-Argentine port worker strike ends
-EU raises wheat crop ideas
-Saudi Arabia tenders for wheat
-Good rains moving across Midwest
-Old crop corn export sales better than expected
U.S. markets will be closed on Monday for the Memorial Day holiday.
 Argentine port workers halted their planned 48-hour strike after an agreement was reached to vaccinate workers. Similarly, Brazil will begin vaccinating workers at the Santos port after they threatened to strike if plans weren’t reached by May 31 to begin vaccinations.
 According to the Ag Ministry, Argentine farmer soybean sales remain steady, with 976k tonnes sold over the last week, bringing total sales so far to 19.4 MMT, but remain solidly behind year ago sales at this point of 23.2 MMT. Farmer sales of corn have reached 28.2 MMT, reflecting weekly sales of only 300k tonnes vs the previous week’s 1.6 MMT in sales, but remain well ahead of corn sales a year ago of 25.0 MMT.
 The EU Commission raised their estimate of this year’s common wheat crop to 126.2 MMT from 124.8 MMT previously (117.2 MMT last year), while leaving estimated new crop exports unchanged at 30.0 MMT (27.0 MMT old crop).
ï‚· Saudi Arabia tendered for 720k tonnes of optional-origin 12.5% protein hard wheat for July 10-Sept 30 arrival periods, with offers due by tomorrow and results expected Monday.
ï‚· USDA reported the sale of 152k tonnes of new crop corn to unknown this morning.
 Please see our Market Insights post at https://portal.rjobrien.com/MarketInsights/Blog/Read/44031 for details on today’s USDA Export Sales report.
ï‚· U.S. old crop corn sales were a 7-week high at 556k tonnes (21.9 million bushels), solidly above market expectations for net cancellations of 100k tonnes to +400k tonnes, and again pushed total commitments to a level essentially allowing the USDA’s 2.775 billion bushel export projection to already be able to met with more than three months remaining in the marketing year. The larger than expected sales were helped by unexpected old crop purchases by China of 102k tonnes. New crop sales were extremely strong at 5.691 MMT (224 mil bu) as a result of the reported sales of 5.644 MMT to China (previously announced), while wire service-reported market expectations were 5.9-7.0 MMT.
ï‚· U.S. old crop soybean sales were minimal, but still net positive, at 56k tonnes (2.1 mil bu) vs market expectations of -200k to +200k tonnes, with net positive minimal sales to China of 7k tonnes for the week. New crop sales were weak, though, at only 248k tonnes (9.1 mil bu), below market expectations of 225-600k tonnes, with only 20k tonnes sold to China for the week.
ï‚· Old crop wheat sales were minimal, but net positive, at 30k tonnes (1.1 mil bu) vs market expectations of -75k to +180k tonnes and put 2020/21 total commitments at 944 million bushels vs 984 million a year ago. New crop sales of 374k tonnes (13.7 mil bu) were within market expectations of 200-600k tonnes and put 2021/22 total commitments at 145 million bushels vs 111 million at this time last year.
ï‚· Old crop soybean meal sales were 197k tonnes vs market expectations of 100-300k tonnes, while soybean oil sales were minimal at 1.7k tonnes vs expectations of -10k to +25k tonnes. The story remains the same for the products with respectable SBM sales keeping pace with USDA export ideas, while SBO sales remain very weak likely resulting in another USDA export estimate reduction forthcoming.
Weather
Current radar shows active rains moving across Iowa, as well as the eastern half of SD and the southern half of MN and expected to continue across IL and WI later this morning.
Activity across U.S. growing areas in the last 24 hours included .25-.75†of the corn belt with 35% coverage (mostly western belt), .50-1.5†35% coverage central/southern plains (much of Nebraska, the NE ½ of KS and the TX panhandle) and .25-1†(locally 3â€+) in the northern plains, focused across SD and SW ND.
The forecast for Mato Grosso remains mostly dry through the 15-day outlook, with good rains still expected for Parana and a bit more modest amounts for MGDS