-Russia says grain export quota may be depleted by mid-May
-Romania lifts all grain export restrictions issued just a week earlier
-South Korea buys South American corn for Aug-Sept shipment
-USDA reports modest old crop soybean sale
-Argentine soybean harvest picks up steam – ahead of average
ï‚· A Russian official said the 7 MMT grain export quota for April-June may be depleted by mid-May based on the recent shipment
pace. Roughly 4.2 MMT of grain remains available to be exported through the end of June. Accordingly, there may be a window
of about six weeks where Russia is out of the export picture until the new marketing year begins July 1.
 South Korea bought 69k tonnes of South American corn at $180.50/tonne c&f for Aug 16-Sept 5 shipment. It’s a bit discouraging
to see South American corn being sold for shipment periods near the start of the 2020/21 U.S. marketing year.
ï‚· Romania lifted all restrictions/bans on wheat and other food product exports, instituted just a week earlier, after assessing
adequate supplies exist for domestic needs.
ï‚· USDA reported the sale of 120k tonnes of soybeans to unknown for 2019/20 delivery this morning.
 Germany’s association of farm cooperatives sees this year’s wheat crop at 22.73 MMT, down slightly from last year’s 23.1 MMT
and marginally lower than their estimate last month of 22.79 MMT. The winter rapeseed crop is seen up sharply from last year’s
2.82 MMT at 3.34 MMT, but down a bit from the previous ideas of 3.44 MMT. Germany is the EU’s largest rapeseed producer and
2nd largest wheat producer after France.
ï‚· French soft wheat crop conditions declined 1% in good/excellent over the last week to 61% and compares to 81% g/e at this
time last year as conditions continue to be on the dry side. Corn planting is accelerating quickly with 25% now complete vs 4% a
week ago and is in line with last year’s pace.
ï‚· The Argentine soybean harvest is 33% complete vs 29% last year and 25% average, while the corn harvest is 27% complete vs
31% last year and 25% average according to the Ag Secretariat.
ï‚· Taiwan tendered for 220k tonnes of U.S. wheat with 2020/21 shipment periods off the PNW.
Weather
Snows fell across S IA, northern MO, as well as into northern IL, IN and NW OH overnight with totals around 2-4†and some areas
of 6â€. Rains of .30-.80†fell in central MO and central IL. The current system will bring 3-5†snows to northern IL, IN and OH, with
rains of .30-.80â€+ in the rest of IL, IN and OH today. After the precip moves to the east today, all areas look dry through early next
week with the next event expected Wed-Thur with rains of .50-1â€+ south of a line from Kansas City to Detroit, with totals of .30-
.80†in WI and MI and just some light showers in MN and IA.
A bit of light snow fell across far northern KS, with rains of .30-.80†falling in the eastern 1/3 of KS yesterday. Lows this morning
were in the 27-31 degree range in the NW ¼ of KS, with the rest of the southern plains above freezing. The 6-10 day period sees a
bit of light rain in the east Sunday and then by Wednesday into Thursday, an area of low pressure is indicated to bring rains of .50-
1.5†to the SE ½ to 2/3 of KS and most of OK, as well as northeast TX. This is less coverage for the west than was previously
forecast