HIGHLIGHTS

• MARKET TREND—Mostly firmer: CZ, +$.01; SF, -$.0325; WZ, +$.0225; KWZ, +$.0050 
• MACRO:  Stocks waver as Saudis say they will slash oil output & OPEC members call for a collective production cut. Asia: Lightly higher --Nikkei, +0.09%; Shanghai, +1.22%; Hang Seng, +0.12%.  EUROPE: Mostly lower--DAX, -0.65%; FTSE, +0.10%; CAC, -0.21%.  WALL STREET: Futures are slightly firmer: DOW, -3; S&P, +2.25; NAS, +22.50. EXTERNALS: Dec crude: +$0.28 @ $60.47; Dec Gold: -$1.50 @ $1,207;Dec $ Index, +0.506 @ 97.240. Del’y: SB, 249  11/13

·      T-storm Weather: Heavy to very heavy rainfall of 2.25" to 4.50" fully breaks dryness and drought across Argentina through Tue.-Wed. as a large, slow, and strong system passes.  Planting stops in this period, and a typical mix of weather follows with neither ideally-dry nor problematically-wet weather most likely.  In Brazil, thunderstorms affect northern areas on most of the next 10 days, producing heavy totals of 3.00" to 6.00" within a key first-crop corn and soybean swath

·      CZ, up $.01 @ $3.7075; CH, up $.0050 @ $3.8175.  Fund selling estimated at 10 K on Friday     

• SF, dn $.0325 @ $8.8350; SH, dn $.0375 @ $8.9625.  Funds: bot 4 SB; even SBM, sold 5 K SBO.  Board Crush: $0.95, -14, LY: $.95
• WZ, up $.0525 @ $5.0425; WH, up $.0250 @ $5.1475.  The funds sold 7 K to close out the week       

CORN/SORGHUM

·      ATI Research: The 5-year average increase in U.S. corn harvest from Nov. 4-11 is 10%; the largest gain since 2009 is 14% in 2014

·      T-storm Weather: Dry weather aids corn planting in southern Brazil until a cool front passes Tue.-Thu. and triggers thunderstorms, followed by additional rain later next week as a stormy open to the growing season continues

·      Consultant: Full-season corn planting in southern Brazil is winding down in some areas; crop rated good to very good

·      Export Inspections released at 10 am CST; Corn, 47.9 mbu needed; 49.4 last week.  Milo—2.2 needed; 0.9 last week

SOYBEANS/WHEAT

·      ATI Research: The 5-year average increase in U.S. soybean harvest from Nov. 4-11 is 4%; the largest gain since 2009 is 6% in 2014

·      T-storm Weather: Dry weather aids soybean planting in southern Brazil until a cool front passes Tue.-Thu. and triggers thunderstorms, followed by additional rain in the week as a stormy open to the growing season continues

·      Export Inspections released at 10 am CST; Soybeans, 36.9 mbu needed; 45.2 last week

·      Export Inspections released at 10 am CST; Wheat, 23.2 mbu needed; 12.0 last week

·      ATI Research: Strong bias that the Australia wheat crop estimate will decline from the USDA’s 17.5 MMT projection

ENERGY

·      Higher: CLZ18, +$0.28 @ $60.47; EBF, +$1.01 @ $71.19; EBF-QCLF,+$0.70; RBZ, +0.0137; NGZ, +.075; HOZ, +.0044

·      Chicago ethanol eased $.01250 to $1.23375; basis levels vs Chicago, lower—New York, -.01 @ $.12875; Gulf, -.00250 @ $.13625; Dallas, -.00250 @ $.06625; Tampa, -.00250 @ $.19625 and LA, -.00750 @ $.14125     

·      Ethanol RINs were steady: 2017’s, unch @ 6-7; 2018’s, unch @ 7 ¾ -8; 2019’s, unch @ 11 ¾ -12                     

​ ·      The Dec RBOB/Dec ethanol spread narrowed $.00890 on Friday to+$.3664 per gallon

 LIVESTOCK/POULTRY                &n​bsp;                      

• Choice boxed beef was 87-cents lower on Friday at $215.20 and is down $2.43 compared to last week 
• Light-to-moderate cash cattle trade developed on Fri. in the South at $114 to $115—about $2 lower than last week
• USDA mandatory pork carcass cutout value declined $1.21 on Friday to $68.70 and is $5.05 lower vs. a week ago  
• CME Lean Hog Index fell $0.61 on Fri. to $62.77.  December futures firmed $0.175 but are $6.97 below the index 

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