WHEAT

- Feb 4 - Japan bought 141,275 MT of food wheat for Mar 21-Apr 30 shipment:

  • 16,483 MT of western white US wheat
  • 16,525 MT of hard red winter US wheat
  • 38,531 MT of dark northern spring US wheat
  • 35,276 MT of Canadian western red spring wheat
  • 34,460 MT of Australian standard white wheat

- Feb 3 - Israel bought 18,000 MT of feed wheat, likely from Black Sea region, from Nidera at 176.5 $/mt c&f for April 20-May 10 shipment

- Feb 2 - Algeria bought between 500,000-700,000 MT of optional-origin milling wheat at around 178 $/mt c&f for Apr-May shipment. Wheat likely to be sourced in France and also partly in the UK

- Traders reacted cautiously to news that top importer Egypt would again allow traces of a grain fungus (up to 0.05% levels of ergot)

- Ukraine's Ag Min said Ukraine exported 11.066 MMT of wheat between July 1-Feb 3, 2015/16, a 28% increase from the same period last year

- Feb 3 - Russia bought 10,260 MT of intervention grain (all wheat) via tender on the NTB (Moscow Exchange). Making the total bought since Aug 20 at 1,479,600 MT of Russian grain (1,441,395 MT of wheat, 17,685 MT of rye and 20,520 MT of barley). Separately Russia bought around 63,000 MT of Crimean wheat in intervention fund between Aug 19-Jan 28 via tenders on Crimean Exchange

- Russian government has not yet agreed about changes in export duty on wheat

- Informa Economics raised its estimate for 2016 Indian wheat production to 87 MMT, from 85 MMT last month

- Informa Economics raised its forecast for 2016 Chinese wheat production to 130 MMT, from 125 MMT previously

- USDA attaché in South Africa estimated wheat production at 1.5 MMT in 2015/16, down 14% from 1.75 MMT in 2014/15. As a result, South Africa will have to import about 2.0 MMT of wheat

- World food prices fell to near a seven-year low in January. FAO Cereal Price Index declined 1.7% amid ample global supplies and increased competition for export markets, especially for wheat and maize, as well as a strong US dollar

- FAO raised its 2015 global wheat production estimate to 736.8 MMT, up by 2.3 MMT from the December figure and vs. 733.0 MMT in 2014. This month's upgrade mostly reflects positive output revisions, mainly in Canada and Russia. World wheat inventories has been scaled up to nearly 211 MMT, 3.7 MMT more than reported in December and 4.7 MMT (1.8%) above last year

- FAO says 2016 crop prospects have been "severely weakened" in Southern Africa, and a 25% cut in wheat production in South Africa now appears likely. Conditions for the crop are generally favorable in Russia and the EU, but winter plantings declined in the US and Ukraine. The area under wheat is also expected to be cut in India, following a poor monsoon and below average rains since October

CORN

- Feb 3 - Israel bought 80,000 MT of corn, likely to be sourced from the Black Sea region:

  • 35,000 MT from ADM at 172.5 $/mt c&f for April 20-May 10 shipment
  • 45,000 MT from Nidera at 173.6 $/mt c&f for May 20-June 10 shipment

- Informa Economics slightly raised its estimate for Brazil's 2015/16 all-corn production to 81.6 MMT, from 81.3 MMT last month

- Informa Economics upped its estimate for Argentina's upcoming 2015/16 corn harvest to 26 MMT, from 22 MMT previously

- Informa Economics forecasts Argentina's 2016/17 corn crop at 30 MMT (28 MMT previously) due to expected increase in corn area

- South Africa's Grain SA lowered its estimate for imports of corn to 3.8 MMT from a previous estimate of 5MMT after the government's corn forecast was higher than expected

- USDA attaché in South Africa expects corn production to drop by 25% to 8.0 MMT in 2015/16 (10.6 MMT in 2014/15). As a result, South Africa will have to import about 3.0 MMT of corn

- USDA attaché in South Korea expects US corn exports to that country would fall by 1 MMT to 3 MMT in 2015/16 due to price competition from around the globe

- USDA attaché in Turkey revised the country's 2015 corn production estimate to 6.1 MMT, an increase of 100,000 MT (4.8 MMT in 2014). Turkey's corn imports are expected to decline to 900,000 MT in 2015/16 from 2.224 MMT in 2014/15

- FAO's current estimate for world coarse grains production in 2015 is 1302.3 MMT, about 1.2 MMT more than expected in December, but 31.5 MMT (2.4%) below 2014. This month's upgrade mostly reflects positive output revisions in China, Canada and Paraguay, more than compensating for reductions of coarse grains production in the EU, Sudan, Russia, Ukraine and the US. The forecast for world coarse grains stocks has been trimmed by 5.7 MMT from the previous report to 265 MMT, but still 3.2 MMT (1.2%) above last year's

- US Ethanol production for the week ended Jan 29 fell by 2,000 barrels to 959,000 barrels per day, it is up 1.2% from last year's level of 948,000 bpd. Meanwhile, stocks climbed by 926,000 barrels to 22.362 million barrels, up 6.6% vs. 20.986 million barrels a year ago

- Sorghum demand from China seems to decrease and is likely to hit the US and Australian farmers

SOYBEAN

- Pakistan private importers bought 66,000 MT of Brazilian soybeans and 55,000 MT of Canadian canola

- Soybean buying by top importer China is expected to slow next week as Chinese markets will be closed all week for Lunar New Year celebrations

- Monsanto Co received import approval from China for its new genetically modified Roundup Ready 2 Xtend soybeans and will begin selling the seeds in the US and Canada

- Informa Economics lowered its estimate for Brazil's 2015/16 soybean production to 100.5 MMT, from 101.4 MMT previously

- Informa Economics raised its estimate for 2015/16 Argentine soybean production to 60 MMT, from 58.5 MMT last month

- Informa Economics forecasts Argentina's 2016/17 soybean crop at 56 MMT (57.5 MMT previously) due to expected decrease in soy area

- FAO Vegetable Oil Price Index dropped 1.7%, mainly because of a decline in soy oil prices reflecting expectations of ample global soybean supplies