-Improved rains boost Argentine wheat crop prospects
-Malaysian palm oil stocks seen at 14-month high
-USDA reports more routine soybean sales to China
-US markets closed Monday
U.S. markets will be closed on Monday for the Labor Day holiday. After today’s day session close, grain markets will re-open
Monday night at 7:00 PM CT.
 Next Friday, the Malaysian Palm Oil Board will release their monthly report. The average estimate of end August palm oil stocks is 1.740 MMT (1.440-1.785 MMT range of ideas), which would be up solidly from July’s 1.496 MMT and even modestly above last year’s 1.699 MMT. If accurate, this would represent the highest stocks since June 2020 and the first year-over-year increase in palm oil stocks in 25 months. August palm oil production is estimated at 1.693 MMT (1.599-1.737 MMT range) vs 1.523 MMT in July and 1.863 MMT last year. August palm oil exports are estimated at 1.235 MMT (1.155-1.780 MMT range), down from 1.408 MMT in July, the lowest in five months and well below last year’s 1.582 MMT.
ï‚· Very good rains have been seen across the majority of the Argentine grain belt recently, boosting wheat crop prospects and
setting up a potentially earlier-than-usual start to this year’s corn planting. Over just the last 24 hours or so, around 70% of the central grain belt saw 1.2-2.0 inches, leaving the Buenos Aires Grains Exchange to maintain their wheat crop estimate at 19.1 MMT, up from last year’s 17.6 MMT, but could be on the way up given the improved rains. The Rosario Grains Exchange last put the wheat crop at 20.1 MMT last month, while USDA is last at 20.5 MMT. Looking to corn planting, in recent years, 20%
completion has been reached by the first week of October, with 50% completion by mid-November.
ï‚· USDA reported another 130k tonnes of routine soybean sales to China for 2021/22 delivery this morning.
 The delayed French soft wheat harvest is finally nearly complete at 99%, roughly two weeks slower than last year and 11 days behind average. Quality concerns remain an issue amid the late-season heavy rains. Corn conditions remain strong at 91% good/excellent vs last year’s drought-impacted 61% g/e.