HIGHLIGHTS

• MARKET TREND—Weaker:  CH, -$.0150; SF, -$.05; WH, -$.0375; KWH, -$.0275
• MACRO:  Bearish market sentiment persists; lack of China/U.S. trade progress; Huawei Tech arrest.  Asia: Weaker--Nikkei, -2.12%; Shanghai,-0.82%; Hang Seng, -1.19%.  EUROPE: Lower—DAX, -0.37%; FTSE,-0.15%; CAC, -0.34%.  WALL STREET: Futures are, again weaker: DOW,-58; S&P, -6.00; NAS, -13.75.  EXTERNALS: Jan crude: -$0.76 @ $51.85;Dec Gold: -$0.40 @ $1,246; Dec $ Index, +.119 @ 96.595. Dely: SBO, 448; C, 585; HRW, 3; SRW, 47

·       T-storm Weather: In northern Brazil, a notably drier period begins over the next few days, ending the wet period of recent days, weeks, and months.  In southern Brazil, mainly dry weather continues over the next week, and temps turn hot from Tue. forward as highs return to the 90s.  In Argentina, heavy rain occurs over the next 5-7 days, producing generalized totals of 1.00”-4.00” with highest coverage and amounts in concentrated corn and soybean areas of northern Buenos Aires, Cordoba, and Santa Fe 

·       CH, dn $.0150 @ $3.84; CK, dn $.0125 @ $3.9150.  The funds ended the week buying 5 K       

• SF, dn $.05 @ $9.1175; SH, dn $.0450 @ $9.2450.  Funds: Bought 4 SB, 0 SBM & SBO. Board Crush: $0.84, -9; LY: $1.10 
• WH, dn $.0375 @ $5.2750; WK, dn $.0375 @ $5.3225  The funds were buyers of 7 K on Friday                 

 CORN/SORGHUM

·​;       T-storm Weather: Stormier period begins Dec. 17-18 for southern Brazil full-season corn; 1.00”-2.00” over Dec. 17-24

·       Consultant: In Brazil, Minas Gerais is the largest full-season corn producing state and the crop there is in vegetative development and generally rated good to very good

• Export Inspections released at 10 am CST; Corn, 48.5 mbu needed; 40.8 last week.  Milo—2.2 needed; 4.2 last week
• USDA WASDE report Dec. 11: Avg. trade est. U.S. corn carryout--18/19, 1.744 bbu (range 1.585-2.058) & 1.736 in Nov.

·       Unshipped 18/19 export sales of U.S. corn as of Nov. 29 were 472 mbu—dn 19% from 583 mbu at this time last year

SOYBEANS/WHEAT

·       T-storm Weather: Stormier period begins Dec. 17-18 across soybeans in southern Brazil, likely producing seasonably-heavy totals of 1.00” to 2.00” across a wide area over Dec. 17-24; temps also revert to seasonable levels

·       Consultant: Very good growing conditions for Brazil soybeans continue in most areas, but rain is needed in the south

·       USDA WASDE Dec. 11: Avg. trade est. U.S. soybean carryout--18/19, 0.938 bbu (range 0.802-1.033) & 0.955 in Nov.

·       Export Inspections released at 10 am CST; Soybeans, 36.2 mbu needed; 38.3 last week

·       Export Inspections released at 10 am CST; Wheat, 24.5 mbu needed; 17.4 last week

·       USDA WASDE Dec. 11: Avg. trade est. U.S. wheat carryout--18/19, 0.969 bbu (range 0.924-1.025) & 0.949 in Nov. 

ENERGY

·       Weaker: CLF19, -$0.75 @ $51.85; EBG,-$0.66 @ $61.02; EBG-QCLG, +$0.11; RBF, -.0314; NGF, +.035; HOF, -.0127

·       Chicago ethanol was a ½ cent firmer on Friday at $1.19; basis values were mostly steady: New York, unch @ $.1700; Gulf, +.0050 @ $.1450; Dallas, unch @ $.10; Tampa, unch @ $.24; and LA, unch @ $.20    

·       Ethanol RINs were mixed: 2017’s, +3/4 @ 16 ½-17; 2018’s, -1/4 @ 17 ½ -18; 2019’s, -1/2 @ 20-21                         

·     ​  The Jan RBOB/Dec ethanol spread widened further on Friday, adding $.0434 to $.2478/gal 

 LIVESTOCK/POULTRY                   ​                   

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• Choice boxed beef increased $1.62 on Friday to $214.29 and is $1.68 higher compared to last week 
• U.S. cattle slaughter for week end Dec. 8 est. up 4.2% v. 2017 but beef production up 3.5% due to lighter weights
• USDA mandatory pork carcass cutout firmed $1.54 on Friday to $71.87 and is $4.35 higher vs. a week ago 
• CME Lean Hog Index fell $0.23 on Fri. to $55.96.  December futures declined $0.275 and are $1.71 below the index

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