HIGHLIGHTS

·       TRENDS—Firm: CH, +$.0125; SF, +$.0525; WH, +$0.0150; KWH, +$.0125.  Del’y: SBM, 148; SBO, 711; C, 66; ETOH, 0; HRW, 2

·       What caught my eye:  Some in the market didn’t think much of yesterday’s bean sales at 25 mbu (26-48 expected) but pace of sales the past month at 42/week is 2^nd strongest in 17 years

·       Focus this morning is on the U.S. jobs report, with 187 K/3.6% unemployment rate. ASIA: Higher—Nikkei, +0.23%; Shanghai, +0.43%; Hang Seng, +1.07%; EUROPE: Mostly firm—DAX, +0.21%; FTSE, +0.75%; CAC, +0.37%.  WALL STREET—Futures, up—DOW, +72; S&P, +8.00; NAS, +31.20.  EXTERNALS: Feb crude: -$0.41 @ $57.93; Gold: -$2.80 @ $1,480; $ Index, +.022 @ 97.432

·       T-storm Weather®: mainly dry weather dominate Argentina over the next week, followed by an uptick in thunderstorms in the north, but less-so in Buenos Aires where most crops are produced and driest conditions exist.  Scattered thunderstorms continue to focus on central Brazil over the next week, followed by a drier period with time.  Thunderstorms ended yesterday in southern Brazil and Paraguay and dry weather follows for at least a week, but rain likely returns after 7 to 10 days

• CH, up $.0125 @ $3.78; CK, up $.0125 @ $3.8375. 
• SF, up $.0525 @ $8.8950; SH, up $.0550 @ $9.0425.  Board Crush: $1.15, +5 LY, $0.94
• WH, up $.0150 @ $5.22525; WK, up $.0125 @ $5.2925. 

CORN/SORGHUM

• USDA WASDE report Dec. 10: Avg. trade est. U.S. corn carryout--19/20, 1.861 bbu (range 1.190-1.960) & 1.910 in Nov.
• T-storm Weather®: mixed/challenging weather affect remaining corn harvest in MI, ND, & WI as melting the next few days in ND is followed by light snow Sun., & as some rain & snow break a favorably-dry period in WI & MI Mon.-Tue.

·       Consultant: After several weeks of slow corn planting in Argentina, the pace should start to pick up as second phase of seeding begins.  The crop is rated 2.0% poor, 44.6% fair, 47.1% good & 6.3% excellent—slightly better than last week

• Unshipped U.S. corn export sales as of Nov. 28 totaled 326 mbu, which is down 31% compared to last year’s 472 mbu  

SOYBEANS/WHEAT

·       USDA WASDE Dec. 10: Avg. trade est. U.S. soybean carryout--19/20, 0.474 bbu (range 0.392-0.522) & 0.475 in Nov.

• T-storm Weather®: most soybean areas in central and northern Brazil receive 2.50” to 4.50” over the next two weeks (especially from thunderstorms over the next several days), compared to normal rainfall of 3.50” to 4.50”

·       Consultant: the forecast over the next week is for drier than normal conditions for soybeans in southern and western Argentina, which will result in increased moisture stress for crops in those regions

·       USDA WASDE Dec. 10: Avg. trade est. U.S. wheat carryout--19/20, 1.009 bbu (range 0.964-1.050) & 1.014 in Nov

·       T-storm Weather®: most U.S. SRW wheat receives at least near-normal precip next week, but HRW wheat stays drier

ENERGY

·       Mixed: CLG20, -$0.43 @ $57.93; EBG, +$0.05 @ $63.44; EBG-QCLG, +.470; RBG, -.0090; NGG, +.003; HOG, -.0036

·       Chicago ethanol gained $.0275 to $1.4875; basis values versus Chicago were mostly lower:  NYC, -$.0275 @ $.0725; Gulf, +$.0025 @ $.0975; Dallas, -$.0075 @ +$.0575; Tampa, -$.0075 @ +$.1625; LA, -$.0275 @ +$.2075

·       Ethanol RINs values were mixed: 2018’s, +.125 @ 6 ¼ -7 ¼; 2019’s, +.1250 @ 12 ¼ -13 ¼; 2020’s, -.3750 @ 19 -21                           ​                         ​                        &​nbsp;                       &n​bsp;    

·       The January RBOB/December ethanol spread widened $.0139 on Thursday to $.2471       

LIVESTOCK/POULTRY                   &nb​sp;                   

• Choice boxed beef declined $1.35 on Thursday to $225.60 and is down $6.64 compared to a last week 
• Light to moderate cash cattle trade noted on Thu. in the South at $119—$1.00 higher than last week's weighted avg.

·       USDA mandatory pork carcass cutout value firmed $1.15 on Thu. to $80.88 and is $1.68 higher versus a week ago

·       CME Lean Hog Index firmed $0.14 on Thu. to $58.34.  December futures eased $0.300 but are $3.235 above the index   

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