-Ukraine sees no need to limit grain exports
-Argentine grain truck movement into ports improved
-Attache sees slightly higher Canadian canola crop this year
-Trade estimate summary for Thursday’s USDA report
USDA will release the monthly WASDE report on Thursday, April 9.
The USDA’s first weekly Crop Progress report of the year will be out this afternoon, providing U.S.-wide winter wheat crop conditions.
 A Ukrainian parliamentary ag committee said there is no need to limit the country’s grain exports through the end of 2019/20 as stocks remain ample to support domestic needs and continued exports. Specifically, it was stated around 5.7 MMT of corn is available for export during April-June, which is in line with last year’s same-period exports of 5.6 MMT, while 2.5 MMT of wheat is available for exports through the end of June vs roughly 2.6 MMT exported during the period last year.
 Brazilian ag consultant, ARC MERCOSUL, estimates the country’s soybean crop at 123.5 MMT and corn at 99.5 MMT vs USDA last at 126.0 MMT and 101.0 MMT, respectively. They put the soybean harvest at 86% complete vs 80% average.
 Grain movement into Argentine ports late last week improved considerably, with around 4,000 trucks unloading on Friday vs only 1,500 in the slowest day in March when more aggressive movement restrictions were in place. While not reach last year’s same-day handling of more than 6,000 trucks, the situation has gotten much better, at least for now.
 Saudi Arabia’s state grain buyer, SAGO, requested private grain companies import 385k tonnes of wheat this year as their part of the country’s annual buying for state reserves. Import periods would be May-Nov and represent roughly 10% of domestic wheat needs.
ï‚· Last Friday, USDA revised February soybean crush to 175.3 million bushels from 181.6 million originally reported and end February soybean oil stocks to 2.378 billion pounds from 2.420 billion originally. Feb crush was slightly below the previously-reported average trade estimate, while soybean oil stocks were still above average expectations. Please see our post at https://portal.rjobrien.com/MarketInsights/Blog/Read/39654 for more information.
 The USDA ag attaché in India sees this year’s wheat crop at a record 105.0 MMT, up slightly from last year’s 103.6 MMT, with wheat stocks expected to continue rising to 28.5 MMT in 2020/21 vs 24.0 MMT this year and 17.0 MMT in 2018/19. The attaché sees the potential for India to export 1.0 MMT of wheat in 20/21 vs 500k tonnes this year.
 The USDA ag attaché in Canada sees their 2020/21 canola crop at 19.0 MMT, up slightly from last year’s 18.6 MMT, which they reflect being solidly below the USDA’s official estimate of 19.45 MMT. The see new crop exports at 9.0 MMT vs their estimate of 2019/20 exports of 9.2 MMT, but again with USDA much higher at 10.4 MMT. The attaché sees higher old crop canola crush at 9.8 MMT vs USDA’s 9.35 MMT and holding steady at 9.7 MMT in 2020/21.
ï‚· Funds were net buyers in the grain markets for the week ended 3/31/20, with corn buying of 8.2k contracts (net short 100.3k), 25.7k soybeans (net long 23.2k), 18.3k CBOT wheat (net long 36.0k), 10.5k SBM (net long 49.6k), 7.8k KCBT wheat (net long 2.4k) and 2.9k MPLS wheat (net short 13.4k). Funds were net sellers of soybean oil of 4.6k contracts, though, and are net short 5.4k
Weather Rains of .30-.80†fell across eastern MN and most of IA and MO, with generally less than .30†for areas east of the MS River over the weekend. A pair of systems, one for Tuesday and another by Thursday look to bring rains of .50-1â€+ to the northern 1/3 of IL and northern ½ of IN with amounts in the rest of the Midwest generally less than .50â€. Coverage between the two looks to be widespread. The 6-10 day outlook is a bit mixed, with the European indicating rains of .40-1â€+ to fall in all but MN and NW IA, where <.30†is indicated. The GFS sees rains of <.50†to fall east of a line from Duluth to Columbus OH, with limited rains elsewhere, with the European the more preferred view at this time. Rains of .20-.80â€+ fell across the Delta over the weekend with the heaviest totals falling in southern AR and most of LA. A fairly quiet week is expected with just a few showers bringing generally less than .40†and coverage of around 50%. The Southern Plains look mostly quiet this week with some chances northern TX, central OK and far eastern KS, but generally less than .50â€. The 6-10 day outlook is mixed with the European indicating totals of .40-1â€, isolated to 1â€+ to fall in most of KS and the eastern ½ of OK/TX, while the GFS see similar totals to fall in the western ½ of KS, OK and most of TX. The European is the favored view