WHEAT

- European Commission (EC) kept its estimate for 2016 EU soft wheat crop at 134.145 MMT, well below record production of 151.324 MMT last year. EU's executive left its EU soft wheat exports estimate at 24.0 MMT in 2016/17, well below the 32.713 MMT in 2015/16. Soft wheat inventories in the region are forecasted at 10.219 MMT (10.04 MMT– previous estimate) by the end of June 2017, less than 14.765 MMT estimated for 2015/16

- Egypt will pay farmers a small premium on world prices for local wheat this season and hire an inspection company to prevent fraud in local procurement

- Russian winter grains remain unaffected by winter weather so far this season and crop yields could be quite high in 2017

- IKAR forecasts Russia's 2017 grain crop at 112-114 MMT, down from 119.1 MMT in 2016. Wheat crop may decline this year to 67 MMT from 73.3 MMT in 2016, due to colder winter

- Stocks of wheat at Argentine grain storage and processing companies increased to 8.055 MMT at the end of December, 2016, up by 7.8% from a year-ago

CORN

- Feb 1 - Japan received no offers for 120,000 MT of feed wheat and 200,000 MT of feed barley in a simultaneous buy and sell (SBS) auction. New SBS tender for the same amounts for each grain will be held on Feb 8

- Jan 31 - Argentina grants export licenses for 32,000 MT of barley and 14,500 MT of malt

- EC kept its 2016 EU corn harvest estimate at 60.203 MMT (58.997 MMT in 2015). Projected imports in new season were raised from prior month by 1 MMT to 14 MMT (13.314 MMT in 2015/16). EC sharply cut its estimate for 2015/16 corn ending stocks to 12.175 from 18.508 MMT previously and accordingly lowered the expected stocks at the end of 2016/17 to 9.945 MMT from 15.904 MMT in December

- EC kept its 2016 EU barley harvest estimate at 59.34 MMT vs. 61.36 MMT in 2015. Projected exports in new season were lowered to 6.424 MMT from 7 MMT prior month and vs. 14.2 MMT in 2015/16. EC increased its forecast for 2016/17 barley ending stocks to 9.776 MMT from 8.615 MMT previously and vs. 7.556 MMT in 2015/16

- South Africa farmers have reported a new pest caterpillar, similar to the fall armyworm, causing extensive damage to maize crops since December

- Dr. Michael Cordonnier left his forecast of South America's 2016/17 corn crop unchanged this week at 124.3 MMT compared to 97.2 MMT in 2015/16

- Stocks of corn at Argentine grain storage and processing companies fell to 2.472 MMT at the end of December, 2016, down by 44.4% from a year-ago

- Stocks of barley at Argentine grain storage and processing companies increased to 1.722 MMT at the end of December, 2016, up by 5.9% from a year-ago

- EIA estimated US ethanol production for November at 30.565 million barrels versus 30.797 million barrels in October and vs. 29.675 million barrels a year ago

- EIA reported November ethanol inventory at 19.136 million barrels, which is down 4.3% from October and 4.8% less from last year

SOYBEAN

- Iraq's trade ministry in non-tender deals in mid-January bought about 80,000 MT of sunflower oil (about 50,000 MT from Turkey, 20,000 MT from Ukraine and 10,000 MT from Egypt) for shipment up to the end of February

- Dr. Michael Cordonnier raised his forecast of South America's 2016/17 soybean crop this week by 1 MMT to 170.2 MMT (165.5 MMT in 2015/16) due to increase forecast for Argentina by 1 MMT to 52 MMT (56 MMT in 2015/16)

- Stocks of soybeans at Argentine grain storage and processing companies are estimated at 5.751 MMT at the end of December, 2016, up by 10.7% from a year-ago

- Stocks of sunseed at Argentine grain storage and processing companies fell to 223 TMT at the end of December, 2016, down by 63.4% from a year-ago

- AgRural estimates 4.3% of Brazilian soybean crop has been harvested, which is in line with last year at this time and compared to 3.1% on average

- The line-up of vessels expected to load soybeans at Brazilian ports over the next month shows a spike in shipments due to a speedy harvest and strong global demand. Port schedules suggest around 4.39 MMT of soybean exports in February and early March, 97% more than a year ago

- EIA said US November biodiesel production at 142 million gallons vs. 143 million gallons in October and vs. 106 million gallons a year ago

- EIA said 596 million lbs. of soybean oil used for biodiesel in November (56% of feedstock used to produce biodiesel) vs. 526 million lbs. in October and vs. 464 million lbs. a year ago

- Surveyor Intertek Testing Services estimated Malaysia's January 1-31 palm oil exports at 1,174,893 MT up 8.1% from a month ago

- Surveyor SGS estimated Malaysia's January 1-31 palm oil exports at 1,157,288 MT up 4.3% from a month ago

- EC raised its 2016 EU rapeseed harvest estimate to 20.013 MMT from 19.872 MMT in December, down 8.2% from 21.811 MMT in 2015

- EC kept its 2016 EU soybean harvest estimate at 2.491 MMT, up 5.1% from 2.371 MMT in 2015

- EC kept its 2016 EU sunflower crop estimate at 8.502 MMT, up 7.9% from 7.882 MMT in 2015