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WHEAT

- Jordan Silos & Supply General Company postponed closing date for the international tender for 50,000 MT of optional-origin milling wheat from Feb 13 to Feb 15

- Feb 13 - Jordan again seeks 100,000 MT of optional-origin milling wheat

- Feb 9 - Egypt’s GASC bought 360,000 MT of wheat from Russia (240 TMT) and Romania (120 TMT) for March 12-22 shipment:

  • 60,000 MT of Romanian wheat from CHS at 221.26 $/mt c&f (208.43 fob+12.83 freight);
  • 60,000 MT of Romanian wheat from Cerealcom at 221.31 $/mt c&f (208.43 fob+12.88 freight);
  • 60,000 MT of Russian wheat from AOS at 221.60 $/mt c&f (206.60 fob+15.00 freight);
  • 60,000 MT of Russian wheat from Friends at 222.38 $/mt c&f (208.43 fob+13.95 freight);
  • 60,000 MT of Russian wheat from GTCS at 222.95 $/mt c&f (207.95 fob+15.00 freight);
  • 60,000 MT of Russian wheat from Daewoo at 222.95 $/mt c&f (207.95 fob+15.00 freight)

- Egypt has enough strategic wheat reserves to cover 4 months' needs

- Feb 9 - South Korea's Nonghyup Feed Inc. (Nofi) bought 65,000 MT of optional-origin feed wheat from ETG at 224 $/mt c&f plus a 1 $/mt surcharge for additional port unloading for June 15 arrival

- South Korea’s Major Feedmill Group (MFG) bought 65,000 MT of Russian feed wheat at 218.25 $/mt c&f plus a 1.5 $/mt surcharge for additional port unloading for April 30 arrival in a private, non-tender deal past week

- Feb 8 - Algeria's OAIC bought around 150,000 MT of optional-origin durum wheat, likely from Canada, at around 292-295 $/mt c&f for April shipment

- Feb 8 - Japan bought 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

- A flour mill in Indonesia last week bought about 50,000 MT of Black Sea-origin wheat, 11.5% protein, at 225 $/mt c&f for shipment in March

- Flour mills in Asia are seeking Black Sea wheat for shipments in March-April, typically the peak marketing season for the Australian crop. Wheat cargoes with 11.5% protein from Ukraine are being offered at 225 $/mt c&f, compared with Australian Premium White wheat quoted at 253-255 $/mt c&f

- Feb 7 - Japan bought 47,910 MT of feed wheat for July 31, 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 14

- Ukraine's Ag Min said Ukraine exported 24.7 MMT of grain between July 1-Feb 7 2017/18 vs. 26.96 MMT for the same period last season, including:

  • wheat – 12.51 MMT (vs. 12.83 MMT a year ago);
  • corn – 8.13 MMT (9.43 MMT);
  • barley – 3.97 MMT (4.53 MMT)

- Russia’s Ag Min said Russia exported about 31.427 MMT of grain between July 1-Feb 7, 2017/18, up by 36.1% from 23.088 MMT a year ago, including:

  • wheat – 24.514 MMT (17.939 MMT in 2016/17);
  • barley – 3.869 MMT (1.996 MMT);
  • corn – 2.823 MMT (2.993 MMT)

- Russia has 3,966,700 MT of grain in its federal intervention fund as of Feb 9 vs. 4,026,300 MT a year-ago

- Another 200,000 MT of Pakistani wheat has been sold to overseas buyers in the past week, continuing heavy sales after the country started an export incentive program. This brought foreign sales of Pakistani wheat since the export subsidy scheme started in January to about 500,000 MT. More sales are expected in coming weeks as another 1.5 MMT of Pakistani wheat is set to be allocated to the new state scheme

- Weekly US wheat export sales data for week ended Feb 1 totalled 415,500 MT, incl. 393,400 MT for 2017/18 (within trade expectations of 250-500 TMT). Export commitments for 2017/18 are running 11% behind of year-ago

- According to TAXUD, the EU this season in period of July 1-Feb 6, 2017/18 exported 12.598 MMT of soft wheat compared to 15.278 MMT a year ago

- USDA raised 2017/18 global wheat production forecast by 1.2 MMT to 758.2 MMT based on larger crops in Argentina, Ukraine, and Moldova. Global trade is forecast up from last month. Imports are forecast higher for Indonesia but lower for India and the EU. Higher exports for Argentina, Canada, Pakistan and Russia more than offset lower forecasts for the US and the EU

- USDA lowered global wheat carryover for 2017/18 to still a record 266.1 MMT, down by 1.9 MMT from Jan estimate and below the average of trade estimates (267.8 MMT– avg. pre-report expectation, 265-269.71 – range)

- In its first forecast for 2018 wheat production, Conab expects an output of 4.657 MMT compared to 4.264 MMT last year. They forecast wheat imports this year at 7.0 MMT vs. 7.2 MMT in 2017

- France exported 792 TMT of soft wheat outside the EU in December (incl. 382 TMT to Algeria, 179 TMT to Morocco and 52 TMT to Saudi Arabia), the largest monthly volume so far in the 2017/18, with Jul-Dec 2017/18 France's soft wheat shipments outside the EU at 3.55 MMT, up 47% on the year-earlier period. Soft wheat shipments to other EU countries totalled 3.96 MMT by the end of December, up 66% from a year earlier. Total French soft wheat exports so far this season were up 56% at 7.51 MMT (4.8 MMT in Jul-Nov 2016/17)

- India’s wheat imports are set to surge as lower plantings and poor rain threaten crop. Imports may total 3.5 MMT in the year from April 1. Output is seen falling to a three-year low of 92 MMT from 98.4 MMT in previous season

CORN

- Feb 14 - Jordan seeks 100,000 MT of optional-origin feed barley for Aug-Sept shipment

- Feb 9 - South Korea's Nonghyup Feed Inc. (NOFI) bought 202,000 MT of corn from the US or South America in three consignments:

  • 68 TMT of corn from ADM at 198.88 $/mt c&f + 1.00 $/mt surcharge for additional port unloading for May 1 arrival;
  • 67 TMT of corn from Pan Ocean at 198.88 $/mt c&f + 1.00 $/mt surcharge for additional port unloading for May 10 arrival;
  • 67 TMT of corn from Pan Ocean at 198.88 $/mt c&f + 1.00 $/mt surcharge for additional port unloading for May 31 arrival

- Feb 7 - Jordan bought 50,000 MT of optional-origin feed barley from GTCS at 212 $/mt c&f for July 15-31 shipment

- Feb 7 - Taiwan's MFIG bought 55,000 MT of US corn from Columbia Grain at a premium of 133.5 USc/bushel c&f over the Chicago July contract (around 199 USD/mt, c&f) for April 5-24 shipment from the US Gulf, or April 20-May 9 shipment from the Pacific North West

- Feb 7 - South Korea's KOCOPIA rejected all offers in tender to buy 165,000 MT of corn, citing on too high prices

- Feb 9 - Argentina registered 65,257 MT of corn for export

- Chinese buyers bought about 300,000 MT of Ukrainian corn in around the last ten days in consignments of some 60,000 MT at around 181-183 $/mt fob for mostly March shipment

- Some Chinese buyers have cancelled corn purchases from the US and switched to Ukraine. It is believed that up to four cargoes totalling about 210,000 MT of US corn cancelled last month as end-users had not received permits to process GMO crops

- China’s Ag Min raised its 2017/18 corn import forecast by 0.3 to 1.5 MMT (2.46 MMT in 2016/17)

- Weekly US corn export sales data for week ended Feb 1 of 1,769,600 MT for 2017/18 (topped trade expectations of 1.25-1.75 MMT). Export commitments for 2017/18 are running 17% behind of year-ago

- EU in week ended Feb 2 awarded licenses to import 5,000 MT of Ukrainian barley under an annual duty-free quota. The award meant that the EU had now awarded 11% (67,496 MT) out of a total volume of 615,000 MT available in 2018

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 10.152 MMT of corn (maize) vs. 6.595 MMT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 exported 610,063 MT of corn vs. 1.527 MMT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 exported 3.35 MMT of barley vs. 2.895 MMT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 exported 1.691 MMT of malt in barley equivalent vs. 1.784 MMT a year ago

- USDA cut its forecast of global corn production in 2017/18 by 2.8 MMT to 1,041.7 MMT this month with reductions for Argentina and Ukraine. Global corn trade is marginally higher with larger imports for Turkey and the EU. With strong foreign demand and competitive prices, US corn exports are forecast higher, more than offsetting reductions for Argentina and Brazil

- USDA cut its forecast of 2017/18 world corn ending stocks by 3.5 MMT to 203.09 MMT, below the average of trade estimates (204.66 MMT– avg. pre-report expectation, 198.9-208 – range) and down from 229.76 in 2016/17

- Buenos Aires Grain Exchange lowered its forecast for Argentina's 2017/18 corn crop by 2 MMT to 39 MMT, down 5% vs. 41 MMT in 2016/17

- Buenos Aires Grain Exchange forecasts Argentine 2017/18 sorghum crop at 2.9 MMT, down from its first projection of 3.1 MMT

- Conab lowered its forecast of Brazil's 2017/18 corn crop to 88.007 MMT from 92.348 MMT in January, less than 97.843 MMT last season with second crop at 63.262 MMT (67.381 MMT in 2016/17). Conab expects Brazil to export 30 MMT of corn (30.818 MMT in 2016/17). Ending stocks are forecasted at 18.516 MMT vs. 18.61 MT in 2016/17

SOYBEAN

- Feb 9 - Argentina registered for export 234,500 MT of soymeal and 23,500 MT of soybean oil

- Weekly US soybeans export sales data for week ended Feb 1 of 751,600 MT, incl. 743,200 MT for 2017/18 (near the upper end of expectations of 400-750 TMT). Export commitments for 2017/18 are running 13% behind of year-ago

- USDA cut its forecast of 2017/18 global soybean production by 1.65 MMT to 346.9 MMT, down 1.25% (or 4.4 MMT) from last year's record level. Soybean production is down in Argentina, Bolivia, and India, more than offsetting higher Brazil production

- USDA lowered its forecast of 2017/18 world soybean ending stocks by 0.4 MMT to 98.14 MMT, within the range of analysts' forecasts of 97-100.5 MMT and up from 96.14 MMT in 2016/17

- China imported 8.48 MMT of soybeans in January, up 11% from Jan 2017 but down 11% from Dec 2017

- Buenos Aires Grain Exchange lowered its forecast for Argentina's 2017/18 soybean crop by 1 MMT to 50 MMT, down 13% vs. 57.5 MMT in 2016/17

- AgRural estimates 10% of Brazilian soybean crop has been harvested as of Feb 8 vs. 19% a year ago and the 5-year average of 12%

- Conab upped its forecast of Brazil's 2017/18 soy output to 111.559 MMT from 110.438 MMT compared to a record previous crop of 114.075 MMT. Conab raised its forecast of Brazil’s soybeans export by 1 MMT to 66 MMT (68.155 MMT in 2016/17). Ending stocks are forecasted to fall to 599,500 MT from 1.922 MMT in 2016/17

- MPOB estimated Malaysian crude palm oil production in January at 1.587 MMT, above average expectation of 1.56 MMT but down 13.5% from 1.834 MMT in December. Malaysia's palm oil stocks at end-January fell 6.8% from the previous month to 2.548 MMT, below the average market expectation of 2.75 MMT. Malaysian January palm oil exports rose by 6% to 1.513 MMT, above the average expectation of 1.31 MMT

- Surveyor Intertek Testing Services estimated Malaysia's February 1-10 palm oil exports at 412,207 MT up 14.7% from a month ago

- Surveyor SGS estimated Malaysia's February 1-10 palm oil exports at 421,179 MT up 10.6% from a month ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 7.574 MMT of soybeans vs. 7.953 MMT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 11.552 MMT of soymeal vs. 11.047 MMT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 178,972 MT of soybean oil vs. 177,008 MT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 2.384 MMT of rapeseed vs. 2.101 MMT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 117,523 MT of rapeseed meal vs. 144,213 MT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 105,996 MT of rapeseed oil vs. 111,503 MT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 330,147 MT of sunflowerseed vs. 633,634 MT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 2.178 MMT of sunflower meal vs. 1.875 MMT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 1.052 MMT of sunflower oil vs. 792,309 MMT a year ago

- EU this season in period of Jul 1-Feb 6, 2017/18 imported 3.725 MMT of palm oil vs. 3.633 MMT a year ago

IGC GRAINS CONFERENCE 2018

III АГРАРНИЙ ЕКСПОРТНИЙ ФОРУМ