HIGHLIGHTS

·       TRENDS—Mixed: CH, -0.0125; SF, -$.0050; WH, +$.0425; KWH, +$.03. May Dalian Futures: SK, +24 ½; CK, +10 ¼

·       What caught my eye: Solid outlook for U.S. bean crushers?  USDA sees 20/21 Arg/Brzl SBM exports FALLING 2 ½ MMT to 43.2 million and only a modest recovering for their 21/21 crop year, up just 200 K

·       More of the same . . . market hopes for stimulus policy confirmation; Fed sees 2.4% slide in 2020 with GDP up 4.2% in 2021

• Asia: Higher:  Nikkei, +0.18%; Shanghai, +1.13%; Hang Seng, +0.82%
• EUROPE:  Mostly firm:  DAX, +0.82%; FTSE, -0.03%; CAC, +0.43% 
• WALL STREET: Higher, again?–DOW futures, +147; S&P, +21; NAS, +63
• EXTERNALS: Jan crude, +$0.17 @ $47.99; Gold: +$22.40 @ $1,882; Mar $ Index, -.5899 @ 89.770
• T-storm Weather®: In Brazil, scattered thunderstorms affect southern areas through Sun.-Mon.  A drier period follows, while rain returns to central and northern areas Dec. 21-23 and then continues in some fashion for 5-7 days; amounts increased to 2.50"-5.00" through Dec. 30.  In Argentina, scattered thunderstorms affect a wide area Fri.-Sat., including some of the driest areas of / near Córdoba.  At least one week of drying follows, accompanied by unseasonable coolness for several days early next week
• CH, dn $.0125 @ $4.26; CK, dn $.0125 @ $4.2850.  The funds bought 2 K but gains faded late in the session    
• SF, dn $.0050 @ $11.835; SH, dn $.0075 @ $11.8725.  Funds: 0 SB, bot 6 SBM, sld 2 SBO. Board crush: $1.14; (F/F), +15; LY, $1.06
• WH, up $.0425 @ $6.0275; WK, up $.0375 @ $6.0350.  The funds sold 2 K in a rather volatile day of wheat pricing                      
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CORN/SORGHUM

·     &nbs​p; Export Sales to be released at 7:30 am CST.  Trade expects 31 – 63 mbu for 20/21 corn

·       T-storm Weather®: A potent upper-level system moves across key early-corn areas of Argentina Fri.-Sat., triggering thunderstorms & producing 0.75”-1.50” within a wide area; potential for higher totals of 1.00”-2.00” in/near Córdoba

·       Ethanol grind: 974,000 barrels/day for week ending Dec. 11—dn 34 thou (3.4%) v. last week and 10.1% lower v. 2019

·       Consultant:  Even through southern Brazil did receive rain over the last several weeks, it came too late for the earlier planted full-season corn 

SOYBEANS/WHEAT

·       ​Export Sales to be released at 7:30 am CST.  Trade expects 15 - 33 mbu for 20/21 soybeans; soymeal, 150 – 350 for 20/21; and soyoil, 5 - 30 for 20/21  

·       T-storm Weather®: For soybeans in central and northern Brazil, the likely forecast is for 2.50” to 4.50” of rain to fall over the next two weeks with most over Dec. 22-29

·       Export Sales to be released at 7:30 am CST.  Trade expects 9 - 24 mbu for 20/21 wheat

·       T-storm Weather®: Recent rain & snow have eased coverage & intensity of dryness on HRW wheat in the U.S. Plains

ENERGY

·       Firm: CLF21, +$0.17 @ $47.99; EBG, +$0.11 @ $51.19; EBG-CLG, -0.10; RBF, +.0122; NGF, +.006; HOF, +.0057

·       Chicago ethanol was $.00475 higher at $1.30625/gallon. Basis, all firmer:  NYC, +$0.00275 @ $.07375; Gulf, +$.00025 @ +$.09375; Dallas, +$.02525 @ +$.06875; Tampa, +$.03025 @ +$.17375; LA, +$.03025 @ +$.14375

·       Ethanol RINs, firm: 2019’s, +1.00 @ 69 -71; 2020’s, +1.25 @ 71 ½-72; 2021, +0.75 @ 72 ½-73                                                                                      &nbs​p;                        ​;                        ​                        &​nbsp;                 

LIVESTOCK/POULTRY             ​                &nbs​p;         

• Choice boxed beef declined $1.60 on Wednesday to $207.22, and is down $11.04 versus the prior week
• Cash cattle trade developed on Wed. at $165 to $167 in the North, which is $3.00 to $5.00 lower than a week ago
• The mandatory pork carcass cutout value firmed $1.09 on Wed. to $73.69, but is still $3.09 lower versus a week ago
• Lean Hog Index eased $0.09 on Wed. to $64.97.  February futures declined $0.475 but remain $1.005 above the index 

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