WHEAT

- May 14 - Algeria's OAIC seeks at least 50,000 MT of optional-origin milling wheat for July shipment. Offers must remain valid until May 15

- May 14 - Jordan seeks 120,000 MT of optional-origin hard milling wheat for Oct-Nov shipment

- May 10 - South Korea's Nonghyup Feed Inc. (Nofi) bought 60,000 MT of optional-origin feed wheat from Glencore at 200.99 $/mt c&f plus a 1.5 $/mt surcharge for additional port unloading for Nov 21 arrival

- May 10 - A group of South Korean flour mills has purchased about 30,000 MT of Australian milling wheat for August shipment (25,200 MT of Australian standard white wheat (ASW), 11% protein, and 4,800 MT of Australian hard wheat, 11.5% protein)

- May 8 - South Korea's Major Feedmill Group (MFG) in a private deal purchased 65,000 MT of optional-origin feed wheat from Bunge at 204.29 $/mt c&f for Nov 5 arrival

- May 8 - South Korea's Major Feedmill Group (MFG) in an international tender purchased 65,000 MT of optional-origin feed wheat from Cofco at 204.75 $/mt c&f including a surcharge for additional port unloading for Oct 25 arrival

- May 8 - Importers in the Philippines bought about 110,000 MT of optional-origin feed wheat in tow consignments of 55,000 MT at 198.75 $/mt c&f for shipment in the first half of July and 197 $/mt c&f for shipment in the first half of August. Philippine’s importers made no purchase in a previous tender for 55,000 MT of feed wheat which closed on May 7

- May 8 - Japan bought 17,515 MT of feed wheat for Oct 31 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 May 15    

- A flour miller in Indonesia recently bought up to 30,000 MT of Black Sea wheat at around 210 $/mt c&f for August shipment

- Weekly US wheat export sales data for week ended May 2 totaled 502,900 MT, incl. 90,600 MT for 2018/19, within expectation (75-250 TMT) and 412,300 MT for 2019/20, topped expectation (100-350 TMT). Export commitments for 2018/19 are running 9% ahead of year-ago

- USDA projected the total US wheat crop for the 2019/20 marketing year at 1.897 billion bushels, slightly below the average analyst estimate for 1.909 billion but up 0.7% from the prior year

- USDA pegged US wheat ending stocks for the 2018/19 crop year at 1.127 billion bushels (1.097 – average trade estimates) and projected the 2019/20 carryout at 1.141 billion bushels (1.06 billion bushels – average estimates)

- USDA projected global wheat production to reach a record 777.5 MMT, up 6.3% (or 45.9 MMT) from the 2018/19. Production among the top exporting countries is projected up a combined total of 34 MMT as nearly all are expecting larger crops (EU, Australia, Russia, Ukraine and Canada)

- USDA lowered 2018/19 world wheat inventories to 274.98 MMT from April estimate of 275.61 MMT and vs. average expectation of 275.89 MMT. Stocks are expected to rise to a record 293.01 MMT in 2019/20, above the range of expectations (259-290 MMT)

- Conab lowered its estimate for 2019 wheat production to 5.466 MMT from 5.631 MMT previously (5.428 MMT in 2018). They kept its forecast of 2019 wheat imports at 7.2 MMT (7.3 MMT in 2018)]

- FranceAgriMer estimated 79% of French soft wheat crops were in good/excellent condition by May 6, unchanged from week earlier but up compared to 78% a year earlier

- FAO expects world wheat output in 2019 to rise to record high 767 MMT, up 37 MMT (5%) from last year with most of the increase in Australia, the EU and Russia. Trade in 2019/20 (July/June) to rise by 1.6%, supported by stronger import demand in Asia and Africa while Russia is seen to retain its position as the world’s largest exporter. Wheat inventories could increase by 9.8 MMT (3.7%) in 2019/20 to 278 MMT though still below the record of 2017/18

CORN

- May 10 - South Korea's KOCOPIA bought 60,000 MT of US corn from Cofco at 190.09 $/mt c&f including surcharge for additional port unloading for September arrival

- May 9 - USDA announced export sales of 107,000 MT of US corn for delivery to Colombia during 2018/19

- Weekly US corn export sales data for week ended May 2 totaled 294,500 MT, incl. 287,600 MT for 2018/19 below expectations (500-800 TMT). Export commitments for 2018/19 are running 10% behind of year-ago

- USDA's forecasts of US corn ending stocks for both 2018/19 and 2019/20 came in above the average trade expectations

- USDA projected global corn production in 2019/20 at a record 1,134 MMT, up 1.3% (or 14.8 MMT) from last year, with record crops for Argentina, Canada, Brazil, Egypt, India, and Indonesia; and near-record crops for the US, EU and Ukraine

- USDA forecasted that global corn ending stocks would fall to 314.7 MMT by the end of 2019/20, from 325.9 MMT in 2018/19, but both figures above trade expectations

- India has imported 27,000 MT of non-GM corn from Ukraine at 205 $/mt cif. Earlier this year, the country imported 57,000 MT of Ukrainian non-GM corn. So the latest purchase takes this year's total imports to 84,000 MT

- Ukraine's Ag Min said Ukraine exported about 43.53 MMT of grain between July 1-May 10, 2018/19 vs. 34.88 MMT for the same period of last season, including 14.45 MMT of wheat (15.48 MMT a year ago), 24.92 MMT of corn (15.02 MMT) and 3.42 MMT of barley (4.18 MMT)

- Ukrainian farmers have sown 3.3 million ha of corn or 71% of planned area as of May 10 vs. 3.7 million ha a year ago

- China's Ag Min expects 2019 corn output to decrease 1.2% year-on-year to 254.15 MMT (257.33 MMT in 2018). China’s 2019/20 corn imports are forecasted at 3 MMT (2.5 MMT in 2018/19)

- AgRural raised its forecast of Brazil’s 2018/19 total corn crop to a record high 99.2 MMT vs. 80.7 MMT prior season

- Conab lifted its forecast of Brazil's 2018/19 corn crop to 95.254 MMT from 94.009 MMT in Apr (80.71 MMT last season) with second crop at 69.15 MMT (53.899 MMT in 2017/18). Conab expects Brazil to export 31 MMT of corn (24.767 MMT in 2017/18). Ending stocks are forecasted to rise to 16.5 MMT from 14.246 MT in 2017/18

- Zambia's 2019 maize production is expected to fall 16% to about 2 MMT from 2.39 MMT last year, due to prolonged dry weather, but it would be above the requirement of 1.96 MMT

- FranceAgriMer estimated 75% of French winter barley crops were in good/excellent condition by May 6, unchanged from prior week but up vs. 74% a year earlier. Spring barley rating was at 88% in good to excellent vs. 86% last week and vs. 78% a year ago

- FranceAgriMer estimated corn planting 80% done as of May 6 (68% a week-ago), vs. last year’s pace of 74%

- FAO expects world maize production in 2019 to increase year-on-year by 2.3% (25.2 MMT) to 1,140 MMT, boosted primarily by production recovery in Argentina, Brazil and the US. Corn inventories could drop by 18.6 MMT (5%) in 2019/20 to 332.2 MMT, with most of the decrease in China

SOYBEAN

- May 9 - USDA announced export sales of 369,000 MT of US soybeans for delivery to unknown destinations during 2018/19 (120 TMT) and 2019/20 (249 TMT)

- May 8 - Egypt’s GASC bought 18,500 MT of local soybean oil at 11,539 EGP/mt (672.6 $/mt) from Watanya/Cargill (8 TMT) and Alexseeds (10.5 TMT) for July 15-30 arrival. Also GASC bought 30,000 MT of sunflower oil from Glencore at 706 $/mt c&f with facilities 180 days for Aug 1-15 arrival

- May 8 - South Korea's Nonghyup Feed Inc. (Nofi) has purchased about 60,000 MT of optional-origin soymeal at 340 $/mt c&f for Sept 30 arrival

- Weekly US soybeans export sales data for week ended May 2 totaled 146,500 MT, incl. net cancellation of 149,100 MT for 2018/19, well below expectations (300-650 TMT). Export commitments for 2018/19 are running 18% behind of year-ago

- Weekly US soymeal export sales data for week ended May 2 of 196,500 MT, incl. 150,800 MT for 2018/19, within expectations (75-250 TMT). Export commitments for 2018/19 are running 2% ahead of year-ago

- USDA's forecasts of US soybean ending stocks for both 2018/19 and 2019/20 came in above the average trade expectations

- USDA projected global soybean production in 2019/20 at 355.7 MMT, down 1.8% (or 6.4 MMT) from last year’s record, mostly on reduced output in the US

- USDA forecasted that global soybean ending stocks would be at 113.1 MMT by the end of 2019/20, almost unchanged from record level of 2018/19 and above average expectation

- AgRural raised its forecast for Brazil's 2018/19 soybean crop to 115.3 MMT, up from 114.6 MMT in April

- Conab lifted forecast of Brazil's 2018/19 soy output by 491 TMT to 114.314 MMT, still below the record previous crop of 119.282 MMT. Conab cut its forecast of Brazil soybean exports by 2 MMT to 68 MMT (83.605 MMT in 2017/18). Ending stocks are forecasted to recover to 3.46 MMT from 746,300 MT in 2017/18

- China's Ag Min expects 2019 soybean output to increase 7.9% year-on-year to 17.27 MMT (16 MMT in 2018). China is expected to cut its soybean imports further in 2019/20 to 84.9 MMT (85 MMT in 2018/19)

- China imported 7.64 MMT of soybeans in April, up 9.4% from the year before. For the first four months of 2019, imports fell to 24.39 MMT, down 7.9% from the same time a year ago

- China's imports of all vegetable oils in April was 520,000 MT up 39.5% on year. China's Jan-Apr vegetable oil imports climbed 51.4% on year to 2.48 MMT

- Ukrainian farmers have sown 4.2 million ha of sunflower or 74% of planned area as of May 10 vs. 4.8 million ha a year ago

- Ukrainian farmers have sown 676,000 ha of soybeans or 37% of planned area as of May 10 vs. 1.1 million ha a year ago

- FAO raised its estimate for world soybean production in 2018/19 by 3.4 MMT to 364 MMT (344.9 MMT in 2017/18), on improved harvest outcomes in a number of countries, notably Argentina and Brazil. Stocks (2018/19 carry-out) revised up by 4.1 MMT to 56 MMT (43.3 MMT in 2017/18) on higher forecasts for China, Brazil and Argentina

- MPOB estimated Malaysian crude palm oil production in April at 1.649 MMT, slightly above the average expectation of 1.64 MMT but down 1.4% from 1.672 MMT in March. Malaysia's palm oil stocks at end-April fell 6.6% from the previous month to a six-month low 2.729 MMT, below the average market expectation of 2.772 MMT. Malaysian April palm oil exports rose by 2% to 1.651 MMT, above the average expectation of 1.644 MMT

- Surveyor AmSpec Agri Malaysia estimated Malaysia's May 1-10 palm oil exports at 550,785 MT up 14.4% from a month ago

- Surveyor SGS estimated Malaysia's May 1-10 palm oil exports at 559,545 MT up 6.4% from a month ago