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WHEAT

- Feb 10 - South Korea's Nonghyup Feed Inc (NOFI) bought 67,000 MT of optional origin feed wheat at 199.95 $/mt c&f + 1.2 $/mt surcharge for additional port unloading for May 10 arrival

- Feb 9 - Japan bought 111,522 MT of food wheat for Mar-May shipments:

  • 12,210 MT of western white US wheat;
  • 18,850 MT of hard red winter US wheat;
  • 34,000 MT of dark northern spring US wheat;
  • 24,347 MT of Canadian western red spring wheat;
  • 22,115 MT of Australian standard white wheat

- Feb 9 - Argentina grants export licenses for 136,130 MT of milling wheat and 4,152 MT of wheat flour

- Feb 8 - Argentina grants export licenses for 27,791 MT of milling wheat

- Bangladesh's state grains buyer expects to import a total of around 250,000 MT wheat in the 2016/17 financial year ending June, about half the quantity it expected to import earlier

- Weekly US wheat export sales data for week ended Feb 2 totalled 543,600 MT, incl. 527,300 MT for 2016/17 (topped trade expectations for 300-500 TMT). Export commitments for 2016/17 are running 38% ahead of year-ago

- EU in week ended February 3 awarded licenses to import 42,000 MT of Ukrainian wheat under an annual duty-free quota. The award meant that the EU had now awarded 80% (772,522 MT) out of a total volume of 960,000 MT available in 2017

- According to TAXUD, the EU this season in period of Jul 1-Feb 7, 2016/17 exported 15.096 MMT of soft wheat compared to 16.23 MMT a year ago

- IKAR forecasts Russia’s 2017 wheat crop at 67.5 MMT, down from 73.3 MMT in 2016. Russia's wheat exports are, however, expected to remain flat year on year at 28 MMT

- Egypt has enough strategic wheat reserves to last for next four months

- Conab expects Brazil's wheat crop in 2017 at 5.649 MMT, down from 6.727 MMT in 2016

- USDA raised its US wheat export forecast the 2016/17 season by 50 million bushels, citing a strong pace of U.S. wheat export shipments, which resulted in a reduction in ending stocks to 1.139 billion bushels, compared to analyst expectations for 1.18 billion

- USDA cut global 2016/17 wheat production estimate to 748.24 MMT, down by 4.45 MMT from previous estimate, 12.65 MMT above the last year’s record, mainly on lower crops for India and Kazakhstan. Global trade is boosted to a new record with higher imports for China, Morocco, and Vietnam more than offsetting cuts for Ethiopia, EU, and South Korea. Larger exports for Argentina, Ukraine, and the US are partially offset by reductions in Kazakhstan and Russia

- USDA cut its forecast for 2016/17 world wheat inventories to 248.61 MMT (record) from January estimate of 253.29 MMT and below average expectation of 253.13 MMT (252-254.7 – range)

- FAO UN says Yemen's wheat stocks will run out at end of March

CORN

- Feb 10 - South Korea's Nonghyup Feed Inc. (NOFI) bought 210,000 MT of optional-origin corn:

  • 66,000 MT of corn from Pan Ocean at 192.45 $/mt c&f + 1.15 $/mt surcharge for additional port unloading for arrival around May 20;
  • 69,000 MT of corn from Zen-Noh at 191.46 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for arrival around June 10;
  • 66,000 MT of corn from CHS at a c&f premium of 107.75 US cents/bu over the Chicago May corn contract (~192.7 $/mt) c&f + 1.0 $/mt surcharge for additional port unloading for arrival around June 20

- Feb 9 - South Korea's Major Feedmill Group (MFG) bought about 136,000 MT of optional origin corn:

  • 67,000 MT at 191.75 $/mt c&f + 1.0 $/mt surcharge for additional port unloading for arrival around May 20
  • 69,000 MT at a premium of 126 US cents/bu c&f over the Chicago May contract (~198 $/mt) c&f + 1.0 $/mt surcharge for additional port unloading for arrival around June 5

- Feb 9 - Argentina grants export licenses for 10,000 MT of barley and 6,036 MT of malt

- Feb 8 - Argentina grants export licenses for 104,000 MT of corn

- Weekly US corn export sales data for week ended Feb 2 of 1,006,200 MT, incl. 971,700 MT for 2016/17 (within trade expectations for 800-1100 TMT). Export commitments for 2016/17 are running 67% ahead of year-ago

- EU in week ended Feb 3 awarded licenses to import 3,000 MT of Ukrainian barley under an annual duty-free quota. The award meant that the EU had now awarded 6.96% (18,800 MT) out of a total volume of 270,000 MT available in 2017

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 6.545 MMT of corn (maize) vs. 8.429 MMT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 exported 1.671 MMT of corn vs. 1.156 MMT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 exported 2.761 MMT of barley vs. 6.691 MMT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 exported 1.721 MMT of malt in barley equivalent vs. 1.975 MMT a year ago

- Conab raised its forecast for Brazil's 2016/17 corn crop to 87.409 from 84.48 MMT in January, sharply higher than 66.531 MMT last season with second crop at 58.592 MMT (40.677 MMT in 2015/16). Conab expects Brazil to export 24 MMT of corn (18.896 MMT in 2015/16). Ending stocks are forecasted to recover to 15.557 MMT from 7.748 MT in 2015/16

- Buenos Aires Grain Exchange kept its estimate for Argentine 2016/17 corn acreage at 4.9 mln ha/12.11 mln acres (3.85 mln ha in 2015/16). Exchange estimates 100% of the crop has been planted as of Feb 9. Buenos Aires Grain Exchange projected Argentina's 2016/17 corn crop at 37 MMT, up 23.3% vs. 30 MMT in 2015/16

- Buenos Aires Grain Exchange expects Argentine 2016/17 sorghum acreage at 800,000 ha/1.977 mln acres, 6% decline from last year (850,000 ha in 2015/16). Exchange estimates 100% of the crop has been planted as of Feb 9

- Rosario grains exchange raised its forecast for 2016/17 Argentine corn harvest to 36.5 MMT from 35.5 MMT previously

- USDA lowered its forecast of US 2016/17 corn ending stocks to 2.32 billion bushels (58.93 MMT) from 2.355 billion in Jan, below an average of trade estimates for 2.335 bln bu

- USDA raised its 2016/17 global corn production estimate by 2.28 MMT to a record 1,040.2 MMT, up 8.3% from last year's level, with larger crops in both Ukraine and Mexico more than offsetting lower production in the EU. Robust demand in both Iran and Vietnam support a higher volume of global exports. Moreover, a smaller barley crop in Iran boosts the demand for imported feedstuffs

- USDA lowered its forecast for 2016/17 world corn inventories to 217.56 MMT from January estimate of 220.98 MMT and below average expectation of 220.43 MMT (218-225.1 – range)

- The Crop Estimates Committee (CEC) in its final figures raised South Africa's 2016 maize output to 7.779 MMT from 7.537 MMT previously but down compared with 9.955 MMT a year earlier

- CEC lowered its estimate of S. Africa’s 2016 sorghum crop to 70,500 MT from 74,150 MT previously (120,500 MT in 2015)

- US Ethanol production for the week ended Feb 3 fell by 6,000 barrels to 1,055,000 barrels per day, up 8.9% from last year's level of 969,000 bpd. Stocks climbed by 215,000 barrels from the week prior to 22.085 million barrels, down 3.8% vs. 22.956 million barrels a year ago

SOYBEAN

- Feb 10 - USDA announced export sales of 140,000 MT of US soybeans for delivery to unknown destinations during 2016/17

- Feb 9 - USDA announced export sales of 107,000 MT of US soybeans for delivery to unknown destinations during 2016/17

- Feb 9 - Argentina grants export licenses for 82,440 MT of soybean oil and 43,588 MT of soymeal

- Weekly US soybean export sales data for week ended Feb 2 of 665,600 MT, incl. 536,300 MT for 2016/17 (within trade estimates of 500-800 TMT) and 129,300 MT for 2017/18 (in line with trade estimates of 100-250 TMT). Export commitments for 2016/17 are running 24% ahead of year-ago

- Buenos Aires Grain Exchange raised its forecast of Argentina's 2016/17 soybean crop to 54.8 MMT from 53.5 MMT previously, down 2.1% vs. 56 MMT in 2015/16

- Buenos Aires Grain Exchange forecasts Argentine 2016/17 sunflower crop at 3.5 MMT, up 40% from 2015/16 crop (2.5 MMT). Harvesting of Argentine sunflower crop was 31.7% completed as of Feb 9 vs. last year’s pace of 26.4%

- Argentina's Rosario grains exchange raised its forecast of the country's 2016/17 soybean harvest to 54.5 MMT from 52.9 MMT previously

- USDA cut Argentine soybean production to 55.5 MMT, down from 57.0 MMT in January

- USDA kept its forecast of US 2016/17 soybean ending stocks at 420 million bushels (11.43 MMT) unchanged from last month and above an average of trade estimates for 410 mln bu

- USDA trimmed its forecast of global soybean production in 2016/17 by 1.23 MMT to 336.62 MMT with reductions for Argentina and Bolivia more than offsetting a larger forecast for Ukraine. Global soybean imports are projected lower this month on weaker demand from Turkey, while exports are up slightly on a larger forecast for Ukraine

- USDA lowered its forecast for 2016/17 world soybean ending stocks to 80.38 MMT from January estimate of 82.32 MMT and vs. 77.19 MMT in 2015/16, below average expectation of 80.93 MMT (78.9-82.5 MMT – range)

- AgRural estimates 19% of Brazilian soybean crop has been harvested as of Feb 9 (10% a week ago) vs. 16% a year ago and the 5-year average of 12%

- Conab forecasts Brazil's 2016/17 soy output at 105.558 MMT, up from previous forecast of 103.778 MMT and above than 95.435 MMT last year. Conab raised its forecast of Brazilian soybean exports in 2016/17 to 59.078 MMT from 57 MMT in Jan (51.582 MMT in 2015/16). Ending stocks are forecasted to recover to 1.758 MMT from 1.478 MMT in 2015/16

- China imported 7.66 MMT of soybeans in January, the highest for the month since at least 2010. Shipments were down from 9 MMT in December but up 35% from January 2016

- China's imports of all vegetable oils in January was 550,000 MT down 27.6% from 760,000 MT in December

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 7.727 MMT of soybeans vs. 8.257 MMT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 11.01 MMT of soymeal vs. 12.855 MMT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 176,490 MT of soybean oil vs. 202,083 MT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 1.976 MMT of rapeseed vs. 2.122 MMT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 137,832 MT of rapeseed meal vs. 323,364 MT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 111,421 MT of rapeseed oil vs. 166,090 MT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 625,327 MT of sunflowerseed vs. 204,998 MT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 1.855 MMT of sunflower meal vs. 1.728 MMT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 768,328 MT of sunflower oil vs. 689,004 MT a year ago

- EU this season in period of Jul 1-Feb 7, 2016/17 imported 3.439 MMT of palm oil vs. 4.171 MMT a year ago

- CEC lifted its estimate of S. Africa’s 2016 soybean crop to 742,000 MT from 741,550 MT previous (1.07 MMT in 2015)

- CEC kept its estimate of S. Africa’s 2016 sunflower crop at 755,000 MT (663,000 MT in 2015)

- Surveyor Intertek Testing Services estimated Malaysia's February 1-10 palm oil exports at 340,947 MT down 3.1% from a month ago

- Surveyor SGS estimated Malaysia's February 1-10 palm oil exports at 337,282 MT down 0.4% from a month ago

- MPOB estimated Malaysian crude palm oil production in January at 1.277 MMT, behind average expectation of 1.34 MMT and down from 1.474 MMT in December with end-stocks at 1.541 MMT down 7.6% on month but above the average market expectation of 1.488 MMT. Malaysian January palm oil exports rose to 1.283 MMT, up 1.2% on month but below the average expectation of 1.293 MMT

Grain-Ukraine