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WHEAT

- Jul 12 - Japan seeks 62,865 MT of food wheat for September shipments:

  • 17,177 MT of western white US wheat;
  • 11,353 MT of dark northern spring US wheat;
  • 34,335 MT of Australian standard white wheat

- Jul 10 - Egypt's GASC bought 175,000 MT of Russian wheat for Aug 21-31 shipment:

  • 60,000 MT from Posco Daewoo at 219.35 $/mt c&f (203.65 fob+15.7 freight);
  • 60,000 MT from GTCS at 220.45 $/mt c&f (204.75 fob+15.7 freight);
  • 55,000 MT from Orsett at 221.00 $/mt c&f (204.5 fob+16.5 freight)

- Jul 8 - Jordan has made no purchase in an international tender for 120,000 MT of optional-origin milling wheat and re-tender on July 19

- Indonesian importers have in past weeks purchased about 250,000 MT of Black Sea origin (from Russia, Ukraine) milling wheat, 11.5% protein, at 220-226 $/mt c&f for Jul-Aug shipment

- Jul 2 - Syria's Hoboob bought 200,000 MT of soft wheat from Russia, Romania or Bulgaria at 195 $/mt c&f for Aug-Sept shipment

- German importers last week purchased about 300,000 MT of feed wheat largely from Romania and Bulgaria at around 183 euros/mt (214 $/mt) c&f with shipments starting in Sept-Oct

- US wheat export inspections for week, ending July 5, recorded 268,221 MT, below trade expectations. Inspections for 2018/19 are running 47.6% behind of year-ago

- USDA said the US winter wheat harvest was 63% complete as of July 8, behind of average expectation (65%) and the last-year pace of 65%, but above the five-year average of 61%. USDA rated 80% of the US spring wheat crop in good-to-excellent condition as of July 8, up 3% points from prior week, ahead of market expectation (76%) and significantly up compared to 35% a year-ago

- Russia’s Ag Min said Russia exported 215,000 MT of grain between July 1-4, 2018/19, up by 41% from 152,000 MT a year ago, including:

  • wheat – 70,000 MT (45,000 MMT in 2017/18);
  • barley – 110,000 MT (6.3 times more from year ago);
  • corn – 33,000 MT (1.6 times less from year ago)

- Russia’s Ag Min said Russia exported 52.422 MMT of grain between July 1- June 30, 2017/18, up by 47% from 35.597 MMT a year ago, including:

  • wheat – 40.449 MMT (1.5 times more than in 2016/17);
  • barley – 5.822 MMT (2 times more);
  • corn – 5.775 MMT (up 11%)

- SovEcon cut Russia's 2018 total grain production forecast to 113.9 MMT from 118.6 MMT previously, and wheat crop forecast by 2.9 MMT to 69.6 MMT

- IKAR cut Russia's 2018 total grain production forecast to 112.8 MMT from 114.7 MMT previously, and wheat crop forecast by 700,000 MT to 70.8 MMT

- Russia has 3,918,300 MT of grain in its federal intervention fund as of July 6 vs. 3,999,400 MT a year-ago

- Russia's Ag Min plans to sell up to 1.5 MMT of wheat from the state grain reserve in the 2018/19, which started on July 1

- Saudi Arabia's SAGO approved the purchase of a maximum of 700,000 MT of wheat annually from local farmers for five years

- EU this season in period of July 1-8, 2018/19 exported 208,678 MT of soft wheat compared to 230,397 MT a year ago

- FranceAgriMer lifted its estimate for French soft wheat stocks at the end of the 2017/18 to 3.001 MMT from 2.556 MMT projected last month (2.944 MMT in 2016/17). Projected exports outside the EU was lowered by 230,000 MT to 8.17 MMT, up 64.4% from 4.971 MMT in 2016/17, while estimate of shipments within the EU was upped from 9.027 to 9.262 MMT, up 48% from 6.259 MMT in 2016/17

- France's farm ministry estimates the country's 2018 soft wheat crop at 36.083 MMT with yields 7.3 mt/ha, down 1.3% from last year (36.564 MMT and 7.36 mt/ha in 2017) but 1.2% above the five-year average

- Conab upped its forecast for 2018 wheat production to 4.902 MMT from 4.857 MMT in June and compared to 4.264 MMT last year. They forecast wheat imports this year at 6.5 MMT (6.2 MMT in 2017)

CORN

- Jul 11 - Jordan has made no purchase in an international tender for 120,000 MT of optional-origin feed barley

- Jul 11 - Japan bought 130 MT of feed barley for Dec 28 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 July 18

- Jul 10 - USDA announced export sales of 113,000 MT of US corn for delivery to Egypt during 2017/18 (60 TMT) and 2018/19 (53 TMT)

- Jul 10 - USDA announced cancellations of export sales of 152,000 MT of US sorghum for delivery to Mexico during 2017/18

- Jul 6 - Saudi Arabia's SAGO (Saudi Grains Organisation) bought 1.74 MMT of feed barley of Australia, North and South America, EU and Black Sea origin at an average price of 226.47 $/mt c&f in 29 consignments for Sept-Oct shipment to the Red Sea ports (1.32 MMT) and the Gulf ports (420 TMT):

  • Red Sea Ports:
    • 60,000 MT from Holbud Limited at 218.35 $/mt c&f (Sept 1-15);
    • 60,000 MT from Holbud Limited at 219.75 $/mt c&f (Sept 1-15);
    • 60,000 MT from Holbud Limited at 222.00 $/mt c&f (Sept 1-15);
    • 60,000 MT from LLC Trade House at 223.00 $/mt c&f (Sept 1-15);
    • 60,000 MT from LLC Trade House at 223.00 $/mt c&f (Sept 1-15);
    • 60,000 MT from Olam at 224.5 $/mt c&f (Sept 1-15);
    • 60,000 MT from Nibulon at 225.65 $/mt c&f (Sept 1-15);
    • 60,000 MT from Holbud Limited at 221.75 $/mt c&f (Sept 15-30);
    • 60,000 MT from Holbud Limited at 222.38 $/mt c&f (Sept 15-30);
    • 60,000 MT from Holbud Limited at 224.00 $/mt c&f (Sept 15-30);
    • 60,000 MT from ADM Hellas at 227.31 $/mt c&f (Sept 15-30);
    • 60,000 MT from Casillo at 227.49 $/mt c&f (Sept 15-30);
    • 60,000 MT from Olam at 227.50 $/mt c&f (Sept 15-30);
    • 60,000 MT from Holbud Limited at 224.68 $/mt c&f (Oct 1-15);
    • 60,000 MT from Holbud Limited at 225.89 $/mt c&f (Oct 1-15);
    • 60,000 MT from LLC Trade House at 226.00 $/mt c&f (Oct 1-15);
    • 60,000 MT from Holbud Limited at 226.75 $/mt c&f (Oct 1-15);
    • 60,000 MT from LLC Trade House at 228.00 $/mt c&f (Oct 1-15);
    • 60,000 MT from Holbud Limited at 225.67 $/mt c&f (Oct 15-30);
    • 60,000 MT from Holbud Limited at 226.75 $/mt c&f (Oct 15-30);
    • 60,000 MT from Holbud Limited at 228.00 $/mt c&f (Oct 15-30);
    • 60,000 MT from Casillo at 228.98 $/mt c&f (Oct 15-30).
  • Gulf Ports:
    • 60,000 MT from Holbud Limited at 226.47 $/mt c&f (Sept 1-15);
    • 60,000 MT from Holbud Limited at 226.78 $/mt c&f (Sept 15-30);
    • 60,000 MT from Holbud Limited at 228.78 $/mt c&f (Sept 15-30);
    • 60,000 MT from Holbud Limited at 232.75 $/mt c&f (Oct 1-15);
    • 60,000 MT from Holbud Limited at 234.00 $/mt c&f (Oct 1-15);
    • 60,000 MT from Holbud Limited at 234.65 $/mt c&f (Oct 15-30);
    • 60,000 MT from Holbud Limited at 236.75 $/mt c&f (Oct 15-30)

- US corn export inspections for week, ending July 5, reported 1,446,926 MT, within market expectations (0.86-1.6 MMT). Inspections for 2017/18 are running 5.1% behind of year-ago

- USDA rated 75% of the country’s corn in good or excellent condition as of July 8, down 1% point from prior week but in line with expectations, also better than last year’s 65%

- Conab lowered its forecast of Brazil's 2017/18 corn crop to 82.928 MMT from 85.004 MMT in June (97.843 MMT last season) with second crop at 56.019 MMT (67.381 MMT in 2016/17). Conab cut its forecast for Brazil corn exports by 2 MMT to 30 MMT (30.837 MMT in 2016/17). Ending stocks are forecasted at 10.83 MMT vs. 17.247 MT in 2016/17

- SovEcon lowered its 2018 Russian corn crop outlook to 12.5 MMT from 12.7 MMT previously

- SovEcon cut its 2018 Russian barley crop estimate to 16.9 MMT from 17.8 MMT previously

- IKAR lowered its 2018 Russian corn crop outlook to 11.8 MMT from 12.3 MMT previously

- IKAR cut its 2018 Russian barley crop estimate to 17.5 MMT from 17.8 MMT previously

- EU this season in period of July 1-8, 2018/19 imported 222,421 MT of corn (maize) vs. 186,055 MT a year ago

- EU this season in period of July 1-8, 2018/19 exported 2,968 MT of corn vs. 31,453 MT a year ago

- EU this season in period of July 1-8, 2018/19 exported 538 MT of barley vs. 217,186 MT a year ago

- EU this season in period of July 1-8, 2018/19 exported 14,155 MT of malt in barley equivalent vs. 48,043 MT a year ago

- FranceAgriMer raised its forecast for French corn stocks at the end of the 2017/18 to 2.91 MMT from 2.841 MMT in June (1.95 MMT in 2016/17). France's 2017/18 corn exports are forecasted at 5.364 MMT (5.422 MMT – previous forecast) vs. 4.691 MMT a year ago

- FranceAgriMer upped its estimate of France's 2017/18 barley ending stocks to 1.676 MMT from 1.403 MMT in June and against 1.072 MMT in 2016/17. France's 2017/18 barley exports (without malt) is estimated at 6.037 MMT (6.259 MMT – previous forecast) up 14.3% from 5.281 MMT a year ago

- France's farm ministry forecasts the country's 2018 barley production at 12.093 MMT, unchanged from last year (12.095 MMT in 2017) and 6.2% above five-year average. French winter barley crop is expected at 8.932 MMT (9.093 MMT forecasted in June and 9.09 MMT in 2017), while spring crop may rose to 3.162 MMT (3.005 MMT in 2017)

SOYBEAN

- Jul 11 - China sold 171,778 MT of 2013 soybeans from state reserves, or 34.7% of the offered amount, at average price of 2,995 RMB/mt (449 $/mt)

- Jul 11 - China sold 6,286 MT of imported soy oil from state reserves, or 12.5% of the offered amount, at average price of 5,000 RMB/mt (754 $/mt)

- Jul 9 - USDA announced export sales of 132,000 MT of US soybeans for delivery to unknown destinations during 2018/19

- Jul 5 - South Korea's NOFI purchased 24,000 MT of Indian rapeseed meal:

  • 12,000 MT at 253.48 $/mt c&f including a surcharge for additional port unloading for Nov 10 arrival;
  • 12,000 MT at 254.98 $/mt c&f including a surcharge for additional port unloading for Dec 20 arrival

- US soybean export inspections for week, ending July 5, reported 654,834 MT, within trade estimates. Inspections for the 2017/18 marketing year are running 5.1% behind of year-ago

- USDA rated 71% of the country’s soybeans in good or excellent condition as of July 8, unchanged from prior week, slightly above market expectations (70%) and better than last year’s 62%

- Conab raised its forecast of Brazil's 2017/18 soy output to a new record of 118.886 MMT from 118.048 MMT in June and compared to previous crop of 114.075 MMT. Conab kept its forecast of Brazil’s soybeans export at 72 MMT (68.155 MMT in 2016/17). Ending stocks are forecasted to fall to 1.489 MMT from 1.603 MMT in 2016/17

- EU this season in period of Jul 1-8, 2018/19 imported 54,201 MT of soybeans vs. 191,686 MT a year ago

- EU this season in period of Jul 1-8, 2018/19 imported 279,529 MT of soymeal vs. 414,960 MT a year ago

- EU this season in period of Jul 1-8, 2018/19 imported 12,462 MT of rapeseed vs. 100,444 MT a year ago

- EU this season in period of Jul 1-8, 2018/19 imported 1,306 MT of sunflowerseed vs. 7,402 MT a year ago

- EU this season in period of Jul 1-8, 2018/19 imported 30,285 MT of sunflower meal vs. 134,608 MT a year ago

- EU this season in period of Jul 1-8, 2018/19 imported 14,900 MT of sunflower oil vs. 52,403 MT a year ago

- EU this season in period of Jul 1-8, 2018/19 imported 69,974 MT of palm oil vs. 161,036 MT a year ago

- France's farm ministry lowered its forecast for 2017 French winter rapeseed output to 4.662 MMT from 4.766 MMT in June, down 1.5% from last year (4.733 MMT in 2016) and 8.2% below five-year average МСХ

- MPOB estimated Malaysian crude palm oil production in June at 1.333 MMT, below average expectation of 1.357 MMT and down 12.6% from 1.525 MMT in May. Malaysia's palm oil stocks at end-June rose 0.8% from the previous month to 2.189 MMT and above the average market expectation of 2.145 MMT. Malaysian June palm oil exports fell by 12.6% to 1.129 MMT, below average expectation of 1.19 MMT

- Surveyor AmSpec Agri Malaysia estimated Malaysia's July 1-10 palm oil exports at 278,048 MT down 14.4% from a month ago

- Surveyor SGS estimated Malaysia's July 1-10 palm oil exports at 257,096 MT down 23.1% from a month ago

- GAPKI estimated Indonesia's May exports of palm oil and palm kernel oil at 2.14 MMT, down 3.6% from the previous month (2.22 MMT in April) and down 18.3% compared to May 2017 (2.62 MMT)

Black Sea Trade Flows (BST Flows)

FeedDinner 2019