-No USDA sales announcements
-Egypt tenders for wheat – Russian lowest offer
-USDA baseline projections to be published Nov 5
It’s a quiet news morning with grains/oilseeds markets trading modestly weaker overnight, as did Malaysian palm oil, with
petroleum energies currently trading in the red, as well.
 Brazilian ag exporter association Anec estimates the country will export 3.432 MMT of soybeans in October vs 2.422 MMT last year and continuing the seasonal decline from 5.021 MMT exported in September. Marketing year to date (Feb-Oct) exports, using Anec’s estimate for this month, of 82.6 MMT compares to 79.9 MMT last year during the same period. They estimate October corn exports at 2.143 MMT vs 5.000 MMT last year and 2.906 MMT in September, bringing marketing year to date (MarOct) exports to 11.9 MMT vs 22.4 MMT last year.
 Argentina’s ag ministry estimates farmers have now sold 32.7 MMT (76%) of last year’s soybean crop vs 33.9 MMT (69%) sold
at this time last year, reflecting strong weekly sales of around 800k tonnes vs typical weekly sales recently around 500k tonnes. New crop sales have reached 2.4 MMT, 5% of the anticipated 44 MMT crop.
ï‚· After the close yesterday, Egypt tendered for an unspecified amount of wheat for Dec 1-10 shipment. The lowest offer was
Russian at $356.50/tonne c&f ($327.00 fob), with the lowest Romanian offer at $359.91/tonne c&f ($328.36 fob) and Ukrainian
lowest offered at $360.50/tonne c&f ($327.50 fob). A total of 715k tonnes was offered between Russian, Romanian and
Ukrainian supplies.
 USDA will publish the early-release 10-year baseline projections on Friday, November 5 at 2:00 PM CT. While used for long-term budgetary planning and hold limited actual fundamental value, they do include USDA’s first unofficial thoughts on new crop acreage and next year’s balance sheets. The USDA’s full baseline projections report, including written commentary, is published in February but the November 5-released balance sheets will be the same as included in February full release.
ï‚· There were no USDA sales announcements this morning.