WHEAT

- June 2 - South Korea's Nonghyup Feed Inc. (NOFI) bought 64,000 MT of optional-origin feed wheat at 189.9 $/mt c&f for Oct-Nov arrival

- May 31 - Argentina registered for export 100,000 MT of wheat and 6,656 MT of wheat flour

- EU in week ended May 26 awarded licenses to import 1,138 MT of Ukrainian wheat under an annual duty-free quota. The award meant that the EU had now awarded 100% out of a total volume of 960,000 MT available in 2017

- According to TAXUD, the EU this season in period of Jul 1-May 30, 2016/17 exported 22.091 MMT of soft wheat compared to 28.641 MMT a year ago. Top 5 export destinations in 2016/17 are Algeria (17.1%), Saudi Arabia (13.5%), Vietnam (6.6%), Egypt (6.5%) and Morocco (5.8%)

- FranceAgriMer said 75% of France’s soft wheat crops were in good to excellent condition as of May 29, down 1% point from the prior week and vs. 81% a year ago; durum rating at 65% in good to excellent vs. 68% a week-ago and vs. 70% a year-ago

- European Commission (EC) trimmed its estimate for 2017 EU soft wheat crop to 141.282 MMT from 141.948 MMT last month, but up from 134.36 MMT last year. EU's executive slightly upped its EU soft wheat exports forecast to 28.922 MMT in 2017/18, above the 24 MMT in 2016/17. Soft wheat inventories in the region are forecasted to fall to 11.389 MMT (12.218 MMT – previous estimate) by the end of June 2018, less than 11.75 MMT estimated for 2016/17

- Russia’s Ag Min slashes its 2017 grain production forecast to 100-105 MMT from 110 MMT previously. Meanwhile they forecast that country's 2017/18 grain exports to reach 37-38 MMT compared to the 34-35 MMT this season

- Buenos Aires Grain Exchange maintained the country's upcoming 2017/18 wheat crop planting at 5.5 mln ha vs. 5.1 mln ha in 2016/17. Exchange estimates 11.3% of the crop has been planted as of June 1 vs. 7.6% this time last year

CORN

- June 2 - South Korea's Nonghyup Feed Inc. (NOFI) bought 138,000 MT of optional-origin corn at around 182.25-182.89 $/mt c&f + 1.0 $/mt surcharge for additional port unloading for arrival around mid-October

- June 2 - China sold a total 2,203,287 MT of corn from state reserves via auctions:

  • 1,357,825 MT of 2013 corn, or 59.2% of the offered amount (2,292,434 MT), at average price of 1,347 RMB/mt (198 $/mt);
  • 682,924 MT of 2013 corn, or 56.4% of the offered amount (1,210,560 MT), at average price of 1,301 RMB/mt (191 $/mt);
  • 162,538 MT of 2012, 2013 corn, or 92.8% of the offered amount (175,130 MT) at average price of 1,255 RMB/mt (184 $/mt)

- June 1 - China sold 3,231,671 MT of 2013 corn from state reserves, or 93% of the offered amount (3,473,469 MT), at average price of 1,377 RMB/mt (202 $/mt)

- June 1 - Jordan has made no purchase in an international tender for 100,000 MT of feed barley for Oct-Nov shipment and may retender on June 8

- May 31 - South Korea's Feed Leaders Committee (FLC) in a private deal bought 66,000 MT of South American or US corn from Mitsui at 183.3 $/mt c&f plus a 1.0 $/mt surcharge for additional port unloading for October 5 arrival

- June 1 - Argentina registered 71,000 MT of corn for export

- May 31 - Argentina registered 151,036 MT of corn for export

- Buenos Aires Grain Exchange maintains its forecast for Argentina's 2016/17 corn crop at 39 MMT, up 30% vs. 30 MMT in 2015/16. Harvesting of Argentine corn crop was 38.4% completed as of June 1 vs. last year’s pace of 30.3%

- Buenos Aires Grain Exchange forecasts Argentine 2016/17 sorghum crop at 3.2 MMT, down 6% from 2015/16 crop (3.4 MMT). Harvesting of Argentine sorghum crop was 65.9% completed as of June 1 vs. last year’s pace of 51.6%

- Agroconsult said that Brazilian corn producers may harvest close to 100 MMT of corn in the 2016/17 harvest period and exports this year could touch 32 MMT

- Brazil’s Trade Ministry reported May corn exports at 309,986 MT, up from 154,750 MT in April and well above than 26,741 MT in the year-ago month

- Brazil’s Trade Ministry reported May ethanol exports at 83.6 million litres, down from 127.5 mln litres in April and down from 119.3 mln litres last May

- EU in week ended May 26 awarded licenses to import 99,690 MT of Ukrainian barley under an annual duty-free quota. The award meant that the EU had now awarded 74.93% (202,303 MT) out of a total volume of 270,000 MT available in 2017

- EU this season in period of Jul 1-May 30, 2016/17 imported 11.042 MMT of corn (maize) vs. 12.755 MMT a year ago. Top 5 import origins in 2016/17 are Ukraine (61.6%), Russia (9.1%), Brazil (7.7%), Canada (6.8%) and the US (6.5%)

- EU this season in period of Jul 1-May 30, 2016/17 exported 2.041 MMT of corn vs. 1.711 MMT a year ago. Top 5 export destinations in 2016/17 are Egypt (24.3%), Lebanon (12.1%), Turkey (9.5%), Libya (7.2%) and Vietnam (7.2%)

- EU this season in period of Jul 1-May 30, 2016/17 exported 4.953 MMT of barley vs. 9.911 MMT a year ago. Top 5 export destinations in 2016/17 are Saudi Arabia (47.6%), Tunisia (7.5%), China (6.7%), Jordan (5.8%) and Algeria (5.8%)

- EU this season in period of Jul 1-May 30, 2016/17 exported 2.639 MMT of malt in barley equivalent vs. 3.029 MMT a year ago. Top 5 export destinations in 2016/17 are Japan (11.1%), Vietnam (9.9%), Nigeria (5.8%), Brazil (3.8%) and US (3.4%)

- FranceAgriMer estimated France’s corn condition as of May 29 as 86% in good to excellent, down 1% point on the prior week but above the year-ago score of 79%

- FranceAgriMer said 66% of France’s winter barley crops were in good to excellent condition as of May 29, down 1% point from the prior week and below the year-ago score (78%). Spring barley rating was at 76% in good to excellent vs. 77% last week and vs. 93% a year ago

- EC cut its 2017 EU corn harvest forecast to 64.175 MMT from 66.519 MMT last month (60.609 MMT in 2016). Projected imports in new season were lowered from prior month by 196,000 MT to 12.001 MMT (11.711 MMT in 2016/17). EC lowered its estimate for 2016/17 corn ending stocks to 11.256 from 11.61 MMT previously and decreased expected stocks at the end of 2017/18 to 10.162 MMT from 13.442 MMT in April

- EC cut its 2017 EU barley harvest outlook to 59.508 MMT from 62.378 MMT last month, slightly down from 59.574 MMT in 2016. Projected exports in new season were lowered from prior month by 1.5 MMT to 7 MMT (7.7 MMT in 2016/17). EC decreased its forecast for 2017/18 barley ending stocks to 5.4 MMT from 6.291 MMT previously and vs. 5.638 MMT in 2016/17

- US Ethanol production for the week ended May 26 rose by 10,000 barrels to 1,020,000 barrels per day, up 6.3% from last year's level of 960,000 bpd. Stocks increased by 79,000 barrels from the week prior to 22.763 million barrels, up 9.6% vs. 20.769 million barrels a year ago

- US corn consumed for alcohol and other uses was 488 million bushels in April 2017, down 5% from March 2017 but up 8% from April 2016

- US dry mill co-product production of distillers dried grains with solubles (DDGs) was 1.75 million tons during April 2017, down 12% from March 2017 but up 2% from April 2016

- US wet mill corn gluten feed production was 346 thousand tons during April 2017, down 2% from March 2017 but up 13% from April 2016

- EIA estimated US ethanol production for March at 32.161 million barrels versus 28.747 million barrels in February and vs. 30.812 million barrels a year ago

- EIA reported March ethanol inventory at 23.759 million barrels, which is up 3.2% from February and up 6.5% from last year

SOYBEAN

- June 1 - Argentina registered for export 45,000 MT of soybeans, 651,126 MT of soymeal and 28,000 MT of soybean oil

- May 31 - Argentina registered 168,786 MT of soymeal for export

- Brazil's Ag Min expects the country's soybean planting area to grow again by 2-3% in the next season

- Brazil’s Trade Ministry reported May soybean exports at a record 10.96 MMT, up from 10.432 MT in April and above than 9.915 MMT a year ago. Also Brazil exported 1.63 MMT of soymeal in May versus 1.328 MMT the month before and 1.929 MMT a year ago; and 112,602 MT of soyoil compared to 168,506 MT in April and 177,966 MT a year ago

- Buenos Aires Grain Exchange kept its Argentina's 2016/17 soybean harvest estimate at 57.5 MMT, up 2.7% from 56 MMT in 2015/16. Harvesting of Argentine soybean crop was 85.5% completed as of June 1 vs. last year’s pace of 78.7%

- Argentina's government replaced striking sanitary inspection workers in the main agricultural port of Rosario, allowing shipments to resume albeit with delays after the job action halted exports from there on Wednesday

- USDA estimated US April soybean crush for crude oil at 4.493 million short tons (150 million bushels), above the average market expectation (4.44 mln tons, or 148.1 mln bu) but down from 4.745 mln tons (158 mln bu) a year ago. Crude soyoil stocks fell to 1.843 billion lbs as of April 30 from 1.93 in March, below the 2.049 bln lbs a year ago, while refined oil stocks were at 389.873 million lbs as of April 30 vs. 406.982 in Mar and 371.464 in Apr 2016. April US soy cake and meal stocks rose to 367,686 tons from 300,938 in March and vs. 365,653 tons a year-ago

- EIA said US March biodiesel production at 116 million gallons vs. 94 million gallons in February and vs. 121 million gallons a year ago

- EIA said 369 million lbs. of soybean oil used for biodiesel in March (43% of feedstock used to produce biodiesel) vs. 369 million lbs. in February and vs. 464 million lbs. a year ago

- EU this season in period of Jul 1-May 30, 2016/17 imported 12.577 MMT of soybeans vs. 13.178 MMT a year ago. Top 5 import origins in 2016/17 are the US (39.4%), Brazil (33%), Paraguay (9.3%), Canada (8.3%) and Ukraine (4.1%)

- EU this season in period of Jul 1-May 30, 2016/17 imported 16.115 MMT of soymeal vs. 18.497 MMT a year ago. Top 5 import origins in 2016/17 are Argentina (46.6%), Brazil (39%), Paraguay (7%), India (1.8%) and US (1.4%)

- EU this season in period of Jul 1-May 30, 2016/17 imported 245,630 MT of soybean oil vs. 289,406 MT a year ago. Top 5 import origins in 2016/17 are Serbia (25.7%), Norway (24.9%), Ukraine (23.9%), Russia (13.8%) and Paraguay (8.5%)

- EU this season in period of Jul 1-May 30, 2016/17 imported 4.095 MMT of rapeseed vs. 3.247 MMT a year ago. Top import origins in 2016/17 are Australia (61%), Ukraine (22.4%) and Canada (14.7%)

- EU this season in period of Jul 1-May 30, 2016/17 imported 167,878 MT of rapeseed meal vs. 392,975 MT a year ago. Top 5 import origins in 2016/17 are Russia (50.6%), Ukraine (29.7%), Canada (5.8%), China (4.8%) and Serbia (4.6%)

- EU this season in period of Jul 1-May 30, 2016/17 imported 145,379 MT of rapeseed oil vs. 194,429 MT a year ago. Top 5 import origins in 2016/17 are Ukraine (44.9%), Russia (27.8%), Belarus (9.4%), Serbia (8.2%) and Canada (7.6%)

- EU this season in period of Jul 1-May 30, 2016/17 imported 774,602 MT of sunflowerseed vs. 398,171 MT a year ago. Top 5 import origins in 2016/17 are Moldova (38.2%), Argentina (15.8%), Ukraine (15.6%), Serbia (8.8%) and Russia (7.9%)

- EU this season in period of Jul 1-May 30, 2016/17 imported 3.162 MMT of sunflower meal vs. 2.89 MMT a year ago. Top 5 import origins in 2016/17 are Ukraine (68%), Argentina (14.8%), Russia (13.4%), Serbia (1.6%) and China (0.7%)

- EU this season in period of Jul 1-May 30, 2016/17 imported 1.312 MMT of sunflower oil vs. 1.235 MMT a year ago. Top import origins in 2016/17 are Ukraine (90.9%), Moldova (4.4%) and Serbia (3.1%)

- EU this season in period of Jul 1-May 30, 2016/17 imported 5.281 MMT of palm oil vs. 6.15 MMT a year ago. Top 5 import origins in 2016/17 are Indonesia (51.2%), Malaysia (22.8%), Papua New Guinea (9.2%), Guatemala (5.3%) and Honduras (5.2%)

- EC lowered its 2017 EU rapeseed harvest forecast to 21.89 MMT from 22.189 MMT in April, up 11.2% from 19.689 MMT in 2016

- EC trimmed its 2017 EU soybean harvest view to 2.295 MMT from 2.427 MMT last month, up 6.7% from 2.151 MMT in 2016

- EC increased its 2017 EU sunflower crop forecast to 9.133 MMT from 9.108 MMT in April, up 6.5% from 8.578 MMT in 2016

- GAPKI estimated Indonesia's April exports of palm oil and palm kernel oil at 2.57 MMT, up 4% from the previous month (2.47 MMT in Mar) and up 23% compared to Apr 2016