WHEAT

- Aug 13 – Egypt's GASC seeks cargos of 55-60 TMT of optional origin wheat for September 21-30 shipments

- Aug 13 - Japan bought 147,933 MT of food wheat for September-October shipment:

  • 11,387 MT of western white US wheat
  • 23,285 MT of hard red winter US wheat
  • 26,311 MT of dark northern spring US wheat
  • 53,160 MT of Canadian western red spring wheat
  • 33,790 MT of Australian standard white wheat

- Aug 12 - Jordan passed tender for 100,000 MT of optional origin milling hard wheat; it was second pass in a row

- Kazakhstan's Ag Min estimated Kazakh 2015/16 grain exports at 8.0 MMT vs. previous estimate of 7.0 MMT and vs. 6.4 MMT in 2014/15

- USDA estimated 2015/16 US all wheat production at 2.136 billion bushels, which below the average market guess (2.153 BB) and July's estimate of 2.148 BB, but above vs. 2.026 BB in 2014/15. USDA also boosted its 2015/16 US carryover estimate to 850 million bushels from 842 MB reported in July and vs. 753 MB in 2014/15, but below average trade estimates of 858 MB

- USDA projected global 2015/16 wheat production to reach 726.5 MMT, up by 4.6 MMT from previous estimate, and now above the 2014/15 record (725.3 MMT). In August's forecast larger 2015/16 crops in Russia (+3 MMT to 60 MMT), Ukraine (+1.5 MMT to 25.5 MMT), Turkey (+1 MMT to 19.5 MMT) and Kazakhstan (+0.5 MMT to 14 MMT) more than offset lower production in Canada (-1 MMT to 26.5 MMT), Argentina (-0.4 MMT to 11.1 MMT) and the US (0.3 MMT to 58.1 MMT). Global exports are raised for Russia and Ukraine, but lowered for Canada and the US. Global 2015/16 ending stocks were increased to 221.5 MMT, up 1.7 MMT versus last month, above average guess (218.15 MMT) and last year's 209.7 MMT

- SovEcon raised its Russian wheat crop forecast for 2015 by 2 MMT to 59.5 MMT, citing favorable weather

- SovEcon raised its Russian grain crop forecast for 2015 by 2 MMT to 99 MMT, while Russia's Ag Min forecasts this year's grain crop at 103 MMT

CORN

- USDA, in Wednesday's report, surprised traders by raising its estimates for domestic corn and soybean crops in a monthly report. New-crop ending stocks for both soybean and corn also exceeded the range of market expectation

- USDA lowered its 2015/16 global production forecast by 1.5 MMT, but raised ending stocks by 5.1 MMT due to lower usage. USDA projected global corn production in 2015/16 at 985 MMT vs. 1,006.2 MMT in 2014/15, as smaller crops in China, EU and Serbia more than offset higher production in the US, Brazil, Ukraine and Russia. Global trade is higher on stronger demand from the EU. USDA lift its estimate of 2015/16 world corn inventories to 195.1 MMT from July estimate of 190 MMT and vs. average expectation of 187.91 MMT, but still below last year's stocks of 197.42 MMT

- US Ethanol production for the week ended August 7 increased 4,000 barrels to 965,000 barrels per day, it is up 3.7% from last year's level. Stocks declined 710,000 barrels to 18.529 million barrels vs. 17.76 million barrels a year ago

- USDA raised its 2015/16 global barley production forecast by 1.6 MMT to 139.4 MMT (140.8 MMT in 2014/15), as higher crops in Ukraine (+2.3 MMT to 8.3 MMT) and Morocco (+0.3 MMT to 3.5 MMT) more than offset smaller production in Canada (-1 MMT to 6.5 MMT). Global trade is higher on stronger demand from Saudi Arabia and larger exportable supplies from Ukraine

- Ukraine Ag Min estimated Ukraine's 2015 barley crop at 8.4 MMT vs. 9.0 MMT in 2014

SOY

- Pakistan seeks 66,000 MT of US/Brazilian soybeans for Nov-Dec shipment

- Aug 12 - Egypt's FIHC bought 10,000 MT of sun oil from ADM at 787 $/mt and 45,000 MT of soybean oil (15 TMT from ADM at 703 $/mt and 30 TMT from Glencroe at 696.2 $/mt) for Oct-Nov shipment

- Thailand bought two cargos of Brazilian soy meal for March-April shipment

- Venezuela bought 30,000 MT of US soy meal for Sep shipment

- USDA raised its forecast of global soybean production in 2015/16 by 1.1 MMT to 320 MMT (319.4 MMT in 2014/15), mostly due to higher crops in the US (+0.9 MMT to 106.6 MMT) and Ukraine (+0.3 MMT to 4.7 MMT). Global trade would be record with higher exports from South America and Ukraine and higher import demand from China, EU and Iran

- USDA lowered its forecast of global 2015/16 soybean stocks to 86.9 MMT, down 4.9 MMT from July and average expectation of 89.89 MMT, but it will be a record high and vs. 80.6 MMT in 2014/15

- Oil World sees EU palm oil imports up 500,000 MT next season (to 7.4 MMT vs. 6.9 MMT in 2014/15) and soymeal imports up 900,000 MT (to 21.7 MMT vs. 20.8 MMT in 2014/15) due to a 15% reduction in the EU rapeseed production (to 20.73 MMT) and poor sunseed crop