HIGHLIGHTS

• MARKET TREND—Weaker: CZ, -$.005; SF, -$.055; WZ, -$.0375; KWZ, -$.03 
• MACRO: Markets are mixed amid uncertainty surrounding Brexit developments.  Asia: Higher --Nikkei, +0.65%; Shanghai, +0.91%; Hang Seng, +0.72%.  EUROPE: Mixed—DAX, -0.19%; FTSE, +0.63%; CAC, -0.01%.  WALL STREET: Futures are lower: DOW, -77; S&P, -9.50; NAS,-23.50.  EXTERNALS: Dec crude: +$0.08 @ $56.54; Dec Gold: -$0.50 @ $1,220; Dec $ Index, -0.053 @ 96.280.

·       Weather: In the U.S., the western Corn Belt is forecast to be mostly dry through Thursday followed by light rain on Friday. Temps average below to much below normal today, variable Tuesday and above to much above normal Wednesday-Friday.  In the eastern Corn Belt, dry conditions or just a little light precipitation is forecast today, followed by dry weather through Thursday. Temps are forecast to be near to below normal today, below normal Tuesday, variable Wed. & near to above normal Thursday

·       CZ, down $.005 @ $3.6425; CH, down $0.005 @ $3.7525.  The funds sold 8 K on Friday  

• SF, down $.055 @ $8.8875; SH, down $.0575 @ $9.00.  Funds: bought 2 K SB and 4 K SBM, and sold 4 K SBO. 
• WZ, down $.0375 @ $5.03; WH, down $.05 @ $5.1025.  The funds were even in Friday’s session      

 CORN/SORGHUM

·       ATI Research: Corn harvest in today’s USDA Crop Progress report likely to approach 90%, which would be below the 5-year average of 93% 

·       Consultant: In Brazil, rapid planting of soybeans could result in harvest up to 2 weeks ahead of normal.  If that occurs, it could result all of the safrinha(double crop) corn being planted well within the ideal planting window in early 2019

·       Export Inspections released at 10 am CST; Corn, 47.9 mbu needed; 44.7 last week.  Milo—2.2 needed; 0.5 last week

·       December 2019 corn futures on Friday closed at $3.98; one year ago, December 2018 corn futures settled at $3.87 ¼

SOYBEANS/WHEAT

·       ATI Research: Soybean harvest in today’s USDA Crop Progress report likely to approach 93%, which would be below the 5-year average of 97%

·       Consultant: In Brazil, rapid planting of soybeans could result in harvest up to 2 weeks ahead of normal.  If that occurs, it could lead to soybean exports as early as mid-January

·       Export Inspections released at 10 am CST; Soybeans, 36.6 mbu needed; 47.8 last week

·       Export Inspections released at 10 am CST; Wheat, 23.6 mbu needed; 12.6 last week

·       KC HRW July 2019 wheat futures closed at $5.29 ¼ on Fri.; one year ago, KC HRW July 2019 futures settled at $4.69 ½

ENERGY

·       Mixed: CLZ18, +0.08 @ $56.54; EBF,-$0.09 @ $66.67; EBF-QCLF, -$0.10;RBZ, -0.0131; NGZ, +.215; HOZ, +.0065

·       Chicago ethanol was $.00875 lower @ $1.24; basis levels vs. Chicago, mixed—New York, -.00125 @ $.1250; Gulf,                      -.00125 @ $.1250; Dallas, +.00375 @ $.0950; Tampa, +.00375 @ $.2100; and LA, +.02875 @ $.14     

·       Ethanol RINs were firmer: 2017’s, +3/4 @ 6 ½-8; 2018’s, +7/8 @ 8-9; 2019’s, +1 1/8 @ 11 ¾-13 ½                      

·       The Dec RBOB/Dec ethanol spread is trading at +$.29990 per gallon

LIVESTOCK/POULTRY                                 &nbs​p;    

• Choice boxed beef eased 64-cents on Friday to $212.91 and is $2.29 lower compared to the previous eek 
• Light to moderate cash cattle trade was seen on Fri. in the South with prices at $114—steady with the prior week
• USDA mandatory pork carcass cutout value fell 51-cents on Friday to $66.85 and is down $1.85 vs. a week ago  
• CME Lean Hog Index was $0.76 lower on Fri. at $59.10.  December futures soared $3.00 & are $0.975 above the index    

Source: Bloomberg, Dow Jones, AP, DTN