HIGHLIGHTS

• MARKET TREND—Higher: CH: up $.0125; SF: up $.0375; WH: up $.02; KWH: up $.0325 

·       MACRO.  Overseas equity markets are mostly lower; U.S. stocks futures drop as tax revamp vote delayed until this morning.  ASIA—Mostly higher: Nikkei, +0.41%; Shanghai,+0.02%; Hang Seng, -0.35%.  EUROPE: Lower: DAX, -1.28%; FTSE, -0.47%; CAC, -1.07%. WALL STREET—Lower—DOW futures, -72; S&P, -12.50; NAS, -48.25.  EXTERNALS: $ Index: -.052 @ 92.950; Gold: +$3.00 @ $1,276; Jan crude: +$0.39 @ $57.79/bl.  Del’y: SBM, 59; SBO, 279; C, 1,286; HRW, 556; SRW, 1,520; EU Wheat, 45

• T-storm Weather: Heavy rainfall of 4.00" to 8.00" affects Center-West and Southeast Brazil over the next two weeks as dissipating cool fronts trigger thunderstorms.  Less rain occurs with southward extent, most notably from eastern Argentina through South Brazil where below-normal rainfall and temperatures continue despite scattered thunderstorms over Sat.-Mon.  A drier period continues next week as areas of surface-level high pressure likely keep thunderstorms in western Argentina
• CH, up $.0125 @ $3.57; CK, up $.0125 @ $3.65.  The funds were buyers of 2 K on Thursday      
• SF, up $.0375 @ $9.8950; SH, up $.04 @ $10.0175.  Funds: sold 4 SB, 2 SBO, bot 1 SBM.  Board Crush: $1.04, +$.02; LY, $.75  
• WH, up $.02 @ $4.35; WK, up $.0275 @ $4.4775.  Fund selling was estimated at 3 K yesterday       

CORN/SORGHUM

·       Unshipped 17/18 export sales of U.S. corn as of Nov. 23 were 572 mbu, which is down 21% from 723 mbu last year

• December 2017 corn futures on Thu. closed at $3.41 ¾; one year ago, December 2016 corn futures settled at $3.31 ¾
• Consultant: Second phase of Argentina corn planting will continue into mid-January.  This year, more than 60% of the corn in Argentina will be planted in this second phase, which is probably the most ever.  Dryness remains a concern
• T-storm Weather: In eastern growing areas of Argentina and South Brazil, areas of surface-level high pressure suppress rainfall to keep the region considerably drier and slightly cooler than normal over the next 10 days

SOYBEANS/WHEAT

• Unshipped 17/18 export sales of U.S. soybeans as of Nov. 23 were 489 mbu—down 24% from 645 mbu last year
• T-storm Weather: Thunderstorms form today-Sat. across western soybean growing areas of Argentina, with 1.00” to 2.00” amounts probable.  A drier period immediately follows and lasts at least five days as easterly winds diminish

·       Consultant: Due to very slow corn planting, some intended corn acreage in Argentina might get switched to soybeans

·       T-storm Weather: In Australia, heavy rainfall through Saturday of 1.25” to 2.50” stops wheat harvest in the states of South Australia, Victoria and New South Wales

·       Unshipped 17/18 export sales of U.S. all wheat as of Nov. 23 were 203 mbu—down 13% from 234 mbu last year

ENERGY

·       Higher: CLF18, +$0.39 @ $57.79; EBG +$0.45 @ $63.08; EBG-QCLF, +$0.05; RBF,+.0150; NGF, +.074; HOF, +.0206