WHEAT

- Iraq cancelled an international tender to buy at least 50,000 MT of hard wheat with no purchase made. The tender closed on March 6 with offers having remain valid up to March 10

- USDA decreased global 2015/16 wheat production estimate to still record of 732.3 MMT, down by 3.5 MMT from previous estimate, mainly due to lower production in India (-2.4 MMT to 86.5 MMT) and Australia (-1.5 MMT to 24.5 MMT). Global trade is also down fractionally this month, as evidenced by lower imports for Egypt, Iraq, the Philippines, and Saudi Arabia. Higher exports for Argentina are more than offset by declines for Australia and Russia. USDA lowered its outlook for world ending stocks of wheat by 1.3 MMT to still record of 237.59 MMT (214.65 in 2014/15), within the market forecasts (238.77 – avg. guess, 236-240 – range)

- Mar 22 - Syria seeks 8,113 MT of white long grain rice for June 15-Dec 15 delivery

CORN

- South Africa increased imports of yellow corn from Argentina and Ukraine in recent weeks and ordered thousands of tonnes of Mexican white corn for coming months

- Safras&Mercado estimates Brazilian summer corn (first crop) harvest at 42% done compared to the five-year average of 36%

- There is talk that the Chinese Reserve Authority is starting to reject offers of corn from farmers in northeastern provinces, since the Reserve has already bought more than the targeted 90 MMT of corn this season. Some Chinese starch companies are shutting down short term, hoping to buy corn in April with a subsidy at sharply lower prices.

- USDA slightly lowered its 2015/16 global corn production estimate by 0.4 MMT, with smaller crops in South Africa (-0.5 to 6.5 MMT) and Philippines (-0.3 to 7.5 MMT) more than offsetting gains in Indonesia (+0.3 to 9.4 MMT). USDA projects global corn production in 2015/16 at 969.6 MMT vs. 1,009.7 MMT in 2014/15. Global trade is projected up, highlighted by greater imports for South Africa and the Philippines. Exports for Brazil, Indonesia, and South Africa are boosted, more than offsetting a cut in India. USDA lowered its global 2015/16 world corn stock estimate to 206.97 MMT from February estimate of 208.81 MMT, and below the range of expectation 207.15-210 MMT (209.08 MMT – avg.) but still record high

- Ukraine's Ag Min estimated spring barley planting 6% done as of Mar 9

- Russian Ag Min estimated spring grain planting 0.8% done as of Mar 9

- US Ethanol production for the week ended Mar 4 fell by 9,000 barrels to 978,000 barrels per day, it is up 3.6% from last year's level of 944,000 bpd. Meanwhile stocks climbed by 683,000 barrels to a record high of 23.307 million barrels, up 10.1% vs. 21.173 million barrels a year ago

SOYBEAN

- USDA trimmed its forecast of global soybean production in 2015/16 by 0.3 MMT to 320.2 MMT (318.6 MMT in 2014/15), mainly due to lower estimate for Russia. Exports are raised on higher shipments from Brazil. Imports are boosted this month with growing demand in China, Russia and Bangladesh more than offsetting reduced shipments to the European Union, Mexico, and Pakistan. Global stocks are lowered this month, reflecting rising crush in Argentina and strong demand for protein meal. USDA cut its forecast of global 2015/16 soybean stocks to 78.87 MMT, down 1.55 MMT from Feb and below market expectation (80.89 – avg. guess, 80-82 – range), but still record high

- MPOB estimated Malaysian crude palm oil production in February at 1.04 MMT vs. average expectation of 1.07 MMT and 1.13 MMT in January with the lowest end-stocks since June 2015 at 2.169 MMT down 6% on month but above the average market expectation of 2.1 MMT. Malaysian February palm oil exports fell to 1.085 MMT, down 15% on month and below the average expectation of 1.1 MMT

- Surveyor Intertek Testing Services estimated Malaysia's Mar 1-10 palm oil exports at 327,551 MT up 31.1% from a month ago

- Surveyor SGS estimated Malaysia's Feb 1-10 palm oil exports at 308,348 MT up 56.5% from a month ago

- Cargill's German subsidiary is to close down its rapeseed crushing plant in Mainz due to overcapacity in the European rapeseed market