-First corn crop conditions in this afternoon’s Crop Progress update
-India expecting normal monsoon
-Funds widespread net sellers in latest CFTC data
-Brazil rain forecast remains limited
-USDA Oilseed Crushings report this afternoon
 This afternoon’s Crop Progress report will include the first corn conditions of the season. The most-recent 5-year average initial rating is 69% g/e, while last year’s was 70% g/e. Soybean planting is expected to be near 90% complete, while spring wheat conditions are likely to further decline with above/much above normal temps expected for the Northern Plains throughout the next two weeks.
 IKAR raised their estimate of the Russian wheat crop by 500k tonnes to 79.5 MMT, but remains solidly below USDA’s 85.0 MMT estimate (85.4 MMT last year). The increase was due to favorable weather in southern winter wheat areas and large spring wheat plantings in central regions. Separately, Sovecon sees 2021/22 Russian wheat exports at 36.6 MMT vs 37.7 MMT this year. They see the wheat crop at 80.9 MMT.
 India is expecting a “normal†monsoon season this year, upgrading estimated rainfall during the season to 101% of average vs last month’s prediction of a 98% of normal monsoon. Rains are expected to begin in the coming days, on schedule, and
consistently distributed.
ï‚· After tendering for 720k tonnes, Saudi Arabia ended up buying 562k tonnes of 12.5% protein wheat for Aug-Sept arrival at an average price of $299.55/tonne c&f. Indonesia tendered to buy 240k tonnes of feed wheat for Aug-Nov arrival periods.
 Indonesia’s crude palm oil export tax will rise to $183/tonne for June vs $144/tonne in May, while the export levy (to support the biodiesel industry) will remain at $255/tonne.
ï‚· Malaysia is re-instituting aggressive lockdown policies in order to combat the spread of COVID-19, but will allow 12
manufacturing industries to continue operating at 60% workforce levels, including palm oil.
 On Monday, China announced a policy change to allow married couples to have up to three children from the previous limit of two as the country’s declining birth rate and aging population remain a concern. Given the high costs of childcare, many feel the change will not have an immediate impact.
ï‚· This afternoon, USDA will release the monthly Oilseeds Crushings report. The average estimate of U.S. soybean crush in April is 171.1 million bushels (170.0-173.0 million range of ideas) vs 188.2 million in March and 183.4 million last year. The average estimate of end April U.S. soybean oil stocks is 2.171 billion pounds (2.150-2.200 billion range) vs 2.245 billion pounds in March and 2.601 billion last year.
 Friday afternoon’s CFTC Disaggregated COT data for futures/options combined, for the week ended 5/25/21, showed funds
being net sellers across the grain complex, with the exception of being small net buyers in SBO. Specifically, funds were net
sellers of 22.9k contracts in corn (net long 268k – lowest since late December), 13.2k soybeans (net long 139k – lowest since
late August), 25.6k SBM (net long 25.2k), 9.5k CBOT wheat (net long 4.5k), 2.6k KCBT wheat (net long 23.5k) and 1.7k MPLS
wheat (net long 14.7k). Funds were net buyers of 2.1k contracts in SBO and are net long 85.3k contracts.
Weather
Precip over the last three days included .25-.75†with 35% corn belt coverage, while the Central/Southern Plains heavy/widespread rains of .50-1.75†with 80% coverage, but the Northern Plains saw only 15% coverage of modest amounts.
Brazil remains locked in drought conditions in many areas, with virtually no precip in the 15-day forecast for Mato Grosso.