-Argentina halts SBM/SBO export registrations in anticipation of higher tax rates
-Russian wheat exports continue
-USDA reports old crop corn sales to Mexico
-NOPA crush report tomorrow
-Ukraine hopes to start spring grain planting soon
Grain markets were lower overnight on optimism of a potential ceasefire in Ukraine as talks with Russia continue, while weekend South American rain activity was favorable, as well.
ï‚· Argentina temporarily halted all new crop soybean oil and soybean meal export registrations, with industry participants seeing the halt being related to an expected increase in export taxes for both by a likely 2.5% to equalize the tax rate for products with soybeans.
ï‚· IKAR and Sovecon confirmed Russian wheat exports from their five Black Sea ports are resuming with an estimated 400k tonnes loaded last week, while navigation in the Azov Sea remains largely closed. Russian wheat with 12.5% protein from Black Sea ports was said to be quoted around $415/tonne fob according to IKAR. Questions continue around Ukrainian grain exports as port operations are non-existent while IKAR said rail shipments to its western neighbors are limited to around 20k tonnes/day, but Ukraine announced a temporary export ban on wheat, corn, oats and other grains last week.
ï‚· USDA reported 159k tonnes of old crop corn sold to Mexico this morning.
ï‚· NOPA will release their monthly soybean crush report tomorrow at 11:00 AM CT. The average estimate of February soybean crush by NOPA members is 165.0 million bushels (162.0-169.1 million range of ideas), 6.3% above year ago Feb NOPA crush of 155.2 million bushels, which was the start of the notable reduced crush rates last year, but still slightly below record Feb crush of 166.3 million bushels in 2020. The average estimate of NOPA crush would imply ideas of nationwide crush around 175.7 million bushels based on the recent-month relationship between NOPA and U.S. total crush, vs 194.3 million in January, 164.3 million last year Feb and 175.3 million in Feb 2020. The average estimate of end February soybean oil stocks held by NOPA members is 1.985 billion pounds (1.900-2.036 billion range of ideas) vs 2.026 billion in January and 1.757 billion pounds last year, while being just above Feb 2020 stocks of 2.013 billion pounds to still be the highest in nine years for the month. Based on the recent-month relationship between NOPA and nationwide data, the average estimate would imply ideas of U.S. total soybean oil stocks around 2.420 billion pounds vs 2.500 billion in January and 2.306 billion pounds last year.
 Ukraine’s ag minister said they plan to begin spring grain sowing in the coming days, while stocks are sufficient to provide for domestic needs without concern as wheat stocks sit at 6 MMT, corn stocks at 15 MMT and sunflower oil stocks – a 5-year supply. Ukraine banned fertilizer exports to ensure domestic supply availability, while tensions remain very high on just how much new crop grain area will be able to be planted this year. Without details being available, Ukraine also said they are implementing a plan to support farmers for the spring grain sowing campaign.
 Spain is expected to modify rules to allow emergency imports of Argentine corn, most likely today, as a result of Ukrainian supplies no longer being available, with changes in maximum pesticide allowances needed. Spain’s ag minister said there are no restrictions for importing U.S. corn for feed purposes.
ï‚· Malaysian palm oil futures were sharply lower, with June futures now down more than 12% from the record highs last Wednesday, as profittaking continues.
 China sold all 100% of the 526k tonnes of state reserve wheat offered at this week’s auction at an average price of 2991 yuan/tonne ($471/tonne;$12.82/bu) vs the average price in the previous week’s auction of 3054 yuan/tonne ($481;$13.09).
ï‚· Egypt said their strategic wheat reserves are enough to last through the end of 2022, particularly with their domestic harvest getting underway in mid-April, with a target to procuring more than 6 MMT of the local harvest for reserves this year. For now, Black Sea region wheat shipments are continuing to arrive, having been shipped before the escalation of the Russian conflict, as 189k tonnes are expected to arrive in the coming days and follows 63k tonne shipments arriving from France on March 8 and from Romania on March 5.
ï‚· Pakistan said current wheat reserves are only enough to last through the end of April, putting extremely importance on the ability to continue receiving shipments from Russia.
ï‚· Iraq tendered for 50k tonnes of hard wheat from any origin with offers due by March 17 and valid through March 22.