-October soybean crush seen record high – SBO stocks expected lowest since Nov 2017
-First notice day for Dec contracts Friday
-No USDA sales announcements
-CN rail strike ends
NOTE: Due to the Thanksgiving holiday, this week’s Export Sales report will be released on Friday, while the CFTC’s COT data will be delayed until Monday, December 2. EIA ethanol data will be out today, as usual. Grain markets will have a regular close for the day session today, but there will not be overnight trade tonight. Markets will see a hard re-open Friday at 8:30 AM CT, with an early close at 12:05 PM Friday.
 On Monday, December 2, the USDA will release the monthly Oilseed Crushings report, providing data for October. The average estimate of U.S.-wide soybean crush in October is 186.1 million bushels (184.9-187.5 million range of ideas) vs 162.3 million in September, above last year’s 183.6 million and would be a new all-time record in exceeding December 2018’s 183.8 million. The average estimate reflects total U.S. crush 6.1% above previously-reported NOPA member Oct crush of 175.4 million bushels, which is the average difference between the two over the last four months. The average estimate of end October U.S. soybean oil stocks is 1.763 billion pounds (1.726-1.829 billion range of ideas) vs 1.776 billion in September and 2.048 billion last year in October. The average estimate reflects U.S. total SBO stocks 23.9% larger than NOPA-member stocks, in line with the September difference of 23.2%. Last month’s soybean oil stocks were the lowest for any month since November 2017.
ï‚· Friday is first notice day for December deliveries and while limited deliveries are expected in grains, longs must be exited by today to avoid the risk of delivery. Wire services reported no CBOT wheat deliveries are generally expected, although there were some ideas for as many as 400 contracts being put out. A similar KCBT wheat delivery picture is in place with most ideas at zero, but some as much as 500 contracts. MPLS delivery ideas were put at 200-1,500 contracts. Most December corn delivery expectations are limited at 0-400 contracts, but some expressed ideas of 500-1,500 contracts being put out on Friday. Dec SBM deliveries were seen at 200-700 contracts, with SBO at 400-1,500 contracts. No Dec oat deliveries are expected.
ï‚· There were no USDA sales announcements this morning.
 The Canadian National Railway reached a tentative deal with it workers’ union yesterday ending the 8-day strike with operations back up and running today, though widespread shipping backlogs could take some time to clear.
ï‚· South Korea bought 62k tonnes of optional-origin corn at $208.38/tonne c&f for Feb shipment. They also bought an unspecified amount of soybean meal in a private deal, priced at $355/tonne c&f for July 1 arrival.
Weather Rains of .50-1.5†fell in RGDS, Santa Catarina, Parana and the southern ½ of MGDS and Sao Paulo, with totals of .25-.75†in Goias and Mato Grosso yesterday. Only Minas Gerais was dry. Rains of 1-2†are expected for most Brazilian growing regions north of Parana in the next 5 days. Dry weather looks to take over all of RGDS, Santa Catarina and Parana for the rest of the period. Additional rains are expected in the 6-10 day period for areas north of Parana with totals of 1-2†common. Conditions will be mainly dry from Parana south until around Tuesday of next week, when a front looks to bring totals of .30-1†to Santa Catarina and Parana. In Argentina, rains of .50-1.5†fell across most of Corrientes and the far northern sections of Santa Fe and Entre Rios, with dry weather elsewhere. Most of the next five days looks dry except for a weak front bringing generally less than .30†to La Pampa and Buenos Aries Saturday. The 6-10 day period looks dry.