-Brazil’s safrinha corn crop seen well below official estimates
-Rains still in U.S. forecast but slightly lower crop conditions expected this afternoon
-Romanian wheat lowest in Egypt tender
-Palm oil sharply lower overnight
 The lack of widespread rains last week is expected to result in a 1-2% decline in corn and soybean crop conditions in this afternoon’s update, but forecasts still show decent rains in the 6-10 day period from MN/IA east. Most of IA saw rains over the weekend, with the heaviest amounts being widespread across the SW half of the state, while central IL also saw good activity.
 AgRural estimates Brazil’s safrinha corn crop in the center-south growing region to be only 51.6 MMT vs 70.5 MMT last year, while CONAB last estimate the crop in the region at 62.3 MMT.
 Malaysian palm oil/product exports in July declined to 1.448 MMT from 1.546 MMT in June and were well below last year’s 1.672 MMT. Malaysian palm oil futures were sharply lower overnight with the benchmark October contract down nearly 6%, weighting on soybean oil accordingly.
 Strategie Grains held their estimate of the EU rapeseed crop steady at 17.0 MMT, which would be up slightly from last year’s 16.6 MMT. Despite the increase in production, EU rapeseed stocks are expected to decline in 2021/22 given the expected decline in imports given Canada’s drought and expected strong demand for EU supplies.
ï‚· As expected, the EU extended the import tariffs on U.S. biodiesel for another five years, initially established in 2009, citing the unfair advantage to U.S. producers from tax credits, loan guarantees, etc.
 After the close on Friday, Egypt tendered for an unspecified amount of wheat for Sept 24-Oct 4 shipment. The lowest offers were Romanian at $293.74-$296.26/tonne c&f ($261.49-$263.86 fob), with the lowest Russian offer at $300.95/tonne c&f ($267.00 fob). Offers were quite limited n the tender given sharply rising Black Sea prices of late amid increasing uncertainty of the size of this year’s Russian wheat crop. According to IKAR and Sovecon, Russian 12.5% protein wheat for Black Sea export prices were up $6-$10/tonne last week.
ï‚· Saudi Arabia bought 505k tonnes of wheat at an average price of $287/tonne for October delivery and said to be a mix of Australian, EU, Black Sea and North and South American origin.
ï‚· Algeria tendered for an unspecified amount of wheat for Aug-Sept shipment, with offers due by today.
 There have yet to be any August soybean deliveries, while soybean meal deliveries rose to 95 contracts from Friday’s first notice day issues of six, while soybean oil deliveries were still only 1 contract.
 Friday’s CFTC Disaggregated COT data for futures/options combined for the week ended 7/27/21 showed funds small net buyers in corn of 4.7k contracts (net long 228k), 6.8k CBOT wheat (net long 3k), 4.0 KCBT wheat (net long 32k), 4.1k SBO (net long 61k) and 0.7k SBM (net long 22k). Funds were net sellers of 1.8k contracts in soybeans (net long 94k) and 0.5k MPLS wheat (net long 8k).