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-Wheat moves lower following Russian grain meeting results in no export curbs and raised export estimate
-India considering modest corn imports
-Argentine wheat crop estimate maintained despite rain/frost concerns
-USDA reports modest corn/soybean sales
-South American weather forecast remains favorable

 

Wheat was lower overnight with losses accelerating heading into the break following Russian grain meeting resulting in no export curbs being put in place. Soybeans finished the overnight session with minimal losses, while corn was slightly higher. Equity markets look near unchanged in early trade following yesterday’s sharp sell-off once again. Grain markets will close at noon on Monday, Christmas Eve. Markets will re-open at 8:30 AM CT on Wednesday.
 
 The Russian Ag Ministry’s meeting with grain traders today resulted in the government raising their total grain export estimate to 42.0 MMT from 38-39 MMT previously expected and no export limitations being planned at this time. Wheat export expectations were raised to 37 MMT from 35 MMT previously, putting them slightly above the USDA’s current 36.5 MMT estimate. Traders expect total Russian grain exports during the coming Jan-June period to be around 14 MMT. Russian officials and the country’s grain traders will next meet in February for another update on the overall situation.
 Egypt’s GASC wheat purchase yesterday of Ukrainian and Romanian wheat reflected the first time since June in which Russian wheat was not purchased following a tender.
 The Indian government said they are “positively†considering the livestock industry’s request to import 1 MMT of non-GMO corn to help curb rising prices following last year’s poor crop. India is typically a small next exporter of corn and has not imported more than 250k tonnes in a single year in decades. USDA is currently estimating their corn imports at 500k tonnes this year.
 The Buenos Aires Grains Exchange maintained their estimate of the Argentine wheat crop at 19.0 MMT despite recent concerns of modest damage/losses from heavy rains and late-season frosts in some locations. They said 68% of the crop has been harvested, making a solid 11% advancement in the last week, while 82% of the crop is in average to very good condition. The USDA last estimated the Argentine wheat crop at 19.5 MMT vs last year’s 18.5 MMT. The USDA sees their wheat exports this year rising to 14.2 MMT from 12.0 MMT last year.
ï‚· Adding to the list of recent additions to allowed grain imports, China approved Bolivian soybean imports effective immediately. As with other import approvals of late, this is likely to have very little impact as Bolivia has exported minimal amounts of soybeans in recent years, with their all-time record exports being 523k tonnes in 2012/13.
ï‚· USDA reported sales to unknown of 115.5k tonnes of soybeans and 222.5k tonnes of corn for 2018/19 delivery this morning. 
 
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