WHEAT

- Argentina's incoming government will abolish export taxes on corn and wheat the day after it assumes office and reduce the export tax on soy by 5%. Current export taxes are 23% on wheat, 20% on corn and 35% on soybeans

- Russia's Ag Min said Russia exported about 15.946 MMT of grain between July 1-Nov 25, 2015, down by 11.1% from 17.933 MMT a year ago, including:

  • wheat – 11.997 MMT
  • barley – 2.633 MMT
  • corn – 1.18 MMT

- Russian Ag Min slightly reduced its forecast for grain harvest in net weight in 2015 - to 101.5 MMT from previous estimate of 102-102.1 MMT

- Russian farmers have harvested 108.3 MMT of grain (incl. 64.0 MMT of wheat, 18.3 MMT of barley and 12.5 MMT of corn) as of Nov 27, down from 110.2 MMT (incl. 62.2 MMT of wheat, 21.2 MMT of barley and 11.1 MMT of corn) a year ago. Yields were at 2.46 mt/ha, down from 2.51 mt/ha a year ago. While 95.3% (or 16.3 mln ha) of winter crops were planted as of Nov 27 vs. 16.8 mln ha year ago

- Weekly US wheat export sales data for week ended November 19 – 325,700 MT, incl. 303,700 MT for 2015/16, below the range of trade estimates (400-600 TMT). Total current marketing-year US wheat export sales are 15% behind the same point last year

- Rabobank expects US wheat prices to stay around current levels in 2016 and mainly above 5.00 $/bushel

- Indian farmers have grown winter-sown crops on 31.80 mln ha so far this year, down 14.7% from a year earlier, du to El Nino. India received 14% lower rains than normal in the June-September monsoon season

- Al Dahra Kohinoor LLC, rice mill, with a production capacity of 80,000 MT a year will start operations in Abu Dhabi in the second quarter of 2016. The 140 million dirham ($38 million) facility will handle the full production cycle from milling, storing (storage capacity of 50,000 MT of rice), packing and distributing the rice within the UAE and exporting to foreign markets via Khalifa Port

CORN

- Weekly US corn export sales data for week ended Nov 19 of 2,564,800 MT, incl. 2,036,300 MT for 2015/16 was a marketing-year high and topping the high end of market estimates that ranged from 900 TMT to 1.3 MMT. Total current marketing-year US corn export sales are 23% behind the same point last year

- Ukrainian farmers have harvested 59.7 MMT of grain from 99% of the sown area (14.4 mln ha of 14.7 mln ha planed) as of November 27. The yield averaged 4.14 mt/ha compared with 4.33 mt/ha in 2014. Ukraine has already completed the wheat and barley harvests and threshed 21.8 MMT of corn from 95% (3.9 mln ha) of the sowing area with yields of 5.6 mt/ha vs. 26.2 MMT with yields of 5.9 mt/ha a year ago

- Brazil farmers are seeking different ways to pay for fertilizer and equipment, potentially doubling the share of barter-based financing to 40% of the cost of the nation's crops, the most in at least a decade

SOYBEAN

- Weekly US soybean export sales data for week ended Nov 19 – 1,178,600 MT, incl. 1,173,600 MT for 2015/16 fell in the low end of a range of expectations (1-1.5 MMT). Total current marketing-year US soybean export sales are 17% behind the same point last year

- AgRural said Brazil's 2015/16 soybean crop was 44% sold as of Nov 15, up from 41% a month earlier and well above the 26% a year earlier

- AgRural estimated Brazil's 2015/16 soybean crop was 81% planted, below last year's 85% complete and the five-year average of 89%

- The number of Asian soybean rust fungus cases in Brazil has nearly doubled from the previous year due to heavy rainfall in the south triggered by El Niño

- Ukrainian farmers have harvested 3.8 MMT of soybeans from 2.1 mln ha (100%) with yields of 1.77 mt/ha as of Nov 27

- Oil World estimated EU-28 palm oil imports at 7.2 MMT in Oct-Sept 2014/15, compared with the record 7.4 MMT a year before

- Oil World expects Indian vegetable oil imports to increase by 1.0 MMT to 15.2 MMT in Oct-Sept 2015/16

- Oil World estimated Ukrainian rapeseed exports to the EU at 1.10-1.20 MMT in July-June 2015/16

- Surveyor Intertek Testing Services estimated Malaysia's Nov 1-30 palm oil exports at 1,344,790 MT down 10.1% from a month ago

- Surveyor SGS estimated Malaysia's Nov 1-30 palm oil exports at 1,351,478 MT down 10.2% from a month ago