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WHEAT

- Dec 13 - Japan seeks 137,657 MT of food wheat for Jan-Mar shipments:

  • 34,650 MT of western white US wheat;
  • 5,618 MT of dark northern spring US wheat;
  • 19,980 MT of hard red winter US wheat;
  • 55,459 MT of Canadian western red spring wheat;
  • 21,950 MT of Australian standard white wheat

- Dec 12 - Egypt's GASC bought 180,000 MT of wheat from the Russia (120 TMT) and Romania (60 TMT) for February 1-10 shipment:

  • 60,000 MT of Romanian wheat from ADM at 256.37 $/mt c&f (241.26 fob+15.11 freight);
  • 60,000 MT of Russian wheat from ADM at 258.35 $/mt c&f (242 fob+16.35 freight);
  • 60,000 MT of Russian wheat from Agro Industrial at 259.15 $/mt c&f (242.8 fob+16.35 freight)

- Dec 12 - Jordan has made no purchase in an international tender for 120,000 MT of optional-origin hard milling wheat

- Iraq purchased 50,000 MT of US hard wheat from ADM at 320.31 $/mt c&f liner out. The tender had closed on Dec 3 with offers remaining valid until Dec 11

- Dec 12 - China sold 158,203 MT of wheat from state reserves or 5.3% of the offered amount at auction at average price of 2,391 RMB/mt (348 $/mt)

- USDA raised its forecast of US 2018/19 wheat ending stocks to 974 million bushels from 949 million in November, above the average trade expectation for 956 million bushels

- USDA trimmed its forecast of global wheat production by 100,000 MT to 733.4 MMT, down 3.9% (or 29.6 MMT) from the 2017/18 record, as larger crops for Canada and Mexico mostly offset a reduction for Australia. Higher exports for Russia partially offset cuts to Australia, the EU and the US

- USDA raised forecast of 2018/19 world wheat inventories by 1.4 MMT to 268.1 MMT vs. 279.94 MMT in 2017/18, above average pre-report expectations (266.79 MMT – avg., 264.32-270 MMT – range)

- France's farm ministry lowered its estimate of the country's 2018 soft wheat crop to 33.998 MMT from 34.145 MMT forecasted in November, down 7% from last year (36.559 MMT in 2017) and 4.7% below the five-year average. The area sown with winter soft wheat for the 2019 harvest was estimated at 5.033 million hectares, up 3.5% from 2018

- FranceAgriMer raised its forecast for French soft wheat stocks at the end of the 2018/19 to 2.673 MMT from 2.519 MMT projected last month (2.995 MMT in 2017/18). Projected exports outside the EU was upped from 8.75 to 8.8 MMT, up 8.4% from 8.117 MMT in 2017/18, while forecast of shipments within the EU was lowered from 7.817 to 7.687 MMT, down 17.1% from 9.268 MMT in 2017/18

- Conab trimmed its estimate for 2018 wheat production to 5.471 MMT from 5.532 MMT in November and compared to 4.262 MMT last year. They forecast wheat imports this year at 6.3 MMT (6.387 MMT in 2017)

CORN

- Dec 12 - Japan received no offers for 120,000 MT of feed wheat and 200,000 MT of feed barley in a simultaneous buy and sell (SBS) auction. New SBS tender for the same amounts for each grain will be held on Dec 19

- USDA's forecast of US corn ending stocks for 2018/19 came in above the average trade expectations

- USDA raised forecast of global corn production in 2018/19 by 960 TMT to 1,100 MMT, up 2.2% (or 23.7 MMT) from last year, as larger crops for the EU and Ukraine more than offset reductions for Canada and South Africa. Global trade is larger, driven by greater imports for Vietnam, Canada, Iran, and Japan. Exports are higher for Brazil and Ukraine

- USDA upped forecast of 2018/19 global corn ending stocks by 1.3 MMT to 308.8 MMT, above average of trade expectations (307.59 MMT), but down from 340.2 MMT in 2017/18

- Conab raised its forecast of Brazil's 2018/19 corn crop by 0.6 MMT to 91.103 MMT, more than 80.786 MMT last season with second crop at 63.735 MMT (53.975 MMT in 2017/18). Conab expects Brazil to export 31 MMT of corn (23 MMT in 2017/18). Ending stocks are forecasted to decline to 13.79 MMT from 15.788 MT in 2017/18

- France's farm ministry cut the country's 2018 barley production estimate to 11.207 MMT from 11.24 MMT in November, down 7.3% from last year (12.087 MMT in 2017) and 1.6% below the five-year average. French winter barley crop is estimated at 8.152 MMT (8.199 MMT forecasted in Nov and 9.084 MMT in 2017), while spring crop totals 3.055 MMT (3.041 MMT forecasted in Nov and 3.003 MMT in 2017)

- FranceAgriMer lifted its forecast of France's 2018/19 barley ending stocks to 1.097 MMT from 1.07 MT in Nov (1.514 MMT in 2017/18). France's 2018/19 barley exports (without malt) is expected at 6.56 MMT (6.61 MMT – previous forecast) up 9% from 5.992 MMT a year ago

- France's farm ministry upped forecast of the country's 2018 grain maize crop to 12.385 MMT from 12.246 MMT, down 13.4% from last year (14.297 MMT in 2017) and 15.2% below the five-year average

- FranceAgriMer estimated France's 2018/19 corn crop at 11.653 MMT vs. 13.591 MMT last year. FranceAgriMer lowered its forecast for French corn stocks at the end of the 2018/19 to 1.923 MMT from 1.965 MMT in Nov and vs. 2.549 MMT in 2017/18. France's 2018/19 corn exports are forecasted at 4.643 MMT up from 4.618 MMT in Nov and vs. 5.316 MMT a year ago

- China's Ag Min kept its estimate of 2018 corn output at 215.04 MMT (215.89 MMT in 2017). They raised forecast for 2018/19 corn imports by 1 MMT to 2.5 MMT (3.47 MMT in 2017/18)

SOYBEAN

- Jan 15 - Iran's GTC seeks 60,000 MT of degummed soybean oil for February 15-March 15 shipment

- Dec 12 - USDA announced export sales of 240,632 MT of US soybeans for delivery during 2018/19 to Mexico (130,632 MT) and to unknown destinations (110,000 MT)

- US President Donald Trump said China was back in the market buying US soybeans

- Dec 12 - Two US traders said that Chinese state-owned companies bought at least 500,000 MT of US soybeans on Wednesday

- USDA raised forecast of global soybean production in 2018/19 by 1.7 MMT to a record 369.2 MMT, up 8.8% (or 29.7 MMT) from last year, on gains in Brazil and Nigeria

- USDA raised forecast of 2018/19 global soybean ending stocks by 3.3 MMT to a record 115.33 MMT, topping a range of estimates and vs. 101.3 MMT in 2017/18

- China's Ag Min kept its 2018 soybean output estimate at 15.83 MMT (15.28 MMT in 2017). Soybean imports forecast is maintained at 83.65 MMT vs. 94.13 MMT in 2017/18

- Conab raised forecast of Brazil's 2018/19 soy output by 2 MMT to 120.066 MMT, up compared to a record previous crop of 119.282 MMT. Conab expects Brazil to export 75 MMT of soybeans (82 MMT in 2017/18). Ending stocks are forecasted to rise to 1.831 MMT from 1.565 MMT in 2017/18

- Abiove upped its forecast of Brazil's 2018 soybean exports to a record 82.7 MMT. Abiove also raised forecast for 2018/19 soybean crop to 120.9 MMT

- France's farm ministry lifted forecast of the country's 2018 soybean crop to 408 TMT from 395 TMT in November, down 1.7% from last year (415 TMT in 2017), but 82.4% above the five-year average

- France's farm ministry raised its estimate for 2018 French rapeseed output to 4.907 MMT from 4.9 MMT in Nov, down 8.3% from last year (5.354 MMT in 2017) and 3.5% below the five-year average. The area sown with winter rapeseed for the 2019 harvest was estimated at 1.228 million hectares, down 23.6% from 2018

- France's farm ministry lifted forecast of the country's 2018 sunflower seed crop to 1.259 MMT from 1.246 MMT in Nov, down 21.3% from last year (1.599 MMT in 2017) and 11.3% below the five-year average

FeedDinner 2019