-Widespread positive feel in U.S. markets this morning in rebound in Chinese markets overnight
-Record Feb Brazilian soybean exports expected
-Brazil soybean harvest keeps pace with average, safrinha corn planting slow
-South American weather remains mostly favorable
-Coronavirus restrictions impacting Chinese poultry/livestock producers
-Canada Grain Stocks report tomorrow
There’s a generally positive vibe across equity/commodity markets this morning following a strong rebound in Chinese equity markets overnight. Ags, energies and equities all look firm to start in U.S. markets, as well.
 Brazilian shipping line-ups indicate nearly 7 MMT of soybeans are set to be shipped in February, a new record for the month in solidly surpassing last year’s Feb exports of 5.3 MMT and marking the start of the strong seasonal increase in exports from January’s 1.5 MMT. The vast majority of slated Feb exports are to China with 110 vessels currently on the docket for the month.
 Early Brazilian soybean harvest is still keeping pace with average, now 7% complete vs 8% average, but still well behind last year’s historically fast 17%. Harvest in the largest soybean-producing state of Mato Grosso is 20% complete vs 18% average (39% last year), while Parana is a bit on the slow side at 5% complete vs 11% average (23% last year). Brazil’s 1st corn crop harvest is running strong at 15% complete, ahead of 8% average and last year’s 11%. The safrinha corn crop, though, is off to a slow start with just 8% of the crop planted vs 16% average and last year’s very fast 29%. Number one producer Mato Grosso is 13% planted vs 26% average and 36% last year.
 Chinese officials are having to walk a fine line with attempts to control the coronavirus outbreak as calls to limit human movement have negatively impacted the ability to supply feed to livestock operations and the movement of animals to slaughterhouses. Officials have taken the step to specifically order local governments to allow ag transportation and not interfere with feed and livestock movement. Some poultry farmers in Hubei province, home to the outbreak’s epicenter of Wuhan, have been forced to euthanize their flocks due to the lack of available feed, while the movement of newborn chicks is severely limited in some areas due to live poultry movement limits in attempts to control the disease’s spread.
 Statistics Canada will releasee their equivalent of the quarterly Grain Stocks report tomorrow at 7:30 AM CT. The average estimate of Canadian all wheat stocks as of Dec 31, 2019 is 24.6 MMT (23.8-25.4 MMT range of ideas), essentially unchanged from last year’s 24.541 MMT. Durum stocks at the end of December are estimated at 4.2 MMT vs 5.358 MMT last year, indicating non-durum stocks (mostly spring wheat) are seen around 20.4 MMT vs 19.2 MMT last year. Dec 31 canola stocks are estimated at 14.4 MMT (13.7-15.2 MMT range) vs 14.588 MMT last year, while Dec 31 oat stocks are estimated at 2.7 MMT (2.5-2.8 MMT range) vs 2.406 MMT last year. Barley stocks are estimated at 6.3 MMT (5.8-7.5 MMT range) vs 4.943 MMT last year.
 Brazil corn exports declined seasonally to 2.3 MMT (91 mil bu) in January from 4.4 MMT (157 mil bu) in December and were below last year’s 3.9 MMT (152 mil bu). This was the first year-over-year shortfall in monthly corn exports since December 2018.
ï‚· The USDA announced U.S. farmers will begin receiving payments from the third, and last, tranche of trade-related aid payments later this week.
ï‚· There were no USDA sales announcements this morning.
Weather Rains of .50-1.5†fell across most of La Pampa and southwest Buenos Aries yesterday, with dry weather in the rest of the Argentine growing regions. A front will bring rains of 1-2†to most of the Argentine growing regions today through Friday or early Saturday. In Brazil, rains of .50-1.5â€+ fell across most areas north of Parana over the past 24 hours. Hit and miss showers and thunderstorms will bring rains of .50-1.5 to most areas from Santa Catarina north, with conditions mainly dry in most of RGDS in the next 5 days. Some 2â€+ totals are also seen for most of Sao Paulo, Goias, western Minas Gerais and eastern Mato Grosso. In the 6-10 day period, rains of .50-1.5â€+ are indicated to fall in in most areas, with some 2â€+ totals seen for Mato Grosso, Goias and northern MGDS. Only southern Buenos Aries is indicated to miss the rains