WHEAT

- Nov 12 - Algeria seeks at least 50,000 MT of optional-origin milling wheat for January shipment

- Nov 11 - Japan bought 22,895 MT of feed wheat for February arrive via SBS-tender. New SBS tender for 120,000 MTof feed wheat and 200,000 MTof feed barley will be held on November 18

- Nov 11 - Egypt's GASC seeks cargos of 55-60 TMT of wheat for Dec 11-20 shipment

- Nov 10 - Egypt's GASC bought 115 TMT of wheat for Dec 11-20 shipment:

  • 60 TMT of Russian wheat from Union Co. at 210.12 $/mt c&f (203.46 $/mt fob+6.66 $/mt freight from Union Co.)
  • 55 TMT of Ukrainian wheat from Venus at 210.74 $/mt c&f (197.30 $/mt fob+13.44 $/mt freight from National Navigation)

- Nov 11 - Russia bought 66,150 MT of intervention grain (65,475 MT of wheat and 675 MT of barley) via tender on the NTB (Moscow Exchange). Making the total bought since Aug 20 at 519,750 MT of Russian grain (501,255 MT of wheat, 7,425 MT of rye and 11,070 MT of barley). Separately Russia bought 47,652 MT of Crimean wheat in intervention fund between Aug 19-Nov 5 via tenders on Crimean Exchange. So, total 2015/16 intervention purchases so far reach 567,402 MT of grain (incl. 548,907 MT of wheat)

- Kazakhstan's grain stocks as of November 1, 2015 accounted 17.75 MMT, including 13.456 MMT of milling wheat

- Britain's wheat crop quality was generally good this year:

  • Protein content averaged 11.9%, up from the prior season's 11.3%
  • The average specific weight, a measure of density, rose to 78.6 kilograms per hectoliter, up from last year's 77.1 kg/hl and the highest level since 2011
  • Hagberg falling numbers, a key measure of whether wheat is suitable for milling, fell to an average of 288 seconds, down from the prior season's 308 seconds

- Mild weather aids early development of EU wheat

- USDA increased its forecast of US wheat 2015/16 ending stocks outlook by 50 million bushels to 911 million bushels, topping trade expectations for 877 million

- USDA estimated global 2015/16 wheat production at around 733 MMT, up by 0.2 MMT from previous estimate, and above the 2014/15 record (725.2 MMT). In November's forecast larger 2015/16 crops in EU (+2 MMT to 157.3 MMT) more than offset lower production in Australia (- 1 MMT to 26 MMT) and Russia (-0.5 MMT to 60.5 MMT). Global exports are raised for Canada, Brazil, EU and India, but lowered for the US and Australia. Global 2015/16 ending stocks were lowered by 1.2 MMT to still a record high of 227.3 MMT (211.7 MMT in 2014/15), but slightly below average guess (227.82 MMT)

CORN

- Britain has signed a deal worth up to 100 million pounds ($151 million) to export barley to China over the next five years, tapping into a fast-growing market for premium beer. The 750,000 MT (around 150,000 MT a year) barley deal marks the first time UK has been approved to export the grain to China

- USDA said the US 2015/16 corn harvest would the third largest on record at 13.654 billion bushels on an average yield of 169.3 bushels per acre, the second highest ever and above avg. market guess. USDA lowered its outlook for corn exports and use by ethanol makers, boosting ending stocks to a decade high

- USDA raised its 2015/16 global corn production forecast by 2.3 MMT, with higher forecasts for the US, Argentina and Brazil more than offsetting smaller crops in Ukraine, South Africa and India. USDA projects global corn production in 2015/16 at 974.9 MMT vs. 1,008.8 MMT in 2014/15. Exports are raised for Argentina and Brazil, but lowered for Ukraine, the US, India, and South Africa

- USDA unexpectedly revised its global 2015/16 world corn stocks to a record high of 211.91 MMT from October estimate of 187.83 MMT, sharply above the range of expectation 184.50-190.76 MMT and vs. last year's stocks of 208.21 MMT (also revised up). This month's sharp rise is driven mostly by downward revisions to China corn feeding for 2013/14 through 2015/16. China corn beginning stocks are raised 18.8 MMT for 2015/16, reflecting the impact of lower estimated feed use for the preceding marketing years

- China is considering offering subsidies to feed mills to lift domestic corn sales, and also trying to sell out its huge state reserves of corn at discounted prices

- Conab trimmed its Brazil's 2015/16 corn production estimate to 81.1-82.7 MMT, down from 82.6-83.6 MMT last month. Corn exports expected at 28 MMT vs. 29.7 MMT a year ago

- Dr. Michael Cordonnier left his Brazilian and Argentine 2015/16 corn crop estimates unchanged at 81.2 MMT (85.4 MMT in 2014/15) and 21.6 MMT (25.5 MMT in 2014/15), respectively

- Dr. Michael Cordonnier left his estimate of South America's 2015/16 corn crop at 107.1 MMT unchanged from previous estimate and vs. 115.1 MMT in 2014/15

- Heat wave to persist this week over South African corn belt

- Argentine grains output could be at least 30% higher by 2019 if Macri wins election and keeps his promises to cut export taxes and state controls

- Cargill's South Korea unit (Cargill Agri Purina) launches $100 mln feed plant (870,000-tonne-per-year) this week, with full capacity to be hit next year

SOYBEAN

- Nov 12 - Egypt's GASC seeks soybean oil and sunflower oil for December shipment

- USAD's increased forecasts of both soy production and yield topped the high end of market forecasts. USDA pegged 2015 US soybean production at 3.981 billion bushels with an average yield at 48.3 bushels per acre, both all-time highs. The production increase more than offset higher expected use by processors and greater exports

- USDA increased its forecast of global soybean production in 2015/16 by 0.5 MMT to 321 MMT (318.7 MMT in 2014/15), as bigger production in the US more than offset smaller crops in the India and Uruguay. USDA decreased its forecast of global 2015/16 soybean stocks to a still record 82.86 MMT, down 2.3 MMT from Oct and below expectation

- Conab raised its Brazil's 2015/16 soybean production estimate to 101.2- 102.8 MMT this month, up from 100.1-101.9 MMT in Oct, and increased soybean export estimate to a record 55 MMT from 53 MMT last month and vs. 52.6 MMT a year ago

- Safras & Mercado estimated Brazilian soybean planting at 42% done as of Nov 5, down from 46% last year and the 5-year average pace of 57%

- Dr. Michael Cordonnier left his Brazilian and Argentine 2015/16 soybean crop estimates unchanged at 100.0 MMT (96.2 MMT in 2014/15) and 58.0 MMT (60.8 MMT in 2014/15), respectively

- Dr. Michael Cordonnier left his estimate of South America's 2015/16 soybean crop at 173.3 MMT unchanged from previous estimate and vs. 171.5 MMT in 2014/15

- MPOB estimated Malaysian crude palm oil production in October at 2.037 MMT vs. 1.959 MMT in September and vs. avg. expectation of 1.93 MMT with stocks at 2.834 MMT up 7.3% on month and above the market expectations of 2.72 MMT. Malaysian October palm oil exports was at 1.712 MMT, up 1.9% on month and above the average expectation of 1.62 MMT

- Surveyor Intertek Testing Services estimated Malaysia's Nov 1-10 palm oil exports at 434,862 MT down 5.3% from a month ago

- Surveyor SGS estimated Malaysia's Nov 1-10 palm oil exports at 450,670 MT down 3.3% from a month ago

- Indonesia's Palm Oil Association said Indonesia exported 2.61 MMT of palm oil in October vs. 2.34 MMT in Sept 2015 and vs. 2.47 MMT in Oct 2014

- Oil World estimated Turkey's 2015/16 vegetable oil imports at a record high 1.5 MMT up 8% from 2014/15