-USDA reports corn sale to Mexico
-Good western belt rains over the weekend
-Brazil 1st corn crop planting underway
-Funds increase corn long to 11-week high
 Friday afternoon’s final Pro Farmer crop tour estimates of the U.S. corn crop at 15.116 billion bushels with a yield of 177.0 bu/acre and soybeans at 4.436 billion bushels (51.2 bu/acre yield) were both above USDA’s August Crop Production report estimates of 14.750 billion (174.6 yield) and 4.339 billion (50.0 yield), respectively. While the tour overestimated both crops in 2020 and 2018, their estimates were below final numbers in 2019 as well as the 6-year period from 2012-2017. It should be noted, though, for their crop calculation, the tour assumed corn harvested area 910k acres larger than USDA is currently estimating and also did not include North Dakota, as usual, which clearly should/will have some of the lowest yields in the country.
 This afternoon’s corn and soybean crop conditions are expected to be steady/up 1%.
ï‚· AgRural estimates Brazilian farmers have planted 4% of expected 1st corn crop area in the main center-south growing region, while 79% of the safrinha crop is now harvested. For reference, in the last three years, 1st crop planting averaged 11% complete in the first week of September.
ï‚· USDA reported the sale of 459k tonnes of corn to Mexico for 2021/22 delivery this morning.
ï‚· Pakistan received offers in their tender for 400k tonnes of wheat for Sept 15-Oct 31 shipment, the lowest of which was $355.99/tonne c&f and expected to be Black Sea origin.
 Soybean oil posted a modest/decent recovery overnight following the significant weakness on Friday prompted by reports the EPA’s 2021 blending mandates are expected to be below 2020 levels, due to COVID-related weaker fuel demand, whenever they finally get officially proposed. EPA is expected to propose the 2021 and 2022 mandates at the same time, with 2022 levels expected to be above 2020 and 2021 mandates.
 Friday afternoon’s CFTC Disaggregated COT data for futures/options combined the week ended 8/17/21 showed funds net buyers across the grain/oilseed complex, the largest of which was in corn with 25k contracts to increase their net long to 279k contracts, the highest in 11 weeks, while being net buyers of 5.5k contracts in soybean (net long 97k) and 5.1k CBOT wheat (net long 24k). Funds were net buyers of 5.6k contracts in SBO (net long 69k), 2.5k SBM (net long 28k), 1.8k KCBT wheat (net long 47k) and 3.1k MPLS wheat (net long 15k).