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-USDA Ag Secretary expects resumption of some Chinese soybean buying around Jan 1
-No USDA sales announcements
-Ukraine says Azov Sea grain exports resumed
-EIA ethanol data/USDA Export Sales delayed one day
-Algeria tenders for Argentine corn/SBM
 
CME interest rate and equity markets will be closed on Wednesday in observance of President George H.W. Bush’s passing, but ag markets will trade regular hours. The EIA announced the weekly ethanol and energy reports, typically released on Wednesday, will be delayed until Thursday, while Export Sales will be released on Friday this week.
 
 USDA Ag Secretary Perdue said he expects China to return to the U.S. soybean market sometime around January 1. However, there was no indication of expected size of buying and/or source of buying, with most still anticipating any near-term purchases being state-related until/unless the 25% import tariffs are removed. Along those lines, some are beginning to think the dropping of ag tariffs could come sometime in March, following the current 90-day negotiation period, which would just happen to coincide with the harvest of Brazil’s potentially record soybean crop. Brazilian traders are expressing their initial concerns of the potential for such timing with record U.S. soybean stocks becoming available to Chinese traders at the same time a record crop there comes out of the fields.
ï‚· During the G20 summit, Argentina and China signed various trade agreements, including the allowance of Argentine soybean oil exports to China.
ï‚· Wire services are reporting Ukraine has resumed grain exports from the Azov Sea.
 Russian wheat was the lowest offered in Bangladesh’s recent tender for nearby shipment of 12.5% protein, with 50k tonnes offered at $284.05/tonne c&f inclusive of unloading costs.
ï‚· Algeria tendered for 80k tonnes of corn for LH Dec and 40k tonnes of soybean meal for FH Jan specifically from Argentina.
 Yesterday afternoon’s USDA Oilseed Crushings report showed October soybean crush in line with market expectations, but end October soybean oil stocks well above expectations. For details on that report, as well as the USDA’s Grain Crushings report, see our Market Insights post at https://portal.rjobrien.com/MarketInsights/Blog/Read/34243.
ï‚· There were no USDA sales announcements this morning. 

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