WHEAT

- Mar 10 - Tunisia's state grains agency bought 75,000 MT (3x25 TMT) of optional-origin milling wheat, 11.5%, for April 20-May 20 shipment:

  • 50,000 MT (2x25 TMT) of milling wheat from Nidera at 205.5 $/mt c&f;
  • 25,000 MT of milling wheat from Glencore at 205.49 $/mt c&f

- Mar 9 - Argentina grants export licenses for 103,680 MT of milling wheat

- USDA lowered its forecast of US 2016/17 wheat ending stocks to 1.129 billion bushels (30.73 MMT) from 1.139 billion in Feb, below an average of trade estimates for 1.135 bln bu

- USDA increased global 2016/17 wheat production estimate to 751.07 MMT, up by 2.84 MMT from previous estimate, 15.82 MMT above the last year’s record, mainly on larger crops in Australia and Argentina. Global trade is boosted to a new record with higher imports for Bangladesh, India, Mexico, and the Philippines more than offsetting a cut for the EU. Higher exports for Argentina and Australia are partially offset by lower trade for Canada

- USDA lifted its forecast for 2016/17 world wheat inventories to a record 249.94 MMT from February estimate of 248.61 MMT and above average expectation of 248.62 MMT (246-250 – range)

- FranceAgriMer said 92% of France’s soft wheat crops were in good to excellent condition as of Mar 6, down 1% point from the prior week and vs. 93% a year ago; durum rating at 81% in good to excellent vs. 82% a week-ago and vs. 88% a year-ago

CORN

- Mar 10 - South Korea's (KFA) bought 60,000 MT of optional-origin corn at 190.9 $/mt c&f plus 1.0 $/mt surcharge for additional port unloading for June 15 arrival

- Mar 9 - Argentina grants export licenses for 262,000 MT of corn

- Mar 9 - Argentina grants export licenses for 40,000 MT of feed barley

- USDA kept its forecast of US 2016/17 corn ending stocks at 2.32 billion bushels (58.93 MMT), unchanged from Feb, and near an average of trade estimates for 2.317 bln bu

- USDA raised its Argentine 2016/17 corn harvest estimate to 37.5 MMT from 36.5 MMT predicted in February, above the range of expectations (35-37 MMT)

- USDA raised its Brazil 2016/17 corn harvest estimate to 91.5 MMT from 86.5 MMT previously, which at the top end of market expectations that ranged from 86 to 91.5 MMT

- USDA raised its 2016/17 global corn production estimate by 9.04 MMT to a record 1,049.2 MMT, up 9.1% from last year's level, with larger crops in Brazil, South Africa, India and Argentina. Robust demand in both Iran and Vietnam support a higher volume of global exports

- USDA upped its forecast for 2016/17 world corn inventories to a record 220.68 MMT from February estimate of 217.56 MMT and above average expectation of 218.51 MMT (217-223.1 – range)

- Buenos Aires Grain Exchange maintains its forecast for Argentina's 2016/17 corn crop at 37 MMT, up 23.3% vs. 30 MMT in 2015/16

- Buenos Aires Grain Exchange forecasts Argentine 2016/17 sorghum crop at 3.2 MMT, down 6% from 2015/16 crop (3.4 MMT)

- FranceAgriMer said 88% of France’s winter barley crops were in good to excellent condition as of Mar 6, compared with 90% a week earlier and vs. 91% a year ago

- FranceAgriMer estimated spring barley planting 36% done as of Mar 6, ahead of last year’s pace of 29%

SOYBEAN

- Mar 9 - Argentina grants export licenses for 19,609 MT of soymeal

- USDA cut its estimate of US 2016/17 soybean exports, citing competition from the big Brazilian crop, and consequently raised its forecast of U.S. soy ending stocks to 435 million bushels (11.84 MMT), above an average of analyst estimates (418 million bushels)

- USDA raised its Brazil 2016/17 soybean harvest forecast to a record 108 MMT from 104 MMT projected last month, ahead of average expectations of 106 MMT

- USDA raised its forecast of global soybean production in 2016/17 by 4.16 MMT to a record 340.79 MMT with larger production in Brazil and South Africa. Global soybean exports are projected higher this month as stronger Brazil and Paraguay shipments more than offset lower US trade. Imports are projected higher this month as stronger demand from China and Thailand more than offsets reductions for Mexico and Saudi Arabia

- USDA increased its forecast for 2016/17 world soybean ending stocks to a record 82.82 MMT from February estimate of 80.38 MMT and vs. 76.59 MMT in 2015/16, above average expectation of 81.52 MMT (80.44-83 MMT – range)

- MPOB estimated Malaysian crude palm oil production in February at 1.259 MMT, above average expectation of 1.22 MMT but slightly down from 1.277 MMT in January with end-stocks at 1.459 MMT down 5.3% on month and below the average market expectation of 1.47 MMT. Malaysian February palm oil exports fell to 1.107 MMT, down 14% on month and below the average expectation of 1.13 MMT

- Surveyor Intertek Testing Services estimated Malaysia's March 1-10 palm oil exports at 254,141 MT down 25.5% from a month ago

- Surveyor SGS estimated Malaysia's March 1-10 palm oil exports at 250,481 MT down 25.7% from a month ago

- Buenos Aires Grain Exchange kept its Argentina's 2016/17 soybean harvest estimate steady at 54.8 MMT, down 2.1% vs. 56 MMT in 2015/16

- Buenos Aires Grain Exchange lowered its estimate of Argentine 2016/17 sunflower crop to 3.3 MMT from 3.5 MMT last week, now up 32% from 2015/16 crop (2.5 MMT). Harvesting of Argentine sunflower crop was 43.5% completed as of Mar 9 vs. last year’s pace of 48.1%