HIGHLIGHTS
· TRENDS—Up! CZ, +$.06; SF, +$.1575; WZ, +$.08; KWZ, +$.0475. Dalian Jan futures: C, +4 ¾; SB, +48!!
· What caught my eye: 2 things: Dalian Jan SB futures up $.48/bu overnight. Secondly, private consulting entity I greatly respect raised U.S. corn export forecast to 2.8 bbu . . . Surging Chinese internal cash corn prices, indicative of more imports?
· AstraZeneca says its vaccine is up to 90% effective, the 3rd such one to reach such a high efficacy level, futures are higher
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Asia: Firm: Nikkei, Holiday; Shanghai, +1.09%; Hang Seng, +0.13%
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EUROPE: Higher: DAX, +0.62%; FTSE, +0.31%; CAC, +0.55%
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WALL STREET: Higher–DOW futures, +177; S&P, +19.75; NAS, +38.50
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EXTERNALS: Jan crude, +$0.34 @ $42.76; Gold: -$7.90 @ $1,866; Mar $ Index, -0.340 @ 91.995
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T-storm Weather®: Limited rainfall is forecast across most of Brazil the next 7-10 days, except Rio Grande do Sul where occasional thunderstorms develop from late-week on. Scattered rain returns to much of Brazil in 10-14 days, but most areas will be drier or much-drier than normal through then. In Argentina, scattered thunderstorms form the next few days, followed by repeated rain in the north, but unlikely in key central & southern areas as high pressure leaves key areas only near and drier than normal
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CZ, up $.06 @ $4.2925; CH, up $.0650 @ $4.3475. Funds were even Friday
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SF, up $.1575 @ $11.9675; SH, up $.16 @ $11.97. Funds: bot 3 SB, 0 SM, sld 3 BO. Board crush: $1.13 (Z/F), -$.03; LY, $0.99
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WZ, up $.08 @ $6.0125; WH, up $.0775 @ $6.0725. The funds were also even in wheat
CORN/SORGHUM
· December 2021 corn futures on Fri. traded to $4.11 ½--equaling the highest price for the contract since Jan. 14, 2020
· Export Inspections released at 10 am CST; Corn, 56.6 mbu needed; 32.2 last week. Milo—5.5 needed; 4.6 last week
· T-storm Weather®: The likely forecast is for 2.00” to 4.00” of rain to fall over the next two weeks in the state of Rio Grande do Sul, Brazil, stabilizing dryness that has been impacting full-season corn
· ATI Research: Domestic corn prices in China continue to increase. Prices in the South last week topped the $400/MT mark; one year ago, prices in the region were trading near $285/MT
SOYBEANS/WHEAT
· Export Inspections released at 10 am CST; Soybeans, 33.8 mbu needed; 82.3 last week
· T-storm Weather®: In Argentina, most likely forecast is for heavy rain of 2.00”-6.00” the next 10-14 days to focus on fringe northern soybean areas, while near- to below-normal totals of 1.00”-2.00” result central & south (driest south)
· Export Inspections released at 10 am CST; Wheat, 19.0- mbu needed; 12.0 last week
· T-storm Weather®: In the U.S., a potent system generates light rain across the central and southern Plains on Tue,, producing 0.05”-0.25” across the western half of HRW wheat and slightly higher totals of 0.20”-0.60” to the east
ENERGY
· Firm: CLF21, +$0.33 @ $42.76; EBF, +$0.52 @ $45.48; EBF-CLF, +0.18; RBZ, +.0133; NGZ, +.066; HOZ, +.01184
· Chicago ethanol was off $.0225 Friday to $1.3625/gallon. Basis, firmer: NYC, +$.0275 @ +$.0925; Gulf, +$.0275 @ +$.0575; Dallas, +$.0275 @ +$.0475; Tampa, +$.0325 @ +$.1475; LA, +$.0325 @ +$.1375
· Ethanol RIN values, firm: 2019’s, up 1.00 @ 61 ½-62; 2020’s, up 1.00 @ 62 ½-63; 2021, up 1.00 @ 63 ½ – 64 ½ ;     ; </wbr>
· The Dec RBOB/Dec ethanol spread is $.0049 firmer this morning at -$.1499 per gallon
LIVESTOCK/POULTRY  
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Choice boxed beef was $0.65 higher on Friday at $238.35, and is up $12.37 compared to the previous week
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Cattle on Feed: Nov 1 on feed, 101.3% (101.8% avg est); Oct placed, 89.0% (90.8%); Oct Marketed, 99.9% (100.2%)
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The mandatory pork carcass cutout value fell $1.08 on Fri. to $76.86, and is $1.83 lower versus a week ago
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Lean Hog Index fell $0.63 on Fri. to $68.14. December futures increased $0.4250 but remain $4.015 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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