-USDA confirms Chinese buying of U.S. corn, soybeans, HRW – corn purchases larger than rumored
-Russian wheat crop expected to be 2nd largest on record – up substantially from last year
-NOAA expects wet spring
-Chinese SBM futures rally to near 5-month high
-Cattle on Feed report this afternoon – notable pullback in placements expected
ï‚· USDA confirmed the recent market talk of China returning to the U.S. ag markets as they reported sales of 756k tonnes of old crop corn (12-13 cargoes), 110k tonnes of old crop soybeans (2 cargoes) and 340k tonnes of (5-6 cargoes) of new crop, 2020/21, HRW wheat. The corn purchases were larger than generally talked about in the market.
 SovEcon sees the 2020/21 Russian wheat crop at 84.4 MMT, up 9.9 MMT from last year and would be just shy of the 2017/18 record crop of 85.2 MMT. If accurate, this would essentially offset the expected decline in EU wheat production this year. Additionally, while Ukraine production is expected to modestly decline from last year, Australia is expected to see a significant rebound in wheat production, with ABARES’ early ideas reflecting a 6 MMT jump from last year.
ï‚· The government in one of three main port towns in Rosario, Argentina said port operations will be halted in coronavirus containment efforts. Rosario handles roughly 80% of all Argentine primary and agricultural exports. It was unclear exactly when the halt will take place. However, the Argentine government supposedly is saying port operations must continue.
 NOAA said they expect a wetter than average spring will result in widespread flooding, particularly for North and South Dakota and Minnesota, but is not expected to be as widespread or prolonged as last spring’s situation. Nonetheless, early planting delays are to be expected and could provide a supportive element to the markets.
ï‚· According to the Buenos Aires Grain Exchange, the Argentine corn harvest is 14% complete. They left their estimate of the corn crop unchanged at 50 MMT, but said their 52 MMT estimate of the soybean crop may still need to be lowered somewhat.
ï‚· The head of the Renewable Fuels Association said many U.S. ethanol plants have cut production or idled their facilities recently given the extremely weak margin environment, with providing specifics/details.
 French wheat crop conditions were unchanged over the last week at 63% good/excellent and compares to last year’s crop at this time of 85% g/e. Winter barley crop conditions slipped 1% in g/e this week to 62% and compares to 81% g/e at this time last year. Spring barley planting remains very slow, advancing just 6% over the last week to 40% and compares to last year’s 97% by this time. A turn to much warmer and drier conditions has recently occurred following the extremely wet early spring situation.
ï‚· Dalian soybean meal futures rallied to a near 5-month high overnight on concerns South American soybean shipping will be detrimentally impacted by the coronavirus pandemic. While Brazilian soybeans remain cheaper than U.S. supplies, concerns of South American availability may prompt some Chinese buyers to at least get some coverage in place with U.S. soybeans in the event South American export capabilities become limited.
ï‚· The CME Group raised the CBOT wheat maintenance margin to $1425/contract from $1250 given the recent increase in volatility.
ï‚· This afternoon, USDA will release the monthly Cattle on Feed report. The average estimate March 1 Cattle on Feed is 100.3% of last year (99.7-101.0 range of ideas) and compares to Feb 1 of 102.2. February placements are estimated at 92.4 (89.0-97.1 range) vs 99.4 February, while March marketings are estimated at 105.6 (105.0-106.2 range) vs 101.1 in February