-India lowers veg oil import taxes
-Russian wheat exports steady in Sept, but 21/22 off to slowest start in four years
-USDA reports routine soybean sales to unknown
-Funds notable net sellers in corn in latest CFTC data
ï‚· India notably cut the base import tax on crude palm oil to 2.5% from 10% previously and on crude soybean oil and sunflower oil to 2.5% from 7.5% previously trying to cool high domestic prices. Import taxes on refined grades of the oils were lowered to 32.5% from 37.5%. Inclusive of all other taxes, crude palm, soybean and sunflower oils will now see import taxes of 24.75% in total, while refined oils will be at 35.75%. Import taxes on crude rapeseed oil were not revised and stay at 35.8%. Malaysian palm oil prices were higher overnight as a result with optimism the move will result in higher imports.
ï‚· Following their recent tender, Saudi Arabia bought 382k tonnes of 12.5% protein wheat at an average price of $355.68/tonne c&f. SAGO had lowered test weight requirements for the tender to allow French and other EU-origin supplies to participate after the late-season heavy rains detrimentally impacted the quality of some crops.
ï‚· Sovecon estimates Russian wheat exports in September will be 4.200 MMT, comparable to August exports of 4.229 MMT but
below last year’s 5.0 MMT, which would put marketing year-to-date (July-Sept) exports at 9.9 MMT vs 12.0 MMT last year and
the lowest for the period in four years.
ï‚· USDA reported the sale of 132k tonnes of soybeans to unknown this morning as the regular announcements continue as is
typically the case this time of the year for soybeans.
ï‚· Argentina agreed to a short-term contract with the firm that has managed/dredged the Parana River for decades to continue doing so for the time being as the government looks to shift handling of the river to the National Ports Administration. At least for now, it will be business as usual as dredging operations continue to maintain the river as navigable as possible as it struggles with the lowest water levels in nearly 80 years.
ï‚· On Friday, Pakistan tendered for 500k tonnes of optional-origin wheat for Nov 11-Dec 30 shipment, with offers due by Sept 20. This followed their purchase last week of 405k tonnes in a tender for 550k tonnes.
 Friday’s CFTC Disaggregated COT data for the week ended 9/07/21 showed funds sizable net sellers in corn of 44k contracts,
reducing their net long to 215k contracts, the lowest in eight weeks, holding just above the 208k contract net long in mid-July
which was the smallest in nearly a year. Funds were net sellers across the grain complex for the week of 11.6k contracts
soybeans (net long 58k), 19.6k SBM (shifting to a net short for the first time since August 2020 of 8k contracts), 2.2k SBO (net
long 53k), 6.2k CBOT wheat (net long 5k), 6.5k KCBT wheat (net long 41k) and 0.1k MPLS wheat (net long 16k).