-EIA weekly ethanol data focus to increase amid slowing production/demand concerns
-South American soybean crop estimates moving lower
-South Korea continues aggressive corn buying
-Malaysian palm plantations allowed to continue operations
 The EIA’s weekly ethanol data will be out today with a very close eye being kept on ethanol production/implied corn grind rates with ethanol margins widely in the red in western belt locations and the entire industry increasingly feeling pressure after the plunge in ethanol prices over the last week. Of increasing focus, as well, will be the EIA’s weekly reflection of U.S. gasoline demand as the “stay home†edict is likely to materially negatively impact gasoline demand and, obviously/accordingly, ethanol demand. Since last Monday. March 9, ethanol prices have declined 20+ cents/gallon. The expected slowdown in ethanol production and inherent decline in DDGS production is supporting SBM prices as an alternative feed component is sought. However, larger-scale ethanol production declines may not begin to show up until next week’s or later reports.
 The Buenos Aires Grains Exchange lowered their estimate of the Argentine soybean crop to 52.0 from 54.5 MMT previously given the dry conditions across Cordoba and Santa Fe, in particular. The USDA’s last estimate of the crop was 54.0 MMT.
 Brazilian soybean producer association, Aprosoja, lowered their estimate of the country’s soybean crop to 120.6 MMT from 123.0 MMT previously, while USDA was last at 126.0 MMT. The association expressed their view China will continue to buy Brazilian supplies given the current price advantage to the U.S. and expects Brazilian soybean exports in March to be record high. Current record March soybean exports are 9.0 MMT in 2017, while Brazil exported 5.1 MMT of soybeans in February.
ï‚· Brazilian grain exporter association, Anec, said the coronavirus pandemic is not expected to impact grain exports and that no logistical disruptions have been experienced so far due to the situation. They are maintaining their expectation of new crop soybean exports of 73-74 MMT (USDA 77.0 MMT) and corn exports of 34-3 MMT (USDA 36.0 MMT).
ï‚· South Korean feedmills continue to snap up cheap corn with at least 198k tonnes being bought yesterday, along with 70k tonnes of feed wheat. Arrival periods ranged from June 10 to August 21, with prices paid ranging from $206.98/tonne c&f for nearer shipment periods to $192.99/tonne c&f for the later shipment periods. The feed wheat purchase was for Sept 20 arrival at a price of $206.99/tonne c&f. South Korea also tendered for 137k tonnes of U.S. specific wheat for June 20-Sept 5 shipment periods.
 Malaysian palm plantations were granted a reprieve from the country’s domestic restrictions on human movement in order to keep palm oil production up and running. If the restriction was not removed, there were ideas palm oil production could have declined 350-700k tonnes in March and prompt a significant decline in palm oil stocks and available supply for export. Malaysia’s palm oil stocks at the end of February were already the lowest since June 2017 at 1.68 MMT.
Weather Widespread rains of .50-1â€+ fell across all of the Argentine growing regions yesterday. The rest of the week and weekend look to be mainly dry. Ideas for the 6-10 day period are still a bit mixed, but the general idea is for dry weather to dominate the heart of the belt, with rains in the south and west. The European sees rains of .30-.80†to fall in western Santa Fe, northern La Pampa and central Buenos Aries. The GFS sees the rains to fall in the same general area, but with totals generally less than .35â€. In Brazil, rains of .25-.75†fell across most of RGDS, but only in a scattered fashion with coverage of around 25% across Mato Grosso, Goias and western Minas Gerais yesterday. Rains of .50-1â€+ are expected for most areas over the next 5 days, while the 6- 10 day period shows 1-2†amounts from the northern ½ of MGDS and Sao Paulo north, with conditions mainly dry south.