-Palm oil rallies on lower than expected Malaysian production/stocks
-Trade talks/ideas continue back and forth rhetoric tone
-November soybean deliveries heavy
-Good Brazilian rains expected
-Regular weekly reports delayed one day this week due to Veterans Day
Due to the Veterans Day holiday, this week’s USDA/EIA reports will be delayed one day from their regular release days. Accordingly, Export Inspections and Crop Progress will be released tomorrow, EIA ethanol data on Thursday and Export Sales on Friday. NOPA’s monthly soybean crush report will be out on Friday, as well.
 The Malaysian Palm Oil Board reported the country’s end October palm oil stocks were 2.348 MMT, down from 2.448 MMT in September, while market participants were looking for an increase in stocks in October given average expectations of 2.516 MMT. Year ago October stocks were 2.722 MMT. Malaysian palm oil production in October was 1.796 MMT, also solidly below average expectations of 1.879 MMT and down from 1.842 MMT in Sept and 1.965 MMT last year October, while October palm oil exports of 1.642 MMT were slightly above expectations of 1.594 MMT, were up from 1.410 MMT in Sept and last year’s 1.571 MMT. The notably lower than expected stocks and production prompted solid gains in palm oil futures overnight of more than 2%, pulling soybean oil along higher, as well.
ï‚· White House officials have pulled back the reigns on last week’s media enthusiasm of a Phase One trade agreement all but being a done deal saying a roll back of existing/planned tariffs has not been agreed upon with President Trump stating, “I haven’t agreed to anything.â€
 Russian wheat exports in October were 3.648 MMT, a bit better than the last SovEcon estimate of 3.4 MMT, but still below last year’s Oct exports of 4.445 MMT. SovEcon’s early ideas of November Russian wheat exports of 3.0 MMT compare to last year’s 3.378 MMT and would put 2019/20 marketing year to date (Jul-Nov) exports at 18.6 MMT vs 20.9 MMT last year.
ï‚· According to IKAR and SovEcon, Russian wheat export prices slipped for the 2nd consecutive week last week by $1-$2/tonne to $206.00-$207.50/tonne fob for Black Sea export.
ï‚· Ethiopia again delayed their tender for 600k tonnes of wheat.
 Friday afternoon’s CFTC COT data showed funds widespread net sellers in the grain markets for the week ended 11/05/19 with net selling of 19.5k contracts in corn, increasing the fund net short to 104.8k contracts, 13.9k soybeans (net long 58.4k), 5.7k CBOT wheat (net short 0.7k) and 8.5k SBM (net short 37.6k). Funds were net buyers in SBO, though, of 9.3k contracts, pushing their net long up to 84.6k (all-time record net long is 126.5k) and also small net buyers in MPLS wheat of 0.3k contracts (net short 9.0k).
ï‚· November soybean deliveries jumped back up to a heavy 855 contracts after three days of no deliveries, with previous strong stopper Cargill putting out 655 contracts and COFCO issuing new deliveries of 200 contracts. ADM was a stopper of 418 contracts, with Wells Fargo stopping 166.
Weather Brazilian growing regions look to see rains of 1-2†fall in most areas in the next 5 days. The 6-10 day sees rains of 1-2†to fall across northern sections of MGDS and Sao Paulo, as well as most of Mato Grosso, Goias and Minas Gerais, with totals of generally less than .50†in the rest of the growing regions of Brazil. Argentine growing regions look to see rains of .50-1â€+ fall across all but northern Buenos Aries and southern Entre Rios in the next 5 days. The 6-10 day indicates mainly dry weather in most of the Argentine growing regions, with the exception of Buenos Aries, where totals of .40-1†are indicated to fall. A front will bring snows to SE IA, S, WI/MI and far N IL, IN and OH today, with rains to the south. Snows look to be heaviest across northern IL, IN and southern sections of WI and MI, where totals of 2-6†will fall and the possibility of as much as 8†exists in N. IL. Rains will be generally less than .35†in most cases and the rains south of I-80 look to finish up as snow, with accumulations generally around an inch. The rest of the week and most of the weekend look to be dry. By the middle of next week, an area of low pressure is indicated to bring snows to much of MN and rains to northern IA/IL and most of WI. Very early estimates on amounts with that activity are in the 4-8†range for snow and .30-.80†range for rain. The rest of the region looks to be mainly dry through the first half of next week.