WHEAT

- Wheat draws support on forecasts for cold temperatures that could damage crops in some US wheat areas and continued dry conditions in the southern Plains wheat belt

- US wheat export inspections for week, ending March 24, recorded 327,118 MT, just above the low end of the market forecasts (325-500 TMT). Inspections for 2015/16 are running 12.2% behind year-ago

- India has extended a 25% import tax on wheat by three months to June 30

- Japan's Ag Min said that Japan would import as much as 600,000 MT of feed wheat for the fiscal year beginning in April as demand weakens due to competitive corn prices. The ministry's plan for 2015/16 was to import as much as 680,000 MT of feed wheat

- Mar 28 - Egypt's GASC again canceled tender to buy rice. Another tender seeking an unspecified amount of rice will be held with deadline for offers on April 2

CORN

- US corn export inspections for week, ending Mar 24, reported 977,686 MT, topped the market expectations (750-950 TMT). Inspections for 2015/16 are running 16.7% behind year-ago

- Brazilian poultry processor GTFoods bought 90,000 MT of Argentine corn as it tries to avoid higher domestic prices for the cereal. GTFoods will soon receive the first cargo of 27,000 MT. Two additional cargoes are scheduled to arrive by the end of May

- China plans to scrap its nine-year-old corn stockpiling system and allow markets to determine prices for the grain, pushing to end a widening gap between domestic and international prices. The government will instead subsidise corn growers and encourage commercial firms to buy grain from farmers at market prices. The new policy will take effect from the 2016/17 marketing year that starts in October

- Japan's Ag Min plans to import as much as 1 MMT of feed barley in 2016/17, unchanged from a year earlier

- Ukrainian farmers have sown 1.06 mln ha of early spring grain or 42% of the initial area as of March 28 vs. 1.19 mln ha (or 49%) a year ago. Ukraine's Ag Min estimates spring barley planting 42% (or 808,000 ha) done vs. 47% (or 888,000 ha) at the same point last year

- Russian Ag Min estimated spring planting 1.6% (or 836,000 ha) done as of Mar 28 vs. 916,400 ha a year ago. Of the total Russian farmers planted 613,400 ha of spring grain or 2% of planned area

SOYBEAN

- US soybean export inspections for week, ending Mar 24, reported 567,528 MT, matched trade forecasts that ranged from 450,000 to 650,000 MT. Inspections for the 2015/16 marketing year are running 6.5% behind year-ago

- Safras & Mercado estimates the Brazilian soybean crop at 100.7 MMT, up 800,000 MT from January estimate

- AgRural says 67% of the Brazilian soybean crop is harvested compared to 69% a year ago

- Canada and China are in talks about Beijing's plans to toughen its standard on Canadian canola imports, just days before the change takes effect

- Crude palm kernel oil prices rose to the most in five years over concerns that lower output could tighten supplies in Malaysia