 on Friday was nearly $6/MT above the U.S. Gulf) “may be” raising the possibility of importing U.S. corn, particularly with rising demand from the former’s meat sector

·       XI & Trump express desire to sign an initial trade deal.  ASIA: Decidedly higher--Nikkei, +0.78%; Shanghai, +0.72%; Hang Seng, +1.50%.  EUROPE: Also higher—DAX, +0.39%; FTSE, +0.80%; CAC, +0.38%.  WALL STREET—Make it unanimous!—DOW futures, +66; S&P, +6.75; NAS, +26.25.  EXTERNALS: Jan crude: -$0.06@ $57.71; Gold: -$5.90 @ $1,458; $ Index: +.018 @ 98.288

• T-storm Weather®: scattered thunderstorms affect much of South America at varying points over the next two weeks.  Despite upcoming rain, most areas are only expected to receive near- or below-normal totals with rains still needed in December, though the lack of heavy rain allows corn and soybean planting to advance.  A new rain threat continues to be monitored over Dec. 3-7, but the exact setup is difficult to determine, and the event will be needed to keep rains close to normal
• CZ, up $.0175 @ $3.7050; CH, up $.02 @ $3.8050.  The funds bought 2 K on Friday
• SF, up $.0325 @ $9.0025; SH, up $.03 @ $9.1425.  Funds: Sold 4 SB, 2 SBM and bot 1 SBO.  Board Crush: $1.00, +1; LY, $1.04
• WZ, up $.0725 @ $5.2250; WH, up $.0725 @ $5.26.  Fund buying on Friday totaled 3 K                 

CORN/SORGHUM

​ ·       December 2019 corn futures on Friday closed at $3.68 ¾; one year ago, December 2018 corn futures settled at $3.59

·       T-storm Weather®: several areas of significant rain and snow are likely within the central U.S. at varying points in time over Nov. 26 - Dec. 6 with the highest overall chance for heavy precipitation in the Corn Belt and Delta

·       Consultant: There continues to be concern about production potential for safrinha (double crop) corn in Brazil due to delayed soybean planting progress.  Safrinha corn accounts for approximately 70% of total Brazil corn production 

·       Export Inspections released at 10 am CST; Corn, 40.3 mbu needed; 25.1 last week.  Milo—2.3 needed; 1.8 last week

SOYBEANS/WHEAT

·       January 2020 soybean futures on Fri. closed at $8.97; one year ago, January 2019 soybean futures settled at $8.81

·       T-storm Weather®: several areas of significant rain and snow are likely within the central U.S. at varying points in time over Nov. 26 - Dec. 6 with the highest overall chance for heavy precipitation in the Corn Belt and Delta

·       Export Inspections released at 10 am CST; Soybeans, 32.1 mbu needed; 56.3 last week

·       Export Inspections released at 10 am CST; Wheat, 18.3 mbu needed; 16.5 last week

·       T-storm Weather®: In Argentina, a round of heavy thunderstorms affects a wide area through today as a strong cool front passes, resulting in a total of 1.00” to 2.00” across un-harvested wheat areas

ENERGY

·       Lower: CLF20, -$0.06 @ $57.71; EBF, Unch @ $63.39; EBF-QCLF, +.06; RBF, -.0091; NGF, -.073; HOF, +.0035

·       Chicago ethanol was up $.0450 on Friday to $1.5875; basis values were mixed:  NYC, +$.0250 @ +$.0825; Gulf, -$.01 @ +$.01250; Dallas, -$.0050 @ +.0525; Tampa, unch @ +$.16250; LA, +$.01 @ +$.1725

·       Ethanol RINs were lower: 2018’s, -0.25 @ 5 ½ -6; 2019’s, -0.25 @ 12 ½ -13; 2020’s, -.6250 @ 20 ½ -21 ½                           ​                        &​nbsp;                       &n​bsp;                       &nb​sp;     

·       The December RBOB/December ethanol spread reversed course Friday, narrowing $.0491 to $.2393/gallon   

LIVESTOCK/POULTRY             &​nbsp;                        &​nbsp;

• C​hoice boxed beef was $2.29 lower on Friday at $232.57 and is down $8.23 compared to the previous week 
• Cattle on Feed: Nov 1 on feed, 101.2% (101.4% avg est); Oct placed, 110.2% (112.2%); Marketed in Oct, 99.4% (99.6%)

·       USDA mandatory pork carcass cutout value increased $2.38 on Fri. to $82.85 but is still dn $3.63 versus the prior week

·         CME Lean Hog Index gained $0.22 on Fri. to $59.76.  December futures were up $0.575 & are $1.465 above the index  

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®