-Late rains stabilize Argentine wheat crop
-USDA reports modest soybean sale
-South Korean corn buying continues
-Brazilian rains still in forecast, but Argentina mostly dry
-November soybean deliveries
ï‚· According to the Argentine ag secretariat, corn planting continues to progress in typical fashion, now 36% complete vs 32% the week prior, 35% last year and 34% average.
 Late season rains helped stabilize the Argentine wheat crop according to the Buenos Aires Grains Exchange, prompting their estimate of the crop of 16.8 MMT to hold steady after a series of declines in recent weeks. The USDA ag attaché’s recent update put the crop at 17.4 MMT, while many private estimates have been in the 16.5-17.0 MMT range. USDA is last officially at 19.0 MMT, with last year’s crop being 19.3 MMT. The Exchange put wheat harvest at 6% complete. They also said recent rains have benefitted corn areas as well.
ï‚· USDA reported the sale of 122k tonnes of soybeans to unknown this morning.
ï‚· French soft wheat planting is 66% complete vs 45% a week ago and is in line with the five-year average. Corn harvest is 88%
complete vs 60% a year ago and was said to be nine days ahead of average.
ï‚· China set the minimum purchase price it will pay farmers for buying the 2021 wheat crop from farmers for state reserves at
2,260 yuan/tonne ($338), up 0.9% from 2,240 yuan paid last year. China set the amount of wheat to be bought at the minimum price at 37 MMT, unchanged from last year.
 An offer made by a local trading house was the lowest in Ethiopia’s recent tender for 400k tonnes of milling wheat at
$243.90/tonne c&f for Russian wheat, which includes transportation costs to inland locations. Offers made by mainstream
trading houses were said to be around $320/tonne for Russian/Ukraine wheat.
ï‚· South Korea bought 66k tonnes of U.S. corn for Feb shipment at $245.74/tonne c&f, 65k tonnes of optional origin corn for Feb shipment at $245.95/tonne c&f and 65k tonnes optional-origin corn at $238.57/tonne c&f for March shipment.
 China’s Dalian Commodity Exchange reportedly will open its palm olein futures contracts to foreign traders in December,
becoming the first ag-related contract to see non-Chinese participation. There have been comments from exchange officials in the past that the soybean meal, soybean oil and one of the soybean contracts would be opened at some point, as well.
ï‚· First notice day for November soybeans saw 300 contracts unexpectedly put out by COFCO with the last trade date at 9/28/20. ADMIS stopped 219.
Weather
Rains of .40-1â€+ fell in MGDS/Mato Grosso yesterday with coverage of around 95%, while .20-.60†amounts with coverage of
around 75% occurred in the rest of the Brazilian growing regions, with the exception of RGDS which was dry, as was all of
Argentina. The Brazilian growing regions continues to see tropical, hit and miss, showers and thunderstorms bring totals of .75-1.5†to around 95% of the growing areas north of Parana in the next 5 days. A few spotty showers look possible in both Parana and Santa Catarina in the next 2-3 days. Totals with that activity look to be generally less than .35â€, with coverage of around 50%. The 6-10 day period sees rains of .75-1.5â€+ in most of Mato Grosso, Goias, and Minas Gerais, with just a few light and scattered showers elsewhere. The Argentine growing regions will see mainly dry weather occur for the next 5 days. The 6-10 day forecast sees limited rains for all of their growing regions, with some activity in the southern ½ of Buenos Aries and up into the northern ½ of Corrientes bringing totals of .20-.60. The Southern Plains look mostly dry through the 10-day period.