-Malaysia Oct palm oil stocks slightly higher than expected – highest since Sept 2020
-Good near term South American rains expected
-France lowers wheat export projection – raises stocks
-USDA reports soybean oil sales to unknown
-Export Sales/CFTC data to be delayed due to holiday
Due to Thursday’s Veterans Day holiday, this week’s Export Sales report will be released on Friday. Additionally, the CFTC’s weekly COT data will be delayed until Monday. Markets will have a regular session on Thursday.
ï‚· The Malaysian Palm Oil Board reported end October palm oil stocks were 1.834 MMT, above average market expectations of
1.806 MMT (1.753-2.000 MMT range of ideas), up solidly from 1.756 MMT in September, significantly above year ago stocks of
1.574 MMT and the highest since September 2020. October palm oil production of 1.726 MMT was above average expectations of 1.687 MMT, up from 1.704 MMT in September and in line with last year’s 1.725 MMT. Palm oil exports in October declined to 1.418 MMT from 1.612 MMT in September (1.674 MMT last year) and were in line with expectations of 1.410 MMT. Based on the monthly data, palm oil implied domestic usage in October was 281k tonnes, nearly unchanged from 285k in Sept and modestly better than 244k tonnes last year Oct.
ï‚· Malaysian Nov 1-10 palm oil exports were estimated at 544k tonnes vs 500k tonnes shipped during Oct 1-10.
 The Argentine ag ministry estimates farmers have now sold 33.6 MMT (78%) of last year’s harvested crop of 43.1 MMT,
reflecting weekly sales of 500k tonnes, and compares to sales last year at this time of 34.8 MMT, 71% of the crop. New crop
sales for the week of 300k tonnes brought total sales so far to 2.9 MMT, representing nearly 7% of the estimated crop to come. Old crop corn sales of 44.1 MMT now account for 87% of last year’s crop vs sales at this time last year of 39.8 MMT, which were 78% of the crop. New crop corn sales have reached 9.7 MMT, nearly 18% of the estimated crop to come.
 South American weather continues to look very favorable with widespread 1-2†rains expected across nearly all of Argentina and Brazil over the next five days (see summary tables on the following page).
 France slightly lowered 2021/22 wheat export projections, with exports outside the EU now estimated at 9.4 MMT vs 9.6 MMT previously (7.42 MMT last year) and intra-EU exports to 7.8 MMT from 8.0 MMT previously (6.11 MMT last year). Estimated wheat feed usage was lowered solidly, as well, to 4.8 MMT from 5.2 MMT previously (4.5 MMT last year), with the demand reductions prompting a sharp increase in estimated 2021/22 wheat ending stocks to 3.2 MMT from 2.4 MMT previously and compares to 2.34 MMT last year. They raised this year’s estimated corn crop to 13.6 MMT from 12.5 MMT previously (12.0 MMT last year), with intra-EU exports raised to 4.8 MMT from 4.0 MMT previously (3.7 MMT last year).
ï‚· South Korea bought 137k tonnes of corn, expected to be South American, at $317.00-$317.15/tonne c&f for Dec-Jan shipment periods.
ï‚· USDA reported the sale of 22k tonnes of soybean oil to unknown this morning for 2021/22 delivery.