HIGHLIGHTS

·       TRENDS—Mixed: CH, +0.0150; SF, +$.0975; WH, -$.0650; KWH, -$.0675.  Dalian Jan: C, -6; SB, -67.  Dely: HRW, 1; SRW, 3; HRS, 0      

·       What caught my eye: Central/Northern Brazil dryness & the immediate trend continues its exports:  soybean line-up is less than 1 mbu and down sharply from 68 million a year ago; corn, on the other hand is some 49%/38 mbu larger at 114 million 

·       Covid-19 trucks roll; Brexit talks extended as deadline comes and goes; hopes for a stimulus package are renewed.

• Asia: Mostly firm:  Nikkei, +0.30%; Shanghai, +0.66%; Hang Seng, -0.44%
• EUROPE:  Higher:  DAX, +1.18%; FTSE, +0.40%; CAC, +1.10% 
• WALL STREET: Higher–DOW futures, +242; S&P, +25.5; NAS, +57
• EXTERNALS: Jan crude, +$0.61 @ $47.18; Gold: -$16.30 @ $1,827; Mar $ Index, -.424 @ 90.500
• T-storm Weather®: Upper-level high pressure leaves much of central and northern Brazil fairly dry over the next week. Scattered rain follows as next week progresses, but the region likely stays drier than normal because there will not be enough to reach the ~5.25” is normal of the next two weeks.  Conversely, above-normal totals occur in southern Brazil, followed by a drier period. Argentina receives some thunderstorms in 5 to 7 days, which will be monitored because not much rain precedes or follows
• CH, up $.0150 @ $4.25; CK, up $.0125 @ $4.2775.  The funds bought 5 K on Friday 
• SF, up $.0975 @ $11.7025; SH, up $.0950 @ $11.7550.  Funds: Bot 5 SB, 2 SBM, 2 SBO. Board crush: $1.20 (Z/F), +6; LY, $1.04
• WH, dn $.0650 @ $6.085; WK, up $.0575 @ $6.0825.  The funds buy 12:  Russian tax + export quota                            &nb​sp;                `

CORN/SORGHUM

·       T-storm Weather®:  Thunderstorms focus on full-season corn in southern Brazil this week, after which a drier period unfolds.  Most likely result is for 2.50”-5.00” to fall over the next 2 weeks (wettest in Paraná); ~2.50”-~3.50” is normal

·       Consultant: Recent rain came too late for full-season corn in Brazil that was planted in late Aug./early Sep. However, full-season corn only accounts for ~25% of Brazil’s corn crop with the safrinha (double crop) accounting for ~75%

·       Export Inspections released at 10 am CST; Corn, 58.3 mbu needed; 28.9 last week.  Milo—5.7 needed; 0.0 last week

·       Argentina producers are now 47% planted on the corn crop, up 12 points on the week

SOYBEANS/WHEAT

·       T-storm Weather®: Limited rain impacts soybeans in central/north Brazil this week; an uptick in thunderstorms begins Dec. 21-22 & then continues for 5-7 days.  Likely result is for 2.00”-4.00” to fall over next two weeks; ~5.00” is normal

·       Export Inspections released at 10 am CST; Soybeans, 29.4 mbu needed; 84.4 last week

·       Export Inspections released at 10 am CST; Wheat, 19.6 mbu needed; 19.5 last week

·       T-storm Weather®: Weekend snowfall was heavier than expected in HRW wheat areas of/near southwest KS where 4” to 8” fell, including 14” in Meade, KS.  Light snow (1” to 3”) is plausible Tue. in key areas of central/southern Plains

ENERGY

·       Higher: CLF21, +$0.61 @ $47.18; EBG, +$0.64 @ $50.61; EBG-CLG, +0.03; RBF, +.0153; NGF, +.111; HOF, +.0181

·       Chicago ethanol was $.0150 firmer at $1.29/gallon. Basis, steady/weaker:  NYC, -$0.0150 @ $.0950; Gulf, unch @ -$.0950; Dallas, -$.0050 @ +$.05; Tampa, -$.01 @ +$.1550; LA, -$.0150 @ +$.13

·       Ethanol RINs, firm: 2019’s, +.25 @ 66 ½- 68 ½; 2020’s, +.25 @ 68 ½ -69; 2021, +.50 @ 69 ½ –70 ½                                 &nbs​p;                        &nbs​p;                        ​;                        ​                        &​nbsp;                       &n​bsp;                    

·       The Jan RBOB/Jan ethanol spread is $.0018 lower at -$.0034 per gallon this morning  

LIVESTOCK/POULTRY                 ​;                      

<​li> Choice boxed beef eased $0.71 on Friday to $213.88, and is $21.14 lower compared to a week ago
• Southern cash cattle last week sold for mostly $108, which is roughly $2.00 to $2.50 lower than the previous week
• The mandatory pork carcass cutout value was $1.05 higher on Friday at $78.63, and is up $1.99 versus last week 
• Lean Hog Index fell $0.24 on Fri. to $65.37.  December futures were $0.125 lower and are $0.695 below the index

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