-Argentine soybean/corn crop ideas raised
-No corn, soybean, wheat March deliveries – heavy SBM/SBO
-Equities/energies/global markets under pressure again
Overnight vegoil markets were under significant pressure overnight with Dalian palm and soybean down 3-5% and Malaysian palm oil down nearly 6%. For the week, Malaysian palm oil was down nearly 12%, the largest single-week decline in more than a decade, while CBOT soybean oil, for comparison, is currently down around 8% on the week. E-minis are under notable pressure again this morning as is the energy complex.
 The Buenos Aires Grains Exchange raised their estimate of the Argentine soybean crop to 54.5 MMT from 53.1 MMT previously and is solidly above the USDA’s 53.0 MMT estimate. They also raised their estimate of the country’s corn crop to 50.0 MMT from 49.0 MMT previously (USDA 50.0 MMT) with favorable season-long rains being cited. Last year’s soybean crop was 55.3 MMT and corn 51.0 MMT.
ï‚· There were no corn, soybean or CBOT wheat deliveries on first notice day today for March contracts today, while wire services reported overall ideas of deliveries of corn from 0-500 contracts, soybeans 200-500 contracts and CBOT wheat 0-200 contracts. Soybean meal deliveries were heavy at 1,237 contracts (400 by ADM), well above expectations of 100-600 contracts and had a last trade date of 2/28/20, while SBO deliveries were heavy, as well, at 1,107 contracts (500-1,500 expected) and a last trade date of 2/27/20. KCBT wheat deliveries were minimal at 9 contracts (0-400 expected) and were through 10/31/19, while MPLS wheat saw 436 contracts delivered (200-400 expected) and were through 2/25/20. All the MPLS deliveries were put out by CHS and/or Dreyfus.
ï‚· USDA reported the sale of 135k tonnes of soybean meal to the Philippines for 2019/20 delivery this morning.
 France’s wheat conditions slightly declined over the last week to 64% good/excellent from 65% a week prior and compares to last year’s 85% g/e rating at this time.
ï‚· Philippines bought 275k tonnes of optional-origin feed wheat for May-July shipment periods, with prices ranging from the high $230s/tonne c&f for LH May-FH June shipment to the high $210s/tonne c&f for July shipment. The roughly 9% price discount from May to July shipment does not bode well for U.S. export prospects given the current carry in CBOT corn and wheat.
Weather Rains of .25-.75â€+ fell across Mato Grosso, Goias, Minas Gerais and northern Sao Paulo in Brazil, with conditions fairly quiet to the south. Tropical rains will bring .50-1.5†to most of Mato Grosso, Goias, Minas Gerais and northern Sao Paulo in the next 5 days. Some showers and thunderstorms also look to impact eastern Parana and Santa Catarina, but look to miss most of their growing regions. The 6-10 day period sees continued rains of 1-2†for most of Mato Grosso, Goias and Minas Gerais, with mostly dry conditions elsewhere. The Argentine outlook remains essentially dry through the coming 10-day period.