-US/China trade official hold call
-USDA announces modest old crop soybean sales
-Argentine soybean/corn harvests continue without issue
-Malaysian 2020 palm oil production seen down slightly
-Cold snap this weekend with focus on SRW
-Trade estimate summary for Tuesday USDA reports
USDA’s monthly WASDE report and Crop Production report will be out next Tuesday. Our pre-report commentary/analysis can be found on Market Insights at https://portal.rjobrien.com/MarketInsights/Blog/Read/40024. A summary of the average trade
estimates is on the following page.
ï‚· Plenty of talk about Chinese buying continues to swirl in the ag space with additional cargoes of corn believed to have been
purchased above yesterday’s USDA announced sales, with interest in soybeans said to be continuing, as well. While nothing has been blockbuster-type size, in this environment, any and all signs of demand is encouraging. This morning, USDA announced the sale of 120k tonnes of soybeans to unknown for 2019/20 shipment.
 U.S. and Chinese trade officials held their call earlier this morning, with little concrete being reported, but more so reassurances of continuing to work together to “create a favorable atmosphere and conditions†for implementing the Phase One trade deal and agreeing “to maintain communication and coordination†moving forward.
ï‚· According to the Argentine Ag Secretariat, the soybean crop is now 73% harvested, up from 63% last week and ahead of last
year’s 62% and average of 56%. The Argentine corn crop harvest is 40% complete vs 35% last week, 46% last year and 35%
average.
 Brazilian oilseeds association group ABIOVE raised their estimate of the country’s 2020 soybean exports to 77.0 MMT from 75.3 MMT previously. The USDA is currently estimating this year’s Brazilian soybean exports, on a Feb-Jan marketing year basis, at 76.5 MMT vs 73.2 MMT last year.
 French soft wheat crop conditions held steady over the last week at 57% good/excellent, but remain well below last year’ crop at this time of 79% g/e. The corn crop is now 77% planted vs 70% last week and 75% last year.
 Indonesian palm oil/product exports in March were 2.72 MMT, down 8% from last year’s March exports, but up slightly from
2.45 MMT in February according to the Indonesian Palm Oil Associations (GAPKI). They put end March palm oil stocks at 3.42
MMT vs 4.08 MMT in February, but well above year ago March stocks of 2.43 MMT.
 The Malaysian Palm Oil Council estimates the country will produce 19.7 MMT of crude palm oil in 2020, down 1% from last year. They see mostly steady palm oil stocks at the end of the year around 1.9 MMT vs 2019’s ending stocks of 2.0 MMT.
ï‚· South Korea bought 138k tonnes of South American corn overnight, with 69k tonnes at $170.98/tonne for Aug shipment and 69k at $171.99/tonne c&f for Sept shipment.
Weather
The last 24 hours saw rains of .30-1†across the SW ½ of IA into most of MO, with totals of .20-.60†in the southern 2/3 of IL so
far. The current system will be finishing up today, bringing rains of .20-.70â€+ to the southern ½ to 2/3 of IL, IN and OH. Tomorrow will be mainly dry in most of the corn belt and then a system for Sunday will bring rains of .20-.70†to most of MN, WI, MI, the northern 1/3 of IL, IN and OH. Conditions will then be quiet for Monday and Tuesday, with another system by Wednesday and Thursday. Ideas with this system still point to rains of .50-1â€+ to fall in just about all of the belt, with the best chances for 1â€+ indicated for MO, southern sections of IA, IL and IN. Dry weather is expected to return for Friday and the following weekend. Temps will continue to run below average for the next 6-7 days. Tomorrow morning will be the coldest of the next 10 with lows to be 29-32 in most of the Midwest, with readings of 28 or colder in most of WI, MI, the northern ½ of IL and IN as well as most of OH. A warming to average and even a bit above is seen for the second half of next week.