WHEAT

- Dec 14 - Algeria seeks at least 50,000 MT of optional-origin soft milling wheat for February shipment

- Dec 9 - Saudi Arabia's SAGO (Saudi Grains Organisation) bought 725,000 MT of hard wheat (12.5% protein) of EU, North and South American and Australian origin at an average price of 208.52 $/mt c&f in 12 consignments for Feb-Apr shipment to the ports of Jeddah (430 TMT), Dammam (240 TMT) and Jazan (55 TMT):

  • Jeddah Sea Port:
    • 65,000 MT of hard wheat from Glencore Grain at 208.15 $/mt c&f (Feb 1-10)
    • 65,000 MT of hard wheat from Glencore Grain at 205.15 $/mt c&f (Feb 10-20)
    • 60,000 MT of hard wheat from Glencore Grain at 206.80 $/mt c&f (Feb 20-28)
    • 60,000 MT of hard wheat from Louis Dreyfus at 208.00 $/mt c&f (March 1-10)
    • 60,000 MT of hard wheat from Louis Dreyfus at 208.00 $/mt c&f (March 10-20)
    • 60,000 MT of hard wheat from Louis Dreyfus at 208.00 $/mt c&f (March 20-30)
    • 60,000 MT of hard wheat from Louis Dreyfus at 208.00 $/mt c&f (April 1-10)
  • Dammam Sea Port:
    • 60,000 MT of hard wheat from Glencore Grain at 211.40 $/mt c&f (Feb 1-10)
    • 60,000 MT of hard wheat from Glencore Grain at 208.30 $/mt c&f (Feb 20-28)
    • 60,000 MT of hard wheat from Glencore Grain at 209.80 $/mt c&f (March 10-20)
    • 60,000 MT of hard wheat from Louis Dreyfus at 209.50 $/mt c&f (April 1-10)
  • Jazan Sea Port:
    • 55,000 MT of hard wheat from Louis Dreyfus at 211.74 $/mt c&f (April 1-10)

- India last week purchased around 10,000-25,000 MT of wheat, 11.5% protein, in containers from Ukraine and Moldova at around 213-216 $/mt c&f for January shipment for arrival in the Indian port by Feb 25

- Iran has bought 11.6 MMT of wheat from domestic farmers this year, 16% more than initially expected

- Russia's Ag Min said Russia exported about 17.746 MMT of grain between July 1-Dec 7, 2016/17, down by 0.3% from 17.798 MMT a year ago, including:

  • wheat – 13.92 MMT (13.387 MMT a year ago);
  • barley – 1.761 MMT (2.819 MMT);
  • corn – 1.952 MMT (1.443 MMT);
  • others – 113 TMT (147 TMT)

- Russia has 3,832,800 MT of grain in its federal intervention fund as of December 9 vs. 2,219,000 MT a year ago

- USDA kept its forecast of US wheat ending stocks at 1.143 billion bushels, unchanged from last month, 4 million above average market expectation (1.139 billion bushels – avg., 1.03-1.187 – range)

- USDA raised global 2016/17 wheat production estimate to 751.26 MMT, up by 6.5 MMT from previous estimate, 15.8 MMT above the last year's record, with a record crop for Australia. Global trade is boosted to a new record with stronger import demand from Asia and Brazil. Larger exports for Australia and Argentina are partially offset by a decrease for Russia

- USDA raised its forecast for 2016/17 world wheat inventories to a record of 252.14 MMT from November estimate of 249.23 MMT and vs. average expectation of 250.33 MMT (249-252.6 – range)

CORN

- Dec 12 - USDA announced export sales of 100,000 MT of US grain sorghum for delivery to China during 2016/17

- USDA kept unchanged its US new-crop corn carryover projection at 2.403 billion bu, which was 10 million bu below the average pre-report trade estimate

- USDA raised its 2016/17 global corn production forecast by 9.2 MMT to a record 1,039.7 MMT, up 8% from last year's level, with larger crops for China, Brazil, Russia, Canada, Indonesia, and the EU. Global trade is projected higher, primarily driven by stronger imports from Colombia, Iran, Taiwan, and Vietnam. Exports are raised for Brazil and Russia on greater supplies

- USDA increased its forecast for 2016/17 world corn inventories to a record 222.25 MMT from November estimate of 218.19 MMT and above average expectation of 219.24 MMT (217.1-224.8 – range)

- South Korea's agriculture ministry will issue a temporary nationwide ban on the transportation of poultry to contain the spread of bird flu

SOYBEAN

- Dec 12 - USDA announced export sales of 256,600 MT of US soybeans for delivery to China during 2016/17

- Dec 9 - USDA announced export sales of 132,000 MT of US soybeans for delivery to unknown destinations during 2016/17

- USDA left its US soybean ending stocks forecast at 480 million bushels unchanged from last month, but 10 million bushels higher than the average pre-report trade estimate

- USDA raised its forecast of global soybean production in 2016/17 by 1.9 MMT to a record 338.0 MMT with larger crops for India and Canada

- USDA raised its forecast for 2016/17 world soybean ending stocks to 82.85 MMT from November estimate of 81.53 MMT and 77.22 MMT in 2015/16, also above average expectation of 81.31 MMT (78.1-83 MMT – range)

- Surveyor Intertek Testing Services estimated Malaysia's December 1-10 palm oil exports at 325,509 MT down 8.3% from a month ago

- CNGOIC expects China's rapeseed imports to decline by 14% to 3.8 MMT in 2016/17 (June-May) from previous year's 4.4 MMT