HIGHLIGHTS
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TRENDS—Mixed: CZ, -$.0025; SX, +$.0325; WZ, -$.0025; KWZ, +$.0025. Del’y: SB, 1,425; RR, 110
· What caught my eye: Rising internal prices in Brazil may result in previously made export commitments being cancelled and sold back into particularly the feed sector. Suggests hope for an up-turn in U.S. exports, although Ukraine could be a potential supplier
· China’s October factory output posts best gain in over 2 years. ASIA: Mostly firm--Nikkei, -0.33%; Shanghai, +0.99%; Hang Seng, +0.72%. EUROPE: Higher—DAX, +0.29%; FTSE, +0.33%; CAC, +0.32%. WALL STREET—Futures are higher-- DOW, +51; S&P, +5.75; NAS, +19.00. EXTERNALS: Dec crude: +$0.27 @ $54.45; Gold: -$0.80 @ $1,514; $ Index: -.025 @ 97.327
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T-storm Weather®: temps remain much colder than normal over the next 10-14 days as Arctic cold fronts pass every few days. Light rain & snow showers accompany cold over the next week, especially within northern half of central U.S., preventing ideal conditions from unfolding for harvest in Dakotas, MN, WI & MI. Significant precip is not expected elsewhere until an Arctic front passes Mon.-Tue. & produces some light rain & snow showers within Delta & southeast half of Corn Belt, including wettest areas
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CZ, dn $.0025 @ $3.8975; CH, dn $.0075 @ $3.98. Funds sell 3 K on Thursday
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SX, up $.0325 @ $9.20; SF, up $.0150 @ $9.3375. Funds: Bot 1 K SB; 2 K SBM & sold 4 K SBO. Board Crush: $0.91, +1; LY, $1.25
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WZ, dn $.0025 @ $5.0850; WH, dn $.0025 @ $5.1450. The funds were net even in yesterday’s trading
CORN/SORGHUM
· The final 2019 crop insurance harvest price for December 2019 corn futures is $3.8977
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T-storm Weather®: increased rain & snow chances re-develop later next week & weekend across the southeast half of the central U.S., most likely bringing substantial totals to the Delta & southeast half of the Corn Belt within Nov. 8-12
· ATI Research: unshipped 19/20 export sales of U.S. corn as of Oct. 24 of 306 mbu are dn 38% from 464 mbu in 2018. However, the sales pace has picked up recently; e.g. this week’s sales of 21.6 mbu were 29% above the 4-week avg.
· Consultant: to achieve high safrinha (double crop) corn yields in Brazil, planting must be as early as possible & it looks like that will not occur in Parana and Mato Grosso do Sul
SOYBEANS/WHEAT
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The final 2019 crop insurance harvest price for November 2019 soybean futures is $9.2498
· ATI Research: unshipped 19/20 export sales of U.S. soybeans as of Oct. 24 were 416 mbu— down 19% vs. a year ago
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T-storm Weather®: in Brazil, most soybean areas will be fairly dry over the next five days, followed by an uptick in thunderstorms from Mon.-Wed. forward, though only near- and below-normal rainfall are expected.
· ATI Research: unshipped 19/20 export sales of U.S. all wheat of 155 mbu are dn 12% v. the 5-year avg. & a 4-year low
· T-storm Weather®: agricultural drought across wheat in southern Argentina continues into at least mid-November
ENERGY
· Firm: CLZ19, +$0.27 @ $54.45; EBF, +$0.22 @ $59.84; EBF-QCLF, -.08; RBZ, +.0062; NGZ, -.048; HOZ, +.0072
· Chicago ethanol edged up $.0075 to $1.5175/gal; basis values were mostly lower: NYC, -$.0025 @ +$.1025; Gulf, +$.0025 @ +$.0725; Dallas, -$.0025 @ +.0925; Tampa, -$.0075 @ +$.1975; LA, -$.0075 @ +$.2475
· Ethanol RINs were +/-/unch: 2018’s, unch @ 5 ½ -6 ½; 2019’s, -.1250 @ 14 ¾ -15; 2020’s, +.25 @ 24 ½ -25 ½ <wbr>    
· The November RBOB/November ethanol spread shed $.0724 as it narrowed to $.1626/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef was $2.13 higher on Thursday at $232.18 and is up $6.56 compared to a week ago
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Some cash cattle trade took place on Thu. in Kansas at $112.00, which is $2.00 higher than last week's weighted avg.
· USDA mandatory pork carcass cutout value increased $1.13 on Thu. to $75.72 and is up $2.15 versus last week
· CME Lean Hog Index eased $0.39 on Thu. to $62.74. December futures firmed $0.225 and are $3.26 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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