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WHEAT

- May 18 - Ethiopia seeks around 400,000 MT of optional-origin milling wheat for shipment two months after contract award. Ethiopia had cancelled its previous tender for 400,000 MT of wheat which closed in March with no purchase made

- May 17 - Ethiopia seeks around 35,000 MT of optional-origin milling wheat

- May 9 - Jordan seeks 120,000 MT of optional-origin milling wheat. Jordan made no purchase in a previous tender for 100,000 MT of wheat on May 2

- May 4 - Saudi Arabia’s SAGO seeks 540,000 MT of wheat, 12.5% protein, in 9 consignments for July-August shipment

- South Korea's Feed Leaders Committee (FLC) has purchased last week about 65,000 MT of feed wheat from Bunge at 220 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for Sept 30 arrival

- A flour mill in Indonesia last week bought about 60,000 MT of Black Sea-origin wheat at 220-222 $/mt c&f for shipment in August

- Morocco will increase customs duty on soft wheat to 135% from 30% to reduce imports and help local farmers boost the domestic harvest. The decision will become effective once it is published in the official bulletin and last until Oct 31

- Weekly US wheat export sales data for week ended Apr 26 totalled 445,100 MT, incl. 234,800 MT for 2017/18 (within trade expectations for 0-300 TMT) and 210,300 MT for 2018/19 (within trade expectations for 100-300 TMT). Export commitments for 2017/18 are running 16% behind of year-ago

- US wheat export inspections for week, ending Apr 26, recorded 376,256 MT, within trade expectations (300-600 TMT). Inspections for 2017/18 are running 10.3% behind of year-ago

- USDA rated 33% of the US winter wheat crop in good to excellent condition as of April 29, up 2% points from prior week and ahead of analysts' forecasts for 32%, but down vs. 54% a year ago. USDA said spring wheat was just 10% planted, well behind the five-year average of 36% and below an average of analysts' forecasts for 12%

- Pakistan has approved the export of an additional 500,000 MT of wheat with a subsidy of 155 $/mt to be shipped by sea only

- Egypt has so far bought 1.4 MMT of wheat from farmers, procuring more than a third of its target in the first two weeks and compared to just 200,000 MT purchased in the same period last year

- FAO expects world wheat output in 2018 to decline to 746.6 MMT, down 11.3 MMT (1.5%) from last year’s near-record level. Russia accounts for the largest proportion of this decline. Wheat inventories could increase by 2.2 MMT (0.8%) in 2018/19 to nearly 279 MMT (a new record), as a projected further build-up in China

- Russian Ag Min estimated spring grain planting 17.6% (or 5.45 million ha) done as of May 4 vs. 7.66 million ha a year ago. Russian farmers have sown 640,500 ha of spring wheat or 5% of planned area vs. 1.15 million ha a year ago

- Ukraine's Ag Min said Ukraine exported 33.82 MMT of grain between July 1-May 2 2017/18 vs. 37.2 MMT for the same period last season, including:

  • wheat – 15.1 MMT;
  • corn – 14.4 MMT;
  • barley – 4.14 MMT

- Kazakh farmers planted 418,400 ha of spring cereals crops as of May 4 vs. 391,700 ha a year ago

- EU this season in period of July 1-May 1, 2017/18 exported 16.645 MMT of soft wheat compared to 21.305 MMT a year ago

- France exported 1.51 MMT of soft wheat in March. Soft wheat exports outside the EU totalled 584,000 MT (incl. 166,000 MT to Algeria), taking the total since the start of the 2017/18 July-June season to 5.52 MMT. France also exported 925,000 MT to other EU countries in March, taking the season's total to 6.48 MMT. Total French soft wheat exports so far this season were up 66% at 12 MMT (7.21 MMT in Jul-Mar 2016/17)

- FranceAgriMer said 78% of France’s soft wheat crops were in good to excellent condition as of Apr 29, up 1% point from prior week and vs. 75% a year ago

CORN

- May 4 - Philippines seeks 50,000 MT of corn for May-June shipment

- May 4 - China sold 1,963,336 MT of 2014 and 2015 corn from state reserves, or 48.8% of the offered amount, at average price of 1,397 RMB/mt (220 $/mt)

- May 3 - China sold 3,312,855 MT of corn from state reserves, or 83.8% of the offered amount, at average price of 1,481 RMB/mt (233 $/mt)

- May 4 - Argentina registered 150,485 MT of corn for export

- May 3 - Argentina registered 230,308 MT of corn for export

- May 2 - Argentina registered 166,000 MT of corn for export

- Iran's SLAL bought about 180,000 MT of corn, likely from Brazil (120 TMT) and Ukraine (60 TMT)

- Apr 27 - South Korea's KOCOPIA bought 55,000 MT of corn, likely from South Africa, from Glencore at 223.98 $/mt c&f for Aug 15 arrival

- Weekly US corn export sales data for week ended Apr 26 of 1,069,200 MT, incl. 1,019,900 MT for 2017/18 (topped trade expectations of 0.7-1 MMT). Export commitments for 2017/18 are running 2% behind of year-ago

- US corn export inspections for week, ending Apr 26, reported 1,465,265 MT, within market expectations (1.1-1.8 MMT). Inspections for 2017/18 are running 18.8% behind of year-ago

- USDA said the US corn crop was 17% planted by April 29, behind an average of trade estimates for 18% and compared to 32% last year and a 27% five-year average

- Brazil’s Trade Ministry reported April corn exports at 114,890 MT, down from 605,267 MT in March and vs. 154,750 MT in the year-ago month

- FCStone cut its forecast for Brazil's second-corn output by 4% to 60.5 MMT

- FAO expects world maize production in 2018 to fall by 3.7% (40.5 MMT) to 1,047.3 MMT from the 2017 record, with reduced plantings curbing output especially in the US while lower crop prospects are also projected for Argentina, Brazil, the EU and South Africa. Corn inventories could drop by 27.3 MMT (10.7%) in 2018/19 to 226.9 MMT from their record-high opening level, with most of the decrease in China and in South America

- Zambia’s maize production for the 2017/18 crop season will fall to 2.39 MMT from 3.61 MMT produced in the previous season largely due to drought

- A vessel carrying 58,503 MT of sorghum from the US switched its destination from China to South Korea

- Ukrainian farmers have sown 2.9 million ha of corn or 63% of planned area as of May 4

- Ukraine’s Ag Min estimated early spring grain planting 90%, or 2.2 million ha done as of May 2, thereof:

  • 1.4 million ha of barley (or 91% of planned area);
  • 398,000 ha of peas (or 94%);
  • 174,000 ha of oats (or 85%);
  • 152,000 ha of wheat (or 86%)

- Russian farmers have sown 2.19 million ha of spring barley or 28.6% of planned area as of May 4 vs. 3.14 million ha a year ago

- Russian farmers have sown 1.34 million ha of corn or 44.5% of planned area as of May 4 vs. 1.77 million ha a year ago

- EU in week ended Apr 27 awarded licenses to import 3,100 MT of Ukrainian barley under an annual duty-free quota. The award meant that the EU had now awarded 15.2% (93,665 MT) out of a total volume of 615,000 MT available in 2018

- EU this season in period of Jul 1-May 1, 2017/18 imported 14.305 MMT of corn (maize) vs. 9.817 MMT a year ago

- EU this season in period of Jul 1-May 1, 2017/18 exported 1.066 MMT of corn vs. 2.056 MMT a year ago

- EU this season in period of Jul 1-May 1, 2017/18 exported 4.818 MMT of barley vs. 4.573 MMT a year ago

- EU this season in period of Jul 1-May 1, 2017/18 exported 2.372 MMT of malt in barley equivalent vs. 2.465 MMT a year ago

- FranceAgriMer said 74% of France’s winter barley crops were in good to excellent condition as of Apr 29, compared with 73% a week earlier and vs. 68% a year ago. Spring barley rating was at 80% in good to excellent vs. 81% last week and vs. 77% a year ago

- FranceAgriMer estimated corn planting 57% done as of Apr 29 (33% a week-ago), behind of last year’s pace of 84%

SOYBEAN

- May 3 - USDA announced export sales of 30,000 MT of US soybean oil for delivery to Peru during 2017/18

- May 2 - Argentina registered 561,300 MT of soymeal for export

- Weekly US soybeans export sales data for week ended Apr 26 of 886,200 MT (416,300 MT for 2017/18 and 469,900 MT for 2018/19), within market expectations of 450-950 TMT. Export commitments for 2017/18 are running 3% behind of year-ago

- Weekly US soymeal export sales data for week ended Apr 26 of 307,200 MT, incl. 246,000 MT for 2017/18 (within market expectations of 150-350 TMT). Export commitments for 2017/18 are running 11% ahead of year-ago

- US soybean export inspections for week, ending Apr 26, reported 679,379 MT, topped trade estimates (350-650 TMT). Inspections for the 2017/18 marketing year are running 12.1% behind of year-ago

- USDA said 5% of the US soybean crop was planted as of April 29, in line with five-year average, but lagging market forecasts (7%) and compared to 9% last year

- USDA estimated US March soybean crush for crude oil at 5.465 million short tons, a 10.4% increase from February and above last year level (4.823 mln tons in Mar 2017), but slightly below the average market expectation (5.497 mln tons). Crude soyoil stocks rose to 2.08 billion lbs as of Mar 31 from 2.05 in Feb, above the 1.935 bln lbs a year ago, while refined oil stocks were at 364.344 million lbs as of Mar 31 vs. 375.738 in Feb and 408.959 in Mar 2017. Mar US soy cake and meal stocks were at 492,224 tons vs. 415,077 in Feb and vs. 318,123 tons a year-ago

- Brazil’s Trade Ministry reported April soybean exports at 10.259 MMT, up from 8.814 MT in March but below the 10.432 MMT a year ago. Also Brazil exported 1.553 MMT of soymeal in April versus 1.323 MMT the month before and 1.328 MMT a year ago; and 164,442 MT of soyoil compared to 105,745 MT in March and 168,506 MT a year ago

- FCStone raised its Brazilian soybean crop estimate by 1.1 MMT to a record high 117 MMT

- FAO’s soybean 2017/18 global production estimate lowered to 334.3 MMT from 336.8 MMT in Apr (347.8 MMT in 2016/17), with a further downward correction for Argentina only partially offset by a higher crop estimate for Brazil. Forecast of 2017/18 global soybean stocks revised down to a four-year low of 40.8 MMT from 42 MMT in Apr and vs. 51.3 MMT in 2016/17

- EU this season in period of Jul 1-May 1, 2017/18 imported 10.93 MMT of soybeans vs. 11.407 MMT a year ago

- EU this season in period of Jul 1-May 1, 2017/18 imported 15.592 MMT of soymeal vs. 14.847 MMT a year ago

- EU this season in period of Jul 1-May 1, 2017/18 imported 3.614 MMT of rapeseed vs. 3.601 MMT a year ago

- EU this season in period of Jul 1-May 1, 2017/18 imported 443,726 MT of sunflowerseed vs. 747,927 MT a year ago

- EU this season in period of Jul 1-May 1, 2017/18 imported 3.115 MMT of sunflower meal vs. 2.908 MMT a year ago

- EU this season in period of Jul 1-May 1, 2017/18 imported 1.387 MMT of sunflower oil vs. 1.208 MMT a year ago

- EU this season in period of Jul 1-May 1, 2017/18 imported 5.183 MMT of palm oil vs. 5.023 MMT a year ago

- Ukrainian farmers have sown 4 million ha of sunflower or 72% of planned area as of May 4

- Ukrainian farmers have sown 662,000 ha of soybeans or 34% of planned area as of May 4

- Ukrainian March sunflower oil production was reported at 417 TMT, down 2.3% from prior month and down 20.4% from last year. Jan-Mar 2018 sunoil production totalled 1.279 MMT, down 12.8% from the same period in 2017

- Russian farmers have sown 1.66 ha of sunflower or 22% of planned area as of May 4 vs. 2.33 million ha a year ago

- Russian farmers have sown 356,500 ha of soybeans or 13.1% of planned area as of May 4 vs. 476,000 ha a year ago

IGC GRAINS CONFERENCE 2018

AGRICRUISE18