-Most Gulf terminals operational at varying levels of capacity
-Argentina removes beef export limits
-No USDA sales announcements
-USDA reports tomorrow
USDA’s quarterly Grain Stocks report and Small Grains Annual Summary report will be out tomorrow at 11:00 AM CT. Our pre-report commentary/analysis can be found on Market Insights at https://portal.rjobrien.com/MarketInsights/Blog/Read/45273. A summary of the average trade estimates is the last page.
ï‚· CHS resumed operations at their Myrtle Grove, LA grain export terminal yesterday and is operating under generator power, but full power is expected to be restored by the end of the week. Most large terminals are now operational, but at varying degrees of capacity.
 The Argentine Ag Secretary said farmers have now sold 30.5 MMT of this year’s estimated 43.1 MMT soybean crop (71%), with 500k tonnes during the week, compared to 32.2 MMT of last year’s 49.0 MMT crop (66%) sold at this time a year ago. Corn sales for the week were also around 500k tonnes, bringing total sales to 40.9 MMT (81% of the crop) vs 37.2 MMT (73% of the crop) last year.
 Argentina’s new ag minister said current restrictions on beef exports, set at 50% of normal levels, will be removed starting
Monday, which will again allow the free flow of beef after widespread protests were seen and the recent congressional election saw a major blow to sitting members prompting widespread Cabinet moves. This will primarily benefit China as they took roughly 75% of total Argentine beef exports in 2020.
ï‚· Brazilian ag exporter association Anec tweaked their estimates of September grain exports down with soybean exports now
estimated to be 4.735 MMT vs 5.041 MMT previously (5.00 MMT August/4.26 MMT last year) and corn exports to be 2.525 MMT vs 2.779 MMT previously (4.35 MMT August/6.36 MMT last year).
ï‚· Algeria is believed to have bought 500-550k tonnes of optional-origin milling wheat for Nov shipment following their recent
tender, with prices mostly around $364/tonne c&f, with France expected to be the largest supplier, while some Russian/Baltic
Sea-origin cargoes also involved. Pakistan received offers ranging from $377.00-$410.00/tonne c&f (most under $390) in their
tender for 640k tonnes of optional-origin wheat for Jan-Feb shipment.
ï‚· There were no USDA sales announcements this morning.