-Notable rains expected across much of the corn belt over next 5 days
-August Malaysian palm oil stocks expected at 6-month high
-UN holds emergency meeting over African swine fever
-USDA reports corn sold to Mexico
-Egyptian wheat tender sees almost only Russian offers
-EIA/USDA reports delayed one day due to holiday
Due to the Labor Day holiday, this week’s EIA ethanol data will be delayed until Thursday, while Export Sales will be out Friday morning.
 U.S. corn conditions dipped 1% in good/excellent last week to 67%, but remain well above last year’s 61% g/e at this time and are
essentially in line with the most-recent 5-year average for early September. Harvest across the south continues at an accelerated pace
in some locations with LA 94% complete vs 84% avg and AL 49% vs 29% avg, while MS, GA and TX are all within a few percentage
points of average at 57%, 76% and 53%, respectively. Soybean conditions were unchanged last week at 66% g/e (61% last year),
with improvements in IA, IL, IN and MO being offset by declines in MN, SD and WI. Soybean conditions remain historically solid. While
they are below those of 2016 and 2014 for early September, they are still the 4th best of the last 20 years for this point of the season.
16% of the soybean crop was dropping leaves as of Sunday vs 9% average, with IL at 16% well ahead of average at 3%. IA is 4% vs
2% avg, while SD is 25% vs 16% avg, MN 9% vs 3% avg, IN 21% vs 9% avg and OH 15% vs 7% avg. Spring wheat harvest is
nearing completion at 87% and compares to 75% avg. ND is 88% harvested vs 69% avg.
 Yesterday afternoon’s monthly USDA Oilseed Crushings report and the Grain Crushings report supported ideas USDA may need to
slightly raise their 2017/18 soybean crush estimate, as well as their corn for ethanol usage estimate at some point, possibly as soon as
the September 12 WASDE report. For details/analysis of both reports, please see our Market Insights post at
https://portal.rjobrien.com/MarketInsights/Blog/Read/33266.
ï‚· U.S. and Canada continue NAFTA talks today, with rhetoric indicating Canada would like to see an agreement, but is set to remain
strong on key points currently in opposition with U.S. ideas.
ï‚· The Malaysian Palm Oil Board will release their monthly data for August on September 12. A wire service survey indicated market
participants see Malaysian palm oil production in August was 1.652 MMT (1.578-1.800 MMT range of ideas), up sharply from July
production of 1.503 MMT, but well below year ago August production of 1.811 MMT. More importantly, end August Malaysian palm oil
stocks are estimated to jump to 2.413 MMT (2.200-2.464 MMT range) from 2.245 MMT in July and remain well above year ago August
stocks of 1.942 MMT. If accurate, stocks would be the highest since February. August Malaysian palm oil exports are estimated at 1.233
MMT (1.180-1.700 MMT range) vs 1.206 MMT in July and 1.488 MMT last year August.
ï‚· The UN is holding an emergency meeting this week with 9 Asian countries (Cambodia, Japan, Laos, Mongolia, Myanmar, the Philippines,
South Korea, Thailand, Vietnam) seen at risk to the potential spread of African swine fever from China as they attempt to put together
a coordinated response to the threat. The highly contagious nature of the disease has health organizations on high alert in the region
as they look to prevent a significant, widespread situation from occurring.
ï‚· After the close yesterday, Egypt tendered for an unspecified amount of wheat for October 21-30 shipment. The lowest 11 offers, on an
fob basis, were all Russian, ranging from $217.90-228.00/tonne. The lowest, and only, non-Russian offer was Romanian at $238.91.
ï‚· USDA reported the sale of 102k tonnes of corn to Mexico for 2018/19 delivery.