WHEAT

- South Korea's Feed Leaders Committee (FLC) in a direct deal last week purchased 60,000 MT of worldwide feed wheat at 205.95 $/mt c&f including surcharge for additional port unloading for arrival around June 5

- Russia’s Ag Min said Russia exported about 24.551 MMT of grain between July 1-Mar 1, 2016/17, down by 3.5% from 25.454 MMT a year ago, including:

  • wheat – 18.977 MMT (18.922 MMT a year ago);
  • barley – 2.089 MMT (3.595 MMT);
  • corn – 3.308 MMT (2.731 MMT);
  • others – 177 TMT (206 TMT)

- Russia has 4,005,600 MT of grain in its federal intervention fund as of March 2 vs. 3,006,500 MT a year ago

- US wheat export inspections for week, ending Mar 2, recorded 535,920 MT, in line with market expectations (375-575 TMT). Inspections for 2016/17 are running 27.6% ahead of year-ago

- ABARES forecasts 2017/18 Australian wheat crop at 23.98 MMT, down 32% from the record 35.13 MMT in 2016/17

- Ukraine's Ag Min said that around 96% winter crops were emerged; about 81% of emerged crops is staying in good and satisfactory condition

- Mar 7 - Iran's GTC seeks at least 10,000 MT of Indian rice for April 15-May 15 shipment

CORN

- US corn export inspections for week, ending Mar 2, reported 1,444,972 MT, topped the market forecasts (1-1.3 MMT). Inspections for 2016/17 are running 73.8% ahead of year-ago

- CNGOIC cut its estimate of China’s corn imports in 2016/17 to 1 MMT from 2 MMT last month, a drop of 63% compared with the prior year

- CNGOIC lowered its estimate for Chinese corn consumption for 2016/17 by 500,000 MT to 197.1 MMT, citing weaker-than-expected demand from industrial processors in the northeast

- Zambia's 2016/17 maize crop may top the 2015/16 harvest (2.87 MMT)

- Mar 6 - South Korea will ban imports of US poultry after a strain of H7 bird flu virus was confirmed at a Tennessee chicken farm

SOYBEAN

- South Korea's Feed Leaders Committee (FLC) and Korea Feed Association (KFA) in a direct deals last week purchased a total of 20,000 MT of Indian rapeseed meal (FLC – 12 TMT and KFA – 8 TMT) at 230.73 $/mt c&f plus 1.75 $/mt surcharge for additional port unloading for July 1 arrival

- Mar 3 - Argentina grants export licenses for 25,000 MT of sunflower meal and 10,000 MT of soymeal

- US soybean export inspections for week, ending Mar 2, reported 921,779 MT, topped market expectations that ranged from 550 to 750 TMT. Inspections for the 2016/17 marketing year are running 11.6% ahead of year-ago

- Muddy roads and transport delays in Brazil remains a supportive feature, but it is only a temporary disruption

- India is expected to purchase about 14-14.5 MMT of vegetable oil this year, compared with 14.5 MMT in 2015/16. India's soybean oil imports are expected to decline to 3.4 MMT from 4.3 MMT a year ago because of ample domestic supplies, while palm oil imports are forecast to rise to 8.75 MMT this year from 8.35 MMT

- Strategie Grains increased its 2017 EU rapeseed crop forecast to 21.58 MMT from 21.56 MMT previously and up 6.5% from the 2016 harvest (20.26 MMT)

- Strategie Grains raised its 2017 EU sunflower crop forecast to 8.63 MMT, up 30,000 MT from previous and 4.4% above the 2016 harvest (8.27 MMT)

- Strategie Grains lifted its 2017 EU soybean crop forecast to 2.51 MMT from 2.5 MMT previously and up 6.8% from the 2016 harvest (2.35 MMT)

- ABARES forecasts 2017/18 Australian canola crop at 3.69 MMT, down 10.9% from the 4.14 MMT in 2016/17