HIGHLIGHTS

• TRENDS—(5:40 am)--Higher: CH, +$.02; SH, +$.02; WH, +$.0525; KWH, +$.04
• MACRO:  U.S. Under Secretary of Agriculture on China/U.S. trade talks—thought negotiations “went just fine”.  Asia: Higher--Nikkei, +1.10%; Shanghai, +0.71%; Hang Seng, +2.27%.  EUROPE: Higher—DAX, +0.90%; FTSE, +1.00%; CAC, +1.11%.  WALL STREET: Futures are higher: DOW, +96; S&P, +8.50; NAS, +30.25.  EXTERNALS: Feb crude: +$0.97@ $50.75; Gold: -$4.10 @ $1,282; Mar $ Index, +.016 @ 96.495.  Del’y: SBM, 510; SBO, 251; SB, 1,142
• T-storm Weather: There are no changes in the South American outlook with below-normal rainfall in much of Brazil and very heavy rainfall in parts of Argentina. The latter will further increase the moisture excess and result in field flooding north and east. In Brazil, below normal rainfall with characterize 70% of the soybean producing areas as storms are concentrated more to the south and far northern growing areas.

·         CH, up $.02 @ $3.82; CK, up $.02 @ $3.90.  The funds sold an estimated 5 K on Tuesday            

• SH, up $.02 @ $9.2050 SK, up $.02 @ $9.3375.  Funds: sold 4 K SB, 1 SBM & 2 K SBO. Board Crush: $1.02, +4; LY: $1.07 
• WH, up $.0525 @ $5.23; WK, up $.05 @ $5.2850.  The funds bought 2 K yesterday                    

CORN/SORGHUM

·         ATI Research:  18/19 ending corn stocks forecast reduced 43 mbu to 1.827 bbu, 46 above the December WASDE. Trade estimates, should there be a January S&D report, average 1.694 billion with a 1.579-1.787 bbu range

·         ATI Research:  Corn crop estimate down 41 mbu to 14.503 bbu; trade average: 14.338 & versus Nov USDA @ 14.626

·         March corn closed at 3.80 Tuesday, up $.0425 from the 1/2/19 close of $3.75 ¾ and versus $3.47 ½ exactly one year ago

·         Black Sea corn exports the past two weeks, mostly from Ukraine are up 65%/23 mbu at 58 million; U.S. shipments for the same period fall 10 mbu/15% to 55 million

·         ATI Research: December 1 corn stocks estimated at 12.1 bbu, down 511 from the 2017 total

SOYBEANS/WHEAT

·         Tuesday’s $9.1850 close on March soybean futures compares to $9.07 last week and was $.4825 below the 01/08/18 $9.66 ¾ close

·         ATI Research:  Ending 18/19 soybean stocks estimate raised 72 mbu to 1.032 (USDA: 955) on doubts about the extend of Chinese soybean demand.  Trade estimates range from a low of 798 to a high of 980 (average: 904)

·         WH19 closed at $4.27 ¾ one year ago today, against $5.17 ¾ on Tueasday and versus 01/02’s $5.06 ¾ close

·         Trade expecting 2019 winter wheat seedings to decline .8% (257 K acres) to 32.279 million (range: 33.3-31.51)

ENERGY

·         Higher: CLG19, +$0.97 @ $50.75; EBG, +$1.02 @ $59.74; EBG-QCLG, +$0.05; RBG, +.0287; NGG, +.037; HOG, +.0135

·         Chicago ethanol dropped $.02125 yesterday to $1.2475; basis values were mostlyl firm: New York, +$.01625 @ $.15; Gulf, +$.01375 @ $.14; Dallas, -$.00875 @ $.0975; Tampa, +$.00125 @ $.21250; and LA, +$.00625 @ $.2125    

·         Ethanol RINs fell: 2017’s, -1.75 @ 10 ½-12; 2018’s, -1.75 @ 14 ½-16; 2019’s, -1.25 @ 17-18 ½                         &nbs​p;   

·         The Jan RBOB/Jan ethanol spread gained $.0337 on Tuesday to +$.0906/gal 

 LIVESTOCK/POULTRY                              &nb​sp;                       &nbs​p;                        ​; 

• Choice boxed beef was $.30 lower on Tuesday at $213.98, $2.66 lower vs. a week ago

·         Near-by cattle futures moved to a contract high on Tuesday of $125.475

·         Estimates for Tuesday cattle slaughter at 119 K, up from 0 K LW and versus 118 K LY; hogs, 480 vs 0 LW vs 402 LY

·         AM USDA mandatory pork carcass cutout declined $.38 on Tuesday to $68.53

·         Board Hog Crush: $40.94 versus $42.22 LW and $50.87 a year ago at this time

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

 

HIGHLIGHTS

• TRENDS—(5:40 am)--Higher: CH, +$.02; SH, +$.02; WH, +$.0525; KWH, +$.04
• MACRO:  U.S. Under Secretary of Agriculture on China/U.S. trade talks—thought negotiations “went just fine”.  Asia: Higher--Nikkei, +1.10%; Shanghai, +0.71%; Hang Seng, +2.27%.  EUROPE: Higher—DAX, +0.90%; FTSE, +1.00%; CAC, +1.11%.  WALL STREET: Futures are higher: DOW, +96; S&P, +8.50; NAS, +30.25.  EXTERNALS: Feb crude: +$0.97@ $50.75; Gold: -$4.10 @ $1,282; Mar $ Index, +.016 @ 96.495.  Del’y: SBM, 510; SBO, 251; SB, 1,142
• T-storm Weather: There are no changes in the South American outlook with below-normal rainfall in much of Brazil and very heavy rainfall in parts of Argentina. The latter will further increase the moisture excess and result in field flooding north and east. In Brazil, below normal rainfall with characterize 70% of the soybean producing areas as storms are concentrated more to the south and far northern growing areas.

·         CH, up $.02 @ $3.82; CK, up $.02 @ $3.90.  The funds sold an estimated 5 K on Tuesday            

• SH, up $.02 @ $9.2050 SK, up $.02 @ $9.3375.  Funds: sold 4 K SB, 1 SBM & 2 K SBO. Board Crush: $1.02, +4; LY: $1.07 
• WH, up $.0525 @ $5.23; WK, up $.05 @ $5.2850.  The funds bought 2 K yesterday                    

CORN/SORGHUM

·         ATI Research:  18/19 ending corn stocks forecast reduced 43 mbu to 1.827 bbu, 46 above the December WASDE. Trade estimates, should there be a January S&D report, average 1.694 billion with a 1.579-1.787 bbu range

·         ATI Research:  Corn crop estimate down 41 mbu to 14.503 bbu; trade average: 14.338 & versus Nov USDA @ 14.626

·         March corn closed at 3.80 Tuesday, up $.0425 from the 1/2/19 close of $3.75 ¾ and versus $3.47 ½ exactly one year ago

·         Black Sea corn exports the past two weeks, mostly from Ukraine are up 65%/23 mbu at 58 million; U.S. shipments for the same period fall 10 mbu/15% to 55 million

·         ATI Research: December 1 corn stocks estimated at 12.1 bbu, down 511 from the 2017 total

SOYBEANS/WHEAT

·         Tuesday’s $9.1850 close on March soybean futures compares to $9.07 last week and was $.4825 below the 01/08/18 $9.66 ¾ close

·         ATI Research:  Ending 18/19 soybean stocks estimate raised 72 mbu to 1.032 (USDA: 955) on doubts about the extend of Chinese soybean demand.  Trade estimates range from a low of 798 to a high of 980 (average: 904)

·         WH19 closed at $4.27 ¾ one year ago today, against $5.17 ¾ on Tueasday and versus 01/02’s $5.06 ¾ close

·         Trade expecting 2019 winter wheat seedings to decline .8% (257 K acres) to 32.279 million (range: 33.3-31.51)

ENERGY

·         Higher: CLG19, +$0.97 @ $50.75; EBG, +$1.02 @ $59.74; EBG-QCLG, +$0.05; RBG, +.0287; NGG, +.037; HOG, +.0135

·         Chicago ethanol dropped $.02125 yesterday to $1.2475; basis values were mostlyl firm: New York, +$.01625 @ $.15; Gulf, +$.01375 @ $.14; Dallas, -$.00875 @ $.0975; Tampa, +$.00125 @ $.21250; and LA, +$.00625 @ $.2125    

·         Ethanol RINs fell: 2017’s, -1.75 @ 10 ½-12; 2018’s, -1.75 @ 14 ½-16; 2019’s, -1.25 @ 17-18 ½                             

·         The Jan RBOB/Jan ethanol spread gained $.0337 on Tuesday to +$.0906/gal 

 LIVESTOCK/POULTRY                      ​;                        ​                         ​         

• Choice boxed beef was $.30 lower on Tuesday at $213.98, $2.66 lower vs. a week ago

·         Near-by cattle futures moved to a contract high on Tuesday of $125.475

·         Estimates for Tuesday cattle slaughter at 119 K, up from 0 K LW and versus 118 K LY; hogs, 480 vs 0 LW vs 402 LY

·         AM USDA mandatory pork carcass cutout declined $.38 on Tuesday to $68.53

·         Board Hog Crush: $40.94 versus $42.22 LW and $50.87 a year ago at this time

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

 

HIGHLIGHTS

• TRENDS—(5:40 am)--Higher: CH, +$.02; SH, +$.02; WH, +$.0525; KWH, +$.04
• MACRO:  U.S. Under Secretary of Agriculture on China/U.S. trade talks—thought negotiations “went just fine”.  Asia: Higher--Nikkei, +1.10%; Shanghai, +0.71%; Hang Seng, +2.27%.  EUROPE: Higher—DAX, +0.90%; FTSE, +1.00%; CAC, +1.11%.  WALL STREET: Futures are higher: DOW, +96; S&P, +8.50; NAS, +30.25.  EXTERNALS: Feb crude: +$0.97@ $50.75; Gold: -$4.10 @ $1,282; Mar $ Index, +.016 @ 96.495.  Del’y: SBM, 510; SBO, 251; SB, 1,142
• T-storm Weather: There are no changes in the South American outlook with below-normal rainfall in much of Brazil and very heavy rainfall in parts of Argentina. The latter will further increase the moisture excess and result in field flooding north and east. In Brazil, below normal rainfall with characterize 70% of the soybean producing areas as storms are concentrated more to the south and far northern growing areas.

·         CH, up $.02 @ $3.82; CK, up $.02 @ $3.90.  The funds sold an estimated 5 K on Tuesday            

• SH, up $.02 @ $9.2050 SK, up $.02 @ $9.3375.  Funds: sold 4 K SB, 1 SBM & 2 K SBO. Board Crush: $1.02, +4; LY: $1.07 
• WH, up $.0525 @ $5.23; WK, up $.05 @ $5.2850.  The funds bought 2 K yesterday                    
<​/ul>

CORN/SORGHUM

·         ATI Research:  18/19 ending corn stocks forecast reduced 43 mbu to 1.827 bbu, 46 above the December WASDE. Trade estimates, should there be a January S&D report, average 1.694 billion with a 1.579-1.787 bbu range

·         ATI Research:  Corn crop estimate down 41 mbu to 14.503 bbu; trade average: 14.338 & versus Nov USDA @ 14.626

·         March corn closed at 3.80 Tuesday, up $.0425 from the 1/2/19 close of $3.75 ¾ and versus $3.47 ½ exactly one year ago

·         Black Sea corn exports the past two weeks, mostly from Ukraine are up 65%/23 mbu at 58 million; U.S. shipments for the same period fall 10 mbu/15% to 55 million

·         ATI Research: December 1 corn stocks estimated at 12.1 bbu, down 511 from the 2017 total

SOYBEANS/WHEAT

·         Tuesday’s $9.1850 close on March soybean futures compares to $9.07 last week and was $.4825 below the 01/08/18 $9.66 ¾ close

·         ATI Research:  Ending 18/19 soybean stocks estimate raised 72 mbu to 1.032 (USDA: 955) on doubts about the extend of Chinese soybean demand.  Trade estimates range from a low of 798 to a high of 980 (average: 904)

·         WH19 closed at $4.27 ¾ one year ago today, against $5.17 ¾ on Tueasday and versus 01/02’s $5.06 ¾ close

·         Trade expecting 2019 winter wheat seedings to decline .8% (257 K acres) to 32.279 million (range: 33.3-31.51)

ENERGY

·         Higher: CLG19, +$0.97 @ $50.75; EBG, +$1.02 @ $59.74; EBG-QCLG, +$0.05; RBG, +.0287; NGG, +.037; HOG, +.0135

·         Chicago ethanol dropped $.02125 yesterday to $1.2475; basis values were mostlyl firm: New York, +$.01625 @ $.15; Gulf, +$.01375 @ $.14; Dallas, -$.00875 @ $.0975; Tampa, +$.00125 @ $.21250; and LA, +$.00625 @ $.2125    

·         Ethanol RINs fell: 2017’s, -1.75 @ 10 ½-12; 2018’s, -1.75 @ 14 ½-16; 2019’s, -1.25 @ 17-18 ½                         &n​bsp;   

·         The Jan RBOB/Jan ethanol spread gained $.0337 on Tuesday to +$.0906/gal 

 LIVESTOCK/POULTRY                       &nb​sp;                       &nbs​p;                                

• Choice boxed beef was $.30 lower on Tuesday at $213.98, $2.66 lower vs. a week ago

·         Near-by cattle futures moved to a contract high on Tuesday of $125.475

·         Estimates for Tuesday cattle slaughter at 119 K, up from 0 K LW and versus 118 K LY; hogs, 480 vs 0 LW vs 402 LY

·         AM USDA mandatory pork carcass cutout declined $.38 on Tuesday to $68.53

·         Board Hog Crush: $40.94 versus $42.22 LW and $50.87 a year ago at this time

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

 

HIGHLIGHTS

• TRENDS—(5:40 am)--Higher: CH, +$.02; SH, +$.02; WH, +$.0525; KWH, +$.04
• MACRO:  U.S. Under Secretary of Agriculture on China/U.S. trade talks—thought negotiations “went just fine”.  Asia: Higher--Nikkei, +1.10%; Shanghai, +0.71%; Hang Seng, +2.27%.  EUROPE: Higher—DAX, +0.90%; FTSE, +1.00%; CAC, +1.11%.  WALL STREET: Futures are higher: DOW, +96; S&P, +8.50; NAS, +30.25.  EXTERNALS: Feb crude: +$0.97@ $50.75; Gold: -$4.10 @ $1,282; Mar $ Index, +.016 @ 96.495.  Del’y: SBM, 510; SBO, 251; SB, 1,142
• T-storm Weather: There are no changes in the South American outlook with below-normal rainfall in much of Brazil and very heavy rainfall in parts of Argentina. The latter will further increase the moisture excess and result in field flooding north and east. In Brazil, below normal rainfall with characterize 70% of the soybean producing areas as storms are concentrated more to the south and far northern growing areas.

·         CH, up $.02 @ $3.82; CK, up $.02 @ $3.90.  The funds sold an estimated 5 K on Tuesday            

• SH, up $.02 @ $9.2050 SK, up $.02 @ $9.3375.  Funds: sold 4 K SB, 1 SBM & 2 K SBO. Board Crush: $1.02, +4; LY: $1.07 
• WH, up $.0525 @ $5.23; WK, up $.05 @ $5.2850.  The funds bought 2 K yesterday                    

CORN/SORGHUM

·         ATI Research:  18/19 ending corn stocks forecast reduced 43 mbu to 1.827 bbu, 46 above the December WASDE. Trade estimates, should there be a January S&D report, average 1.694 billion with a 1.579-1.787 bbu range

·         ATI Research:  Corn crop estimate down 41 mbu to 14.503 bbu; trade average: 14.338 & versus Nov USDA @ 14.626

·         March corn closed at 3.80 Tuesday, up $.0425 from the 1/2/19 close of $3.75 ¾ and versus $3.47 ½ exactly one year ago

·         Black Sea corn exports the past two weeks, mostly from Ukraine are up 65%/23 mbu at 58 million; U.S. shipments for the same period fall 10 mbu/15% to 55 million

·         ATI Research: December 1 corn stocks estimated at 12.1 bbu, down 511 from the 2017 total

SOYBEANS/WHEAT

·         Tuesday’s $9.1850 close on March soybean futures compares to $9.07 last week and was $.4825 below the 01/08/18 $9.66 ¾ close

·         ATI Research:  Ending 18/19 soybean stocks estimate raised 72 mbu to 1.032 (USDA: 955) on doubts about the extend of Chinese soybean demand.  Trade estimates range from a low of 798 to a high of 980 (average: 904)

·         WH19 closed at $4.27 ¾ one year ago today, against $5.17 ¾ on Tueasday and versus 01/02’s $5.06 ¾ close

·         Trade expecting 2019 winter wheat seedings to decline .8% (257 K acres) to 32.279 million (range: 33.3-31.51)

ENERGY

·         Higher: CLG19, +$0.97 @ $50.75; EBG, +$1.02 @ $59.74; EBG-QCLG, +$0.05; RBG, +.0287; NGG, +.037; HOG, +.0135

·         Chicago ethanol dropped $.02125 yesterday to $1.2475; basis values were mostlyl firm: New York, +$.01625 @ $.15; Gulf, +$.01375 @ $.14; Dallas, -$.00875 @ $.0975; Tampa, +$.00125 @ $.21250; and LA, +$.00625 @ $.2125    

·         Ethanol RINs fell: 2017’s, -1.75 @ 10 ½-12; 2018’s, -1.75 @ 14 ½-16; 2019’s, -1.25 @ 17-18 ½                             

·         The Jan RBOB/Jan ethanol spread gained $.0337 on Tuesday to +$.0906/gal 

 LIVESTOCK/POULTRY            <​wbr>                       &nb​sp;                       &nbs​p;                    

• Choice boxed beef was $.30 lower on Tuesday at $213.98, $2.66 lower vs. a week ago

·         Near-by cattle futures moved to a contract high on Tuesday of $125.475

·         Estimates for Tuesday cattle slaughter at 119 K, up from 0 K LW and versus 118 K LY; hogs, 480 vs 0 LW vs 402 LY

·         AM USDA mandatory pork carcass cutout declined $.38 on Tuesday to $68.53

·         Board Hog Crush: $40.94 versus $42.22 LW and $50.87 a year ago at this time

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

 

HIGHLIGHTS

• TRENDS—(5:40 am)--Higher: CH, +$.02; SH, +$.02; WH, +$.0525; KWH, +$.04
• MACRO:  U.S. Under Secretary of Agriculture on China/U.S. trade talks—thought negotiations “went just fine”.  Asia: Higher--Nikkei, +1.10%; Shanghai, +0.71%; Hang Seng, +2.27%.  EUROPE: Higher—DAX, +0.90%; FTSE, +1.00%; CAC, +1.11%.  WALL STREET: Futures are higher: DOW, +96; S&P, +8.50; NAS, +30.25.  EXTERNALS: Feb crude: +$0.97@ $50.75; Gold: -$4.10 @ $1,282; Mar $ Index, +.016 @ 96.495.  Del’y: SBM, 510; SBO, 251; SB, 1,142
• T-storm Weather: There are no changes in the South American outlook with below-normal rainfall in much of Brazil and very heavy rainfall in parts of Argentina. The latter will further increase the moisture excess and result in field flooding north and east. In Brazil, below normal rainfall with characterize 70% of the soybean producing areas as storms are concentrated more to the south and far northern growing areas.

·         CH, up $.02 @ $3.82; CK, up $.02 @ $3.90.  The funds sold an estimated 5 K on Tuesday            

• SH, up $.02 @ $9.2050 SK, up $.02 @ $9.3375.  Funds: sold 4 K SB, 1 SBM & 2 K SBO. Board Crush: $1.02, +4; LY: $1.07 
• WH, up $.0525 @ $5.23; WK, up $.05 @ $5.2850.  The funds bought 2 K yesterday                    

CORN/SORGHUM

·         ATI Research:  18/19 ending corn stocks forecast reduced 43 mbu to 1.827 bbu, 46 above the December WASDE. Trade estimates, should there be a January S&D report, average 1.694 billion with a 1.579-1.787 bbu range

·         ATI Research:  Corn crop estimate down 41 mbu to 14.503 bbu; trade average: 14.338 & versus Nov USDA @ 14.626

·         March corn closed at 3.80 Tuesday, up $.0425 from the 1/2/19 close of $3.75 ¾ and versus $3.47 ½ exactly one year ago

·         Black Sea corn exports the past two weeks, mostly from Ukraine are up 65%/23 mbu at 58 million; U.S. shipments for the same period fall 10 mbu/15% to 55 million

·         ATI Research: December 1 corn stocks estimated at 12.1 bbu, down 511 from the 2017 total

SOYBEANS/WHEAT

·         Tuesday’s $9.1850 close on March soybean futures compares to $9.07 last week and was $.4825 below the 01/08/18 $9.66 ¾ close

·         ATI Research:  Ending 18/19 soybean stocks estimate raised 72 mbu to 1.032 (USDA: 955) on doubts about the extend of Chinese soybean demand.  Trade estimates range from a low of 798 to a high of 980 (average: 904)

·         WH19 closed at $4.27 ¾ one year ago today, against $5.17 ¾ on Tueasday and versus 01/02’s $5.06 ¾ close

·         Trade expecting 2019 winter wheat seedings to decline .8% (257 K acres) to 32.279 million (range: 33.3-31.51)

ENERGY

·         Higher: CLG19, +$0.97 @ $50.75; EBG, +$1.02 @ $59.74; EBG-QCLG, +$0.05; RBG, +.0287; NGG, +.037; HOG, +.0135

·         Chicago ethanol dropped $.02125 yesterday to $1.2475; basis values were mostlyl firm: New York, +$.01625 @ $.15; Gulf, +$.01375 @ $.14; Dallas, -$.00875 @ $.0975; Tampa, +$.00125 @ $.21250; and LA, +$.00625 @ $.2125    

·         Ethanol RINs fell: 2017’s, -1.75 @ 10 ½-12; 2018’s, -1.75 @ 14 ½-16; 2019’s, -1.25 @ 17-18 ½                             

·         The Jan RBOB/Jan ethanol spread gained $.0337 on Tuesday to +$.0906/gal 

 LIVESTOCK/POULTRY            ​                     ​;                        ​                       <​/wbr>

• Choice boxed beef was $.30 lower on Tuesday at $213.98, $2.66 lower vs. a week ago

·         Near-by cattle futures moved to a contract high on Tuesday of $125.475

·         Estimates for Tuesday cattle slaughter at 119 K, up from 0 K LW and versus 118 K LY; hogs, 480 vs 0 LW vs 402 LY

·         AM USDA mandatory pork carcass cutout declined $.38 on Tuesday to $68.53

·         Board Hog Crush: $40.94 versus $42.22 LW and $50.87 a year ago at this time

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

 

HIGHLIGHTS

• TRENDS—(5:40 am)--Higher: CH, +$.02; SH, +$.02; WH, +$.0525; KWH, +$.04
• MACRO:  U.S. Under Secretary of Agriculture on China/U.S. trade talks—thought negotiations “went just fine”.  Asia: Higher--Nikkei, +1.10%; Shanghai, +0.71%; Hang Seng, +2.27%.  EUROPE: Higher—DAX, +0.90%; FTSE, +1.00%; CAC, +1.11%.  WALL STREET: Futures are higher: DOW, +96; S&P, +8.50; NAS, +30.25.  EXTERNALS: Feb crude: +$0.97@ $50.75; Gold: -$4.10 @ $1,282; Mar $ Index, +.016 @ 96.495.  Del’y: SBM, 510; SBO, 251; SB, 1,142
• T-storm Weather: There are no changes in the South American outlook with below-normal rainfall in much of Brazil and very heavy rainfall in parts of Argentina. The latter will further increase the moisture excess and result in field flooding north and east. In Brazil, below normal rainfall with characterize 70% of the soybean producing areas as storms are concentrated more to the south and far northern growing areas.

·         CH, up $.02 @ $3.82; CK, up $.02 @ $3.90.  The funds sold an estimated 5 K on Tuesday            

• SH, up $.02 @ $9.2050 SK, up $.02 @ $9.3375.  Funds: sold 4 K SB, 1 SBM & 2 K SBO. Board Crush: $1.02, +4; LY: $1.07 
• WH, up $.0525 @ $5.23; WK, up $.05 @ $5.2850.  The funds bought 2 K yesterday                    

​

CORN/SORGHUM

·         ATI Research:  18/19 ending corn stocks forecast reduced 43 mbu to 1.827 bbu, 46 above the December WASDE. Trade estimates, should there be a January S&D report, average 1.694 billion with a 1.579-1.787 bbu range

·         ATI Research:  Corn crop estimate down 41 mbu to 14.503 bbu; trade average: 14.338 & versus Nov USDA @ 14.626

·         March corn closed at 3.80 Tuesday, up $.0425 from the 1/2/19 close of $3.75 ¾ and versus $3.47 ½ exactly one year ago

·         Black Sea corn exports the past two weeks, mostly from Ukraine are up 65%/23 mbu at 58 million; U.S. shipments for the same period fall 10 mbu/15% to 55 million

·         ATI Research: December 1 corn stocks estimated at 12.1 bbu, down 511 from the 2017 total

SOYBEANS/WHEAT

·         Tuesday’s $9.1850 close on March soybean futures compares to $9.07 last week and was $.4825 below the 01/08/18 $9.66 ¾ close

·         ATI Research:  Ending 18/19 soybean stocks estimate raised 72 mbu to 1.032 (USDA: 955) on doubts about the extend of Chinese soybean demand.  Trade estimates range from a low of 798 to a high of 980 (average: 904)

·         WH19 closed at $4.27 ¾ one year ago today, against $5.17 ¾ on Tueasday and versus 01/02’s $5.06 ¾ close

·         Trade expecting 2019 winter wheat seedings to decline .8% (257 K acres) to 32.279 million (range: 33.3-31.51)

ENERGY

·         Higher: CLG19, +$0.97 @ $50.75; EBG, +$1.02 @ $59.74; EBG-QCLG, +$0.05; RBG, +.0287; NGG, +.037; HOG, +.0135

·         Chicago ethanol dropped $.02125 yesterday to $1.2475; basis values were mostlyl firm: New York, +$.01625 @ $.15; Gulf, +$.01375 @ $.14; Dallas, -$.00875 @ $.0975; Tampa, +$.00125 @ $.21250; and LA, +$.00625 @ $.2125    

·         Ethanol RINs fell: 2017’s, -1.75 @ 10 ½-12; 2018’s, -1.75 @ 14 ½-16; 2019’s, -1.25 @ 17-18 ½                           &n​bsp; 

·         The Jan RBOB/Jan ethanol spread gained $.0337 on Tuesday to +$.0906/gal 

 LIVESTOCK/POULTRY               &nb​sp;                        &nb​sp;                       &nbs​p;               

• Choice boxed beef was $.30 lower on Tuesday at $213.98, $2.66 lower vs. a week ago

·         Near-by cattle futures moved to a contract high on Tuesday of $125.475

·         Estimates for Tuesday cattle slaughter at 119 K, up from 0 K LW and versus 118 K LY; hogs, 480 vs 0 LW vs 402 LY

·         AM USDA mandatory pork carcass cutout declined $.38 on Tuesday to $68.53

·         Board Hog Crush: $40.94 versus $42.22 LW and $50.87 a year ago at this time

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