WHEAT

- Jul 18 - Syria's Hoboob seeks 200,000 MT of soft milling wheat for Aug-Sept shipment

- Jul 12 - Japan bought 500 MT of feed grain (300 MT of wheat and 200 MT of barley) for December 28 arrival via SBS-tender. New SBS tender for 120,000 MT of feed wheat and 200,000 MT of feed barley will be held on July 20

- Jul 12 - Egypt's GASC bought 180,000 MT of Russian and Ukrainian wheat for August 10-20 shipment:

  • 60,000 MT of Ukrainian wheat from Louis Dreyfus at 172.19 $/mt c&f (161.84 $/mt fob+10.35 $/mt freight);
  • 60,000 MT of Russian wheat from Louis Dreyfus at 173.42 $/mt c&f (164.24 $/mt fob+9.18 $/mt freight);
  • 60,000 MT of Russian wheat from Aston at 173.48 $/mt c&f (164.30 $/mt fob+9.18 $/mt freight)

- Jul 12 - China sold 10,217 MT out of the 2.505 MMT of reserved wheat produced between 2009 and 2014 offered at auction

- USDA raised its 2016/17 US production view to a bigger-than-expected 2.261 billion bushels from 2.077 billion, above the average expectations of 2.159 billion bu, due to a robust winter wheat crop

- USDA pegged US wheat ending stocks for the 2015/16 crop year at 981 million bushels (980 in June) and projected the 2016/17 carryout at 1.105 billion bushels (1.05 in June and 1.107 – average estimate)

- USDA increased global 2016/17 wheat production estimate to historical high 738.5 MMT, up by 7.7 MMT from previous estimate and now 3.9 MMT above the last year's record, due to larger crops in the US, Russia and Ukraine more than offsetting a cut in the EU and Algeria. Global trade is up, but still below the last year's record

- USDA raised 2015/16 world wheat inventories to 244.52 MMT from June estimate of 243.01 MMT and vs. average expectation of 242.98 MMT. Projection for 2016/17 wheat stocks was lowered to 253.7 MMT (still a record) from 257.84 MMT in June and vs. average expectation of 258.82 MMT

- FranceAgriMer lowered its French soft wheat stocks forecast from 3.539 to 3.287 MMT at the end of 2015/16, up from 2.521 MMT last year; upped estimates for export outside the EU to 12.8 MMT from 12.4 MMT last month (11.368 MMT in 2014/15) and within the EU to 7.728 MMT from 7.518 in June (7.966 MMT in 2014/15)

- France's farm ministry estimates the country's 2016 soft wheat crop at 36.95 MMT with yields 7.07 mt/ha, down 9.7% from last year (40.91 MMT and 7.93 mt/ha in 2015) but steady versus five-year average.

- ODA Group slashed its French soft wheat crop estimate to 32 MMT from 35 MMT previously, which would be the lowest since 2007 and well below last year's record

- Ukrainian Ag Min expects Ukraine to export 35.33 MMT of grain in the 2016/17 season, including 11.64 MMT of wheat. The ministry and traders on Wednesday, July 13, signed a memorandum on grain export volumes for new season

CORN

- Jul 12 - Jordan bought 50,000 MT of feed barley from Olam at 179.95 $/mt c&f for Dec shipment

- Dr. Michael Cordonnier raised his US corn yield projection by 1 bushel per acre (bpa) from last week to 166 bpa, resulting in a 14.35-billion-bu crop (14.27 billion bu last week)

- Dr. Michael Cordonnier cut his Brazilian corn crop forecast by 6 MMT to 69 MMT (85.4 MMT in 2014/15), but left unchanged Argentine corn peg at 27 MMT (27 MMT in 2014/15)

- Dr. Michael Cordonnier lowered his estimate of South America's 2015/16 corn crop this week from 106.3 to 100.3 MMT and vs. 116.2 MMT in 2014/15

- USDA cut its estimate of 2015/16 Brazil corn production to the smallest in 5 years of 70 MMT, down 7.5 MMT from last month and below than expected

- USDA trimmed its US old-crop corn carryover estimate by 7 million bu from last month to 1.701 billion bu, which was 104 million bu below the average pre-report trade estimate. USDA's new-crop corn carryover projection of 2.081 billion bu was up 73 million bu. from June, but 124 million bu below the average trade estimate

- USDA trimmed its 2016/17 global corn production forecast by 1 MMT to 1,010.7 MMT, up 5.3% from last year's level, with reductions for Brazil, Canada, and EU more than offsetting a larger expected crop for the US. Global trade is lower, driven by reduced imports for the EU and South Korea. These countries are expected to use wheat in feed rations at the expense of imported corn

- USDA raised 2015/16 world corn inventories to 206.9 MMT from June estimate of 206.45 MMT and above average expectation of 205.67 MMT. Stocks are expected at a near record level of 208.39 MMT in 2016/17 vs. 205.12 MMT forecasted in June and vs. average expectation of 205.56 MMT

- FranceAgriMer estimated France's 2015/16 corn crop at 13.606 MMT (13.067 MMT – June estimate) vs. 2014/15 record crop of 17.957 MMT with the carryout projected at 2.646 MMT (2.508 MMT – previous) against 2.958 MMT in 2014/15. France's 2015/16 corn export is estimated at 6.457 MMT (6.153 MMT – previous) vs. 8.246 MMT year ago

- FranceAgriMer increased its estimate for 2015/16 French barley stocks to 822 TMT from 751 TMT last month (vs. 960 TMT last year). France's 2015/16 barley exports (without malt) is estimated at 7.732 MMT (7.755 MMT – previous) vs. 6.638 MMT year ago

- France's farm ministry forecasts the country's 2016 barley production at 11.72 MMT, down 10.1% from last year (13.03 MMT in 2015) but 6.1% above five-year average. French winter barley crop is expected at 9.14 MMT (9.47 MMT forecasted in June and 10 MMT in 2015), while spring crop may fall to 2.58 MMT (3.02 MMT in 2015)

SOYBEAN

- Jul 21 - South Korea's Agro-Fisheries & Food Trade Corp seeks 20,000 MT of optional origin non-GM soybeans for Sept-Dec arrival. Registration for the tenders will close on Jul 20, and the electronic bidding will be held on Jul 21

- Jul 12 - Argentina grants export licenses for 148,698 MT of soybean oil and 501,600 MT of soymeal

- Jul 15 - China plans to auction 300,400 MT of soybeans from state reserves

- Dr. Michael Cordonnier left his projection for US 2016 soybean crop unchanged from prior week at 3.87-billion bu

- USDA trimmed its Brazil soybean harvest estimate to 96.5 MMT from 97.00 MMT previously, in line with expectations

- USDA pegged US old-crop soybean stocks at 350 million and new-crop soybean stocks at 290 million bushels, both in line with expectations

- USDA raised its forecast of global soybean production in 2016/17 by 2.3 MMT to a record of 325.95 MMT, because larger crop projections for the US and Canada more than offset a reduction for Ukraine

- USDA lowered 2015/16 world soybean ending stocks to 72.17 MMT from June estimate of 72.29 MMT but above average expectation of 71.53 MMT. Stocks are expected at a three-year low of 67.1 MMT in 2016/17 vs. June forecast of 66.31 and average expectation of 67.01 MMT

- France's farm ministry lowered its forecast for 2016 French winter rapeseed output to 4.82 MMT from 5.09 MMT in June, down 9.1% from last year (5.3 MMT in 2015) and 7.2% below five-year average