HIGHLIGHTS

• MARKET TREND—Mostly higher:  CZ, +$.0050; SF, -$.0650; WZ, +$.0650; KWZ, +$.0350
• MACRO: Most global markets rebound after Black Friday losses; EU governments back UK Brexit deal; Shanghai much lower.  Asia: Mostly higher--Nikkei, +0.76%; Shanghai, -3.67%; Hang Seng, +1.73%. EUROPE: Higher—DAX, +1.13%; FTSE, +1.01%; CAC, +1.22%.  WALL STREET: Futures are sharply higher: DOW, +251; S&P, +30.50; NAS,+108.00.  EXTERNALS: Jan crude: +$0.71 @ $51.13; Dec Gold: +$3.90@ $1,227; Dec $ Index, -0.155 @ 96.670

·      Weather: In the U.S., dry weather is forecast today-Tuesday for the western Corn Belt.  Dry conditions or just a little light precipitation is projected for Wednesday.  Temps average below to much below normal today-Tuesday and near to below normal on Wednesday.  In the eastern Corn Belt, some freezing rain/snow is possible today followed by mostly dry weather Tuesday-Wednesday.  Temps average below to much below normal today through Wednesday

·      CZ, up $.0050 @ $3.5950; CH, up $.0050 @ $3.71.  The funds sold 5 K on Friday   

• SF, dn $.0650 @ $8.7450; SH, dn $.0650 @ $8.8825.  Funds: sold 3 K SB; 3 K SBO; 0 SBM. Board Crush: $1.04, 0; LY: $.97 
• WZ, up $.0650 @ $5.0625; WH, up $.0575 @ $5.13.  The funds traded even on Friday 

CORN/SORGHUM

·      December​ 2018 corn futures on Friday closed at $3.59; one year ago, December 2017 corn futures settled at $3.42 ¼

·      Consultant: Corn planting in Argentina is usually slow during November, but this year it is even slower than normal due to wet weather.  It will stay slow until the first week of December when the second phase of planting begins

·      Weather: Freezing rain, possibly mixed with snow showers is forecast today across Michigan today.  There is some corn harvest yet to be completed in the state; e.g. USDA pegged corn harvest in Michigan as of Nov. 18 at 74%

·      Export Inspections released at 10 am CST; Corn, 48.3 mbu needed; 31.4 last week.  Milo—2.2 needed; 2.2 last week

SOYBEANS/WHEAT

·      January 2019 soybean futures on Fri. closed at $8.81; one year ago, January 2018 soybean futures settled at $9.93 ¼

·      Weather: Freezing rain, possibly mixed with snow showers is forecast today across Michigan today.  There is some soybean harvest yet to be completed in the state; e.g. USDA pegged soybean harvest in Michigan as of Nov. 18 at 83%

·      Export Inspections released at 10 am CST; Soybeans, 36.5 mbu needed; 38.8 last week

·      Export Inspections released at 10 am CST; Wheat, 23.7 mbu needed; 18.7 last week

·      Indications are heavy rain, hail and high wind across Argentina wheat have led to crop loss vs. the USDA est. of 19.5 MMT; e.g. prod. is est. at 18.7 MMT by the Rosario Stock Exchange & 19.2 MMT by the Buenos Aires Grain Exchange

ENERGY

·      Higher: CLF19, +0.71 @ $51.13; EBF,+$1.22 @ $60.02; EBF-QCLF, +$0.51;RBF, +.0187; NGF, -.244; HOF, +.0157

·      From Wed: Chicago ethanol rose 1 5/8’s to $1.24875; basis values were mostly weaker: New York, -.01375 @ $.11250; Gulf, -.01125 @ $.09125; Dallas, -.00125 @ $.10125; Tampa, +.00625 @ $.24125; and LA, -.00625 @ $.13625    

·      From Wed: Ethanol RINs were steady/firm: 2017’s, unch @ 8-9; 2018’s, +3/4s @ 10-10 ½; 2019’s, +3/8’s @ 13 ¼ -14                      

·      The Dec RBOB/Dec ethanol spread collapsed $.1164/gallon on Friday to+$.11530 per gallon

LIVESTOCK/POULTRY              ​                         ​

• Choice boxed beef firmed 16-cents on Friday to $213.85 and is up 94-cents compared to last week
• Dressed steer weight for week end Nov. 10: 904 lbs, up 5 lbs v. last week, 896.75 for the 4-week avg. and 902 last year
• USDA mandatory pork carcass cutout fell 62-cents on Friday to $65.42 and is down $1.43 compared to a week ago
• CME Lean Hog Index eased $0.18 on Fri. to $57.84.  December futures gained $0.80 and are $1.235 above the index         

Source: Bloomberg, Dow Jones, AP, DTN

 

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