HIGHLIGHTS
· Market Trend—Corn, ¼ Higher to ¾ Lower; Soybeans, 6-7 Higher; Wheat, 3 Higher
· Chinese manufacturing data shows minimal expansion in November—most Asian markets close lower with the Shanghai composite down 1.6%. Spanish PMI a disappointment, key EU markets lower in early trading. Investors await more definitive direction from the Federal Reserve. U.S. equity markets struggle to start higher?—Down futures up 4; S&P, up ¼ and the Nasdaq, +5 ¼. Gold is off $11.75 per oz; the $ Index is a ¼ point higher at 80.905 and energies are mixed
· T-storm Weather: Scattered thunderstorms occur every few days across northern Argentina, Paraguay and Brazil; seasonably-heavy amounts of 1.25”-2.50” occur through the period. Therefore adequate soil moisture levels are expected to continue for corn and soybean development across these areas. To the south, key central/southern grain and oilseed areas of Argentina stay mostly dry through 7-10 days; temperatures fluctuate within a seasonable range. Therefore, conditions for corn/soybean planting and wheat harvesting improve through 7-10 days.
· Dec Corn Up $.0050 at $4.1575; Mar Corn Down $.0075 at $4.2375. 0 deliveries. The funds were even on Friday
· Jan SB Up $.0675 at $13.4325; Mar SB Up $.0725 at $13.25. Funds bought 7 K SB, 7 K SBM, 2 K SBO. 0 SBM del’d
· Dec Wheat Up $.03 at $6.58; Mar Wheat Up $.0325 at $6.72. Funds bought 4 K Friday
CORN/SORGHUM
· T-storm Weather: Argentina corn planting is 20-30 points behind 2009, 2010 and 2011 with only 44% complete as of Nov. 28 according to the Buenos Aires Grain Exchange. BA Exchange also cut its corn planting estimate by 4%
· Export Inspections released at 10 AM CST; Corn, 27.9 needed; 30.2 last week. Milo—3.7 needed; 2.5 last week
· ATI Research: Friday’s USDA Export Sales report put new corn business at 39.6mbu compared to 31-43 expected. Big number to Unknown destinations --possibly China?
· Next USDA Supply/Demand report--scheduled for release on Dec. 10--will not update the size of the U.S. corn crop
SOYBEANS/WHEAT
· Export Inspections released at 10 AM CST; Soybeans, 21.6 needed; 66.9 last week
· Buenos Aires Grains Exchange increased its Argentina soybean planting estimate by 1.2% reports soybean planting is 37% complete in Argentina, up 15 points from last week
· Too many beans? Brazil government to offers subsidized loans to producers in an effort to double wheat output
· T-storm Weather: Pockets of dryness persist in parts of Center-West Brazil but most soybean areas of Brazil and Paraguay were seasonably-wet over the last 30 days; significant dryness or wetness problems do not exist
· Export Inspections released at 10 AM CST; Wheat, 16.9 needed; 12.6 last week
· Argentina Ag Ministry last week lowered its estimate of Argentina wheat production to 8.5 MMT
· T-storm Weather: Temps across key U.S. HRW wheat areas crash Wednesday-Thursday and average much colder than usual for at least 5-10 days. Minimum readings likely to fall below zero from northwest Kansas northward
ENERGY
· Energy markets—mixed: QCLF14,+$.06 at $92.77; QRBF, +$0.0031; QNGF, -$.024 and QHOFZ, +$.0001
· Cash market ethanol information was not available on Friday
· The January RBOB/December ethanol spread narrowed in 5+ cents on Friday, to $.6341 per gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values firmed 33-cents Friday and have increased $4.30 over the last five trading days
· After falling $1.38 over the previous three trading days, the USDA pork carcass cutout value gained $1.49 Friday
· The USDA’s Iowa/Minnesota average cash lean hog price gained $2.10 Friday to $82.11
Sources: Bloomberg, Dow Jones, AP, T-storm Weather