HIGHLIGHTS

• MARKET TREND—Firm: CH: up $.0050; SF: up $.0250; WH: up $.0075; KWH: up $.01

·       MACRO.  Overseas markets said to be lower on U.S. tax uncertainty; U.S. futures ARE higher, however.  ASIA—Weaker: Nikkei, -0.62%; Shanghai, -0.80%; Hang Seng, -1.09%. EUROPE: Mostly lower: DAX, -0.26%; FTSE, +0.06%; CAC, -0.35%.  WALL STREET—Futures are firmer—DOW, +50; S&P, +4.25; NAS, +16.25.  EXTERNALS: $ Index: -.014 @ 93.465;Gold: +$2.40 @ $1,256; Jan crude: +$0.36 @ $57.40/bl.  Del’y: SBM, 92; SBO, 104; C, 142; ETOH, 0; HRW, 28; SRW, 153

• T-storm Weather: The first in a series of systems triggers some thunderstorms in Argentina Sat.-Sun. and southern Brazil and Paraguay Sun.-Mon.  The main events follow from Tue.-Wed. forward as a series of systems pass in a new pattern and trigger heavy thunderstorm clusters in varying areas at varying times, essentially wiping out topsoil dryness and stabilizing or improving subsoil dryness.  Otherwise, areas of rain continue in northern areas of Brazil as remnants of cool fronts trigger thunderstorms
• CH, up $.0050 @ $3.49; CK, up $.0050 @ $3.5725.  Fund activity was net even on Thursday          
• SF, up $.0250 @ $9.7025; SH, up $.0250 @ $9.8125.  Funds: sold 6 SB, 6 SBM, 2 SBO.  Board Crush: $1.05, 0; LY, $.66 
• WH, up $.0075 @ $4.19; WK, up $.0075 @ $4.3150.  Funds were estimated to have purchased 2 K                

CORN/SORGHUM

·       Unshipped 17/18 export sales of U.S. corn as of Dec. 7 were 590 mbu, which is down 22% from 754 mbu last year

• March 2018 corn futures on Thu. closed at $3.48 ½; one year ago, March 2017 corn futures settled at $3.56 ½
• Consultant: Due to dry topsoil, this year will go down as probably the slowest corn planting on record in Argentina.  Later planted corn in Argentina in recent years did fine when the summer were very wet, despite localized flooding

·       T-storm Weather: If an area of Argentina is to miss significant rain totals over the next two weeks, it would be limited to southwestern production areas.  This includes key sunflower areas, but not much corn

SOYBEANS/WHEAT

• Unshipped 17/18 export sales of U.S. soybeans as of Dec. 7 were 496 mbu—down 22% from 635 mbu last year
• T-storm Weather: Converging air masses trigger thunderstorms each of the next 10 to 14 days in northern soybean growing areas of Brazil, producing generalized totals of 3.50” to 7.00” across a wide area

·       Consultant: Approx. 28-30% of soybeans in Argentina will be double-cropped this year, which would be a record

·       Unshipped 17/18 export sales of U.S. all wheat as of Dec. 7 were 211 mbu—down 11% from 236 mbu last year

·       T-storm Weather: The central and southern U.S. Plains were unusually dry over the last 60 days with little or no precipitation having fallen, leaving 85% of HRW wheat drier than normal over the period

ENERGY

·       Firmer: CLF18, +$.36 @ $57.40; EBG +$0.16 @ $63.47; EBG-QCLF, -$0.18; RBF,+.0126; NGF, +.030; HOF, +.0066