-Asian corn buying remains focused on South America
-Brazilian soybean cargo in line-up to U.S. east coast
-Egypt cancels wheat tender
-Weather model-estimated precip forecasts added to daily comments
 Indonesian crude palm oil production in March of 3.710 MMT was up from 3.380 MMT in February vs 3.58 MMT last year, while March palm oil/product exports of 3.24 MM were up sharply from weak Feb exports of 1.99 MMT and compared to 2.73 MMT last year. GAPKI reported domestic usage in March was 1.590 MMT, essentially unchanged from 1.600 MMT in February and compared to 1.511 MMT last year. Ending stocks fell to 3.2 MMT from 4.0 MMT in Feb and compared to 3.4 MMT last year. Separately, the Indonesian government expects 2022 palm oil exports to rise to 27.14 MMT from this year’s estimated 22.61 MMT.
ï‚· Shipping line-ups show a 31.5k tonne cargo of Brazilian soybeans is set to sail on May 9 for the U.S. east coast being purchased by Perdue.
 Russia is reportedly considering lower the export tax on soybeans to 20% (minimum $100/tonne) from the current 30% rate (minimum $199/tonne) effective July 1. While Russia is only a minor exporter of soybeans in the big picture, this year’s estimated 1.45 MMT in exports will be record high.
ï‚· Egypt ended up canceling their recent tender for wheat being unhappy with the prices offered.
ï‚· Taiwan bought 65k tonnes of Argentine corn for July shipment +214.95 CU (~$315/tonne) c&f. No U.S. corn was offered. South Korea bought 69k tonnes of South American corn at $317.24/tonne c&f for LH June shipment, while another South Korean feedmill is believed to have bought around 203k tonnes of corn following their tender for 210k for July-Aug shipment and is expected to be South American origin, as well.
ï‚· Friday is first notice day for May deliveries. For the most part, no deliveries are expected.
Weather
NOTE: In the days ahead, we will be adding weather model-estimated precip summary tables to our daily comments, the first of which are provided below. The tables summarize the GFS and European model’s estimated precip by region and by period, along with the change in estimated precip from the forecast 24 hours prior. The U.S. table below compiles estimated state-average precip forecasts into regional averages: WCB (NE, MN, IA, MO), ECB (IL, IN, OH, WI), S. Plains (KS, OK, TX), N. Plains (ND, SD). Moving forward, a second page will be added to our morning comments expanding these tables to include individual U.S. states and other global production areas. Precip activity over the last 24 hours included .25-1†with 15 coverage (NE, MN, WI) with the southern Plains seeing .25-1.25†with 40% coverage (OK/TX). The Northern Plains saw .10-.35†with 10% coverage (SD).