HIGHLIGHTS
· MARKET TREND--Higher: CH, up $.0075; SF, up $.0625; WH, up $.01; KWH, up $.01
· MACRO: Global markets are mixed this morning; Europe lags ahead of Italy’s constitutional referendum. ASIA-Higher: Nikkei, +1.12%; Hang Seng, +0.39%; Shanghai, +0.74%. EUROPE-Weaker: FTSE, -1.08%; DAX, -0.80%; CAC, -0.69%. Wall STREET: Futures are lower: DOW, -4; S&P, -2.25; NASDAQ, -7.75. EXTERNALS: $ Index, -.314 @ 101.225; Gold, -$3.70 @ $1,167; Dec Crude,+$0.56 @ $49.99. Deliveries: SBM, 3; SBO, 395; HRW, 810; SRW, 901
· T-storm Weather: The remnants of a cool front trigger thunderstorms in central & northern areas of Brazil, resulting in near-normal rain of 2.00"-4.00" over next 10 days, including some (but not all) of drier corn & soybean areas. In Argentina, a round of thunderstorms focuses on southern areas this weekend, & a few thunderstorms occasionally sneak into northern Argentina from Brazil & Paraguay; highest rain chances are mostly just north & south of concentrated production areas through 10 days
· Corn: CH up $.01 @ $3.4950; CZ up $.0125 @ $3.38. Fund selling on Wednesday was estimated at 2 K
· SB: SF up $.0625 @ $10.3850; SH, up $.0625 @ $10.4750. Funds—sold 5 SB, 5 SBM, bot 4 SBO. Board Crush: $.75, +.01; LY, $.67
· Wheat: WH up $.0075 @ $4.0350; WZ down $.0250 @ $3.78. The funds sold 3 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CST. Trade expects 35-47 for 16/17 corn
· ATI Research: Early indications place U.S corn stocks on December 1 at approximately 12.4 billion bushels, which is up 10% compared to last year
· Consultant: Estimate of 2016/17 corn production in Brazil is unchanged at 86.0 MMT. Eventual output could increase to as much as 91.0 MMT depending on the outcome of the safrinha (double crop) corn acreage and yields
· Ethanol grind: 1,012,000 barrels/day for week end Nov. 25—down 0.2% vs. last week but 5.9% higher vs. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 37-51 mbu for 16/17 soybeans; soymeal, 120-300 K MT; soyoil, 5-60
· ATI Research: Early indications place U.S soybean stocks on December 1 at approximately 2.9 billion bushels, which is up 7% compared to last year
· T-storm Weather: Seasonably-heavy rainfall affects soybeans across central and northern areas of Brazil next 2 weeks
· Export Sales report. Trade expects 11-18 mbu for 16/17 all wheat
· T-storm Weather: In the U.S., a stormy & increasingly cold pattern establishes over 10-14 days. At some point next week and/or the following week, a significant storm system probable to move across a key HRW wheat area of Plains
ENERGY
· Higher: CLF16, +$0.56 @ $49.99; EBG, +$0.61; EBG-CLF, $2.46, +$0.06; RBF, +$.0189; NGF, +$.039; HOF, +$.0243
· Cash ethanol markets were firmer on Wednesday: Chicago up 2 5/8; New York added 3; Gulf increased 3 ¾; Dallas climbed 3 ½; Tampa gained 2; and LA was 4 ¼ higher at $1.80 ¾ per gallon
· Ethanol RINs significantly stronger: 2015’s, 2016 and 2017’s all gained 3 ¾ to 100-104 ½
· The Dec RBOB/Dec ethanol inverse pulled back $.0544 on Wednesday to -$0.16750/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values were 39-cents higher on Wednesday at $189.95, and are up $3.31 vs. a week ago
· Light cash cattle trade was noted on Wed., with prices in the South at $114-115—$3 to $4 higher than last week
· USDA mandatory pork carcass eased 32-cents on Wednesday to $72.67 and is down 5-cents vs. the prior week
· CME Lean Hog Index firmed $0.19 on Wed. to $48.22. December futures gained $0.675 & are $2.805 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather