WHEAT

- Feb 25 - Algeria seeks a nominal volume of 50,000 MT of optional origin durum wheat for April-May shipment

- Feb 24 - Thailand seeks 256,600 MT of feed wheat from optional origins with the exception of Brazil for Aug-Dec shipment

- Feb 24 - Philippines seeks up to 110,000 MT of feed wheat for May-July shipment

- Feb 24 - Japan received no offers for 120,000 MT of feed wheat and 200,000 MT of feed barley in a simultaneous buy and sell (SBS) auction. New SBS tender for the same amounts for each grain will be held on March 2

- Feb 23 - The lowest offer in Ethiopian tender for 70,000 MT of optional origin wheat came in at 206.13 $/mt c&f free out to Djibouti rising to 230.13 $/mt if extra ship-unloading costs are included. Other offers: 207.96 $/mt and 208.44 $/mt c&f free out to Djibouti

- Feb 23 - South Korea's CJ Cheiljedang Corp purchased a total of 67,100 MT of US milling wheat for May 20-June 20 shipment:

  • The first consignment was bought from Itochu and comprised:
    • 4,000 MT of western/soft white (max. 11.0% protein) at 201.53 $/mt fob;
    • 7,800 MT of western/soft white (max. 10.5% protein) at 212.57 $/mt fob;
    • 1,300 MT of western/soft white (max. 9.0% protein) at 272.93 $/mt fob;
    • 5,200 MT of hard red winter (min. 11.5% protein) at 201.99 $/mt fob;
    • 16,700 MT of dark/northern spring (min. 14.0% protein) at 219.57 $/mt fob
  • The second consignment was bought from Mitsui and comprised:
    • 1,000 MT of western/soft white (max. 11.0% protein) at 203.29 $/mt fob;
    • 16,500 MT of western/soft white (max. 10.5% protein) at 212.48 $/mt fob;
    • 2,500 MT of western/soft white (max. 8.5% protein) at 299.61 $/mt fob;
    • 6,100 MT of hard red winter (min. 11.5% protein) at 198.51 $/mt fob;
    • 6,000 MT of dark/northern spring (min. 14.0% protein) at 220.57 $/mt fob

- Feb 24 - Russia bought 45,225 MT of intervention grain (all wheat) via tender on the NTB (Moscow Exchange). Making the total bought since Aug 20 at 1,579,365 MT of Russian grain (1,541,160 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

- Saudi Arabia currently has 1.8 MMT of wheat reserves, compared with 1.6 MMT at the same time in 2015. It's enough to last more than six months. Meanwhile Saudi Arabia will be in the market soon for a first tender this year

- Saudi Arabia expects to complete the privatization of its flour mills by the first quarter of 2017

- Jordan's wheat stocks sufficient to last for ten months. On Feb 1, Ministry of Industry and Trade announced that wheat inventory is 895 TMT, of which 640 TMT are inside the country and 250 TMT contracted or on sea. The country's consumption increased in five years from 720 TMT to 1,115 TMT, mostly due to the influx of Syrian refugees

- Rains in the key growing areas of the United States were seen as beneficial to hard red winter wheat development in Oklahoma and Texas, adding pressure to the market

- MARS said that the winter grains in the EU have seen very little damage this winter, and they see no hard freeze for the winter wheat through the end of March

- Thailand expects to export 9.5 MMT rice in 2016

- Cargill and Ukraine's MV Cargo said they would build and operate a grain terminal at Ukraine's Black Sea port of Yuzhny under a $100 million joint venture agreement signed on Wednesday

CORN

- Dr. Michael Cordonnier increased Argentine 2015/16 corn production estimate this week by 1.4 MMT to 25 MMT (27 MMT in 2014/15)

- Dr. Michael Cordonnier raised his Brazilian corn crop forecast by 800,000 MT to 84 MMT (85.4 MMT in 2014/15)

- Dr. Michael Cordonnier increased his estimate of South America's 2015/16 corn crop by 2.2 MMT to 113.3 MMT, still down from 116.2 MMT in 2014/15

- Safras&Mercado estimates Brazilian summer corn (first crop) harvest at 23% done compared to 21% a year ago with safrinha (second crop) planting 51% complete versus 38% last year at this time

- South Africa will relax some of its tough rules on genetically modified crops so it can ramp up maize imports from the United States and Mexico. Almost 90% of maize in South Africa is genetically modified and the country bans commodities with strains not approved by the government and does not allow imports to be stored, stipulating they must be transported immediately from ports to mills. The government is planning to permit importers to temporarily store consignments of GM maize at pre-designated facilities, to allow much bigger import volumes; also considering applications to register additional GMO varieties that would boost trade with the US

- The Philippines expects to finalize a new set of rules on genetically modified organisms over the next few days. The new rules would take effect 15 days after being published. A permit to plant a variety of GM corn domestically will expire on March 3

SOYBEAN

- Feb 24 - Philippines seeks up to 105,500 MT of soymeal for May-July shipment

- Feb 24 - Thailand seeks 5,000 MT of rapeseed from India for July shipment

- Safras&Mercado reported 24% of the Brazilian soybean crop has been harvested as of Feb 19 vs. the five-year average of 21%

- Dr. Michael Cordonnier says around 25% of the Brazilian soybean crop has been harvested, which is ahead of average. He raised its crop estimate to 99 MMT from 98 MMT a week ago and vs. 96.2 MMT in 2014/15

- Dr. Michael Cordonnier left his Argentine 2015/16 soybean production estimate unchanged at 59 MMT (60.8 MMT in 2014/15)

- Dr. Michael Cordonnier lifted his estimate of South America's 2015/16 soybean crop by 1 MMT to 173.3 MMT, above than 171.4 MMT in 2014/15

- Argentina reporting transportation problems with soybeans due to heavy rains

- China plans to toughen its standard for imported Canadian canola starting April 1, reducing the amount of foreign material it allows per shipment to no more than 1% from the current allowable dockage range of 2.0-2.5%. China was the biggest importer of Canadian canola during the 2014/15 crop year, buying 4.1 MMT

- Indonesia keeps palm oil export tax unchanged in March

- Gapki said palm oil exports from Indonesia fell 16% on a month-on-month basis to 2.1 MMT in January 2016, due to falling demand from China and India

- Palm oil production by Felda Global Ventures is expected to drop by a more-than-expected 6% this year as an El Nino weather pattern curbs yields across its plantations. Felda had earlier expected a 1-3% annual drop in 2016 output