-Quiet post-report overnight session as market awaits next week’s USDA Ag Outlook Forum
-Daily coronavirus reported cases lowest since Jan 30
-France raises wheat export estimate for 5th consecutive month
-South Korea buys corn – US thought to have missed out
Grain markets were little-changed overnight, settling into a bit of malaise after USDA’s monthly WASDE reports which didn’t really provide much new and exciting. While not official estimates, the markets will now look forward to next Thursday-Friday, February 20-21, when USDA will provide their first glimpse of ideas of the 2020/21 balance sheets. Traditionally, USDA has provided initial new crop acreage and average farm price ideas in the early Thursday session of the Ag Outlook Forum, with full balance sheets provided first thing Friday morning.
 France, once again, raised their estimate of soft wheat exports to non-EU countries this month to 12.6 MMT from 12.4 MMT previously and compares to last year’s 9.67 MMT, reflecting the 5th consecutive monthly increase in the forecast. France expects soft wheat exports to China in 2019/20 to be 1.0-1.2 MMT, with 900k-1.0 MMT in exports to Egypt. Slight reductions in domestic use and exports within the EU allowed 2019/20 projected soft wheat ending stocks to remain mostly unchanged from last month at 2.438 MMT and are little-changed from the previous year’s 2.491 MMT. Last year’s soft wheat crop was bumped up to 39.58 MMT from 39.46 MMT previously (34.05 MMT previous year).
 China’s coronavirus cases rose by 2015 yesterday, the lowest daily increase since January 30. Total mainland China cases reached 44,653, with 1,113 deaths.
 Bunge’s CEO said they see China’s hog herd down around 40% as a result of the African swine fever epidemic, but overall feed demand is improving with shifts to increasing poultry production.
ï‚· South Korean feed mills bought a total of 196k tonnes of optional-origin corn for March-April shipment at $212.95-$214.99/tonne c&f. Initial ideas on this business was that it will not be U.S. origin. South Korean feed mills also bought a total of 120k tonnes of optional-origin soybean meal for July shipment at $347.55-$347.60/tonne c&f.
 Egypt ended up buying 360k tonnes of wheat as a result of this week’s tender, with 180k Romanian and 180k Russian and priced from $239.35-$239.55/tonne c&f, down from their previous purchase on January 30 at $246.10 (French).
Weather Argentina looks to be mainly dry today and then a front will bring rains of .50-1†to northern sections of Santa Fe and Entre Rios, with totals of .20-.60†elsewhere later tomorrow into Friday. After a quiet weekend, another front looks to produce rains of 1-2â€+ for most areas by Monday and Tuesday of next week. In Brazil, rains of .50-1â€+ fell across around 75% of growing regions north of Parana, with conditions things mainly dry south. Hit and miss showers and thunderstorms will bring rains of .50-1.5†to most areas north of Parana in the next 5 days. In the south, the next rains are expected to begin Friday with widespread coverage of .50-1†expected. Most areas are expected to see .50-1.5â€+ in the 6-10 day period.