HIGHLIGHTS

·       TRENDS—Mixed: CH, -$.0125; SF, -$.0525; WH, +$0.0275; KWH, +$.0350. 

·       What caught my eye: Corn export sales this morning bear watching as the 47-79 mbu range included a daily sale of 42.3 to Mexico last week and the 35-51 SB range should have approximately 27 to China/Unknown. Rest of World interest?

·       Fairly quiet news day with U.S. futures up slightly.  Mostly weaker—Nikkei, -0.29%; Shanghai, +0.01%; Hang Seng, -0.30%; EUROPE: Mostly weaker—DAX, -0.38%; FTSE, +0.17%; CAC, -0.04%.  WALL STREET Futures—Mostly firm—DOW, +22; S&P, +0.50; NAS, -0.25.  EXTERNALS: Feb crude: +$0.03 @ $60.88; Gold: -$0.90 @ $1,478; $ Index, -.077 @ 97.323

·       T-storm Weather®: the forecast is similar to slightly wetter in Argentina as cool fronts trigger scattered thunderstorms today-Fri. & more so over Dec. 25-29 with the end result being for near to slightly below-normal rainfall over the next two weeks.  In Brazil, drying in the north is offset by several rains in 1-2 weeks, while rains further improve soil moisture in / near key areas of Goiás, Paraná, & Mato Grosso, though drying will be loosely monitored in Rio Grande do Sul as best rains fall just north & south

• CH, dn $.0125 @ $3.8575; CK, dn $.0150 @ $3.92.  Fund selling on Tuesday was estimated at 7 K   
• SF, dn $.0525@ $9.2325; SH, dn $.0450 @ $9.36.  Funds: Even SB, bot 1 K SBM, sold 4 K SBO.  Board crush: $1.06, -2; LY, $.88,-3; 
• WH, up $.0275 @ $5.51, WK, up $.03 @ $5.5475.  The funds sold 5 K at mid-week     

CORN/SORGHUM

·       Export Sales to be released at 7:30 am CST.  Trade expects 47-79 mbu for 19/20 corn

·       T-storm Weather®: dry & unseasonably mild weather dominate the central U.S. over the next week, quickly improving conditions for remaining corn harvest, though some muddiness initially results from snowpack melting in most areas

·       Consultant: corn production in Brazil is estimated at 102.0 MMT.  The breakdown is as follows: full-season corn, 26.3 MMT (26% of total output); safrinha (double crop), 74.5 MMT (73%); and third crop corn, 1.1 MMT (1%)

·       Ethanol grind: Total of 1,064,000 barrels/day for week end Dec. 13—down 8,000 v. prior week but up 1.7% v. 2018

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 35-51 for 19/20 soybeans; 150-350 for 19/20 soymeal; and 5-25 for 19/20 soyoil

·       Consultant: soybean planting in Argentina has been running below average, according to the Buenos Aires Grain Exchange.  The slowdown in planting is the result of dry conditions especially in southern & western growing areas

·       T-storm Weather®: in Argentina, rainfall of 1.00” to 2.00” is forecast over the next two weeks for soybean production areas in the south in contrast to 1.25” to 2.50” in the north.  Normal rainfall is 1.75” to 2.50” for the period

·       Export Sales report.  Trade expects 7-22 mbu for 19/20 all wheat

·       T-storm Weather®: most U.S. HRW and SRW wheat remains dry over the next week; rain/snow returns Dec. 26-29 

ENERGY

·       Firm: CLG20, +$0.03 @ $60.88; EBG, +$0.06 @ $66.23; EBG-QCLG, +.02; RBG, +.0025; NGG, -.026; HOG, +.0039

·       Chicago ethanol lost $.02425 at $1.3525; basis values versus Chicago were mixed:  NYC, +$.002675 @ $.16; Gulf, -$.00575 @ $.1475; Dallas, -$.00575 @ +$.07750; Tampa, -$.00575 @ +$.1675; LA, +$.00425 @ +$.25750

·       Ethanol RINs values weakened: 2018’s, -.25 @ 6-6 ½; 2019’s, -.3750 @ 12 ¼ -13; 2020’s, -.25 @ 18 ½ -19                                   &n​bsp;                       &nb​sp;                        &nb​sp;                      

·       The January RBOB/January ethanol spread again widened, +$.0101 to $.3268/gallon      

LIVESTOCK/POULTRY         ​                &nbs​p;             <​/p>

• Choice boxed beef declined another $3.24 on Wednesday to $209.57 and is $9.08 lower compared to a week ago
• Trade est. for Dec. 20 USDA Cattle on Feed: Dec. 1 on feed, 101.9%; Placed in Nov., 100.9%; Marketed in Nov., 97.3%

·       USDA mandatory pork carcass cutout value fell $1.63 on Wednesday to $76.45 and is down $5.94 versus a week ago

·       Trade est. for Dec. 23 USDA Quarterly Hogs & Pigs: All Hogs & Pigs, 103.0%; Breeding, 101.6%, Marketing, 103.1%   

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