Information provided may include opinions of the author and is subject to disclosures found at the end of this document.

HIGHLIGHTS

·       TRENDS—Mostly lower: CH, -0.0075; SF, +$.0475; WH, -$.0325; KWH, -$.03. Dalian Jan futures: C, -1; SB, -13.  Deliveries: BO, 100; HRW, 5; O, 2; SRW, 54        

·       What caught my eye:  Eastern meal basis down $3-$4 as several processors roll asking prices to the SMF

·       Global equity markets are mixed and little changed as there is little progress in the Covid stimulus package discussions

• Asia: Mostly firm:  Nikkei, +0.03%; Shanghai, -0.21%; Hang Seng, +0.74%
• EUROPE:  Mostly lower:  DAX, -0.36%; FTSE, +0.06%; CAC, -0.26% 
• WALL STREET: Mostly weaker–DOW futures, -33; S&P, -1.5; NAS, +19
• EXTERNALS: Jan crude, -$0.33 @ $44.95; Gold: +$12.20 @ $1,842; Mar $ Index, -0.142 @ 90.910
• T-storm Weather®: In Brazil, thunderstorms affect southern areas today.  Additional rain follows south Fri.-Sat. when a cool front clears the region, and then central and north starting Sun.-Mon. as the front shifts further north.  Scattered thunderstorms continue in varying areas over the 7 to 10 days that follow as cool fronts continue to pass.  In Argentina, best rains focus on northern areas over the next 10 days as some rain recurs Thu.-Fri. and around Tue., while key areas to the south will be mostly dry
• CH, dn $.0075 @ $4.23; CK, dn $.0075 @ $4.2575.  The funds bought 3 K at mid-week on ideas of further Chinese buying  
• SF, up $.0475 @ $11.5775; SH, up $.0525 @ $11.60.  Funds: sold 10 SB, 8SBM, 3 SBO. Board crush: $1.16 (Z/F), +1; LY, $1.10
• WH, dn $.0325 @ $5.8525; WK, dn $.0350 @ $5.8775.  The funds bought back the 6 K they sold on Tuesday                         

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

·       T-storm Weather®: In Argentina, thunderstorms over the last week eased the intensity of dryness, but 88% of expected early-corn was still drier than normal over last 30 days (19% less than half)

·       Ethanol grind: 974,000 barrels/day for week ending Nov. 27—dn 16 thou (1.6%) v. last week and 8.1% lower v. 2019

·       Consultant:  Full-season corn in Rio Grande do Sul, Brazil is 51% germinating/vegetative stage, 28% pollinating & 21% filling grain.  Extended dry weather is expected to result in yield losses of 40%-50% in northern & northwestern areas

SOYBEANS/WHEAT

·       Export​ Sales to be released at 7:30 am CST.  Trade expects 15- 42 mbu for 20/21 soybeans; soymeal, 100 – 300 for 20/21; and soyoil, 8 - 40 for 20/21  

·       T-storm Weather®: In central and northern Brazil, 3.00” to 5.00” of rain likely results for soybeans over the next two weeks, easing but not ending dry and drought conditions because ~3.25” to ~5.25” is normal of the period

·       Export Sales to be released at 7:30 am CST.  Trade expects 9 - 26 mbu for 20/21 wheat

·       T-storm Weather®: Cold period dominates dormant winter wheat this week in Russia; lows +/-0s (°F) in Volga District

ENERGY

·       Weaker: CLF21, -$0.33 @ $44.95; EBG, -$0.33 @ $47.92; EBG-CLG, -0.03; RBF, -.0105; NGF, -.105; HOF, -.0076

·       Chicago ethanol was $.0025 lower at $1.28375/gallon. Basis, mostly easier:  NYC, +$.0025 @ $.10125; Gulf, -$.0025 @ +$.08625; Dallas, -$.00250 @ +$.09125; Tampa, -$.0025 @ +$.23625; LA, -$.0075 @ +$.17625

·       Ethanol RINs, higher: 2019’s, up 0.375 @ 64 ½ -66; 2020’s, up 0.375 @ 66-67; 2021, up 1.625 @ 68 –68 ½                       &nbs​p;                     &n​bsp;                       &nb​sp;                       &nbs​p;                        &nbs​p;                        ​;                        ​       

·    &nbs​p;  The Jan RBOB/Jan ethanol spread is $.0162 weaker this morning at -$.0711 per gallon

LIVESTOCK/POULTRY             <​wbr>                   &n​bsp;      

• Choice boxed beef fell $2.51 on Wed. to $240.89—largest one-day decline since Sep. 14—& is dn $4.17 v. last week 
• Light cash cattle trade developed on Wed. at $110-$112 in the South—$1.00 lower to $1.00 higher versus last week
• The mandatory pork carcass cutout value firmed $2.98 on Wed. to $79.03, and is $1.73 higher versus a week ago 
• Lean Hog Index gained $0.04 on Wed. to $66.71.  December futures eased $0.625 and are $0.360 below the index

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