-Another huge corn sale reported to China
-Argentina looking at wheat exports
-Heavy Brazilian rains continue
 USDA reported another huge sale of corn to China this morning of 1.7 MMT (67 million bushels), bringing total reported sales to China over the last three days to 3.740 MMT. USDA also reported 214k tonnes of corn sold to unknown this morning, as well. Today’s activity would put official sales on the books to China for 2020/21 at roughly 15.6 MMT, but likely closer to 20 MMT when taking into account sales to unknown.
 Argentine officials and the country’s grain exporter association will meet over the coming days to discuss wheat exports as domestic millers seek assurances exports will not interfere with available supplies/domestic prices. Following the debacle of the export restrictions put on corn recently, which were promptly modified and then removed following widespread protest, a repeat of actions is not expected for wheat, but does potentially signal the possibility of some sort of limits on wheat exports being put in place at some point.
 The USDA ag attaché in Canada sees this year’s wheat exports at 26.0 MMT, slightly below USDA’s official 26.5 MMT estimate, but up from last year’s 24.1 MMT (USDA officially at 24.6 MMT). The attaché sees 2020/21 Canadian wheat ending stocks at 5.3 MMT vs USDA at 5.0 MMT/5.5 MMT last year, the lowest since 2015/16, while the USDA’s ending stocks projection would be the lowest since 2007/08.
ï‚· Algeria is believed to have bought 630-660k tonnes of optional-origin wheat following their recent tender with most priced from $312-$313/tonne c&f. As usual, France is expected to be the likely supplier for the majority, with the rest likely other EU origins.
 With the rise in prices over the last month, Indonesia’s crude palm oil export tax will increase to $93/tonne for February from $74/tonne in January ($33 in December). The export levy, which is used to support the biodiesel industry, will rise to $255/tonne from $225 in January ($180 December).
 Please see our Market Insights post at https://portal.rjobrien.com/MarketInsights/Blog/Read/42782 for details on today’s USDA Export Sales report.
ï‚· U.S. old crop soybean sales of 466k tonnes (17.1 million bushels) were solidly below market expectations of 800k-1.4 MMT, but more importantly, pushed total commitments to 2.125 billion bushels, reflecting 95% of the USDA’s 2.230 billion bushel export projection with roughly 60% of the marketing year still to go. New crop sales this week of 1.564 MMT (57.5 million bushels) were well above market expectations of 250-550k tonnes and included 586k tonnes to China and 654k to unknown.
ï‚· U.S. corn sales last week of 1.850 MMT (72.8 million bushels) were above market expectations of 900k-1.6 MMT, up from the previous two weeks’ sales both of 56.6 mil bu and were the highest in six weeks and 2nd highest of the last 12 weeks.
ï‚· U.S. wheat sales last week were 381k tonnes (14.0 million bushels), within expectations of 250-600k tonnes, but were the highest in four weeks and, again, above the roughly 9.7 million bushels/week we estimate is needed in order for 2020/21 exports to reach the USDA’s 985 million bushel export projection.
ï‚· U.S. soybean meal sales of 142k tonnes were near the very bottom of market expectations of 150-400k tonnes, falling from the previous two weeks’ very strong 469k and 337k tonnes, but still mostly keeping up with the average “needed” pace of roughly 153k tonnes. Soybean oil sales of 19.1k tonnes were within expectations of 10-30k and in line with the roughly 18.3k/week “needed” pace.
Weather
Yesterday saw .25-.75†in RGDS and Santa Catarina, with .50-1†elsewhere, with the exception of dry conditions in Minas Gerais. Brazil will see 2-4â€+ across RGDS, Santa Catarina and Parana over the next 5 days, with 1-2â€+ elsewhere, except for Minas Gerais, which looks to be mainly dry. Widespread 1-3â€+ rains are expected in the 6-10 day period.
Argentina saw generally less than .25†across La Pampa and Buenos Aries yesterday, with dry conditions elsewhere. Over the next five days, rains of 2-3†still look to fall in northern Buenos Aries and La Pampa, as well as southern sections of Entre Rios, Santa Fe and Cordoba. These rains will be very welcome across the prime growing areas. Totals elsewhere look to be in the .60-1.25†range. Additional widespread .50-1â€+ rains are expected in the 6-10 day period as well.