-Brazil expecting record soybean/corn crops next year
-Indonesia likely further delaying B40 mandate
-USDA reports soybean/corn sales
-Export Sales mostly uneventful
 CONAB issued preliminary new crop production ideas this morning, putting next year’s soybean crop at a record 141.3 MMT vs this year’s 136.0 MMT (USDA 44.0 MMT next year/137.0 MMT this year) with total corn production next year estimated at 116.0 MMT vs this year’s 86.7 MMT (USDA 118 MMT next year vs 87 MMT this year). That would easily be a record exceeding 2019/20’s current record 102 MMT. CONAB sees soybean area rising 3.6% next year and total corn area up 3.9% (safrinha up 5.2%).
 Indonesia’s energy ministry said the timing of the implementation of the B40 biodiesel mandate is uncertain given the high prices of palm oil, currently making the bump up from the current B30 mandate financially unfeasible. The increase in the mandate was originally planned to take pace in July, but the official said implementing B40 even in 2022 would be “challenging†while the Indonesian Palm Oil Association previously stated their expectation for the move to B40 to be
pushed beyond 2022, as well.
ï‚· USDA reported new crop soybean sales this morning of 133k tonnes to China and 132k tonnes to unknown, as well as 100k tonnes of new crop corn to Colombia.
ï‚· South Korea bought 135k tonnes of optional-origin corn at +265-266 cents/bu CZ1 c&f (~$321.73/tonne) for Oct-Nov shipment, likely to be Argentine.
ï‚· Pakistan provisionally bought 160k tonnes of wheat, following their recent tender for 400k tonnes, at $355.95/tonne c&f. Turkey tendered for 300k tonnes of milling wheat for Sept 10-Oct 10 shipment.
 The USDA ag attaché in China estimates hog production in the country will decline 5% in 2022, with total pork production falling 14% with fewer hogs coming to the market as low prices and renewed disease outbreaks increased slaughter and slowed restocking in 2021.
 Please see our Market Insights post at https://portal.rjobrien.com/MarketInsights/Blog/Read/44977 for details on today’s USDA Export Sales report.
ï‚· U.S. corn sales were uneventful with old crop sales a mere 7k tonnes (0.3 million bushels) vs expectations of -100k to +250k tonnes, while new crop sales of 684k tonnes (26.9 mil bu) were within expectations of 500k-1.0 MMT. Old crop activity featured net cancellations by China of 135k tonnes, leaving them with oughly 1.5 MMT (59 mil bu) in unshipped old crop sales still on the books.
ï‚· U.S. soybean sales for the week were 75k tonnes (2.8 mil bu) old crop vs expectations of -100k to +125k tonnes and new crop 1.750 MMT (64.3 mil bu) vs expectations of 1.3-2.0 MMT, with Chinese activity for the week being net old crop purchases of 24k tonnes and 935k tonnes new crop.
ï‚· U.S. wheat sales were disappointing at only 116k tonnes (4.3 mil bu) vs market expectations of 200-600k tonnes, easily a marketing year low through the first 12 weeks of 2021/22 (previous low sales were 8.2 mil bu), prompting total commitments of 335 million bushels to fall to a marketing year high negative shortfall to last year of 23%.
ï‚· Old crop soybean meal sales of 62k tonnes were towards the bottom of expectations of 25-350k tonnes, while new crop sales of 140k tonnes were at the upper end of expectations of 50-150k tonnes. Soybean oil sales activity remains negligible with only 3k tonnes in old crop sales (0-20k expected) and no new crop sales for the week. New crop commitments are only 0.7k tonnes vs 122k tonnes in new crop sales at this time last year.