HIGHLIGHTS
· TRENDS—Mixed: CZ, +$.0025; SF, unch; WZ, -$.0125; KWZ, -$.0050.
· What caught my eye: Market’s appear to be struggling for direction this morning. At the same time, export markets still facing considerable Black Sea competition with corn exports the past month double those of a year ago and wheat, 50% larger
· Markets are mixed, seeking direction from trade negotiations. ASIA: Firm--Nikkei, +0.49%; Shanghai, +0.62%; Hang Seng, +1.35%. EUROPE: Mostly weaker—DAX, -0.17%; FTSE, +0.10%; CAC, -0.26%. WALL STREET—Futures are firm-- DOW, +56 S&P, +3.75; NAS, +33.11. EXTERNALS: Dec crude: -$0.16 @ $57.56; Gold: -$9.20 @ $1,459; $ Index: -.068 @ 97.931
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T-storm Weather®: The forecast is similar to slightly wetter in South America with rains to improve soil moisture in Argentina over the next week as a number of waves of energy pass. Scattered t-storms affect central and northern Brazil on many of the next 14 days, but t-storms hold off for at least a week in southern Brazil and Paraguay where the drought persists. Weekend rainfall was slightly less than forecast in both Argentina and central Brazil
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CZ, up $.0025 @ $3.7150; CH, up $.0025 @ $3.81. The funds sold 6 K on Friday, as export sales were short of what’s needed
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SF, unch @ $9.1825; SH, up $.0025 @ $9.31. Funds: Bot 2 SB, 4 SBM and sold 4 SBO. Board Crush: $0.89, 0; LY, $1.00
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WZ, dn $.0125 @ $5.0150; WH, dn $.0150 @ $5.0450. The funds sold 4 K to close out the week, sales disappoint
CORN/SORGHUM
· CZ2019 closed 4 ½ cents lower at $3.71 ¼ Friday, cents higher at $3.76 ¾; down $.06 from LW, up ½ from a week ago and versus $3.64 1/4 for CZ2018 LY
· Export inspections released at 8:30 EST: 16-26 expected, versus 22.1 last week and 40.0 per week needed
· Corn is expected to be 71% harvested, up 5 points and vs LY at 56% and the AVG of 56%
· Light rain affects the U.S. Corn Belt Wed., and some rain affects feedlots in the southern Plains Thu.-Fri., followed by five to seven days of drying before a stormier pattern begins
SOYBEANS/WHEAT
·   Export inspections released at 8:30 EST: 42-55 soybeans expected, versus 48.9 last week and 32.8 per week needed
· Soybean harvest should be approaching 90%, 1 point off the 2018 pace and versus 93% AVG
· Export inspections released at 8:30 EST: 13-20 wheat expected, versusu 19.4 LW and 18.2/week needed
· Winter wheat expected to be 95% seeded, up 3 points and versus 92% LY and the AVG of 95%. Ratings are seen 1 point lower at 53%, 3 points below LY as well as the AVG
· SF2020 edged 1 ½ higher on Friday to $9.18 ¼, and is down 12 ¾ cents from a week ago and vs SF2019 @ $8.92 ¼
· WZ2019 fell $.05 Friday to $5.02 ¾; is down 7 ½ cents from a week ago and vs WZ2018 @ $5.06 ¾ LY
ENERGY
· Weaker: CLZ19, -$0.16 @ $57.56; EBF, -$0.15 @ $63.15; EBF-QCLF, +.04; RBZ, -.0055; NGZ, -.094; HOZ, -.0093
· Chicago ethanol was $.01625 higher at $1.5575; basis values were lower: NYC, -$.00625 @ +$.10750; Gulf, -$.00125 @ +$.10; Dallas, -$.00625 @ +.0475; Tampa, -$.00625 @ +$.1575; LA, -$.00625 @ +$.12275
· Ethanol RINs were lower: 2018’s, -.25 @ 5 -6; 2019’s, -0.25 @ 11 ¾ -12 ½; 2020’s, -0.75 @ 21 ½ -22    
·  The December RBOB/December ethanol spread gained $,0102 on Friday to $.2050/gallon
LIVESTOCK/POULTRY        
· Choice beef cut-out was down $0.26 Fri @ $240.80 & $1.68 above LW; Select beef was $1.51 lower @ $214.33, up $1.07 from LW
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Calls from late Friday afternoon have cash cattle and the hog market $1 lower
· USDA mandatory pork carcass cutout value was up $0.26 Fri. to $86.48 and $4.88 higher than the prior week
· CME Lean Hog Index was up $.02 on Friday to $59.52 and down $0.77 from a week ago
· Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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