-Heavy rains slow late stages of U.S. corn/soybean harvest
-No USDA sales announcements
-Morocco to temporarily remove wheat import duty
-USDA Cattle on Feed report lower than expected
-Funds net sellers in corn/wheat/soybeans in latest CFTC data
Most commodity markets are in the green this morning with moderate overnight gains seen in grain/oilseed markets, energies and metals, while equities are also higher, as well. U.S. harvest activity will be limited this week following the heavy weekend rains, but is not of concern given the active pace so far. This afternoon’s update is expected to show corn harvest 60-65% complete vs 53% average and soybeans 70-75% complete vs 70% average.
 Russian wheat export values bumped higher last week, with 12.5% protein Black Sea supplies rising $2/tonne to $312/tonne fob according to IKAR, while Sovecon pegs export values at $316/tonne fob, up $3 for the week. With the resumption of higher prices after last week’s stabilization, Russian wheat export values have risen in 14 of the last 15 weeks.
ï‚· Morocco announced they will temporarily eliminate the 135% import duty of soft wheat and durum wheat imports, expected to be effective November 1.
ï‚· There were no USDA sales announcements this morning.
ï‚· Pakistan received offers ranging from $394.38-$399.69/tonne c&f for its recent tender for 90k tonnes of wheat.
ï‚· China sold 892k tonnes of wheat in the first state reserve auction since the new crop harvest, nearly 89% of the slightly more than 1 MMT offered, at an average price of 2,366 yuan/tonne ($371), reflecting a moderate discount from current cash corn and wheat prices in Shandong province of 2,640 yuan/tonne ($414) and 2,610 yuan/tonne ($409), respectively.
 Friday afternoon’s USDA Cattle on Feed report showed on feed as of October 1 at 98.6% of last year, below average market
expectations of 99.4, at the very bottom of the range of ideas of 98.6-100.0 and the 4th consecutive month of lower year-over-year on feed numbers, averaging -1.5% during the period. September placements at 97.1 were notably below average expectations for a yearover-year increase at 101.4 (97.5-104.0 range of ideas), while September marketings of 96.9 were also below average expectations of 97.5 (97.0-98.9 range). Over the last five months, placements averaged 4.5% below year ago levels.
 Friday’s Disaggregated COT data for futures/options combined for the week ended 10/19/21 showed funds modest net sellers in corn of 8.4k contracts, reducing their net long to 220k contracts, net sellers of 10.9k contracts in soybeans (net long down to only 18k) and net sellers of 9.2k CBOT wheat (net short 18k). Funds were net buyers in soybean oil of 9.2k contracts (net long 82k – highest in 20 weeks) and net buyers of 8.2k contracts in soybean meal (net short 32k). Fund positions in the other wheat markets were little-changed for the week, being net sellers of 0.9k KCBT wheat (net long 47k) and net buyers of 0.4k MPLS wheat (net long 16k).