WHEAT

- Mar 7 - Jordan bought 50,000 MT of optional origin hard milling wheat from Ameropa at 203 $/mt c&f for Aug 1-15 shipment

- Mar 7 - Philippines bought 165,000 MT (3x55 TMT) of Australian feed wheat from CBH at 207 $/mt c&f for May, June and July arrival

- Two Russian wheat cargoes and one Argentine cargo destined for Egypt were rejected at their ports of origin on quality concerns

- Wheat was supported by dry conditions hampering crop development in the US Plains

- Japan's Ag Min is not intending to conduct a food wheat tender this week due to an annual adjustment, which is generally made in March and September

- Mar 6 - Argentina grants export licenses for 128,226 MT of milling wheat

- Ukraine's Ag Min said Ukraine exported 29.913 MMT of grain between July 1-Mar 7, 2016/17, up 8.7% from 27.513 MMT for the same period last season, including:

  • wheat – 13.696 MMT (vs. 11.972 MMT a year ago);
  • barley – 4.677 MMT (3.965 MMT);
  • corn – 11.372 MMT (11.402 MMT)

- Russian winter grains have been largely unaffected by December-February weather and are doing better than usually. As of early March, 3-5% of winter grains were estimated to be in poor condition

- Stocks of wheat at Argentine grain storage and processing companies decreased to 7.897 MMT at the end of January, 2017, slightly down from a year-ago (7.916 MMT in Jan 2016)

- Mar 7 - China sold 350,747 MT of wheat from state reserves or 13.6% of the of the offered amount (2,579,800 MT) at auction at average price of 2,497 RMB/mt (362 $/mt)

- Philippines' food security agency is looking to import 250,000 MT of rice as soon as possible via a government-to-government deal

- Thailand sold 1.35 MMT of rice from state stockpiles in its first auction of the year

CORN

- Mar 7 - South Korea's KOCOPIA bought 60,000 MT of yellow corn, likely from the US, at 199.52 $/mt c&f including surcharge for additional port unloading for May 25 arrival

- Mar 7 - USDA announced export sales of 120,000 MT of US corn for delivery to unknown destinations during 2016/17

- Mar 6 - Argentina grants export licenses for 62,000 MT of feed barley

- Mar 6 - Argentina grants export licenses for 20,000 MT of corn

- FCStone increased its forecast of Brazil’s 2016/17 total corn output to a record 93.3 MMT (incl. 32.02 MMT for the summer crop and 61.28 MMT for the second season crop) from 91.5 MMT (29.87 and 61.64 MMT) last month

- AgRural raised its forecast of Brazil’s 2016/17 total corn crop to 90.8 MMT (incl. 29.3 MMT for the summer crop and 61.5 MMT for the second season crop) from 89.3 MMT (29.1 and 60.2 MMT) previously. Brazil second corn crop seedings at 75% of expected area as of Mar 2 versus 68% of area at this time a year ago

- Celeres kept its Brazil's 2016/17 total corn crop estimate at 97.71 MMT, unchanged from last month

- Dr. Michael Cordonnier left his forecast of South America’s 2016/17 corn crop unchanged this week at 126.3 MMT compared to 97.2 MMT in 2015/16

- Stocks of corn at Argentine grain storage and processing companies fell to 1.928 MMT at the end of January, 2017, down by 49.4% from a year-ago

- Stocks of barley at Argentine grain storage and processing companies decreased to 1.59 MMT at the end of January, 2017, down by 9.8% from a year-ago

- ABARES forecasts 2017/18 Australian barley crop at 8.5 MMT, down 36.6% from the record 13.41 MMT in 2016/17

- ABARES forecasts 2017/18 Australian oats harvest at 1.23 MMT, down 34.6% from the 1.88 MMT in 2016/17

- ABARES forecasts 2017/18 Australian sorghum crop at 1.92 MMT, up 59.2% from the 1.21 MMT in 2016/17

- ABARES forecasts lower Australian pulses crop in 2017/18:

  • Chickpeas at 947 TMT vs. 1.407 MMT in 2016/17;
  • Field peas at 297 TMT vs. 415 TMT in 2016/17;
  • Lupins at 503 TMT vs. 1.031 MMT in 2016/17

- South Korea, Japan, Taiwan and Hong Kong have limited imports of US poultry after the US detected its first case this year of avian flu on a commercial chicken farm

SOYBEAN

- Mar 6 - Argentina grants export licenses for 22,195 MT of sunflower oil and 25,950 MT of sunflower meal

- Mar 6 - Argentina grants export licenses for 278,000 MT of soymeal and 11,105 MT of soybean oil

- FCStone raised its forecast for Brazil's 2016/17 soy crop to 109.076 MMT, up by 5 MMT from last month (104.089 MMT in Feb) and almost 15 MMT more than in the previous season. FCStone has also raised its view for Brazilian soy exports in the 2016/17 crop year to 59 MMT from the 57 MMT projected in February and vs. 51.6 MMT in 2015/16

- AgRural raised its forecast of Brazil’s 2016/17 soybean crop to 107 MMT from 105.4 MMT last month (95.4 MMT in 2015/16). Brazil farmers harvested 47% of planted area with soybeans as of Mar 2 compared to 41% at this time a year ago

- Celeres raised its forecast of Brazil’s 2016/17 soybean crop to 109.65 MMT from 105.02 MMT in February

- Dr. Michael Cordonnier raised his forecast of South America’s 2016/17 soybean crop this week by 1 MMT to 175.2 MMT (165.5 MMT in 2015/16) due to increase forecast for Brazil by 1 MMT to 106 MMT (95.5 MMT in 2015/16)

- Stocks of soybeans at Argentine grain storage and processing companies are estimated at 4.207 MMT at the end of January, 2017, up by 44.2% from a year-ago

- Stocks of sunseed at Argentine grain storage and processing companies are estimated at 779 TMT at the end of January, 2017, down by 13.8% from a year-ago

- M.R. Chandran expects that world palm oil production would climb 11% to 65 MMT this year from 58.3 MMT a year ago as near-perfect weather boosts yields. Indonesia is expected to produce 34.8 MMT of crude palm oil in 2017, up from 31.8 MMT a year ago. Malaysia is expected to produce 20 MMT of palm oil this year vs. 17.3 MMT in 2016

- Malaysia will produce about 900,000 MT of biodiesel in 2017, up about 80% from half 500,000 MT last year, while Indonesian output will rise to 3.5 MMT this year from 3 MMT in 2016

- German oilseeds industry association Ufop said that Germany's biodiesel exports in 2016 rose 3.4% on the year to around 1.54 MMT

- India's oilmeal exports rose 115% from a year ago to 263,509 MT in February (122,527 MT in Feb 2016). Indian export of oilmeals during April-Feb 2016/17 rose 18% to 1.673 MMT compared to 1.423 MMT during the same period of last year

- India exported 208 TMT of soybean meal in February, up from 155 MT a month ago and sharply above than nearly 30,000 MT in the same month last year. Indian Apr-Jan 2016/17 soymeal exports are estimated at 809 TMT vs. 361 TMT during the same period of last season