WHEAT

- Algeria’s OAIC seeks at least 50,000 MT of soft wheat for March shipment

- US wheat export inspections for week, ending Dec 28, recorded 274,506 MT, below trade expectations (300-600 TMT). Inspections for 2017/18 are running 6.5% behind of year-ago

- Ukraine exported 1.26 MMT of wheat in December 2017, down 10% on year. Ukraine's July-Dec 2017/18 wheat exports fell 2% on year to 11.29 MMT

- European Commission (EC) cut its estimate for 2017 EU usable soft wheat production to 142.0 MMT from 142.5 MMT last month (133.9 MMT last year). EU's executive lowered its EU soft wheat exports forecast by 1 MMT to 26 MMT in 2017/18, still up from 25.1 MMT in 2016/17. Soft wheat inventories in the region are forecasted to total 12.9 MMT (12.7 MMT – previous estimate) by the end of June 2018 vs. 10.3 MMT in 2016/17

- India has extended by six months an exemption to its policy for crop cargoes to be fumigated with methyl bromide. For the first half of the year India will accept cargoes not fumigated with methyl bromide in the country of origin

- Jan 4 - China sold 12,847 MT of 2012 wheat from state reserves or 3% of the offered amount (424,784 MT) at auction at average price of 2,411 RMB/mt

- Jan 2 - China sold 216,589 MT of wheat from state reserves or 10.9% of the offered amount (1,990,314 MT) at auction at average price of 2,510 RMB/mt

- Jan 2 - China auctioned 2,069 MT of imported wheat from state reserves, or 1.6% of the offered amount (132,420 MT) at average price of 2,550 RMB/mt

CORN

- Jan 4 - Argentina registered 252,384 MT of corn for export

- US corn export inspections for week, ending Dec 28, reported 683,898 MT, within market expectations (575-800 TMT). Inspections for 2017/18 are running 38.2% behind of year-ago

- Turkey has reduced the import duty on barley to zero until April 1 and has reduced the tariff for importing four kinds of wheat to 45% from 130% last year. Barley, malting barley and other kinds of barley will be imported with a 35% duty from the beginning of the second quarter

- Ukraine exported 2.25 MMT of corn in December 2017, down 15% on year. Ukraine's Sept-Dec 2017/18 corn exports fell 30% on year to 4.45 MMT

- Ukraine exported 72 TMT of barley in December 2017, down 77% on year. Ukraine's July-Dec 2017/18 barley exports fell 12% on year to 3.81 MMT

- Brazil’s Trade Ministry reported December corn exports at 3.994 MMT, up from 3.52 MMT in November and well above the 1.006 MMT in the year-ago month

- Brazil’s Trade Ministry reported December ethanol exports at 65.2 million litres, down from 134.8 mln litres in November and down from 70.2 mln litres last December

- EC raised its 2017 EU corn harvest estimate to 64.6 MMT from 62.2 MMT last month (62.8 MMT in 2016). Projected imports in new season was lowered by 2 MMT to 13.0 MMT (13.6 MMT in 2016/17). EC raised its forecast for 2017/18 corn ending stocks to 18.4 MMT from 17.4 MMT previously (17.6 MMT in 2016/17)

- EC upped slightly its 2017 EU barley harvest outlook to 58.8 MMT from 58.7 MMT last month, down from 59.4 MMT in 2016. Projected exports in new season were kept unchanged from prior month at 7 MMT (8.8 MMT in 2016/17). EC lifted its forecast for 2017/18 barley ending stocks to 6.8 MMT from 6.7 MMT previously and vs. 5.6 MMT in 2016/17

- US Ethanol production for the week ended Dec 29 fell by 58,000 barrels to 1,032,000 barrels per day, down 1.1% from last year's level of 1,043,000 bpd. Stocks climbed by 588,000 barrels from the week prior to 22.619 million barrels, up 21.1% vs. 18.678 million barrels a year ago

SOYBEAN

- Jan 4 - Argentina registered for export 97,000 MT of soybean oil and 407,450 MT of soymeal

- US soybean export inspections for week, ending Dec 28, reported 1,139,436 MT, near the lower end of trade estimates (1.1-1.3 MMT). Inspections for the 2017/18 marketing year are running 14.2% behind of year-ago

- Argentina has cut its soybean export tax to 29.5% from a previous 30%, the first step in a plan to gradually reduce the levy to 18% over two years. The government is also cutting the export tax on soyoil and soymeal, down as of this month to 26.5% from a previous 27%. This tax will be lowered eventually to 15% by 2020

- Brazil’s Trade Ministry reported December soybean exports at 2.356 MMT, up from 2.143 MT in November and above the 653,098 MT a year ago. Also Brazil exported 674,057 MT of soymeal in December versus 1.071 MMT the month before and 1.012 MMT a year ago; and 46,467 MT of soyoil compared to 73,501 MT in November and 66,157 MT a year ago

- Ukraine exported 424 TMT of soybeans in December 2017, down 3% on year. Ukraine's Sept-Dec 2017/18 soybean exports fell 3% on year to 1.23 MMT

- Ukraine exported 145 TMT of rapeseed in December 2017, up 91% on year. Ukraine's July-Dec 2017/18 rapeseed exports surged over two-fold on year to almost 2 MMT

- Ukraine exported 412 TMT of sunflower oil in December 2017, down 26% on year. Ukraine's Sept-Dec 2017/18 sun oil exports fell 4% on year to 1.7 MMT

- EC raised its 2017 EU rapeseed harvest estimate to 21.8 MMT from 21.7 MMT previously, up 8.5% from 20.1 MMT in 2016

- EC upped its 2017 EU soybean harvest view to 2.8 MMT from 2.75 MMT in November, up 12.9% from 2.48 MMT in 2016

- EC raised its 2017 EU sunflower crop estimate to 10.27 MMT from 10.25 MMT in November, up 17.6% from 8.74 MMT in 2016

- Surveyor Intertek Testing Services estimated Malaysia's December 1-31 palm oil exports at 1,422,070 MT up 6.7% from a month ago

- Surveyor SGS estimated Malaysia's December 1-31 palm oil exports at 1,439,477 MT up 9.8% from a month ago