WHEAT

- Jul 25 - Bangladesh seeks 50,000 MT of optional origin milling wheat, 12.5% protein, for shipping within 40 days of the signing of the contract

- Jul 12 - Argentina registered 60,000 MT of wheat for export

- Jul 3 - Bangladesh bought 50,000 MT of optional origin milling wheat from Agrocorp at 256.38 $/mt CIF liner out for shipping within 40 days of the signing of the contract

- Jul 13 - Saudi Arabia’s SAGO seeks 595,000 MT of wheat, 12.5% protein, in 10 consignments for Sept-Oct shipment

- Jul 12 - Japan bought 62,865 MT of food wheat for September shipments:

  • 17,177 MT of western white US wheat;
  • 11,353 MT of dark northern spring US wheat;
  • 34,335 MT of Australian standard white wheat

- Weekly US wheat export sales data for week ended July 5 totalled 136,400 MT for 2018/19 (below trade expectations for 200-500 TMT). Export commitments for 2018/19 are running 30% behind of year-ago

- USDA pegged US wheat ending stocks for the 2017/18 crop year at 1.1 billion bushels and projected the 2018/19 carryout at 985 million bushels (973 million bushels – average estimates)

- USDA lowered its forecast of global wheat production by 8.4 MMT to 736.3 MMT, down 2.9% (or 21.7 MMT) from the 2017/18 record, driven mainly by several of the major wheat exporters: the EU, Australia, Russia, and Ukraine. Consumption is forecast to exceed production for the first time in 6 years

- USDA cut forecast of 2018/19 world wheat inventories by 5.3 MMT to 260.88 MMT, below average expectation of 265.05 MMT and vs. 272.46 MMT in 2017/18

- Russia’s Ag Min said Russia exported 1.09 MMT of grain between July 1-11, 2018/19, up by 89% from 576,000 MT a year ago, including:

  • wheat – 676,000 MT (2.7 times more from year ago);
  • barley – 281,000 MT (2.7 times more);
  • corn – 125,000 MT (down by 42.2%)

- Russia has 3,898,800 MT of grain in its federal intervention fund as of July 13 vs. 3,918,300 MT week ago and 3,995,800 MT year ago

- Russian farmers harvested 24.6 MMT of wheat as of July 13, up from 9 MMT a year ago, yields totalled 3.88 mt/ha down from 4.69 mt/ha year ago

- Russia's Ag Min expects the country's 2018 wheat harvest at 64.4 MMT

- Ukrainian farmers have threshed 9.3 MMT of winter wheat with the average yield of 3.18 mt/ha as of July 13

- Strategie Grains lowered its forecast for EU soft wheat exports in 2018/19 to 21.1 MMT, down 1.6 MMT from last month, now only slightly above an estimated 20.7 MMT in 2017/18. Strategie Grains cut its EU 2018 soft wheat crop forecast from 139.9 to 132.4 MMT, 7% below 2017/18 (141.8 MMT), citing sharp drops in predicted production in France and Germany

- Germany's association of farm cooperatives cut its forecast of country’s 2018 wheat crop to 21.53 MMT from 22.89 MMT in June, a 12.1% decrease from last year

- FranceAgriMer said 72% of France’s soft wheat crops were in good to excellent condition as of July 8, down 1% point from prior week and vs. 66% a year ago. French farmers harvested 20% of soft wheat vs. 3% a week ago and 22% a year ago

- Rosario grain exchange expected Argentine 2018/19 wheat production at a record 20 MMT

CORN

- Jul 17 - Jordan seeks 120,000 MT of optional-origin feed barley for Oct-Nov shipment

- Jul 13 - Northern Cyprus was seeking a total 25,000 MT of feed barley in two consignments of 12,500 MT, one for immediate shipment up to July 25 and another between Aug 1-20

- Jul 13 - Taiwan's MFIG bought 65,000 MT of US or Brazil corn from Cargill at a premium of 161.23 USc/bushel c&f over the Chicago December contract (around 203 USD/mt, c&f) for Sept 17-Oct 6 shipment from the US Gulf or Brazil, or Oct 2-21 shipment from the Pacific North West, or South Africa

- Jul 13 - China sold 942,336 MT of corn from state reserves, or 23.4% of the offered amount, at average price of 1,417 RMB/mt (212 $/mt)

- Jul 12 - China sold 1,234,749 MT of corn from state reserves, or 30.9% of the offered amount, at average price of 1,528 RMB/mt (228 $/mt)

- Jul 12 - South Korea's Major Feedmill Group (MFG) bought 69,000 MT of optional-origin corn from Dreyfus at 204.95 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for Dec 23 arrival

- Jul 12 - South Korea's Nonghyup Feed Inc. (NOFI) bought 69,000 MT of optional-origin corn from Dreyfus at 204.28 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for Dec 25 arrival

- Jul 12 - South Korea's KFA (Korea Feed Association) bought 60,000 MT of optional-origin corn at 205.74 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for Dec 5 arrival

- Weekly US corn export sales data for week ended July 5 of 530,100 MT, incl. 402,100 MT for 2017/18 (near the lower end of trade expectations of 400-800 TMT) and 128,000 MT for 2018/19 (below expectations for 250-550 TMT). Export commitments for 2017/18 are running 4% ahead of year-ago

- USDA's forecasts of US corn ending stocks for both 2017/18 and 2018/19 came in below the average trade expectations

- USDA upped forecast of global corn production in 2018/19 by 1.9 MMT to 1,054 MMT, up 2% (or 20.6 MMT) from last year, as larger crops for the US, the EU, and Serbia more than offset a reduction for Russia and Canada

- USDA cut forecast of 2018/19 global corn ending stocks by 2.7 MMT to 151.96 MMT, down from 191.73 MMT in 2017/18 and below an average of trade expectations (156.27 MMT)

- Ukrainian farmers have threshed 2.8 MMT of winter barley with the average yield of 3.48 mt/ha as of July 13. They also harvested 503,000 MT of spring barley with the average yield of 1.9 mt/ha

- Ukrainian farmers have threshed 354,800 MT of peas with the average yield of 1.51 mt/ha as of July 13

- Russian farmers harvested 2.2 MMT of barley as of July 13, down from 2.3 MMT a year ago, yields totalled 3.39 mt/ha vs. 4.25 mt/ha year ago

- Strategie Grains trimmed its forecast of EU's 2018/19 corn production by 300,000 MT to 60.6 MMT

- Strategie Grains lowered its forecast of EU's 2018/19 barley production from 62.5 to 59.6 MMT

- EU has awarded all of the half-year quota (2nd subperiod) to import 139,432 MT of any origin corn in a first round in a week to July 6. The award meant that the EU had now awarded 100% out of a total volume of 277,988 MT available in 2018

- Germany's association of farm cooperatives lowered its forecast of country’s 2018 corn crop to 4.24 MMT (4.35 MMT previous), a 6.8% drop from last year

- Germany's association of farm cooperatives forecasted the country’s 2018 winter barley crop at 7.93 MMT (8.42 MMT – previous forecast in June), down 12% from last year; and spring barley crop at 2.18 MMT (2.26 MMT – previous forecast), up 19.2% from 2017

- FranceAgriMer estimated France’s corn condition as of July 8 as 73% in good to excellent, down 1% point from prior week and below the year-ago score of 81%

- FranceAgriMer said 69% of France’s winter barley crops were in good to excellent condition as of July 8, unchanged from the prior week, above the year-ago score (62%). Spring barley rating was at 75% in good to excellent vs. 76% last week and vs. 65% a year ago. Harvesting of winter barley was under way, with 92% of the crop cut by July 8 (76% a week ago), above the 84% harvest progress a year ago. They also harvested 7% of spring barley vs. 4% a week ago and 8% a year ago

- China's Ag Min kept forecast of 2018 corn output at 209.53 MMT (215.89 MMT in 2017). China’s 2018/19 corn imports are forecasted at 1.5 MMT (2.5 MMT in 2017/18)

SOYBEAN

- Jul 12 - Argentina registered 152,971 MT of soymeal for export

- Weekly US soybeans export sales data for week ended July 5 totalled 429,400 MT, incl. 158,600 MT for 2017/18 (below trade expectations of 200-500 TMT) and 270,800 MT for 2018/19 (near the lower end of trade expectations for 250-550 TMT). Export commitments for 2017/18 are running 4% behind of year-ago

- Weekly US soymeal export sales data for week ended July 5 of 78,200 MT, incl. 37,500 MT for 2017/18 and 40,700 MT for 2018/19, below trade expectations. Export commitments for 2017/18 are running 15% ahead of year-ago

- USDA raised forecast of US 2018/19 soy ending stocks to 580 million bushels, above the range of pre-report trade estimates

- USDA raised forecast of global soybean production in 2018/19 by 4.25 MMT to a record 359.5 MMT, up 6.8% (or 22.8 MMT) from last year, as gains in Brazil, Argentina, the US, and China more than offset a reduction for Canada

- USDA upped forecast of 2018/19 global soybean ending stocks by 11.2 MMT to a record 98.27 MMT, above range of expectations of 85-92 MMT (96.02 MMT in 2017/18)

- China imported 8.7 MMT of soybeans in June, up 13% from the year before. China's soybean imports in the first six months of the year rose 0.1% to 44.87 MMT

- China's imports of all vegetable oils in June was 529,000 MT up 36% on year. China's Jan-Jun vegetable oil imports fell 0.1% on year to 2.77 MMT

- China's Ag Min expects 2018 soybean output to increase 5.6% year-on-year to 15.37 MMT (14.55 MMT in 2017). Soybean imports forecast was lowered to 93.85 MMT from 95.65 MMT in June and vs. 95.97 MMT in 2017/18

- Germany's association of farm cooperatives cut Germany's 2018 winter rapeseed output forecast from 4.05 to 3.55 MMT this month, down 16.8% from 2017

- Ukrainian farmers harvested 1.8 MMT of rapeseed as of July 13, yields totalled 2.49 mt/ha

- Russian farmers harvested 95,800 MT of rapeseed as of July 13, down from 118,300 MT a year ago. Yields totalled 1.73 mt/ha vs. 2.06 mt/ha a year ago

- Malaysia will cut its crude palm oil export tax to 4.5% in August, down from 5% in July. Malaysia calculated a reference price of 2,284.26 MYR/mt for August