HIGHLIGHTS
· Market Trend—Corn, Up 2-3; Soybeans, Up 6-7; Wheat, ½ to 1 Higher
· Asian stocks respond favorably to U.S. jobs news—Nikkei up 2.3%; the Hang Seng edges .2% higher and Shanghai, up 1+%. In Europe, the DAX is up slightly but both the FTSE and CAC-40 are ¼ to ½% lower. U.S. stock futures are mixed: the S&P and Nasdaq are up ½ and 4 ¾, respectively; the Dow is 4 lower as the market continues to wrestle with a slow/steady economic recovery against prospects for cutting back on the Fed’s stimulus efforts. Outside markets find gold off $1.70; crude is little changed at $97.67/barrel and the $ Index is off .080 at 80.325
· T-storm Weather: Scattered thunderstorms are forecast every few days this week 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. Key central/southern grain and oilseed areas of Argentina stay mostly dry through 7-10 days, while temperatures fluctuate within a seasonable range. Therefore, conditions for corn/soybean planting and wheat harvesting improve
· Dec Corn Up $.0275 at $4.2675 Mar Corn Up $.0225 at $4.3650. The funds bought 1 K to close out the week
· Jan SB Up $.0675 at $13.3225; Mar SB Up $.0650 at $13.17. Funds: sold 1 K SB; were even on both SB and SBM
· Dec Wheat NA; Mar Up $.01 at $6.52. Fund activity was even on Friday
CORN/SORGHUM
· Buenos Aires Grains Exchange pegs corn planting in Argentina at 47% as of Dec. 5--approximately 25% below the 5-year average. The first week of December in Argentina is roughly equivalent to the first week of June in the U.S.
· T-storm Weather: Perfect planting weather is likely needed through the rest of the month in Argentina for all remaining corn to be seeded; however, perfect planting weather is very unlikely.
· Export Inspections released at 10 AM CST; Corn, 27.7 needed; 35.7 last week. Milo—3.8 needed; 0.3 last week
· Commitment of Traders report: Non-Commercial long corn futures positions increase 4,438 contracts
SOYBEANS/WHEAT
· Buenos Aires Grains Exchange: Soybean planting in Argentina at 58% as of Dec. 5, which is near the 5-year avg. of 61%
· Export Inspections released at 10 AM CST; Soybeans, 20.8 needed; 52.6 last week
· Commitment of Traders report: Non-Commercial long soybean futures positions increase 11,877 contracts
· Buenos Aires Grains Exchange: Wheat harvest is 30% complete in Argentina, which is near the 5-year avg. of 28%
· Export Inspections released at 10 AM CST; Wheat, 17.0 needed; 18.1 last week
· Commitment of Traders: CBT Non-Commercial long wheat futures positions decrease 292 contracts
· T-storm Weather: Total of 23% of U.S. HRW wheat was cold enough for winterkill on Saturday morning
ENERGY
· Energy markets—mixed, QCLF14,$0.00 at $97.65; QRBF, -$0.0068; QNGF, +$.066 and QHOF, -$.0074
· A mixed trend in cash ethanol markets was seen again on Friday: Chicago up 3 ½; Gulf down ½; Dallas and Tampa both gained ½; rally in New York continued, up 17 ½; while LA was ½ higher at $2.56 ½ per gallon
· Slight gains in RINs: 2012’s up ½ to 34-38; 2013’s were also ½ higher to 35-39; & 2014’s were ¼ firmer at 35 ½-40
· The January RBOB/January ethanol spread narrowed in $.0938 cents on Friday to settle at $.7339 per gallon
LIVESTOCK/POULTRY    
·   Choice boxed beef values fell 94-cents Friday and have lost $1.83 over the last two trading days
· Plains cash cattle traded last week at mostly $132, steady with the week before
· The USDA pork carcass cutout value firmed 99-cents Friday and has gained $1.15 over the last two trading days
· The USDA’s Iowa/Minnesota average cash lean hog price firmed 60-cents Friday to $78.29
Sources: Bloomberg, Dow Jones, AP, T-storm Weather