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WHEAT

- Mar 13 - Ethiopia seeks around 400,000 MT of optional-origin milling wheat for shipment two months after contract award

- Feb 11 - Iraq seeks at least 50,000 MT of hard wheat from the US, Canada or Australia. The tender closes on Feb 11 and offers must remain valid up to Feb 15

- Feb 8 - Algeria's OAIC seeks at least 50,000 MT of optional-origin durum wheat for April shipment

- Feb 8 - Japan seeks 100,517 MT of food wheat for Mar-Apr shipments:

  • 17,160 MT of western white US wheat;
  • 16,282 MT of dark northern spring US wheat;
  • 32,101 MT of Canadian western red spring wheat;
  • 34,974 MT of Australian standard white wheat

- Feb 6 - Tunisia's state grains agency bought 125,000 MT of optional-origin durum wheat for Apr 5-May 25 shipment:

  • 25,000 MT of durum wheat from Casillo Commodities at 298.88 $/mt c&f;
  • 25,000 MT of durum wheat from Glencore at 301.29 $/mt c&f;
  • 25,000 MT of durum wheat from Casillo Commodities at 302.48 $/mt c&f;
  • 25,000 MT of durum wheat from Casillo Commodities at 303.48 $/mt c&f;
  • 25,000 MT of durum wheat from Glencore at 303.48 $/mt c&f

- Feb 6 - Taiwan Flour Millers' Association bought 77,200 MT of US milling wheat for March-April shipment. They paid 280.74 and 281.47 $/mt fob for DNS wheat, 249.21 and 249.82 $/mt fob for HRW wheat, 203.88 and 208.89 $/mt fob for white wheat. The freight paid was 36.03 $/mt

- Feb 6 - Jordan has made no purchase in an international tender for 100,000 MT of optional-origin milling wheat

- Feb 5 - Jordan Silos & Supply General Company has made no purchase in an international tender for 50,000 MT of optional-origin milling wheat for March and retender on Feb 13

- Feb 2 - Egypt’s GASC bought 180,000 MT of Russian wheat from global suppliers for Mar 5-15 shipment:

  • 60,000 MT of Russian wheat from GTCS at 218.18 $/mt c&f (202.70 fob+15.48 freight);
  • 60,000 MT of Russian wheat from AOS at 219.88 $/mt c&f (204.40 fob+15.48 freight);
  • 60,000 MT of Russian wheat from Daewoo at 220.28 $/mt c&f (204.80 fob+15.48 freight)

- Feb 2 - Saudi Arabia’s SAGO bought 739,000 MT of hard wheat (12.5% protein) of EU, North and South American and Australian origin at an average price of 240.16 $/mt c&f in 12 consignments for Apr-June shipment to the ports of Jeddah (438 TMT), Dammam (246 TMT) and Jizan (55 TMT):

  • Jeddah sea port:
    • 60,000 MT from Casillo at 232.69 $/mt c&f (Apr 10-20)
    • 60,000 MT from Casillo at 233.98 $/mt c&f (Apr 20-30)
    • 63,000 MT from Holbud Limited at 240.20 $/mt c&f (May 1-10)
    • 65,000 MT from Cargill at 240.36 $/mt c&f (May 10-20)
    • 65,000 MT from Cargill at 240.36 $/mt c&f (May 20-30)
    • 65,000 MT from ADM Hellas at 241.03 $/mt c&f (June 1-10)
    • 60,000 MT from Soufflet at 238.84 $/mt c&f (June 10-20)
  • Dammam sea port:
    • 63,000 MT from Holbud Limited at 245.26 $/mt c&f (April 20-30)
    • 63,000 MT from Holbud Limited at 245.42 $/mt c&f (May 1-10)
    • 60,000 MT from Olam at 241.73 $/mt c&f (20-30 May 20-30)
    • 60,000 MT from Olam at 242.43 $/mt c&f (June 1-10)
  • Jizan sea port
    • 55,000 MT from Union InVivo at 238.86 $/mt c&f (May 1-10)

- Feb 2 - South Korea's Nonghyup Feed Inc. (NOFI) made no purchase in its tender for 65,000 MT of optional-origin feed wheat. The lowest offer was 225.75 $/mt c&f

- Feb 1 - Japan bought 111,294 MT of food wheat for Mar-Apr shipments:

  • 20,426 MT of western white US wheat;
  • 9,680 MT of dark northern spring US wheat;
  • 26,180 MT of hard red winter US wheat;
  • 32,653 MT of Canadian western red spring wheat;
  • 22,355 MT of Australian standard white wheat

- Jan 31 - Japan bought 25,160 MT of feed wheat for March 9, 2018, arrival via SBS-tender. New SBS tender for 120,000 MT of feed wheat and 200,000 MT of feed barley will be held on Feb 7

- About 300,000 MT of wheat from Pakistan was sold to overseas buyers in January after the country started a new state export incentive programme. Wheat in bulk shipments was purchased at around 188-193 $/mt fob, wheat for shipment in containers at about 195-198 $/mt fob. Shipments are expected to be made to regions including East Africa, Sri Lanka, Vietnam and importers in the Middle East Gulf and Red Sea. An additional 250,000 MT of Pakistani wheat is expected to be sold to exporters in coming days. Pakistan in December approved a programme to export 2 MMT of wheat in the current financial year

- US wheat export inspections for week, ending Feb 1, recorded 428,557 MT, within trade expectations (325-625 TMT). Inspections for 2017/18 are running 5% behind of year-ago

- Weekly US wheat export sales data for week ended Jan 25 totalled 289,100 MT for 2017/18 (below trade expectations of 300-500 TMT). Export commitments for 2017/18 are running 11% behind of year-ago

- Ukraine's Ag Min said Ukraine exported 23.95 MMT of grain between July 1-Jan 31 2017/18 vs. 26.41 MMT for the same period last season, including:

  • wheat – 12.23 MMT (vs. 12.71 MMT a year ago);
  • corn – 7.69 MMT (9.09 MMT);
  • barley – 3.94 MMT (4.46 MMT)

- Preliminary Statistics data showed that Ukraine harvested 61.3 MMT of grain by clean weight in 2017, down from 66.1 MMT in 2016. The wheat harvest totalled 26.1 MMT in 2017, matching 2016 crop

- SovEcon raised its forecast for Russia's 2017/18 grain exports by 1.4 MMT to 48 MMT. Russian wheat export forecast was upped to 36.8 MMT from 35.5 MMT previously

- FAO raised its forecast of global wheat production in 2017 to 757.6 MMT from 754.9 MMT projected in Dec, indicating a 0.5% (3.7 MMT) decline from the 2016 record level. The upturn is mainly reflecting upward revisions in Canada and Russia. Global wheat stocks (ending in 2018) upped by 12.6 MMT from last month to a record of 269.8 MMT, well above their opening levels (248.1 MMT)

- Statistics Canada (StatsCan) said Canadian wheat inventories decreased 2.2% to 23.6 MMT as of Dec 31, slightly below an average trade estimates of 23.9 MMT

- Archer Daniels Midland Co (ADM) could reach an agreement to buy Bunge Ltd as early as this week, reported Bloomberg

CORN

- Feb 28 - Iran seeks 200,000 MT of barley

- Feb 6 - USDA announced export sales of 225,000 MT of US corn for delivery during 2017/18:

  • 105,000 MT to unknown destinations;
  • 120,000 MT to Japan

- Feb 5 - USDA announced export sales of 130,000 MT of US corn for delivery to South Korea during 2017/18

- Feb 2 - USDA announced export sales of 365,000 MT of US corn for delivery during 2017/18:

  • 195,000 MT to unknown destinations;
  • 170,000 MT to Egypt

- Jan 31 - USDA announced export sales of 145,000 MT of US corn for delivery to unknown destinations during 2017/18

- Jan 31 - Jordan has made no purchase in an international tender for 100,000 MT of optional-origin feed barley and re-tender on Feb 7

- Indonesia Trade Ministry said it has decided to approve imports of up to 171,660 tons of corn grains by five importers for domestic consumption

- Malawi has ban maize exports due to drought, armyworms damage crop

- US corn export inspections for week, ending Feb 1, reported 1,073,868 MT, topped market expectations (750-1050 TMT). Inspections for 2017/18 are running 32.6% behind of year-ago

- Weekly US corn export sales data for week ended Jan 25 of 1,881,600 MT, incl. 1,850,600 for 2017/18 (topped trade expectations of 1-1.5 MMT). Export commitments for 2017/18 are running 20% behind of year-ago

- Brazil’s Trade Ministry reported January corn exports at 3.022 MMT, down from 3.994 MMT in December but well above the 1.451 MMT in the year-ago month

- Brazil’s Trade Ministry reported January ethanol exports at 121.2 million litres, up from 65.2 mln litres in December and up from 103.3 mln litres last January

- FC Stone lifted its forecast of Brazil's 2017/18 first corn crop (summer crop) to 23.87 MMT from 23.44 MMT previously; second corn crop kept at 63.22 MMT and total corn crop at 87.09 MMT. Brazil's 2017/18 corn exports are seen at 30 MMT vs 30.5 MMT reported in 2016/17

- Dr. Michael Cordonnier lowered his forecast of Argentina’s 2017/18 corn crop last week by 1 MMT to 39 MMT (41 MMT in 2016/17)

- Informa Economics lowered its forecast of 2017/18 Argentina сorn production by 5 MMT to 37.0 MMT

- Preliminary Statistics data showed that Ukraine harvested around 24.1 MMT of corn by clean weight in 2017, down 14.1% from 2016

- Preliminary Statistics data showed that Ukrainian barley crop in 2017 fell to 8.3 MMT, down 12.3% from 2016

- Preliminary Statistics data showed that Ukrainian peas crop in 2017 rose to 1.1 MMT, up 46.8% from 2016

- US Ethanol production for the week ended Jan 26 decreased by 22,000 barrels to 1,040,000 barrels per day, down 2% from last year's level of 1,061,000 bpd. Stocks fell by 755,000 barrels from the week prior to 23.045 million barrels, up 5.4% vs. 21.87 million barrels a year ago

- EIA estimated US ethanol production for November at 32.469 million barrels versus 32.076 million barrels in October and vs. 30.706 million barrels a year ago

- EIA reported November ethanol inventory at 22.863 million barrels, which is up 6% from October and up 17.5% from last year

- US corn consumed for alcohol and other uses was 538 million bushels in Dec 2017, up 2% from Nov 2017 and up 2% from Dec 2016

- US dry mill co-product production of distillers dried grains with solubles (DDGs) was 1.97 million tons during Dec 2017, down 2% from Nov 2017 and down 6% from Dec 2016

- US wet mill corn gluten feed production was 319 thousand tons during Dec 2017, up 2% from Nov 2017 but down 9% from Dec 2016

- FAO raised its forecast of global corn production in 2017 to a record 1,083 MMT from 1,075.3 MMT projected in Dec, indicating a 4.1% (42.5 MMT) growth from 2016. The increase from December is mostly driven by higher estimates for maize production in China and in the EU, where the maize harvest in Romania proved better than previously expected. Additionally, maize production has been revised upwards in Mexico, following increases in yield and acreage. Forecast of global corn stocks (ending in 2018) raised by 3 MMT to a record of 248.2 MMT (235.7 MMT in 2016/17)

- China has launched an anti-dumping, anti-subsidy probe into imports of sorghum from the United States

SOYBEAN

- Feb 5 - USDA announced export sales of 198,600 MT of US soybeans for delivery to unknown destinations during 2017/18 (132 TMT) and 2018/19 (66.6 TMT)

- Feb 2 - USDA announced export sales of 108,860 MT of US soybeans for delivery to Mexico during 2017/18

- US soybean export inspections for week, ending Feb 1, reported 1,303,723 MT, well above trade estimates (0.7-1.0 MMT). Inspections for the 2017/18 marketing year are running 14.3% behind of year-ago

- Weekly US soybeans export sales data for week ended Jan 25 of 409,700 MT, incl. 359,000 MT for 2017/18 (below the expectations of 600-1000 TMT). Export commitments for 2017/18 are running 13% behind of year-ago

- USDA estimated US December soybean crush for crude oil at 5.293 million short tons, a 1.8% increase from November, slightly topped the average market expectation of 5.289 mln tons and above last year level (5.071 mln tons in Dec 2016). Crude soyoil stocks rose to 1.588 billion lbs as of Dec 31 from 1.379 in Nov, above the 1.505 bln lbs a year ago, while refined oil stocks were at 355.149 million lbs as of Dec 31 vs. 311.358 in Nov and 366.919 in Dec 2016. Dec US soy cake and meal stocks were at 497,783 tons vs. 353,758 in Nov and vs. 403,901 tons a year-ago

- EIA said US November biodiesel production at 148 million gallons vs. 148 million gallons in October and vs. 143 million gallons a year ago

- EIA said 591 million lbs. of soybean oil used for biodiesel in November (52% of feedstock used to produce biodiesel) vs. 577 million lbs. in October and vs. 596 million lbs. a year ago

- Brazil’s Trade Ministry reported January soybean exports at 1.564 MMT, down from 2.356 MT in December and above the 911,827 MT a year ago. Also Brazil exported 1.128 MMT of soymeal in January versus 674,057 MT the month before and 1.392 MMT a year ago; and 50,628 MT of soyoil compared to 46,467 MT in December and 71,304 MT a year ago

- FCStone raised its Brazilian soybean crop estimate nearly 1 MMT to 111.08 MMT. It projected soybean exports at 63.5 MMT for 2017/18, down 4.65 MMT from year-ago

- Dr. Michael Cordonnier raised his forecast of Brazil’s 2017/18 soybean crop last week by 1 MMT to 112 MMT (114 MMT in 2016/17)

- Dr. Michael Cordonnier lowered his forecast of Argentina’s 2017/18 soybean crop last week by 1 MMT to 51 MMT (57.8 MMT in 2016/17)

- Informa Economics lowered its forecast of 2017/18 Argentina soybean production by 3.5 MMT to 51.0 MMT

- Preliminary Statistics data showed that Ukraine harvested around 3.89 MMT of soybeans by clean weight in 2017, down 9% from 2016

- Preliminary Statistics data showed that Ukraine harvested around 12.2 MMT of sunflower seed by clean weight in 2017, down 10.7% from 2016

- Preliminary Statistics data showed that Ukraine harvested around 2.19 MMT of rapeseed by clean weight in 2017, up 90.2% from 2016

- Surveyor Intertek Testing Services estimated Malaysia's January 1-31 palm oil exports at 1,289,518 MT down 9.3% from a month ago

- Surveyor SGS estimated Malaysia's January 1-31 palm oil exports at 1,312,679 MT down 8.8% from a month ago

- FAO’s soybean 2017/18 global production forecast slightly lifted to 346.3 MMT from 345.9 MMT in Dec (348.9 MMT in 2016). Forecast of 2017/18 global soybean stocks revised upward to 47 MMT from 45.9 MMT in December and vs. 51.6 MMT in 2016/17

- Strategie Grains raised its forecast of EU's 2018/19 rapeseed production to 22.78 MMT from 22.57 MMT previously (21.98 MMT in 2017/18)

- Strategie Grains raised its forecast of EU's 2018/19 sunflower seed production to 9.09 MMT from 8.97 MMT previously (9.38 MMT in 2017/18)

- Strategie Grains forecast the EU's 2018/19 soybean production at 2.73 MMT, up from an estimated 2.61 MMT in 2017/18

IGC GRAINS CONFERENCE 2018

AGRICRUISE18