WHEAT

- June 13 - Japan seeks 37,293 MT of Canadian Western Red Spring wheat (protein min. 13.5%) for Aug shipments

- June 13 - Philippines importers are seeking at least 55,000 MT of feed wheat for July-August shipment

- June 12 - Jordan has made no purchase in an international tender for 120,000 MT of optional-origin hard milling wheat

- June 11 - Egypt's GASC bought 120,000 MT of wheat from Romania and Russia for July 11-21 shipment:

  • 60,000 MT of Romanian wheat from Cofco at 209.11 $/mt c&f (197.49 fob+11.62 freight);
  • 60,000 MT of Russian wheat from Aston at 209.60 $/mt c&f (196.90 fob+12.70 freight)

- US wheat export inspections for week, ending June 6, recorded 464,779 MT, within expectations (400-650 TMT). Inspections for 2019/20 are running 4.6% behind of year-ago

- USDA reports 64% of the winter wheat crop is in good to excellent condition as of June 9, unchanged from prior week and ahead of average analyst expectations (63%), also well above last year's 38%. USDA said the US winter wheat harvest was 4% complete, below an average of expectations (7%), also lagging the last year’s 13% and the five-year average of 10%. USDA said spring wheat was 97% planted, matching expectation, but behind the five-year average of 99% and last year's 99%. USDA rated 81% of the US spring wheat crop in good-to-excellent condition as of June 9, down 2% points from prior week and below an average of expectations (82%) but up compared to 70% a year-ago

- USDA projected the total US wheat crop for the 2019/20 marketing year at 1.903 billion bushels, above the average analyst estimate for 1.883 billion and up 1% from the prior year

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

- USDA raised forecast of global wheat in 2019/20 by 3.3 MMT to a record 780.8 MMT, up 6.7% (or 49.1 MMT) from the 2018/19. Global production is raised this month based on larger crops in India, Russia, and Ukraine. Global trade is nearly unchanged with higher imports for Indonesia partially offset by lower imports for Vietnam. Exports are projected higher for Russia and Ukraine, but lower for Australia and the EU

- USDA raised forecast of 2019/20 world wheat inventories by 1.3 MMT to a record 294.34 MMT, above average expectation of 290 MMT and vs. 276.57 MMT in 2018/19

- ABARES cut forecast of 2019/20 Australian wheat crop to 21.191 MMT from 23.918 MMT in March, still up 22.5% from 17.298 MMT in 2018/19

- Conab lifted its estimate for 2019 wheat production to 5.474 MMT from 5.466 MMT previously (5.428 MMT in 2018). They kept its forecast of 2019 wheat imports at 7.2 MMT (7.0 MMT in 2018)

- FranceAgriMer upped its forecast for French soft wheat stocks at the end of the 2018/19 to 2.432 MMT from 2.291 MMT projected last month (2.984 MMT in 2017/18). Projected exports outside the EU left at 9.75 MMT, up 20.1% from 8.117 MMT in 2017/18, while forecast of shipments within the EU was lifted from 7.428 to 7.553 MMT, down 18.5% from 9.268 MMT in 2017/18

CORN

- June 12 - Taiwan's MFIG bought 65,000 MT of Brazil corn from Bunge at a premium of 89 USc/bushel c&f over the Chicago December contract (211 $/mt, c&f) for Sept 17-Oct 6 shipment

- June 12 - Japan bought 560 MT of feed barley for Nov 28 arrival via SBS-tender

- June 11 - South Korea's KFA (Korea Feed Association) in a private deal bought 65,000 MT of corn, likely from South America, from CHS at 205.7 $/mt c&f for Dec 5 arrival     

- June 11 - South Korea's Nonghyup Feed Inc. (NOFI) bought 68,000 MT of optional-origin corn from ADM at 206.74 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for Dec 1 arrival

- June 11 - South Korea's Major Feedmill Group (MFG) bought 70,000 MT of South American corn from CJ International at 206.99 $/mt c&f including a surcharge for additional port unloading for Nov 30 arrival

- Indian state-run trading company MMTC has again postponed the offer deadline in an international tender for non-GM yellow corn now from June 12 to June 19. The shipment period has been changed to July 20-Aug 20 from July 15-Aug 15 previously

- US corn export inspections for week, ending June 6, reported 850,647 MT, near the upper end of expectations (500-900 TMT). Inspections for 2018/19 are running 2% behind of year-ago

- USDA said the US corn crop was 83% planted by June 9, in line with analysts' forecasts, but behind the five-year average of 99% and last year's 99%. USDA rated 59% of the US corn crop in good-to-excellent condition as of June 9, down compared to 77% a year-ago but above an average of expectations (54%)

- USDA's forecast of US corn ending stocks for 2019/20 came in below the average trade expectations. Also USDA made bigger-than-expected cut in US corn yield forecast

- USDA cut forecast of global corn production in 2019/20 by 34.6 MMT to 1,099 MMT, now down 1.9% (or 21.3 MMT) from last year, with a sharp reduction for the US crop more than offsetting gains for Argentina and Russia. Global trade is fractionally down from last month as cuts to the United States and Zambia more than offset improved export outlooks for Argentina, Brazil, and Russia

- USDA cut forecast of 2019/20 global corn ending stocks by 24.2 MMT to 290.52 MMT, down from 325.38 MMT in 2018/19 and below the range of trade expectations

- Conab raised its forecast of Brazil's 2018/19 corn crop to 97.01 MMT from 95.254 MMT in May (80.71 MMT last season) with second crop at 70.677 MMT (53.899 MMT in 2017/18). Conab upped forecast of corn exports by 1 MMT to 32 MMT (24.767 MMT in 2017/18). Ending stocks are forecasted to rise to 17.384 MMT from 14.789 MT in 2017/18

- China's Ag Min lifted forecast of 2019 corn output to 254.35 MMT from 254.15 MMT previously (257.33 MMT in 2018). China’s 2019/20 corn imports are forecasted at 3 MMT (2.5 MMT in 2018/19)

- ABARES raised forecast of 2019/20 Australian barley crop to 9.191 MMT from 8.786 MMT in March, up 10.6% from 8.31 MMT in 2018/19

- France's farm ministry forecasts the country's 2019 winter barley crop at 8.53 MMT, up 4.6% from last year but 3.5% below five-year average

- FranceAgriMer raised its forecast for French corn stocks at the end of the 2018/19 to 2.955 MMT from 2.709 MMT in May and vs. 2.549 MMT in 2017/18. France's 2018/19 corn exports are forecasted at 4.238 MMT down from May estimate (4.25 MMT) and down vs. 5.316 MMT a year ago

- FranceAgriMer lowered its forecast of France's 2018/19 barley ending stocks to 1.531 MMT from 1.627 MT in May (1.514 MMT in 2017/18). France's 2018/19 barley exports (without malt) is expected at 6.134 MMT (6.069 MMT – previous forecast) up 2% from year-ago (5.992 MMT in 2017/18)

SOYBEAN

- June 17-18 - South Korea’s Agro-Fisheries & Food Trade Corp seeks a total 18,000 MT of non-GM soybeans for July-December arrival

- June 11 - South Korea's Nonghyup Feed Inc. (NOFI) has rejected all offers and made no purchase in a tender for up to 60,000 MT of South American soymeal for Nov 10 arrival. Prices were regarded as too high             

- June 10 - South Korea's Major Feedmill Group (MFG) in a private deal purchased about 60,000 MT of optional-origin soymeal from Cargill at 369.5 $/mt c&f including a surcharge for additional port unloading for September shipment

- US soybean export inspections for week, ending June 6, reported 714,627 MT, topped trade expectations (450-650 TMT). Inspections for the 2018/19 marketing year are running 26.4% behind of year-ago

- USDA said 60% of the US soybean crop was planted as of June 9, ahead of market forecasts (56%) but down compared to 92% last year and an 88% five-year average

- USDA's forecasts of US soybean ending stocks for both 2018/19 and 2019/20 came in above the average trade expectations. USDA left its US soy yield forecast at 49.5 bushels per acre (bpa), unchanged from May and above an average of analyst expectations for 49 bpa

- USDA kept forecast of global soybean production in 2019/20 at 355.4 MMT, down 1.8% (or 6.7 MMT) from last year’s record. USDA lowered forecast global soybean ending stocks by 0.4 MMT to 112.66 MMT by the end of 2019/20, almost unchanged from record level of 2018/19 and slightly below average expectation

- Conab lifted forecast of Brazil's 2018/19 soy output by 529 TMT to 114.843 MMT, still below the record previous crop of 119.282 MMT. Conab kept its forecast of Brazil soybean exports at 68 MMT (83.258 MMT in 2017/18). Ending stocks are forecasted to recover to 3.184 MMT from 1.391 MMT in 2017/18

- ABARES cut forecast of 2019/20 Australian canola crop to 2.571 MMT from 3.685 MMT in March, still up 18% from 2.18 MMT in 2018/19

- France's farm ministry forecasts the country's 2019 winter rapeseed output at 3.843 MMT, down 22.2% from last year and 25.6% below five-year average

- Surveyor SGS estimated Malaysia's June 1-10 palm oil exports at 377,235 MT down 32.6% from a month ago

- MPOB estimated Malaysian crude palm oil production in May at 1.671 MMT, above the average expectation of 1.62 MMT and up 1.3% from 1.649 MMT in April. Malaysia's palm oil stocks at end-May fell 10.3% from the previous month to a ten-month low 2.447 MMT, below the average market expectation of 2.46 MMT. Malaysian May palm oil exports rose by 3.5% to 1.712 MMT, slightly above the average expectation of 1.71 MMT