WHEAT

- Sept 13 - South Korea's Nonghyup Feed Inc. (NOFI) made no purchase in its tender for 65,000 MT of optional-origin feed wheat (excluding Argentine-origin) for arrival Feb 5, 2018. The lowest offer was 204 $/mt c&f

- Sept 13 - Jordan has made no purchase in an international tender for 100,000 MT of optional-origin hard milling wheat for February shipment

- Sept 12 - Argentina registered 15,000 MT of wheat for export

- Sept 12 - China sold 11,614 MT of wheat from state reserves or 0.6% of the offered amount (1,973,688 MT) at auction at average price of 2,291 RMB/mt (351 $/mt)

- Sept 12 - China failed to sell imported wheat from state reserves; at the auction was offered 129,931 MT of US #2 SRW

- Syria's state grain buyer Hoboob has cancelled a deal to buy 1 MMT of Russian wheat from little-known firm Zernomir

- Ukraine's Ag Min said Ukraine exported 7.765 MMT of grain between July 1-Sept 13, 2017/18 vs. 7.766 MMT for the same period last season, including:

  • wheat – 4.233 MMT (vs. 4.562 MMT a year ago);
  • corn – 1.168 MMT (575 TMT);
  • barley – 2.345 MMT (2.6 MMT)

- Ukrainian farmers as of Sept 12 have sown 503,000 hectares (8% of plan) for the 2018 wheat harvest. The area under winter wheat is likely to total 6.1 million hectares

- USDA raised 2017/18 global wheat production forecast by 1.67 MMT to 744.8 MMT as larger crops are expected in Russia (+3.5 to 81 MMT) and Turkey (+0.5 to 20 MMT) that more than offsetting smaller crops in Australia (-1 to 22.5 MMT) and EU (-0.69 to 148.87 MMT). Global trade is forecast little changed, with smaller imports for Iran and Turkey more than offsetting stronger demand from Indonesia. Exports are lowered for Australia and the European Union, but raised for Russia, Turkey, and Ukraine

- USDA trimmed global wheat carryover for both 2016/17 and 2017/18 to 255.83 MMT (258.57 MMT– avg. pre-report expectation) and 263.14 MMT (264.3 MMT – avg. expectation), respectively

- FranceAgriMer expects French soft wheat production in 2017/18 at 37.788 MMT, up from 27.56 MMT in previous year. Wheat stocks are forecasted at 3.409 MMT at the end of 2017/18, up from 2.944 MMT last year. French exports are expected to climbed 60% this season to 18.16 MMT from 11.34 MMT in 2016/17, incl. export outside the EU to 10.2 MMT from 4.971 MMT last season and within the EU to 7.85 MMT from 6.259 in 2016/17

- Bulgaria's Ag Min said Bulgaria exported 879,143 MT of wheat via port Varna between July 3-Sept 10, 2017/18, up 29.6% from a year-ago (678,457 MT)

- Farmers in Bulgaria harvested 5.762 MMT of wheat from 100% of the planned area as of Sept 7, up 7.7% from last year, with yields at 5.24 mt/ha, 10.3% higher than a year-ago

- Bulgaria's Jul-June 2016/17 wheat exports are estimated at 4.232 MMT, up 21.1% from year-ago

- Conab lowered its Brazil's 2017 wheat crop estimate to 5.186 MMT from 5.196 MMT in August, down vs. 6.727 MMT in 2016. They expect wheat imports this year at 7 MMT vs. 7.089 MMT in 2016

CORN

- Sept 13 - South Korea's Nonghyup Feed Inc. (NOFI) bought 138,000 MT of corn in two consignments:

  • 69 TMT of corn from the US or South America from Cargill at 188.45 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for Jan 20, 2018 arrival;
  • 69 TMT of optional-origin corn from Mitsui – some at a flat price of 190.9 $/mt c&f and some at a premium of 136 US cents/bu c&f over the Chicago Dec contract + 1.0 $/mt surcharge for additional port unloading for Feb 5, 2018 arrival

- Sept 13 - Japan bought 6,100 MT of feed grain (100 MT of wheat and 6,000 MT of barley) for February 28, 2018, arrival via SBS-tender. New SBS tender for 120,000 MT of feed wheat and 200,000 MT of feed barley will be held on Sept 20

- Sept 12 - Argentina registered 28,692 MT of corn for export

- Sept 11 - Iran made no purchase in tender to buy 200,000 MT of corn for Sept-Oct shipment

- Sept 11 - Iran made no purchase in tender to buy 200,000 MT of barley for Sept-Oct shipment

- USDA surprisingly raised its forecast of US 2017/18 corn crop to 14.184 billion bushels (14.153 in August), above the average of analysts' forecasts of 14.035 (13.878-14.249 – range). USDA raised its estimate of the average US 2017 corn yield to 169.9 bpa from its August estimate of 169.5 bpa, above an average of analyst expectations for 168.2 bpa

- USDA lowered its forecast of global corn production in 2017/18 by 0.8 MMT to 1,032.6 MMT this month with a significant cut in Serbia as well as lower forecasts for Ukraine, the EU, and Russia. This more than offsets better prospects in Argentina and Mexico. Global trade is raised slightly on higher projected exports from Brazil and Argentina that more than offset a dramatic decline in Serbia

- USDA upped its forecast of 2017/18 world corn ending stocks by 1.6 MMT to 202.47 MMT, above average analyst estimates for 200.74 MMT, but down from 226.96 MMT expected at the end of 2016/17

- Conab raised its forecast for Brazil's 2016/17 corn crop to 97.712 from 97.191 MMT in July, sharply higher than 66.531 MMT last season with second crop at 67.25 MMT (40.785 MMT in 2015/16). Conab raised its forecast of Brazilian corn exports in 2016/17 by 1 MMT to 29 MMT (18.883 MMT in 2015/16). Ending stocks are forecasted to climb to 20.197 MMT from 6.95 MT in 2015/16

- FranceAgriMer estimated France's 2017/18 corn crop at 12.286 MMT vs. 11.252 MMT last year with the carryout projected at 2.517 MMT against 1.95 MMT in 2016/17. France's 2017/18 corn export is forecasted at 4.72 MMT vs. 4.691 MMT year ago

- FranceAgriMer estimated French 2017/18 barley crop at 12.255 MMT vs. 10.435 MMT last year with the carryout projected at 1.049 MMT against 1.072 MMT in 2016/17. France's 2016/17 barley exports (without malt) is expected at 6.79 MMT up 29% over 5.281 MMT a year ago

- Egypt aims to increase its corn farming area by two thirds by the 2018/19 fiscal year to help reduce the country's reliance on imports

- Ukrainian farmers as of Sept 12 harvested 230,000 MT of maize from 54,000 hectares (total area is 4.5 million ha), yields totals 4.23 mt/ha

- Ukrainian farmers as of Sept 12 have sown 12,000 hectares (1% of plan) for the 2018 barley harvest. The area under winter barley is likely to total 926,000 hectares

- Bulgaria's Sept-June 2016/17 corn exports are estimated at 952,400 MT, down 28% from year-ago. While imports increased in 10 times to 323,100 MT

- Bulgaria's Jul-June 2016/17 barley exports are estimated at 292,600 MT, down 46.7% from year-ago

- Bulgaria's Ag Min said Bulgaria exported 86,684 MT of barley via port Varna between July 3-Sept 10, 2017/18, up 1336.3% from a year-ago (6,035 MT)

- Farmers in Bulgaria harvested 86,205 MT of corn from 4% of the planned area as of Sept 7, down 67.9% from last-year stage. Yields totals 5.27 mt/ha, 3.3% higher than a year-ago

- Farmers in Bulgaria harvested 620,496 MT of barley from 100% of the planned area as of Sept 7, down 13.6% from last year. Meanwhile yields totals 4.75 mt/ha, 7.5% higher than a year-ago

- China plans to roll out the use of ethanol in gasoline nationally by 2020. Based on estimates by CNPC (China National Petroleum Corporation) that gasoline demand will reach 150 MMT in 2020, the E10 plan (10% ethanol) will require about 15 MMT of ethanol using about 40-45 MMT of corn in year

- US Ethanol production for the week ended Sept 8 decreased by 13,000 barrels to 1,047,000 barrels per day, up 4.3% from last year's level of 1,004,000 bpd. Stocks rose by 16,000 barrels from the week prior to 21.132 million barrels, up 4.6% vs. 20.207 million barrels a year ago

SOYBEAN

- Sept 13 - USDA announced export sales of 167,370 MT of US soybeans for delivery to Mexico during 2017/18

- Sept 12 - USDA announced export sales of 132,000 MT of US soybeans for delivery to unknown destinations during 2017/18

- Sept 12 - Egypt’s GASC bought 16,500 MT of sunflower oil from Aston at 799.95 $/mt c&f for Oct 25-Nov 10 delivery but made no purchase of soybean oil for Nov 5-20.

Traders said the following offers were submitted to GASC in the first round of the tender ($/mt c&f):

  • ADM: 30,000 MT of soyoil at 855 $/mt c&f and/or 10,000 MT of sunflower oil at 823 $/mt c&f;
  • Glencore: 30,000 MT of soyoil at 860 $/mt c&f and/or 10,000 MT of sunflower oil at 818 $/mt c&f;
  • Olam: 30,000 MT of soyoil at 848 $/mt c&f and/or 10,000 MT of sunflower oil at 829 $/mt c&f;
  • Aston: 11,000 MT of sunflower oil at 801.95 $/mt c&f or 16,500 MT of sunflower oil at 799.95 $/mt c&f;
  • Cargill: 10,000 MT of local soyoil at 15,250 Egyptian pounds (862 $/mt)

- Sept 12 - Argentina registered 50,000 MT of soymeal for export

- USDA surprisingly raised its US 2017/18 soybean harvest outlook to a record high 4.431 billion bushels, topped market forecasts (4.179-4.417) and 50 million higher than its August estimate. USDA pegged soybeans yields at 49.9 bpa, above its previous forecast of 49.4 and topping a range of trade expectations (47.1-49.8 bpa)

- USDA upped its forecast of 2017/18 global soybean production by 1.1 MMT to 348.4 MMT, down 0.9% (or 3 MMT) from last year's record level

- USDA trimmed global soybean carryover for both 2016/17 and 2017/18 to 95.96 MMT (96.8 MMT– avg. pre-report expectation) and 97.53 MMT (97.39 MMT – avg. expectation), respectively

- Conab forecasts Brazil's 2016/17 soy output at a record 114.075 MMT, slightly up from previous forecast of 114.042 MMT and vs. 95.435 MMT last year. Conab raised its forecast of Brazilian soybean exports in 2016/17 by 1 MMT to 64 MMT (51.588 MMT in 2015/16). Ending stocks are forecasted to rise to 4.571 MMT from 1.476 MMT in 2015/16

- Ukrainian farmers have planted 728,000 hectares of winter rapeseed (94% of plan) as of September 12

- Bulgaria's Jul-June 2016/17 rapeseed exports are estimated at 488,700 MT, up 52.7% from year-ago

- Bulgaria's Sep-June 2016/17 sunflower exports are estimated at 607,400 MT, down 0.1% from year-ago score. While imports doubled to 200,800 MT

- Farmers in Bulgaria harvested 820,477 MT of sunseed from 46% of the planned area as of Sept 7, up 13.7% from last-year stage, with yields at 2.18 mt/ha, 1.4% higher than a year-ago

- Farmers in Bulgaria harvested 459,002 MT of rapeseed from 100% of the planned area as of Sept 7, down 7% from last-year stage. Yields totals 2.85 mt/ha, 3.1% lower than a year-ago

- Solvent Extractors Association of India (SEA) expects India would import 15.13 MMT of edible oils in the year starting on Nov. 1, down 70,000 MT from the current year. Palm oil purchases are likely to edge lower to 9.13 MMT in 2017/18, compared with 9.28 MMT in the current year. Imports of sunflower oil could surge 8% to 2.3 MMT next year, while soyoil imports could remain largely steady around 3.5 MMT