-Brazil officially eliminates corn/soybean import tariffs temporarily
-South America rain ideas continue to improve
-Russian wheat areas see some moisture improvement
-USDA announces corn sales to unknown/Mexico
ï‚· Brazil announced they will officially eliminate the 8% import tariff on corn and soybeans temporarily from non-Mercosur
countries. Specifically, the tariff exemption will go through January 15, 2021 for soybeans and through March 31, 2021 for corn. Soybean meal and soybean oil will also be exempt through 1/15/21, as well.
ï‚· USDA reported corn sales of 345k tonnes to unknown and 123k tonnes to Mexico this morning.
 Ideas on U.S. corn harvest in this afternoon’s update are 50-55% complete, with soybeans around 75%. Wet weather this week will slow activity temporarily.
ï‚· The firm formerly known as IEG Vantage (Informa) sees 2021 U.S. corn planted area at 92.0 million acres, down from ideas a
month ago of 93.7 million, but still up from this year’s 90.978 million. They raised their estimate of next year’s soybean area to
89.2 million acres from 87.1 million previously and up sharply from this year’s 83.105 million. Total winter wheat area was put at 31.6 million acres up from ideas last month of 30.9 million and this year’s 30.415 million, while “other spring†wheat area was estimated at 12.85 million acres vs 12.95 million last month and 12.25 million this year. Durum area was put at 1.8 million acres vs 1.5 million previously and 1.68 million this year.
 With wheat production of only 2.1-2.4 MMT this year vs 4.8 MMT last year, Syria’s economic minister said monthly imports of 180-200k tonnes will be needed to make up the shortfall.
ï‚· According to IKAR, some rains were seen across parts of Russian winter wheat areas over the weekend, which will obviously
benefit those areas, but coverage and amounts were said to be not sufficient in many places. However, more rains are in the
forecast with Sovecon stating “weather conditions are gradually improving for the 2021 wheat crop.â€
 Sovecon lowered their estimate of Russian wheat exports in October to 4.3 MMT from previous ideas of 5.0 MMT, but would still be above last year’s 3.8 MMT for the month.
 Friday’s CFTC Disaggregated COT data for futures/options combined for the week ended 10/13/20 showed funds were net sellers of 12.0k contracts in soybeans, modestly reducing their net long to 226.4k contracts, but still remains near the record net long of 253.9k contracts. Funds were net buyers in other grain markets last week, though, with 36.4k in corn to move their net long to 170.9k, 8.3k CBOT wheat (net long 38.6k), 4.8k KCBT wheat (net long 32.2k), 3.3k MPLS wheat (net short 1.8k) and 1.2k SBO (net long 82.2k). Funds were net even in SBM for the week and are net long 77.1k contracts.
ï‚· South Korea bought 60k tonnes of feed wheat at $265.69/tonne c&f for March 5 arrival.
Weather
Over the weekend, rains of .25-.75†fell across around 85% of the Brazilian growing regions north of Parana, with things mainly dry south. In Argentina, .20-.65†fell across Corrientes and southern sections of Santa Fe and Cordoba, with totals of .30-.80†in Buenos Aries. Good rains are expected across much of South American growing areas over the coming week. Brazilian looks to see tropical, hit and miss, showers and thunderstorms to bring totals of .40-1â€+ to around 85% of the growing areas north of Parana in week ahead, but still remaining mostly quiet from Parana south for the next 5 days. Rains expand in the 6-10 day with .75-1.5â€+expected for around 85-90% of all of the Brazilian growing regions. The Argentine growing regions will see a front bring rains of .50-1.5â€, with areas of 1.5â€+, to most growing regions the first half of this week, with things mainly dry for the remainder of the week. The 6-10 day sees widespread rains of .50-1.25†as well.