WHEAT

- Aug 12 - Saudi Arabia's SAGO (Saudi Grains Organisation) bought 640,000 MT of hard wheat (12.5% protein) of EU, North and South American and Australian origin at an average price of 214.9 $/mt c&f in 10 consignments for Oct-Nov shipment to the ports of Jeddah (385 TMT) and Dammam (255 TMT):

  • Jeddah Sea Port:
    • 60,000 TM hard wheat from Concordia at 211.32 $/mt c&f (Oct 1-10)
    • 65,000 TM hard wheat from Louis Dreyfus at 209.14 $/mt c&f (Oct 10-20)
    • 65,000 TM hard wheat from Cargill at 211.30 $/mt c&f (Oct 20-30)
    • 65,000 TM hard wheat from Louis Dreyfus at 211.14 $/mt c&f (Nov 1-10)
    • 65,000 TM hard wheat from ADM Hellas at 213.24 $/mt c&f (Nov 10-20)
    • 65,000 TM hard wheat (Poland Origin) from Cargill at 196.90 $/mt fob (Nov 1-30), freight cost 22.50 $/mt to Jeddah sea port
  • Dammam Sea Port:
    • 65,000 TM hard wheat from ADM Hellas at 221.72 $/mt c&f (Oct 1-10)
    • 65,000 TM hard wheat from Cargill at 214.40 $/mt c&f (Oct 20-30)
    • 65,000 TM hard wheat from Glencore Grain at 214.86 $/mt c&f (Nov 10-20)
    • 60,000 TM hard wheat (Poland/Latvia/Germany Origin) from ADM Hellas at 198.27 $/mt fob (Nov 1-30), freight cost 24.50 $/mt to Dammam sea port

- Aug 12 - Argentina grants export licenses for 17,000 MT of low protein wheat and milling wheat

- Russia's Ag Min said Russia exported about 2.943 MMT of grain between July 1-August 10, 2016/17, up by 13% from 2.608 MMT a year ago, including:

  • wheat – 2.348 MMT (1.662 MMT a year ago);
  • barley – 542 TMT (771 TMT);
  • corn – 31 TMT (159 TMT);
  • others – 22 TMT (16 TMT)

- Russia has 3,257,800 MT of grain in its federal intervention fund as of August 12

- Kazakh Ag Min said Kazakhstan exported 460,900 MT of grain between July 1-31, 2016/17 vs. 430,000 MT a year ago, incl. flour – 192,700 MT in wheat equivalent vs. 174,000 MT in the same period of 2015/16

- Sparks Polska forecasts Poland's wheat crop at 10.7 MMT, down 10% from 2015

- CRM AgriCommodities is forecasting a UK wheat crop of between 14.5 and 14.7 MMT, down from last season's 16.4 MMT

- USDA raised its 2016/17 US wheat production view to a bigger-than-expected 2.321 billion bushels from 2.261 billion, above the average expectations of 2.27 billion bu

- USDA pegged US wheat ending stocks for the 2016/17 crop year at 1.1 billion bushels (1.105 billion bu in July) and below average estimate of 1.114 billion

- USDA increased global 2016/17 wheat production estimate to historical high 743.4 MMT, up by 4.9 MMT from previous estimate and 8.6 MMT above the last year's record, because larger crops in Russia, Kazakhstan, Ukraine, the US, Australia and Canada more than offset the significant decline in the EU crop and a slight reduction in Argentina. Global trade is up month-to-month, but remains fractionally below the previous year's record

- USDA lowered 2015/16 world wheat inventories to 241.88 MMT from July estimate of 244.52 MMT and vs. average expectation of 245.07 MMT. Projection for 2016/17 wheat stocks was lowered to 252.82 MMT (still a record) from 253.7 MMT in July and vs. average expectation of 251.63 MMT

- Egypt's public prosecutor has ordered the arrest of 13 people for 15 days pending an investigation into their role in a wheat procurement corruption scandal

- Blumberg Grain said its mega project to store Egyptian grains was back in play, with the government to announce a final decision in two weeks, after earlier indications that plans had been shelved and the company might exit the country entirely

- Vietnam's rice exports could fall 27% in 2016 from last year to 4.75 MMT, the lowest since 2008, due to less overseas demand and rising supplies from Thailand

CORN

- USDA cut its estimate of 2015/16 Brazil corn production to the smallest in 5 years of 68.5 MMT, down 1.5 MMT from last month

- USDA raised its 2016/17 US corn production view to a bigger-than-expected 15.153 billion bushels from 14.54 billion, above the average expectations of 14.757 billion bu

- USDA upped its US old-crop corn carryover estimate by 5 million bu from last month to 1.706 billion bu, which was 10 million bu below the average pre-report trade estimate. USDA's new-crop corn carryover projection of 2.409 billion bu was up 328 million bu. from July, and 154 million bu above the average trade estimate

- USDA raised its 2016/17 global corn production forecast by 17.7 MMT to a record 1,028.4 MMT, up 7.2% from last year's level, with larger crops in the US, Argentina and India, more than offsetting reductions for the EU and Canada. Global trade is higher with larger projected imports for Brazil, Canada, the EU, Mexico, and the US and smaller imports for Indonesia. Forecast exports are raised for Argentina and the US, but lowered for Brazil and the EU

- USDA raised 2015/16 world corn inventories to 209.34 MMT from July estimate of 206.9 MMT and above average expectation of 206.57 MMT. Stocks are expected at a record level of 220.81 MMT in 2016/17 vs. 208.39 MMT forecasted in July and vs. average expectation of 212.69 MMT

SOYBEAN

- Aug 12 - USDA announced export sales of 258,000 MT of US soybeans to China for delivery during 2016/17

- Aug 12 - Argentina grants export licenses for 55,050 MT of soymeal; 5,708 MT of soybean oil and 7,000 MT of soybeans

- USDA raised its 2016/17 US soybean production view to a bigger-than-expected 4.06 billion bushels from 3.88 billion, above the average expectations of 3.941 billion bu

- USDA lowered its US old-crop soybean stocks estimate by 95 million bu from last month to 255 million bu, which was 65 million bu below the average pre-report trade estimate. USDA's new-crop corn carryover projection of 330 million bu was up 40 million bu from July, and 14 million bu above the average trade estimate

- USDA raised its forecast of global soybean production in 2016/17 by 4.5 MMT to a record of 330.41 MMT, because larger soybean crop projections for the US and Paraguay exceeded reductions for India and Ukraine

- USDA increased 2015/16 world soybean ending stocks to 73 MMT from July estimate of 72.17 MMT and above average expectation of 71.74 MMT. Stocks are expected at a three-year low of 71.24 MMT in 2016/17 vs. July forecast of 67.1 and average expectation of 67.62 MMT

- Surveyor Intertek Testing Services estimated Malaysia's August 1-15 palm oil exports at 733,369 MT up 30.6% from a month ago

- Surveyor SGS estimated Malaysia's August 1-15 palm oil exports at 750,942 MT up 31.6% from a month ago

- India's summer crop sowing as of August 12 up 6.5% on year

- India's soybean output is set to rise this year to 9-10 MMT