-Export Sales widely disappointing – wheat sales now record low
-Russia trims grain crop estimate – Private wheat crop estimate ticked higher
-Saudi Arabia tenders for wheat
-No USDA sales announcements
Energies are solidly lower again this morning, while Malaysian palm oil traded modestly lower overnight, helping keep the grain markets in check following yesterday’s strength. Tomorrow is first notice day for November soybeans.
 Speaking at a government meeting, Russia’s ag minister said this year’s total grain crop is now expected to be 123.0 MMT, below previous ideas of 127.4 MMT, but specific estimates by crop were not provided. Separately, IKAR now sees the Russian wheat crop at 75.0-75.6 MMT, bumping up the bottom end from previous ideas of 74.5-75.5 MMT, remaining moderately above USDA’s last estimate of 72.5 MMT. Additionally, IKAR maintained their estimate of this year’s Russian wheat exports at 31.5-32.0 MMT, which is below USDA’s 35.0 MMT and down solidly from last year’s 38.0 MMT.
ï‚· Saudi Arabia tendered for 655k tonnes of 12.5% protein hard milling wheat for Jan-Apr shipment period with offers due by
tomorrow.
ï‚· After canceling their previous tender for the same amount, Pakistan re-tendered for 90k tonnes of wheat with offers due by
November 4.
ï‚· Egypt ended up buying 360k tonnes of wheat in their recent tender, 180k Russian, 120k Ukrainian and 60k Romanian.
ï‚· There were no USDA sales announcements this morning.
 Please see our Market Insights post at https://portal.rjobrien.com/MarketInsights/Blog/Read/45618 for details on today’s USDA Export Sales report.
ï‚· U.S. corn sales of 890k tonnes (35.1 million bushels) were at the bottom end of market expectations of 800k-1.3 MMT, down
from the previous week’s 50.1 million bushels, a 4-week low and significantly below last year’s same-week sales of 88.3 million. Accordingly, total commitments of 1.173 billion bushels slipped below year ago levels for the first time of the marketing year.
ï‚· U.S. soybean sales of 1.183 MMT (43.5 mil bu) were below the range of market ideas of 1.25-2.0 MMT, down from the previous week’s very strong sales of 105.8 million bushels and returned to the rather steady pace of sales seen for most of the first 8 weeks of 2021/22, which averaged nearly 42 million bushels/week so far excluding last week’s huge sales. Soybean sales to nonChinese destinations remain a concern with total sales on the books currently at 14.4 MMT vs 20.9 MMT sold “others” at this time last year.
ï‚· U.S. wheat sales last week were 269k tonnes (9.9 mil bu), at the bottom of market expectations of 200-550k tonnes, down from the previous week’s 13.3 million, significantly below last year’s same-week sales of 27.3 million and were the lowest in 9 weeks. Total commitments of 463 million bushels are now down 22% from last year and are now the lowest on record for this week of the marketing year going back 40 years.
ï‚· U.S. soybean meal sales last week of 162k tonnes were at bottom end of market expectations of 150-375k tonnes, down from the previous week’s 240k and slightly below last year’s same-week sales of 199k. Soybean oil sales were decent at 14.6k tonnes, in line with expectations of 0-20k, but total commitments of 123k tonnes remain down a massive 45% from last year.