HIGHLIGHTS

• MARKET TREND—A little firmer (1:00 am): CZ, +$.0075; SF, +$.0250; WZ, +$.01; KWZ, +$.01 
• MACRO:  Markets remain jittery over slumping oil prices and economic growth worries.  Asia: Mostly weaker --Nikkei, +0.16%;Shanghai, -0.88%; Hang Seng, -0.61%.  EUROPE: Too early--NA; FTSE,+0.01%; CAC, NA.  WALL STREET: Futures are mostly weaker: DOW, -4;S&P, -0.75; NAS, -6.75.  EXTERNALS: Dec crude: -$0.26 @ $55.43; Dec Gold: +$2.80 @ $1,204; Dec $ Index, -0.204 @ 96.940. Del’y: ETOH, 0,RR, 1; SB, 326 
• Weather: Cordoba, Santa Fe, North Buenos Aires provinces will be mostly dry Wed-Fri.  Scattered showers and thunderstorms are possible Saturday and then dry Sunday-Monday. La Pampa & S BA will have similar weather.  Rio Grande do Sul and Parana: Scattered showers and thunderstorms later Tuesday and Wednesday with moderate to heavy totals expected.  RDGS dry weather l Thursday-Friday with episodes of scattered showers in Parana. Scattered showers and thunderstorms redevelop from south to north Saturday-Sunday. Moderate to heavy totals are expected. Dry weather on Monday

·      CZ, up $.0075 @ $3.6725; CH, up $.0050 @ $3.7825.  The funds liquidated 15 K on Tuesday  

• SF, up $.0250 @ $8.8075; SH, up $.0250 @ $8.9425.  Funds: sold 3 K SB, 2 K SBM, & 2 K SBO.  Board Crush: $1.00, 0, LY: $.95
• WZ, up $.01 @ $5.7925; WH, up $.01 @ $5.81.  The funds sold 10K in Tuesday’s session      

CORN/SORGHUM

• Corn was 84% harvestedthis week, an 8 point increase; 3 ahead of last year but 3 behind average. Milo’s 73% pace reflected a gain of 9 from the prior week but trails last year by 8 and is 11 points behind average
• Solid corn export inspections at 44.7 and near the top end of the 31-47 mbu range.  YTD exports of 437 million are up 202 year to year with balance of the year weekly exports of 43.7 per week needed to hit the USDA’s 2.450 bbu #

·      Ethanol margins turn negative at -$.01 per gallon; USDA’s 5.650 bbu grind forecast is increasingly looking to be 75 million on the high side

SOYBEANS/WHEAT

• 88% of the U.S. soybean crop has been harvested, up 5 points from a week earlier and 5 behind both last year and the 5-year average Winter wheat is
• 89% of the winter wheat has been seeded, a 5-point gain from last seek and 5 points off the year-ago and 5-year average pace.  77% of the planted area has emerged versus 83% for last year and the average
• Wheat exports disappoint at 12.6, near the low end of the 11-18 mbu expected.  BOY exports of 23.6/week are needed.  Cumulative exports are down 90 mbu year to year at 342 million
• Good soybean exports total 47.8, just slightly below the 33-48 mbu trade range and versus the implied rate of 36.6

ENERGY

·      Lower: CLZ18, -0.26 @ $55.43; EBF,-$0.14 @ $65.33; EBF-QCLF, +$0.08;RBZ, -0.0079; NGZ, -.026; HOZ, -.0016

·      EIA ethanol reported delayed until Thursday due to Veterans Day Observance

·      Chicago ethanol $.01350 lower @ $1.22; basis levels vs Chicago, mixed—New York, -.00125 @ $.12750; Gulf, +.00375 @ $.13500; Dallas, +.00375 @ $.09500; Tampa, +.00375 @ $.20500 and LA, -.03625 @ $.10500     

·      Ethanol RINs were weaker: 2017’s, -1/8 @ 6-6 ½; 2018’s, -1/4 @ 7-7 ¼; 2019’s, -1/4 @ 11-11 ¼                     

·      The Dec RBOB/Dec ethanol spread shed $.04300 on Tuesday, narrowing in to +$.3040 per gallon

LIVESTOCK/POULTRY                            &n​bsp;          

• Choice boxed beef was $1.47 lower on Tuesday at $214.08 and down $4.68 from a week earlier
• Choice boxed beef dropped to its lowest level since October 31^st’s $216.93 value
• USDA mandatory pork carcass cutout value fell $.16 on Tuesday to $69.10 and is down $3.30 vs. last week  
• CME Lean Hog Index dropped $.67 on Monday to $61.20 and is down $3.80 from a week ago

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