HIGHLIGHTS
· TRENDS—Higher! CZ, +$.0550; SF, +$.1325; WZ, +$.10; KWZ, +$.09. Del’y: ETOH, 3; SB, 1. Dalian: C, +4½; SB, +23 ¼
· What caught my eye: Lots of “friendly” news with China said to be buying 4-5 cargoes of U.S. beans; one entity’s rather large, lower bean yield estimate and today, January Dalian bean futures have just roared past the $21 per bushel ceiling
· Uncertainty aside, “stock markets continue to take the U.S. election in a positive frame of mind”—one pundit’s comments
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Asia: Higher: Nikkei, +1.73%; Shanghai, +1.30%; Hang Seng, +3.25%
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EUROPE: Higher—DAX, +1.56%; FTSE, +0.47%; CAC, +1.08%
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WALL STREET: Up, up & away?–DOW futures, +423; S&P, +71; NAS, +342
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EXTERNALS: Dec crude, -$0.27 @ $38.88; Gold: +$22.60 @ $1,919 Mar $ Index, -0.491 @ 92.890
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T-storm Weather®: In Brazil, most areas will be dry through at least Mon. Scattered rain follows in southern areas Tue.-Thu., & then in central areas in 7-10 days. Generalized rain of 1.00"-2.00" expected south over next two weeks (~3.25" normal), while 1.75"-3.50" falls in central areas (3.00" -5.00" normal). In Argentina, some rain falls in eastern & northern areas next two weeks, but heavy totals unlikely. Near-normal rain probable for southwestern & western areas (including ~25% of early-corn & soybeans)
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CZ, up $.0550 @ $4.1075; CH, up $.0525 @ $4.1650. Active fund buying @ 10 K . . . demand, elections, S Am dryness some areas
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SF, up $.1325 @ $10.9950; SH, up $.14 @ $10.937. Funds bought 12 SB; 9 SBM; 7 SBO. Board crush: $1.48 (Z/X), +$.17; LY, $0.78
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WZ, up $.10 @ $6.16; WH, up $.0950 @ $6.19. Funds were even on a day with choppy trade
CORN/SORGHUM
· Export Sales to be released at 7:30 am CDT. Trade expects 71 – 98 mbu for 20/21 corn
· T-storm Weather®: Dry & very mild upper-level high pressure dominates central U.S. through at least Sun., leaving highs in 60s-70s-80s, lows in 30s-40s. Mildest in central/southern Plains (record-setting warmth is probable at times)
· Ethanol grind: 961,000 barrels/day for week ending Oct. 30—up 20 thou (2.1%) v. last week but 5.2% lower v. 2019
· ATI Research: South American corn export line-up: Brazil rises 3 mbu to 152 & 23 mbu more than 2019; Argentina dn 10 to 30 mbu for a 52 mbu year to year decline; thus, the total was dn 7 to 182 mbu, or 29 smaller than a year ago
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 am CDT. Trade expects 29- 62 mbu for 20/21 soybeans; soymeal, 175 – 400 for 20/21; and soyoil, 5 - 30 for 20/21
· T-storm Weather®: In Brazil, the driest conditions for soybeans over the next two weeks (in both absolute and relative terms) are forecast across the state of Mato Grosso—the largest soybean producing state in the country
· Export Sales to be released at 7:30 am CDT. Trade expects 7 - 26 mbu for 20/21 wheat
· T-storm Weather®: Rain is reduced early next week for US HRW wheat in central/southern Plains from low humidities
ENERGY
· Lower: CLZ20, -$0.27 @ $38.88; EBF, -$0.05 @ $41.18; EBF-CLF, +0.24; RBZ, -.0074; NGZ, +.023; HOZ, -.0092
· Chicago ethanol was eased $.0050 at midweek to $1.53. Basis, mixed: NYC, -$.02 @ $.0050; Gulf, +$.0050 @ +$.04; Dallas, -$.0050 @ +$.0350; Tampa, -$.01 @ +$.13; LA, +$.0050 @ +$.066
· Ethanol RIN values, firm: 2019’s, +1.625 @ 56- 60 ¾; 2020’s: +1.375 @ 57-61 ¼; 2021, +1.375 @ 59-63 ¼        
·  The Dec RBOB/Dec ethanol spread is trading $.0018 lower at -$.2662 per gallon this morning
LIVESTOCK/POULTRY <wbr> ;
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Choice boxed beef was $0.75 higher on Wednesday at $210.19, and is up $4.40 compared to a week ago
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Wednesday’s week-to-week gain in choice boxed beef was the largest since Aug. 27
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The mandatory pork carcass cutout value was $0.53 lower on Wed. at $81.09, and is down $2.49 versus last week
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Lean Hog Index fell $0.83 on Wed. to $72.05. December futures firmed $0.950 but remain $5.700 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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