WHEAT

- Ethiopia has postponed the offer deadline in an international tender for 400,000 MT of milling wheat until Oct 24, from Oct 17 originally

- Oct 19 - Japan seeks 123,736 MT of food wheat for Nov-Jan shipments:

  • 12,762 MT of western white US wheat;
  • 21,695 MT of hard red winter US wheat;
  • 30,201 MT of dark northern spring US wheat;
  • 34,928 MT of Canadian western red spring wheat;
  • 24,150 MT of Australian standard white wheat

- Oct 17 - Algeria's OAIC bought 660,000 MT of optional-origin milling wheat, likely mostly from France, some volume may also be sourced in Argentina, at around 210-212.5 $/mt c&f for January shipment (60 TMT from Olam at 210 $/mt; 120 TMT from Cargill at 212.5 $/mt, 120 TMT from Cofco 211.5 $/mt, 90 TMT from Bunge at 212 $/mt, 60 TMT from BayWa at 212 $/mt, 120 TMT from Casillo at 211-212 $/mt, 90 TMT from Lecureur)

- Oct 17 - South Korea's Nonghyup Feed Inc. (NOFI) bought 69,000 MT of optional-origin feed wheat from Midstar at 205 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for arrival Feb 5, 2018

- Oct 17 - Argentina registered 32,178 MT of wheat for export

- Oct 16 - The lowest offer in Iraq’s tender for 50,000 MT of hard wheat came in at 299 $/mt c&f for the US wheat. The tender had requested wheat sourced from the US, Canada or Australia. The lowest price offered for Australian wheat was 301.27 $/mt c&f and lowest for Canadian wheat was 304.96 $/mt c&f. The tender closed on Oct 16 and offers must remain valid up to Oct 22

- Oct 17 - China sold 42,611 MT of wheat from state reserves or 2.1% of the offered amount (2,004,837 MT) at auction at average price of 2,487 RMB/mt (377 $/mt)

- Oct 17 - China auctioned 10,450 MT of imported wheat from state reserves, or 7.6% of the offered amount (137,751 MT) at average price of 2,550 RMB/mt (387 $/mt)

- The CEO of Government Trading Corporation of Iran said that Iran have exported 31 TMT of high grade durum wheat to Italy for the first time

- US wheat export inspections for week, ending Oct 12, recorded 322,860 MT, below a range of trade expectations for 325,000-525,000 MT. Inspections for 2017/18 are running 3.8% behind of year-ago

- USDA said the US winter wheat crop 60% planted as of Oct 15, behind analysts’ expectations (62%) and below last-year's (70%) and 5-year average (71%)

- Russia's Ag Min raised its estimate of the country's 2017/18 wheat production to 83 MMT from previous forecast of 81.4 MMT

- IKAR raised its estimate for Russia's wheat crop to 83.2-83.7 MMT from the previously expected 82.5-83.5 MMT

- SovEcon pegged Russian grain export forecast for October in a range of 4.6-4.8 MMT (incl. 3.6-3.8 MMT of wheat) vs. 5.1 MMT shipped in September (incl. 4.1 MMT of wheat)

- Agri-Food Canada raised its country's wheat forecast from 25.5 MMT to 27.1 MMT

- China has approved 2018 low-tariff import quota for wheat at 9.636 MMT (10% or 963,600 MT non-State trading), unchanged from previous years

- Iraq expects to produce 3 MMT of wheat in the 2018 season

CORN

- Oct 18 - Japan received no offers for 120,000 MT of feed wheat and 200,000 MT of feed barley in a simultaneous buy and sell (SBS) auction. New SBS tender for the same amounts for each grain will be held on Oct 25

- Oct 17 - South Korea's Nonghyup Feed Inc. (NOFI) bought 69,000 MT of US or South American corn from Cargill at 188.75 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for arrival Feb 15, 2018

- Oct 17 - South Korea's Nonghyup Feed Inc. (NOFI) bought 12,000 MT of optional-origin barley from Bunge at 244 $/mt c&f for arrival Jan 5, 2018

- Oct 17 - USDA announced export sales of 261,000 MT of US corn for delivery during 2017/18:

  • 115,000 MT to Mexico;
  • 146,000 MT to unknown destinations

- Oct 17 - Argentina registered 35,504 MT of corn for export

- US corn export inspections for week, ending Oct 12, reported 322,672 MT, well below the low end of market expectations (600-800 TMT). Inspections for 2017/18 are running 50% behind of year-ago

- USDA rated 65% of the US corn crop in good-to-excellent condition as of Oct 15, up 1% point from the previous week, ahead of market expectation for 64% but down compared to 74% a year-ago. USDA estimated 28% of the US corn crop had been harvested, behind of analyst forecasts of 31%, also below last year’s pace (44%) and 5-year mean of 47%

- China's Heilongjiang province, a top corn growing state, will lower subsidy for corn farmers by 13% to 133.46 yuan ($20.30) per mu (0.067 hectares) from 153.92-yuan last year; subsidies for soy growers are significantly higher than corn at 173.46 yuan per mu

- China has approved 2018 low-tariff import quota for corn at 7.2 MMT (40% or 2.88 MMT non-State trading), unchanged from previous years

- IKAR lowered its Russia’s 2017 corn crop production outlook to 13.5 MMT from the previous 13.9 MMT

- IKAR maintains its Russia’s 2017 barley crop production estimate at range of 20.2-20.6 MMT

SOYBEAN

- Oct 17 - Argentina registered for export 60,550 MT of soybean oil and 81,070 MT of soymeal

- Oct 16 - USDA announced export sales of 227,300 MT of US soybeans for delivery to unknown destinations during 2017/18

- US soybean export inspections for week, ending Oct 12, reported 1,770,324 MT, topping a range of trade estimates (1.1-1.4 MMT). Inspections for the 2017/18 marketing year are running 7.6% behind of year-ago

- USDA rated 61% of the US soybean crop as good-to-excellent as of Oct 15, matching market expectations, but below compared to 74% a year-ago. USDA estimated 49% of the US soybean crop was harvested, in line with analysts' forecasts, but below last year’s pace (59%) and 5-year mean of 60%

- NOPA said its members crushed 136.419 million bushels of soybeans during September, fell short of trade expectations (138.071 million bu – avg., 135-140.7 mln bu – range) but was the highest total for the month in 10 years. NOPA processors crashed 142.424 mln bu in August and 130.235 mln bu a year ago. Soyoil stocks fell to 1.302 billion lbs as of Sept 30 from 1.417 a month earlier and vs. last year’s level of 1.376 billion lbs, below the average expectations of 1.332 billion lbs. Soymeal exports rose to 487,397 tons from 426,896 tons in August and vs. 439,605 tons a year-ago

- China's soybean oil stocks are at record levels after huge imports of beans this year. Stocks of the oil hit 1.6 MMT this week at major crushers, versus 1.3 MMT at the same time last year

- AgRural reports Brazilian soybean crop was 12% planted as of Oct 12 vs. 18% year ago and vs. 11% five-year average

- Surveyor Intertek Testing Services estimated Malaysia's October 1-15 palm oil exports at 690,074 MT up 10.3% from a month ago

- Surveyor SGS estimated Malaysia's October 1-15 palm oil exports at 709,322 MT up 8.7% from a month ago

- Russia produced 3.2 MMT of sunflower oil during the first nine months of 2017, up 17.2% from the same period last year