WHEAT

- Mar 9 - Japan bought 46,980 MT of feed grain (incl. 26,230 MT of wheat and 20,750 MT of barley) for August 31 arrive via SBS-tender. New SBS tender for 120,000 tons of feed wheat and 200,000 tons of feed barley will be held on March 16

- Mar 8 - Jordan bought 100,000 MT of hard milling wheat from Dolge at 194.5 $/mt c&f for Aug-Sep shipment

- Egypt's agriculture quarantine authority will continue to apply a zero ergot policy on wheat shipments until new legislation is issued

- Mar 9 - Russia bought 16,061 MT of intervention grain (all wheat) via tender on the NTB (Moscow Exchange). Making the total bought since Aug 20 at 1,615,001 MT of Russian grain (1,576,796 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's winter grains are in a better condition than at the end of November. As of Feb 26, 8-10% of winter grains were estimated to be in poor condition vs. 11% as of Nov 25

- There are talks that rains are hurting the Indian wheat crop, and more precipitation is forecast for next week

- France exported 1.1 MMT of soft wheat outside the EU in January (incl. 329 TMT to Algeria, 235 TMT to Morocco and 189 TMT to Egypt), the second-highest monthly volume since the start of the 2015/16 marketing year, with Jul-Jan 2015/16 France's soft wheat shipments outside the EU at 5.7 MMT, up 8% on the year-earlier period. Total French soft wheat exports so far this season were down 3% at 9.65 MMT, reflecting a 17% drop in exports within the EU

- FranceAgriMer maintains its French wheat stocks forecast at 17-yr high of 6.0 MMT at the end of 2015/16, up from 2.5 MMT last year; and left forecast for export outside the EU unchanged at 11.0 MMT (11.4 in 2014/15)

- Japan would sell imported wheat to domestic millers at an average price of 52,610 yen/mt (468 $/mt) in April-September, down 7.1% from the previous six-month period (56,640 yen/mt), reflecting lower international prices

- Mar 8 - The lowest offer in a tender from Iraq to buy at least 30,000 MT of rice was 468 $/mt c&f free out for Argentine rice

CORN

- Mar 8 – Algeria's OAIC was seeking 50,000 MT of optional origin feed barley for April-May shipment

- Dr. Michael Cordonnier left his Brazilian and Argentine corn crop forecasts unchanged this week at 84 MMT (85.4 MMT in 2014/15) and 25 MMT (27 MMT in 2014/15) respectively

- Dr. Michael Cordonnier left his estimate of South America's 2015/16 corn crop at 113.3 MMT unchanged from previous estimate and vs. 116.2 MMT in 2014/15

- FranceAgriMer estimated France's 2015/16 corn crop at 13.09 MMT (13.05 MMT – Feb estimate) vs. 2014/15 record crop of 17.96 MMT with the carryout projected at 2.58 MMT (2.74 MMT – previous) against 2.96 MMT in 2014/15. France's 2015/16 corn exports is forecasted at 5.96 MMT (5.84 MMT – previous) vs. 8.26 MMT year ago

- FranceAgriMer trimmed its projection for 2015/16 French barley stocks to 1.59 MMT from 1.75 MMT forecast last month (vs. 960 TMT last year). France's 2015/16 barley exports (without malt) is forecasted at 6.89 MMT (6.71 MMT – previous) vs. 6.65 MMT year ago, due to improved demand from third countries with exports outside the EU expected at 4.1 MMT vs. 3.9 MMT last month and 3.64 MMT in 2014/15

- French barley exports outside the EU stood at 364,000 MT in January, bringing the total in the seven first months of the season to 3.0 MMT, up 72% on the previous year

- Chinese ethanol producer Henan Tianguan urges Beijing to expand output and usage of ethanol to reduce corn stocks

SOYBEAN

- Mar 8 - Egypt's GASC bought 12,000 MT of sunflower oil from ADM at 802 $/mt c&f for April 1-10 shipment, but made no purchase of soybean oil.

Traders said the following offers were submitted to GASC in the first round of the tender, USD/MT, C&F:

  • ADM:
    • 12,000 MT of sunflower oil at 803 $/mt (letter of credit at sight); 807 $/mt (with 90 days facilities); 812 $/mt (with 180 days facilities) and/or
    • 30,000 MT of soybean oil at 731 $/mt (letter of credit at sight); 735 $/mt (with 90 days facilities); 739 $/mt (with 180 days facilities)
  • Glencore:
    • 10,000 MT of sunflower oil at 822 $/mt (letter of credit at sight); 827 $/mt (with 90 days facilities) at 836 $/mt (with 180 days facilities) and/or
    • 30,000 MT of soybean oil at 753 $/mt (letter of credit at sight); 760.80 $/mt (with 90 days facilities); 767.90 $/mt (with 180 days facilities) or combined offer:
    • 10,000 MT of soybean oil at 753 $/mt (letter of credit at sight); 760.80 $/mt (with 90 days facilities); 767.90 $/mt (with 180 days facilities) and
    • 20,000 MT of sunflower oil at 820 $/mt (letter of credit at sight); 825 $/mt (with 90 days facilities); 833 $/mt (with 180 days facilities)
  • Nidera:
    • 12,000 MT of sunflower oil at 803.99 $/mt (letter of credit at sight); 808.99 $/mt (with 90 days facilities); 813.99 $/mt (with 180 days facilities) and/or
    • 30,000 MT of soybean oil at 730 $/mt (letter of credit at sight); 745 $/mt (with 90 days facilities); 750 $/mt (with 180 days facilities)
  • Aston:
    • 10,500 MT of sunflower oil at 808.99 $/mt (letter of credit at sight); 815.99 $/mt (with 90 days facilities); 822.99 $/mt (with 180 days facilities)

- Mar 8 - USDA announced export sales of 250,000 MT of US soybeans:

  • 140,000 MT for delivery to unknown destinations – 70 TMT for 2015/16 delivery and 70 TMT for 2016/17
  • 110,000 MT for delivery to China during 2016/17

- Dr. Michael Cordonnier left his Brazilian and Argentine soybean crop forecasts unchanged this week at 100 MMT (96.2 MMT in 2014/15) and 60 MMT (60.8 MMT in 2014/15) respectively

- Dr. Michael Cordonnier left his estimate of South America's 2015/16 soybean crop at 175.3 MMT unchanged from previous estimate and vs. 171.4 MMT in 2014/15

- GAPKI lowered its forecast for 2016 Indonesia's palm oil output to about 32.1 MMT from 35 MMT previously and 32.5 MMT in 2015, which would be the first decline since 1998. GAPKI raised its outlook for palm oil prices, forecasting an annual average of 2,600 MYR/mt for 2016 (2,450-2,550 MYR/mt previously). Palm oil futures averaged 2,275 MYR/mt in 2015

- Dorab Mistry, Thomas Mielke and James Fray predict rise of palm oil prices (to 2,700-3,000 MYR/mt by June) due to 2015/16 global production decline on El Nino