HIGHLIGHTS

·       TRENDS—Weaker: CH, -0.0450; SF, -$.1125; WH, -$.0850; KWH, -$.10. Dalian Jan futures: C, +1/4; SB, +2.  Deliveries: SRW, 31        

·       What caught my eye:  Higher domestic corn feeding?  October Census data indicates DDGs exports the 1^st two months are up 304 K MT this year while output is 900 K smaller suggesting domestic availability/use is down 1.2 million metric tonnes

·       U.S. preparing new trade sanctions on China; EU and the U.K. have yet to reach a trade deal

• Asia: Weaker:  Nikkei, -0.76%; Shanghai, -0.81%; Hang Seng, -1.23%
• EUROPE:  Mostly weaker:  DAX, -0.37%; FTSE, +0.39%; CAC, -0.84% 
• WALL STREET: Easier–DOW futures, -117; S&P, -14; NAS, -6
• EXTERNALS: Jan crude, -$0.36 @ $45.90; Gold: -$5.80 @ $1,844; Mar $ Index, +0.331 @ 90.940
• T-storm Weather®: Near-normal rainfall is likely in central and northern Brazil over the next two weeks as cool fronts trigger scattered thunderstorms through Wed.-Thu. and likely again after five to seven days with limited rains.  Argentina, southern Brazil, and Paraguay receive some thunderstorms (namely in one to two weeks), but below-normal totals are probable with rains typically more frequent
• CH, dn $.0450 @ $4.16; CK, dn $.0450 @ $4.1875.  The funds sold an estimated 8 K on Friday
• SF, dn $.1125 @ $11.5175; SH, dn $.11 @ $11.54.  Funds: bot 5 SB, 4 SBM, 6 SBO. Board crush: $1.23 (Z/F), +2; LY, $1.12
• WH, dn $.0850 @ $5.67; WK, dn $.08 @ $5.7075.  The funds sold 3 5 on Friday                 

  CORN​/SORGHUM

·       T-storm Weather®:  In Argentina, thunderstorms over the last week eased dryness, but 50% of early-corn was still drier than normal over last 30 days (but less than 5% with under half normal)

·       Consultant: Full-season corn planting is complete in the state of Paraná, Brazil—the latest end to planting since 2015.  As a result, safrinha (double crop) corn is going to be planted very late, making it more vulnerable to freezing temps 

·       Export Inspections released at 10 am CST; Corn, 57.7 mbu needed; 35.0 last week.  Milo—5.3 needed; 9,7 last week

·       ATI Research: U.S. Oct. corn exports were 145 mbu, +21 mil v. AMS est., which puts Sep-Oct at 295 mbu, +19 v. AMS

SOYBEANS/WHEAT

·     &nbs​p; T-storm Weather®: In central and northern Brazil, 3.00” to 5.00” of rain falls on soybeans over the next two weeks, easing short-term dryness but not longer-term drought because ~3.50” to ~5.50” is normal

·       Export Inspections released at 10 am CST; Soybeans, 31.3 mbu needed; 74.8 last week

·       Export Inspections released at 10 am CST; Wheat, 19.3 mbu needed; 18.5 last week

·       T-storm Weather®: A mix of light rain & snow occurs Fri.-Sat. across the U.S. Corn Belt & nearby areas of the Plains where 0.33”-0.67” of water is probable in much of the SRW wheat belt, but with less to much-less on HRW wheat

ENERGY

·       Weaker: CLF21, -$0.36 @ $45.90; EBG, -$0.37 @ $48.88; EBG-CLG, -0.02; RBF, -.0124; NGF, -.183; HOF, -.0076

·       Chicago ethanol was $.01625 higher at $1.3050/gallon Friday. Basis, mostly easier:  NYC, -$0.01125 @ $.09; Gulf, +$.00375 @ +$.095; Dallas, -$.00125 @ +$.05; Tampa, -$.00125 @ +$.175; LA, -$.00125 @ +$.13

·       Ethanol RINs, higher: 2019’s, up 1.375 @ 66 ¼-68 ½; 2020’s, up 1.375 @ 67 ½-69 ¾; 2021, up 1.625 @ 69 ½ –71 ¾                                                                    &n​bsp;                       &nb​sp;                       &nbs​p;                        &nbs​p;                        ​;          

·     &nb​sp; The Jan RBOB/Jan ethanol spread is $.0217 lower at -$.0707 per gallon 

LIVESTOCK/POULTRY                 ​                      ​

• Choice boxed beef fell $4.17 on Fri. to $235.02—largest one-day drop since June 18—& is $7.83 lower v. last week

·       Friday’s week-to-week decline in choice boxed beef was the largest since Sep. 15

• The mandatory pork carcass cutout value firmed $1.51 on Fri. to $76.64, but is still down $2.39 versus a week ago 
• USDA’s Iowa/Minnesota average cash lean hog price on Friday was $0.30 lower at $56.46

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