WHEAT

- Feb 25 - Egypt's GASC bought 300,000 MT of wheat for March 26-April 4 delivery:

  • 120,000 MT of Romanian wheat from Ameropa at 183.98 $/mt c&f (179.65 $/mt fob+4.33 $/mt freight)
  • 60,000 MT of French wheat from Soufflet at 183.98 $/mt c&f (175 $/mt fob+8.98 $/mt freight)
  • 60,000 MT of Argentine wheat from BTG at 187.7 $/mt c&f (172 $/mt fob+15.7 $/mt freight)
  • 60,000 MT of Ukrainian wheat from Louis Dreyfus at 187.7 $/mt c&f (179 $/mt fob+8.7 $/mt freight)

- Egypt has enough wheat reserves to last until mid-June

- Feb 25 - Tunisia bought 75,000 MT of optional origin durum wheat in three 25,000 MT consignments at 269.00, 271.80 and 271.90 $/mt c&f for shipment in May

- USDA projected US total wheat plantings would be at 51 million acres this year, by 6.6% less than 54.6 mln in 2015, and below the average guess of 52.4 mln acres; crop at 1.991 bln bu (2.015 – avg guess) vs. 2.052 bln bu in 2015; ending stocks at 989 mln bu (1005 – avg guess) vs. 966 mln bu in 2015

- Weekly US wheat export sales data for week ended February 18 of 486,200 MT, incl. 387,900 MT for 2015/16 were within trade expectations (200-400 TMT). Total current marketing-year US wheat export sales are 17% behind the same point last year

- EU in week ended February 23 granted licenses to export 761 TMT of soft wheat, bringing the total this season to 17.715 MMT vs. 19.911 MMT a year ago

- EU in week ended February 19 awarded licenses to import 73,983 MT of Ukrainian wheat under an annual duty-free quota. The award meant that the EU had now awarded almost 708,163 MT or 74.5% out of a total volume of 950,000 MT available in 2016

- FranceAgriMer said 94% of France's soft wheat crops were in good to excellent condition as of Feb 22, unchanged from prior week and vs. 90% a year ago; durum rating at 90% in good to excellent vs. 86% a year ago

- Ukraine's Ag Min reports that 93% (or 6.6 mln ha) of Ukraine's winter grain crop had sprouted as of February 25 vs. 92% (or 6.5 mln ha) a week ago and 98% (or 7.8 mln ha) a year ago. About 67% of emerged crops were in good to satisfactory condition, unchanged from prior week, but down from 82% last year

- Argentina's Ag Min raised its 2015/16 wheat harvest estimate to 11.3 MMT from a previous estimate of 11 MMT in January

- Turkey launches wheat futures contract. Borsa Istanbul – Turkey's main stock exchange – and Konya Commodity Exchange launched a cooperation deal on wheat future contracts

- International Grains Council (IGC) raised its estimate for world wheat production in 2015/16 by 1 MMT to 731.8 MMT. World wheat production was projected to fall by 21 MMT in 2016/17 season, but large stocks would help cushion that impact of any decline in wheat production

- Iraq's state grains buyer has rejected all offers and made no purchase in an international tender for at least 90,000 MT of US rice. The tender closed on Feb 21 with valid offers to Feb 25

- Vietnam's Jan-Feb rice exports surge to 1.01 MMT

CORN

- Feb 23 - Morocco purchased 132,500 MT of barley in the local market

- Bulog said that Indonesia will import about 200,000 MT of corn in the first quarter of this year, down from previous estimates for 600,000 MT

- Agroconsult increased its estimate for Brazil's first corn crop to 28.5 MMT from 27.9 MMT previous and second (safrinha) crop to 58.8 MMT from 57.7 MMT previously for a total production of 87.3 MMT (85.6 MMT in January)

- Brazil's cereal exporting association Anec expects corn exports to reach 28 MMT this year, down from a record volume of 30.75 MMT in 2015, due to more competition from Argentina. Recently approved taxes over exports of grains in two Brazilian states, Goias and Mato Grosso do Sul, should also contribute to a smaller volume of corn exports this year

- Argentina's Ag Min raised its corn planting estimate for the 2015/16 crop to 5.88 million hectares from an earlier estimate of 5.69 mln ha, but they include corn for fodder

- Buenos Aires Grain Exchange maintains its 2015/16 Argentine corn crop estimate at 25 MMT (28.2 MMT in 2014/15), saying corn condition pretty good despite some flooding

- USDA projected US corn plantings would be at 90 million acres this year, 2% more than 88 mln in 2015, and slightly above the average guess of 89.7 mln acres; crop at 13.825 bln bu (13.719 – avg guess) vs.13.601 bln bu in 2015; ending stocks at 1.977 bln bu (1.891 – avg guess) vs. 1.837 bln bu in 2015

- Weekly US corn export sales data for week ended Feb 18 of 1,066,200 MT, incl. 934,400 MT for 2015/16 came in line with trade forecasts ranging from 700 to 1200 TMT. Total current marketing-year US corn export sales are 24% behind the same point last year

- EU in week ended Feb 23 awarded 315 TMT of corn (maize) import certificates, taking the volume so far this season to 9.455 MMT vs. 5.867 MMT a year ago

- EU in week ended Feb 23 granted licenses to export 22 TMT of corn, bringing the total this season to 1.065 MMT vs. 1.876 MMT a year ago

- EU in week ended Feb 23 granted licenses to export 302 TMT of barley, bringing the total this season to 6.937 MMT vs. 5.922 MMT a year ago

- FranceAgriMer said 94% of France's winter barley crops were in good to excellent condition as of Feb 22, unchanged during the week and vs. 90% a year ago

- FranceAgriMer estimated spring barley planting 6% done as of Feb 22, well behind of last year's pace of 20%

- Ukraine's Ag Min estimated spring barley planting 1% done as of Feb 25

- South Africa's Crop Estimates Committee (CEC) released its second forecast of domestic corn production for the 2016 crop. CEC decreased its estimate of corn output this year to 7.256 MMT from 7.44 MMT previously (9.955 MMT in 2015); it would be the smallest crop since 2007, but above average market expectations (6.87 MMT)

- CEC cut its forecast of S. Africa's 2016 sorghum crop to 93,400 MT from previous forecast of 119,400 MT (120,500 MT in 2015)

- IGC raised its forecast for world corn (maize) production in 2015/16 by 9.9 MMT to 969.4 MMT, mainly reflecting upwardly revisions for crops in China and South America. IGC increased its forecast for 2015/16 global corn carryover by 10 MMT from last month to 206.4 MMT (207.8 MMT in 2014/15). IGC also forecast a 1% expansion in the global corn area for the 2016/17 crop. A small increase in 2016/17 production is seen being entirely absorbed by higher use, but ending stocks are projected to recede only slightly and will likely remain in excess of 200 MMT

SOYBEAN

- Mar 13 - Iraq seeks at least 10,000 MT of sunflower oil from worldwide origins except China. The tender closes on Mar 13 and offers must remain valid until Mar 17

- Mar 2 - Egypt's FIHC tenders to buy 45,000 MT of soyoil and 18,000 MT of sunflower oil for Apr 15-30 shipment

- Feb 24 - Philippines bought 45,000 MT of US soymeal and 40,000 MT of Argentine soymeal for May-July shipment

- Weekly US soybean export sales data for week ended Feb 18 of 328,600 MT, incl. 328,300 MT for 2015/16 were just above the lower end of trade expectations ranging from 300,000 to 700,000 MT. Total current marketing-year US soybean export sales are 11% behind the same point last year

- USDA projected US soybean plantings would be at 82.5 million acres this year, slightly below 82.7 mln in 2015, and below the average guess of 83.3 mln acres; crop at 3.810 bln bu (3.821 – avg guess) vs. 3.930 bln bu in 2015; ending stocks at 440 mln bu (516 – avg guess) vs. 450 mln bu in 2015

- Agroconsult raised its Brazilian 2015/16 soybean crop forecast to 101.6 MMT from 99.2 MMT in January

- Argentine January soybean crush was reported at a record high of 3.8 MMT

- Buenos Aires Grain Exchange maintains its 2015/16 Argentine soy crop estimate at 58 MMT (60.8 MMT in 2014/15), saying soybean condition pretty good despite some flooding

- Buenos Aires Grain Exchange forecasts 2015/16 Argentine sunflower crop at 2.3 MMT, down 8% from 2014/15 crop (2.5 MMT). Harvesting of Argentine sunseed crop was 29% completed as of Feb 25, ahead of last year's pace of 19%

- CEC lowered its forecast of S. Africa's 2016 soybean crop to 724,600 MT from 768,560 MT previously and down 32.3% from 1.07 MMT in 2015

- CEC lifted its S. Africa's 2016 sunflower crop forecast to 687,150 MT from 622,000 MT previously, now up 3.6% from 663,000 MT in 2015

- Surveyor SGS estimated Malaysia's Feb 1-25 palm oil exports at 781,030 MT down 16.1% from a month ago