HIGHLIGHTS
· USDA Supply/Demand report at 11:00 am CST
· TRENDS—Up! CH, +0.02; SF, +$.0875; WH, +$.1075; KWH, +$.0975. Dalian Jan futures: C, +2; SB, -9½. Dely: SBM, 113; SBO, 432; SRW, 432
· What caught my eye: Trade sees Arg/Brzl SB crops down 700 K each w/ Brzl corn 1.1 MMT smaller & Arg, 700. Awaiting USDA
· Global markets are mixed this morning with numerous cross-currents: Brexit; Facebook; emergency vaccine approval; stimulus . . .
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Asia: Mostly weaker: Nikkei, -0.23%; Shanghai, +0.04%; Hang Seng, -0.35%
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EUROPE: Firm: DAX, +0.09%; FTSE, +0.54%; CAC, +0.30%
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WALL STREET: Mostly higher–DOW futures, +50; S&P, +3.25; NAS, -6.50
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EXTERNALS: Jan crude, +$0.66 @ $46.18; Gold: +$1.40 @ $1,840; Mar $ Index, -.021 @ 90.990
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T-storm Weather®: In Brazil, scattered rain continues in central and northern areas through Fri. A drier period follows central and north for five to seven days, but scattered thunderstorms focus on southern areas within Sun.-Wed. In Argentina, some rain dots southern areas today. Better rainfall follows Sun. and Tue. in the north, but mainly dry weather continues central and south
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CH, up $.02 @ $4.2575; CK, up $.02 @ $4.2850. Mexico sale helps stimulate 8 K in fund buying
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SF, up $.0875 @ $11.6725; SH, up $.0875 @ $11.7225. Funds: Bot 5 SB, 4 SBM, 5 SBO. Board crush: $1.14 (Z/F), -1; LY, $1.01
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WH, dn $.1050 @ $5.9375; WK, up $.1025 @ $5.9475. The funds bought back the 6 K sold Tuesday, Russian food price worries?
CORN/SORGHUM
· USDA Supply/Demand report: Average trade estimate for U.S. corn carryout--20/21, 1.691 bbu (range 1.550-1.815)
· Export Sales to be released at 7:30 am CST. Trade expects 43 – 59 mbu for 20/21 corn
· T-storm Weather®: In Argentina, 0.50” to 1.50” of rainfall occurs over the next two weeks across early-corn in central and south regions; in contrast, 1.00”-2.00” develops in lighter producing areas in the north; ~2.00” is normal
· Ethanol grind: 991,000 barrels/day for week ending Dec. 4—up 17 thou (1.7%) v. last week but 7.6% lower v. 2019
SOYBEANS/WHEAT
·   USDA Supply/Demand report: Average trade est. for U.S. soybean carryout--20/21, 0.169 bbu (range 0.120-0.221)
· Export Sales to be released at 7:30 am CST. Trade expects 18- 35 mbu for 20/21 soybeans; soymeal, 125 – 300 for 20/21; and soyoil, 5 - 15 for 20/21
· T-storm Weather®: In central and northern Brazil, 3.00”-5.00” of rain develops across soybeans over the next two weeks, compared to normal rainfall of ~3.50” to ~5.50”
· USDA Supply/Demand report Average trade estimate for U.S. wheat carryout--20/21, 0.877 bbu (range 0.850-0.917)
· Export Sales to be released at 7:30 am CST. Trade expects 13 – 20 mbu for 20/21 wheat
ENERGY
· Firm: CLF21, +$0.66 @ $46.18; EBG, +$0.77 @ $49.63; EBG-CLG, +0.15; RBF, +.0251; NGF, -.005; HOF, +.0217
· Chicago ethanol was $.0310 lower at $1.2675/gallon. Basis, mixed: NYC, +$0.0010 @ $.10250; Gulf, +$.0110 @ +$.0925; Dallas, -$.0046 @ +$.0525; Tampa, -$.0040 @ +$.1575; LA, -$.1040 @ +$.1375
· Ethanol RINs, steady/weaker: 2019’s, unch @ 66-68; 2020’s, unch @ 67 ½-69; 2021, dn 0.25 @ 68 –70         ; ;
· The Jan RBOB/Jan ethanol spread is $.04620 higher at +$.0071 per gallon this morning
LIVESTOCK/POULTRY
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Choice boxed beef fell another $6.76 on Wednesday to $218.26, and is down $22.63 compared to a week ago
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Since Nov. 25, choice boxed beef has fallen $26.80 (10.9%), and is at the lowest level since Nov. 9
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The mandatory pork carcass cutout value eased $0.67 on Wed. to $76.78, and is $2.25 lower versus last week
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Lean Hog Index firmed $0.04 on Wed. to $65.66. December futures increased $0.575 but are $0.535 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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