WHEAT

- US wheat export inspections for week, ending February 4, recorded 398,216 MT, above market forecasts (225-350 TMT). Inspections for 2015/16 are running 11.7% behind year-ago

- Feb 9 - Russia bought 9,450 MT of intervention grain (all wheat) via tender on the NTB (Moscow Exchange). Making the total bought since Aug 20 at 1,489,050 MT of Russian grain (1,450,845 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

- Russia is expected to decide on the level of wheat export duties any moment now. The decision will likely satisfy both grain producers and exporters

- Winter crops are judged as good for 61% in Ukraine and 63% in Russia

- Ukraine's Ag Min expects the 2015/16 wheat exports at 16.5 MMT, up from 11 MMT in 2014/15

- Ukraine's Ag Min said Ukraine exported 23.926 MMT of grain between July 1-Feb 8, 2015/16, including:

  • wheat – 11.12 MMT
  • barley – 3.963 MMT
  • corn – 9.143 MMT
  • others – 144 TMT

- ABARES raised its forecast of 2015/16 Australian wheat crop to 24.219 MMT from previous estimate of 23.982 MMT in December and above last year's crop of 23.076 MMT

- Recent rains have improved the outlook for wheat farmers in Australia, the world's fourth largest wheat exporter, putting them on track for a bumper crop

- USDA attaché in Canada forecasts 2016/17 wheat crop at 28.3 MMT vs. 27.6 MMT in 2015/16; Canadian wheat exports are expected at 20 MMT in 2016/17 vs. 22 MMT in 2015/16

CORN

- Feb 8 - USDA announced export sales of 100,000 MT of US corn for delivery to Mexico during 2015/16

- US corn export inspections for week, ending Feb 4, reported 438,560 MT, well below analysts' estimates (650-775 TMT). Inspections for 2015/16 are running 20.8% behind year-ago

- Feb 16 - Brazil to hold second auction of 150,000 MT of corn from state stocks to the domestic market

- Corn was under pressure from improved production prospects from South America

- South African Ag Min says if current rains continue imports could be less than 4 MMT and is looking to Mexico for white corn imports

- Ukraine's Ag Min has raised its grain export forecast for 2015/16 by 1 MMT to around 37 MMT due to rising corn demand. It looks for corn exports to account for 16.7 MMT of the total, up from previous estimate of 16 MMT. Ukraine exported 9.143 MMT of corn between July 1-Feb 8, 2015/16

- Ukrainian wheat producers that suffered crop losses would likely reseed some winter wheat acres to corn

- USDA attaché in Canada forecasts an 11% decrease in corn production for 2016/17 crop to 12.1 MMT vs. 13.6 MMT in 2015/16

- USDA attaché in Canada forecasts 2016/17 barley crop at 8.4 MMT vs. 8.2 MMT in 2015/16; Canadian barley exports are expected at 1.45 MMT in 2016/17 vs. 1.35 MMT in 2015/16

- USDA attaché in Canada forecasts 2016/17 oat crop at 3.4 MMT vs. 3.47 MMT in 2015/16; Canadian oat exports are expected at 1.7 MMT in 2016/17 vs. 1.65 MMT in 2015/16

- ABARES raised its estimate of Australia's 2015/16 barley crop to 8.49 MMT from previous forecast of 8.182 MMT and vs. 8.173 MMT in 2014/15

- ABARES lifted its estimate of Australia's 2015/16 oat crop to 1.249 MMT from previous forecast of 1.221 MMT and vs. last year's crop of 1.184 MMT

- ABARES slightly raised its forecast of grain sorghum crop to 2.24 MMT from previous estimate of 2.214 MMT and vs. last year's crop of 2.178 MMT

- ADM said it would buy a corn wet mill in Morocco from Tate & Lyle in the latest effort to boost its footprint in the sweetener and starch market after expanding in Eastern Europe last year

SOYBEAN

- US soybean export inspections for week, ending Feb 4, reported 1,172,661 MT, above trade expectations (0.975-1.15 MMT). Inspections for the 2015/16 marketing year are running 12.7% behind year-ago

- Safras & Mercado estimated the 2015/16 Brazilian soybean crop at 51% sold as of Feb 5, above 38% last year and the 44% 5-year average pace. Harvesting came in at 8.4% complete, more than double the previous week, and production expected at 99.8 MMT

- Soybean market remained under pressure from rains across Argentina

- Stratégie Grains lowered its estimate of the 2016 EU rapeseed production to 21.4 MMT from 21.8 MMT previously

- ABARES trimmed its estimate of Australia's 2015/16 canola crop to 2.945 MMT from previous forecast of 2.985 MMT in December and down 14.6% from 3.447 MMT in 2014/15