WHEAT

- Jul 28 - Egypt's GASC bought 120,000 MT of wheat for September 1-10 shipment:

  • 60,000 MT of Russian wheat from ADM at 176.36 $/mt c&f (168.85 $/mt fob+7.51 $/mt freight);
  • 60,000 MT of Romanian wheat from ADM at 177.99 $/mt c&f (169.9 $/mt fob+8.09 $/mt freight)

- Jul 28 - Argentina grants export licenses for 30,000 MT of low protein wheat

- Weekly US wheat export sales data for week ended July 21 totalled 506,100 MT for 2016/17 (within trade expectations of 400-600 TMT). Export commitments for 2016/17 are running 27% ahead of year-ago

- Wheat Quality Council released its projected yield estimates after three-day crop tour. They put the 2016 US hard red spring wheat yield at 45.7 bpa, below last year's 49.9 bpa and the long term tour average of 45.96 bpa. They pegged 2016 US durum wheat yield at 45.4 bpa, up from last year's 39.2 bpa and the long term tour average of 38.3 bpa

- EU in week ended July 26 granted licenses to export 413 TMT of soft wheat, bringing the total this season to 2.227 MMT vs. 1.575 MMT a year ago

- French ODA forecasts this year's EU soft wheat production at 134 MMT, down 17 MMT from last year's record crop

- ODA estimated the French soft wheat harvest at 30.4 MMT, down from a record 40.9 MMT last year, and said it saw potential to reduce the estimate further to 29.4 MMT

- FranceAgriMer said 40% of soft wheat crops were in good and excellent condition as of July 25, down 2% points from last week and below the year-earlier score of 77%; durum rating at 49% in good to excellent vs. 50% last week and vs. 78% a year ago. French farmers harvested 92% of the durum as of July 25 vs. 62% a week ago and 100% a year ago. They also harvested 41% of the soft wheat vs. 17% a week ago and 68% a year ago

- Buenos Aires Grain Exchange lowered Argentina's 2016/17 wheat acreage estimate to 4.3 mln ha from 4.4 mln ha last week (3.6 mln ha in 2015/16). Exchange estimates 88.2% of the crop has been planted as of July 28 vs. 97.9% this time last year

- International Grains Council (IGC) raised its forecast for world wheat production in 2016/17 by 6.6 MMT to 735.4 MMT (barely below than 735.8 MMT in 2015/16), reflecting upwardly revisions for crops in the US, Russia, Ukraine and Australia more than offsetting reduction for the EU. Global wheat ending stocks were revised upwards by 1.3 MMT to 227.7 MMT (219 MMT in 2015/16)

CORN

- Jul 28 - India's state-run trader STC has received only one bid for a tender floated to import 150,000 MT of non-GMO corn

- Jul 28 - Argentina grants export licenses for 100,790 MT of corn

- Weekly US corn export sales data for week ended July 21 of 915,300 MT, incl. 438,800 MT for 2015/16 (within trade expectations of 300-500 TMT) and 476,500 MT for 2016/17 (within trade forecasts of 450-650 TMT). Total current marketing-year US corn export sales are 3% ahead the same point last year

- EU in week ended July 22 awarded licenses to import 1,600 MT of Ukrainian barley under an annual duty-free quota, bringing the total to 199,732 MT or 79.89% out of a total volume of 250,000 MT available in 2016

- EU in week ended July 26 awarded 161 TMT of corn (maize) import certificates, taking the volume so far this season to 670 TMT vs. 777 TMT a year ago

- EU in week ended July 26 granted licenses to export 8 TMT of corn, bringing the total this season to 95 TMT vs. 174 TMT a year ago

- EU in week ended July 26 granted licenses to export 121 TMT of barley, bringing the total this season to 739 TMT vs. 1.416 MMT a year ago

- ODA forecasts French production of grain maize at 13.3 MMT compared to 13.9 MMT in 2015 and well below a five-year average of 15.7 MMT

- ODA expects 2016 French barley crop at 10.4 MMT, down from 13 MMT last year

- FranceAgriMer said 42% of France's winter barley crops were in good to excellent condition as of July 25, unchanged from the prior week but below the year-ago score of 86%. Spring barley rating was at 53% in good to excellent vs. 60% a week ago and vs. 64% a year ago. Harvesting of winter barley was 100% completed as of July 25 (95% a week ago), ahead of the 99% harvest progress a year ago. French farmers also harvested 13% of spring barley by July 25 (7% a week ago), well below the 57% harvest progress a year ago

- FranceAgriMer estimated France's corn condition as 69% in good to excellent, unchanged from the prior week and above the year-ago score of 59%

- Buenos Aires Grain Exchange left its 2015/16 Argentine corn crop estimate unchanged from prior week at 28 MMT (28.2 MMT in 2014/15). Harvesting of Argentine corn crop was 58.6% completed as of July 28, behind of last year's pace of 78.9%

- Buenos Aires Grain Exchange maintains its 2015/16 Argentine sorghum crop estimate at 3.5 MMT, unchanged from 2014/15 crop. Harvesting of Argentine sorghum was 80.6% completed as of July 28, behind of last year's pace of 94.1%

- IGC raised its forecast for world corn production in 2016/17 by 13.6 MMT to 1,016.7 MMT (well above than 967.9 MMT in 2015/16), reflecting upwardly revisions for crops in the US, Argentina and Ukraine. IGC increased its forecast for 2016/17 global corn carryover by 8.9 MMT from last month to 213.5 MMT (206.9 MMT in 2015/16)

- India is looking to import pulses from Myanmar and African nations to counter a domestic shortfall of 7.6 MMT that has driven local prices of key pulses like chickpea to a record high. India consumes nearly 22 MMT of pulses annually

- India's 2016/17 pulses production could rise to 20 MMT from 17.06 in 2015/16

SOYBEAN

- Jul 28 - USDA announced export sales of 457,000 MT of US soybeans:

  • 129,000 MT to China for delivery during 2015/16 (66 TMT) and 2016/17 (63 TMT);
  • 328,000 MT to unknown destinations for delivery during 2015/16 (65 TMT) and 2016/17 (263 TMT)

- Weekly US soybean export sales data for week ended July 21 of 676,800 MT, incl. net cancellation of 1,400 MT for 2015/16 (well below trade expectations of 250-450 TMT) and 678,200 MT for 2016/17 (in line with trade expectations of 600-800 TMT). Total current marketing-year US soybean export sales are running 2% ahead the same point last year

- Jul 29 - China sold 84,367 MT of soybean from state reserves, or just 14% of the offered amount at an average price of 3,290 RMB/mt (495 $/mt)

- Jul 28 - Argentina grants export licenses for 117,815 MT of soymeal

- Egypt's GASC will revert to previous terms for edible vegoil purchases

- Buenos Aires Grains Exchange maintains its forecast for 2015/16 Argentine soy crop at 56 MMT (60.8 MMT in 2014/15). Harvesting of Argentine soybean crop was 98.9% completed as of July 28, below last year's pace of 100%

- IGC lifted its global 2016/17 soybean production forecast by 1.7 MMT to 321.3 MMT; and increased its 2015/16 world soybean production estimate by 3.5 MMT to 315.8 MMT. They upped global 2016/17 soybean carryover by 1.7 MMT from last month to 29.5 MMT (34.8 MMT in 2015/16)

- ODA expects 2016 French rapeseed crop at 4.4 MMT, down from 5.3 MMT last year