WHEAT

- Nov 11 - Tunisia seeks 100,000 MT of wheat for Dec-Jan shipment

- Nov 10 - The lowest offer in Bangladesh's tender for 50,000 MT of wheat came in at 248.26 $/mt CIF liner out from Agrocorp International. Only one other trader, Aston, competed for the tender, quoting 250 $/mt

- Nov 10 - Japan bought 128,636 MT of food wheat for Dec-Mar shipment:

  • 17,478 MT of western white US wheat;
  • 6,783 MT of hard red winter US wheat;
  • 33,770 MT of dark northern spring US wheat;
  • 34,060 MT of Canadian western red spring wheat;
  • 36,545 MT of Australian standard white wheat

- Nov 9 - Argentina grants export licenses for 58,000 MT of low protein wheat

- Nov 9 - China auctioned 41,885 MT of 2013 imported wheat from state reserves, or 47.6% of the offered amount (88,035 MT), at an average price of 2,504 RMB/mt (368 $/mt)

- Weekly US wheat export sales data for week ended Nov 3 totalled 769,600 MT for 2016/17 (well above trade expectations of 300-500 TMT). Export commitments for 2016/17 are running 31% ahead of year-ago

- EU in week ended Nov 8 granted licenses to export 209 TMT of soft wheat, bringing the total this season to 8.362 MMT vs. 7.673 MMT a year ago

- FranceAgriMer raised its estimate of French 2016/17 soft wheat production by 107,000 MT to 28.147 MMT, down 31.2% from a record 2015/16 crop. Wheat stocks are forecasted at 2.478 MMT (2.435 MMT – previously) at the end of 2016/17, down from 3.325 MMT last year. Projected exports outside the EU were unchanged from last month at 4.7 MMT, down 62.8% from 12.62 MMT in 2015/16, while forecast shipments within the EU were cut to 6.3 MMT from October estimate of 6.415 MMT and 7.804 MMT in 2015/16

- Rosario grain exchange raised Argentina's 2016/17 wheat crop forecast to 13.4 MMT from a previous forecast of 13 MMT

- FAO raised its 2016 global wheat production estimate to a record 746.7 MMT, up by 4.3 MMT from the October figure and vs. 734.2 MMT in 2015, reflecting increases in the Russia's output - now anticipated at a new record - and in Kazakhstan, where favourable weather boosted yield prospects. Forecast of the 2016/17 world wheat inventories was upped to a record 235.2 MMT, 1 MMT more than reported in Oct and 9.1 MMT (4%) above last season

- USDA raised its forecast of US wheat ending stocks to 1.143 billion bushels from 1.138 billion bushels last month, which is in line with market expectation (1.141 billion bushels – avg., 1.126-1.169 – range) but the most since 1987/88

- USDA slightly raised global 2016/17 wheat production estimate to 744.7 MMT, up by 0.3 MMT from previous estimate, 9.2 MMT above the last year's record. Global trade is nearly unchanged as lower imports for the EU mostly offset higher demand from Brazil and Vietnam

- USDA raised its forecast for 2016/17 world wheat inventories to a record of 249.23 MMT from October estimate of 248.37 MMT and vs. average expectation of 247.85 MMT (244.2-250.4 – range)

CORN

- Nov 10 - South Korea's (KFA) seeks up to 65,000 MT of optional origin corn for March 25 arrival

- Nov 10 - USDA announced export sales of 140,000 MT of US corn for delivery to Saudi Arabia during 2016/17

- Weekly US corn export sales data for week ended Nov 3 of 1,233,800 MT for 2016/17 (within trade expectations of 1.1-1.4 MMT). Export commitments for 2016/17 are running 89% ahead of year-ago

- USDA raised its estimate of the US 2016 corn yield to a record of 175.3 bushels per acre, from 173.4 bpa in October, ahead of market expectations (173.2 bpa – avg. 171.4-175.3 – range)

- USDA raised its US new-crop corn carryover projection by 83 million bu from last month to 2.403 billion bu, which was 103 million bu above the average pre-report trade estimate and would be the fifth-biggest ever

- USDA raised its 2016/17 global corn production forecast by 4.8 MMT to a record 1,030.5 MMT, up 7% from last year's level, with larger crops for the United States, Ukraine, and Russia. Global trade is projected higher driven by stronger imports for Iran and Saudi Arabia. Exports are raised for both Russia and Ukraine

- USDA increased its forecast for 2016/17 world corn inventories to a record 218.19 MMT from October estimate of 216.81 MMT and above average expectation of 216.94 MMT (214.0-224.9 – range)

- Brazil imported 495,000 MT of corn in October, bringing the year to date total to 1.9 MMT, up 607% from last year. So far, corn imports have been mostly from Argentina and also from Paraguay

- Conab forecasts Brazil's 2016/17 corn crop at 83.14-84.63 MMT (82.3-83.8 MMT previous estimate), sharply higher than 66.57 MMT last season with second crop at 56.08 MMT (40.72 MMT in 2015/16). Conab expects Brazil to export 24 MMT of corn (18.5 MMT in 2015/16). Ending stocks are forecasted to recover to 12.166 MMT from 7.284 MT in 2015/16

- Rosario grain exchange forecasts Argentine 2016/17 corn crop at 36.5 MMT

- EU in week ended Nov 8 awarded 57 TMT of corn (maize) import certificates, taking the volume so far this season to 2.746 MMT vs. 3.583 MMT a year ago

- EU in week ended Nov 8 granted licenses to export 14 TMT of corn, bringing the total this season to 875 TMT vs. 589 TMT a year ago

- EU in week ended Nov 8 granted licenses to export 0.3 TMT of barley, bringing the total this season to 1.325 MMT vs. 4.358 MMT a year ago

- FranceAgriMer lowered its estimate of France's 2016/17 corn crop to 11.805 MMT (12.197 MMT – previous forecast) vs. 13.059 MMT last year with the carryout projected at 2.032 MMT against 2.282 MMT in October and 2.463 MMT in 2015/16. France's 2016/17 corn export is forecasted at 5.37 MMT (5.395 MMT – previous forecast) vs. 6.328 MMT a year ago

- FranceAgriMer estimated France's 2016/17 barley crop at 10.022 MMT (10.015 MMT – previous forecast) vs. 13.028 MMT last year with the carryout upped to 2.221 MMT from 1.846 MMT in Oct and against 1.28 MMT in 2015/16. France's 2016/17 barley exports (without malt) is expected at 4.26 MMT (4.61 MMT in October) down 44.6% from 7.686 MMT a year ago

- FAO trimmed its 2016 global coarse grain production estimate to 1,326.2 MMT (1,328.8 MMT in October and 1,306.3 MMT in 2015), but raised inventories to 257.2 MMT, 1.1 MMT more than reported in Oct and 4.3 MMT (1.6%) below last season. World production of maize in 2016 is currently forecast at 1,024.5 MMT, 4.8 MMT less than anticipated in October. FAO raised its outlook for world barley production mostly on account of upward adjustments in the Russia and Ukraine, but still remains below the 2015 output

- US Ethanol production for the week ended Nov 4 fell by 20,000 barrels to 1,002,000 barrels per day, up 2% from last year's level of 982,000 bpd. Stocks fell by 510,000 barrels from the week prior to 19.229 million barrels, up 2% vs. 18.854 million barrels a year ago

SOYBEAN

- Nov 10 - USDA announced export sales of 126,000 MT of US soybeans for delivery to China during 2016/17

- Nov 9 - Argentina grants export licenses for 294,208 MT of soymeal and 132,767 MT of soybean oil

- Weekly US soybean export sales data for week ended Nov 3 of 1,103,800 MT, incl. 1,001,800 MT for 2016/17 (well below trade expectations of 1.7-2.0 MMT). Export commitments for 2016/17 are running 28% ahead of year-ago

- USDA raised its outlook for US soybean production to a record 118.688 MMT (4.361 billion bushels) from 116.18 MMT estimated in October, with the average US yield seen at an all-time high of 52.5 bpa

- USDA raised its US soybean ending stocks forecast to 480 million bushels, 60 million bushels higher than the average of analysts'

- USDA raised its forecast of global soybean production in 2016/17 by 2.9 MMT to a record 336.1 MMT with larger crops for the US and Russia

- USDA raised its forecast for 2016/17 world soybean ending stocks significantly to 81.53 MMT from October estimate of 77.36 MMT and 77.07 MMT in 2015/16, also well above average expectation of 76.98 MMT (72.50-79.14 MMT – range)

- Conab forecasts Brazil's 2016/17 soy output at 101.6-103.5 MMT, slightly down from previous forecast of 101.9-104 but above than 95.4 MMT last year. Conab expects Brazil to export 57 MMT of soybeans (52 MMT in 2015/16). Ending stocks are forecasted to recover to 2.265 MMT from 1.66 MMT in 2015/16

- Rosario grain exchange forecasts Argentine 2016/17 soybean crop at 52.5 MMT

- Nov 9 - China sold 95,292 MT of rapeseed oil produced in 2012 from state reserves or 100% of the offered amount at auction at an average price of 6,657 RMB/mt (979 $/mt)

- MPOB estimated Malaysian crude palm oil production in October at 1.678 MMT, behind average expectation of 1.73 MMT and slightly down from 1.715 MMT in September with end-stocks at 1.574 MMT up 1.8% on month but below the average market expectation of 1.68 MMT. Malaysian October palm oil exports fell to 1.431 MMT, down 1.4% on month but above the average expectation of 1.37 MMT

- Surveyor Intertek Testing Services estimated Malaysia's November 1-10 palm oil exports at 355,065 MT down 15.7% from a month ago

- Surveyor SGS estimated Malaysia's November 1-10 palm oil exports at 347,760 MT down 13.8% from a month ago

- GAPKI estimated Indonesia's September exports of palm oil and palm kernel oil at 1.73 MMT, down 16% from the previous month