-Wheat supported overnight by reduced FSU wheat export ideas
-Ethanol production capacity being idled amid difficult margin environment
-Planting in Parana running well ahead of last year
-Egypt tenders for wheat
-No USDA sales announcements
-Ethanol production capacity being idled amid difficult margin environment
-Planting in Parana running well ahead of last year
-Egypt tenders for wheat
-No USDA sales announcements
ï‚· The next round of import tariffs on $200 billion worth of Chinese products is set to go into effect on September 24 at a 10% rate. China has vowed to initiate 5-10% tariffs on an additional $60 billion worth of U.S. products on the same date.
 Wheat was supported overnight by comments from Russia’s Ag Ministry solidly lowering 2018/19 grain export ideas from previous views as it was stated total grain exports are now expected to be 35-37 MMT vs 44-45 MMT previously anticipated, with wheat accounting for 30 MMT of the total exports vs up to 35 MMT previously. The USDA last estimated Russian wheat exports this year at 35.0 MMT. Based on estimated exports for September, Russian wheat exports so far (July-Sept) are estimated to be around 12.4 MMT.
 Ukraine’s Ag Ministry said this year’s wheat crop was put at 24.2 MMT (USDA last at 25.5 MMT/27.0 MMT last year), while the previously-agreed allowable export level of 16.0 MMT will not be reviewed (USDA last estimated exports at 16.5 MMT). The Ag Ministry said 60% of this year’s wheat crop was milling quality. They see this year’s corn crop at 29.5 MMT vs 24.7 MMT last year (USDA 31.0 MMT this year/24.1 MMT last year) and will allow for corn exports of 22 MMT (USDA 25.0 MMT/18.5 MMT last year). Early ideas on 2019 winter wheat planted area were put at 6.2 million hectares (15.3 million acres) vs this year’s 6.45 million hectares by the Ag Ministry, but private consultant UkrAgroConsult’s just-released ideas on winter wheat area reflect expectations for a slight increase this year to 6.5-6.6 million hectares. UkrAgroConsult sees next year’s corn area dipping to 4.3- 4.4 million hectares from this year’s 4.60 million.
 Wire services are reporting one of the country’s largest ethanol producers plans to idle two ethanol plants with a combined annual production capacity of 180 million gallons, while production at a 3rd location with 120 million gallon/year (mgy) capacity is reportedly running at half capacity as production is being reduced amid the current weak margin environment. On an annual basis, the combined 240 mgy reduction in production capacity would amount to reduced corn consumption of around 85 million bushels. There are some ideas production may be slowed/idled at two other plants with combined capacity of 175 mgy, as well.
 Soybean planting in Brazil’s state of Parana is 9% complete according to the state’s ag agency, well above last year’s 1% as very favorable soil moisture conditions are prompting strong early planting activity. 1st corn crop planting is already 37% complete vs last year’s 12% pace at this time.
ï‚· After the close yesterday, Egypt tendered for an unspecified amount of wheat for November shipment. The lowest offer was $226/tonne fob for Russian wheat. In their last purchase on September 12, Egypt bought 235k tonnes of Russian wheat at an average price of $240.20/tonne c&f ($223/tonne fob).
ï‚· Two South Korean feedmills bought a total of 134k tonnes of corn overnight, likely U.S., at $202.55-204.14/tonne c&f for February arrival. 60k tonnes of SBM was bought, as well, at $391.80/tonne c&f.
ï‚· There were no USDA sales announcements this morning.