-Census October soybean exports hold no surprises
-Monthly Malaysian palm oil stocks expected lowest since June 2017
-USDA reports routine corn sale to Mexico
-South American rain outlook remains mostly constructive
 Census Bureau official October soybean exports were 420.3 million bushels, only slightly above monthly implied exports based on Export Inspections data of around 413 million bushels, a much more typical deviation between the two than the unusually large deviation in September of 285.9 million bushels Census and roughly 244 million bushels Inspections. Throughout the 2019/20 marketing year, monthly Census exports typically ran 5-6 million bushels larger than Inspections data. October Census corn exports of 145 million bushels were modestly above Inspections’ implied monthly exports of around 140 million bushels in typical fashion.
 The Malaysian Palm Oil Board will release their monthly report on December 10. End November palm oil stocks are estimated at 1.539 MMT (1.500-1.629 MMT range of ideas), down slightly from 1.573 MMT in October, with any decline from October reflecting the lowest stocks since June 2017. Year ago Nov palm oil stocks were 2.255 MMT. November palm oil production is estimated at 1.548 MMT (1.480-1.660 MMT range), down from 1.724 MMT in October, but comparable to last year’s Nov production of 1.538 MMT. November palm oil exports are estimated at 1.400 MMT (1.35-1.52 MMT range) vs 1.674 MMT in October and 1.406 MMT last year.
ï‚· USDA reported the sale of 182k tonnes of corn to Mexico this morning.
 Brazilian ag consultant Celeres lowered their estimate of the country’s soybean crop to 129.5 MMT from 134.0 MMT previously, a deviation from most local estimates of late in the 133-135 MMT range.
ï‚· Estimated French soft wheat exports in November were the highest of 2020/21 so far at 877k tonnes, rising from 703k in
October, with China accounting for the largest share of French exports for the 2nd consecutive month with 332k tonnes shipped. This was down from October shipments to China of 524k tonnes, though.
ï‚· South Korean feed mills bought 256k tonnes of soybean meal overnight with nearly all (243k tonnes) being from South America for June-July arrival and priced at $457.46-$463.00/tonne c&f. A small 12k tonne allotment was purchased for prompt shipment and will be supplied by China.
ï‚· Turkey reportedly bought 400k tonnes of wheat following their recent tender for the same amount, all for Jan 8-25 shipment and priced from $264.80-$270.60/tonne c&f for 12.5-13.5% protein supplies.
 French soft wheat crop conditions remain very strong, holding steady over the week at 96% good/excellent and compares to last year’s excessive rain-impacted crop at 73% g/e in early December.
Weather
Rains of .50-1.5â€+ fell across most of Santa Catarina, Parana, Sao Paulo and the SE 1/3 of MGDS, with totals of .25-.75†in Minas
Gerais with other areas mainly dry in the rest of the Brazilian growing regions yesterday. The next five days are expected to bring .50-1.5â€+ rains, with coverage of around 85-90% of all growing areas, with the exception of RGDS being dry. This is a similar forecast to previous ideas. The 6-10 day outlook is a bit mixed. Both models indicate rains of 1-3†to fall in Minas Gerais, Goias and Mato Grosso, with .50-1.5†in MGDS and Sao Paulo. The GFS then sees totals of .50-1â€+ in Parana, Santa Catarina and RGDS, while the European sees things mainly dry in Parana, Santa Catarina and RGDS. In Argentina, rains of less than .20†fell across Cordoba, the southern ½ of Santa Fe, Entre Rios and northern Buenos Aries, with things mainly dry elsewhere. Dry weather looks to dominate all of the Argentine growing regions in the next 5 days. The 6-10 day
period continues to have mixed ideas, with the GFS still indicating a front to arrive by the end of next week and bring rains of .50-1†and widespread coverage. The European continues to see things to be fairly quiet for this time frame. The GFS is the favored solution at this time.