-Argentine harvests advancing rapidly – yields remain strong
-U.S. wheat crop tour next week
-Australian precip outlook much improved
-EU raises wheat crop ideas
-Wet U.S. weekend ahead, with snow expected
 The Buenos Aires Grains Exchange said continued strong yield returns as harvest progresses keeps total crop prospects strong as they see the crop at 55.0 MMT, in line with the USDA’s last official estimate, and up sharply from last year’s 37.8 MMT. The exchange said the soybean harvest is past the halfway mark. The Argentine Ag Secretariat’s weekly harvest update out yesterday put the soybean harvest at 44% complete, advancing strongly from 30% the previous week and ahead of average of 38%. Last year’s drought-impacted crop was 48% harvested at this time. The Exchange maintained its estimate of the Argentine corn crop at 46.0 MMT and compares to the USDA’s 47.0 MMT, but many private estimates continue to push their ideas higher above 48 MMT. The Exchange put the corn harvest at 28% complete, while the Ag Secretariat sees it further along at 37% complete compared to 38% last year and 26% average.
 The U.S. Wheat Quality Council’s annual wheat tour gets underway on Monday.
 Indonesian palm oil production in March was estimated at 3.950 MMT, up from 3.800 MMT in February and well above last year’s March production of 3.335 MMT according to a survey of industry associations and analysts. End March Indonesian palm oil stocks were seen at 2.400 MMT vs 2.733 MMT in February an 3.528 MMT last year, while March exports were estimated at 2.930 MMT vs 2.880 MMT in Feb and 2.500 MMT last year. Indonesia does not publish official monthly palm oil data.
 Australia’s Bureau of Meteorology’s latest longer-term outlook shows a 70% chance Western Australia will see above normal rainfall during the May-July period, which would be extremely beneficial to recovery prospects for this year’s wheat crop. Conditions have remained very dry in a continuance of last year’s drought as seeding is just getting underway. Specifically for May, average/above average rains are expected in Western Australia, but dry conditions are expected to continue in much of Queensland, NSW, Victoria and South Australia. However, average to above average rains are expected to move into the country’s eastern wheat growing regions for July-July, as well. ABARES’ first ideas of the 2019/20 wheat crop in March reflected a rebound to 23.9 MMT from last year’s 11-year low of 17.3 MMT, but obviously would be predicated on a return to more normal rainfall amounts this year.
 The massive swings in Morocco’s wheat production in recent years is taking a turn back to the downside this year as the ag ministry sees total production at around 4.85 MMT (3.5 MMT soft wheat, 1.35 MMT hard wheat), down sharply from last year’s 7.340 MMT, but not as bad as the disastrous 2016/17 crop of 2.731 MMT. 2014/15 also saw a poor crop at 5.12 MMT, while 2017/18 was strong at 7.09 MMT. Morocco’s wheat imports in the last two years were only 3.7-3.8 MMT as a result of the good crops compared to 2016/17 imports of 5.3 MMT. However, USDA is estimating old crop wheat ending stocks at 5.5 MMT, the 2nd highest on record, which may help reduce import needs for 2019/20.
 The European Commission raised their estimate of the 2019/20 EU common wheat crop to 141.3 MMT from 140.2 MMT last month and compares to last year’s 128.7 MMT. They left their estimate of new crop EU wheat exports unchanged at 25.5 MMT, which is up from last year’s 21.0 MMT (raised from 19.0 MMT previously). The Commission lowered their estimate of EU rapeseed production to 19.2 MMT from 19.9 MMT previously and compares to 19.9 MMT last year. The EU corn crop estimate was left essentially unchanged at 68.3 MMT (68.4 previous) and is down slightly from last year’s 69.1 MMT, while their estimate of 2019/20 EU corn imports was left unchanged at 15.5 MMT and would be down from last year’s 21.5 MMT. EU barley production was estimated at 61.0 MMT vs 60.3 MMT previously and 56.1 MMT last year.
 French wheat crop conditions declined last week to 79% good/excellent from 81% g/e the week prior and compare to last year’s crop at this time of 77% good/excellent. By mid to late-July last year, the crop at declined to 71-72% good/excellent. France’s corn crop is 56% planted, up sharply from the previous week’s 29% and compares to 33% last year.
ï‚· There were no USDA sales announcements this morning.
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