HIGHLIGHTS
· TRENDS—Lower: CH, -0.02; SF, -$.14; WH, -$.0075; KWZ, +$.0050. Dalian Jan futures: C, -1/2; SB, +19 ½. Deliveries: BO, 100; HRW, 5; O, 31; SRW 110
· What caught my eye: Record October NASS crush of 196.6 mbu, 9.4 million more than LY and right at the trade estimate
· U.S. Covid-related hospitalizations make new highs; Senate turns thumbs down on new relief package; gov shutdown looms
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Asia: Mostly weaker: Nikkei, +0.05%; Shanghai, -0.07%; Hang Seng, -0.13%
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EUROPE: Mostly lower: DAX, -0.25%; FTSE, +0.24%; CAC, -0.19%
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WALL STREET: Higher–DOW futures, -106; S&P, -8.5; NAS, -21
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EXTERNALS: Jan crude, +$0.20 @ $44.35; Gold: +$13.20 @ $1,832; Mar $ Index, +0.093 @ 91.320
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T-storm Weather®: A heavy thunderstorm cluster sweeps across northern Argentina, southern Brazil, and Paraguay today. Argentina turns / stays drier for one week as the associated cool front clears the region, but additional thunderstorms form in southern Brazil and Paraguay Fri.-Sat. as the front shifts further north. The front finally reaches central and northern Brazil Sun.-Mon. to trigger widely-scattered thunderstorms, followed by better-organized rains next week as the remnant of the front lingers
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CH, dn $.02 @ $4.1875; CK, dn $.02 @ $4.22. Another day of heavy fund selling, 15 K again on Tuesday
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SF, dn $.14 @ $11.48; SH, dn $.1450 @ $11.4850. Funds: sold 5 SB, 1 SBM, 5 SBO. Board crush: $1.15 (Z/F), +2; LY, $1.09
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WH, up $.0075 @ $5.78; WK, up $.0050 @ $5.8175. Fund selling yesterday totaled 6 K
CORN/SORGHUM
· Consultant: Argentina 20/21 corn crop est. is unch at 48.0 MMT; neutral to lower bias going forward. Recent rains were very welcomed because earlier planted corn has started to pollinate and was exhibiting signs of moisture stress
· T-storm Weather®: A wave of energy triggers a severe thunderstorm cluster today across pollinating full-season corn in southern Brazil, producing 1.00” to 3.00” of rain with highest totals in the state of Rio Grande do Sul
· U.S. Energy Information Administration (EIA) report scheduled to be released at 9:30 am CST
SOYBEANS/WHEAT
· Consultant: Argentina 2020/21 soybean crop est. is unch at 49.0 MMT; recent rains will spur rapid soybean planting
· T-storm Weather®: A total of 3.00”-5.00” of rain is forecast the next two weeks across soybeans in central & northern Brazil, but thunderstorms will need to continue beyond then because of drought & that ~3.25”-~5.25” is normal
· ATI Research: Near-term U.S. wheat exports are pegged at 13-17 mbu per week
· T-storm Weather®: A humidity-starved system produces 0.33”-0.67” of water Wed.-Thu. for wheat near KS-OK border
ENERGY
· Weaker: CLF21, -$0.205 @ $44.35; EBG, +$0.04 @ $47.46; EBG-CLG, +0.22; RBF, -.0040; NGF, +.012; HOF, -.0007
· EIA Report Estimates (API): crude -2.4 (+4.1); Gasoline +2.4 (+3.4); Distillates -0.2 (+0.3). Estimates for ethanol production avg. 0.981 mbpd (range: 0.962-0.998). Avg. est. of ethanol stocks: 21.228 mb (range: 20.476 - 22.000)
· Chicago ethanol was $.0475 lower at $1.28625/gallon. Basis, steady/firm: NYC, unch @ $.09875; Gulf, +$.0025 @ +$.08875; Dallas, +$.0075 @ +$.09375; Tampa, +$.0075 @ +$.23875; LA, +$.0175 @ +$.18375
· Ethanol RINs, higher: 2019’s, up 2.375 @ 64-65 ¾; 2020’s, up 2.625 @ 65 ¼-67; 2021, up 2.125 @ 64 ½ –68 ¾     ; ;  
· ; The Jan RBOB/Jan ethanol spread is $.0458 higher this morning at -$.0763 per gallon
LIVESTOCK/POULTRY  
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Choice boxed beef declined $0.28 on Tuesday to $243.40, and is $0.90 lower versus a week ago
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Cash cattle trade has yet to be established this week; asking prices of $112-$113 were noted on Tue. in the South
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The mandatory pork carcass cutout value fell $2.80 on Tue. to $76.05, and is $0.57 lower compared to last week
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Lean Hog Index eased $0.14 on Tue. to $66.67. December futures fell $0.60 but remain $0.305 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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