WHEAT

- June 20 - Japan seeks 61,864 MT of US food wheat for Aug shipments:

  • 29,130 MT of western white US wheat;
  • 12,310 MT of hard red winter US wheat;
  • 20,424 MT of dark northern spring US wheat

- US wheat export inspections for week, ending June 13, recorded 375,365 MT, within expectations (300-600 TMT). Inspections for 2019/20 are running 0.4% ahead of year-ago

- USDA reports 64% of the winter wheat crop is in good to excellent condition as of June 16, unchanged from prior week and ahead of average analyst expectations (63%), also well above last year's 39%. USDA said the US winter wheat harvest was 8% complete, below an average of expectations (14%), also lagging the last year’s 25% and the five-year average of 20%. USDA rated 77% of the US spring wheat crop in good-to-excellent condition as of June 16, down 4% points from prior week and below an average of expectations (81%) also down compared to 78% a year-ago

- ABARES cut its forecast of 2019/20 Australian wheat export to 11.688 MMT from previous estimate of 14.21 MMT in March but above last year’s shipments of 9.688 MMT

- MARS upped its yield forecast for this year's EU soft wheat to 6.1 mt/ha from 6.05 mt/ha prior month, up 8.6% from last year and 2.7% above the five-year mean

CORN

- US corn export inspections for week, ending June 13, reported 653,875 MT, near the lower end of expectations (600-900 TMT). Inspections for 2018/19 are running 4.3% behind of year-ago

- USDA said the US corn crop was 92% planted by June 16, in line with analysts' forecasts, but behind the five-year average of 100% and last year's 100%. USDA rated 59% of the US corn crop in good-to-excellent condition as of June 16, unchanged from prior week and matching expectations, but down compared to 78% a year-ago

- Russia plans to resume wheat exports to Iran soon, the annual volume will reach 1.5 MMT

- Egypt re-tested for quality the 60,000-MT Romanian wheat cargo after an initial rejection and the vessel resumed unloading

- MARS raised its yield forecast for this year's EU corn to 8.05 mt/ha from 7.92 mt/ha last month, down 3.6% from last year but 5.7% above the five-year average

- MARS lowered its yield estimate for this year's EU barley (winter and spring) to 4.92 mt/ha from 4.96 mt/ha last month, up 6.9% from last year and 1.2% above the five-year mean

SOYBEAN

- US soybean export inspections for week, ending June 13, reported 675,302 MT, within trade expectations (500-1000 TMT). Inspections for the 2018/19 marketing year are running 26.2% behind of year-ago

- USDA said 77% of the US soybean crop was planted as of June 16, behind of market forecasts (79%), down compared to 96% last year and an 93% five-year average

- NOPA said its members crushed a smaller-than-expected 154.796 million bushels of soybeans during May (162.474 million bu – average expectations, 157-165.2 – range).  NOPA processors crashed 159.99 mln bu in April and 163.572 mln bu a year ago. Soyoil stocks fell to 1.581 billion lbs as of May 31 from 1.787 a month earlier, below the average expectations of 1.784 billion lbs and last year’s level of 1.856 billion lbs. Soymeal exports fell to 617,318 tons from 763,203 tons in April and vs. 904,941 tons a year-ago

- ABARES cut its forecast of 2019/20 Australian canola export to 1.659 MMT from previous estimate of 2.643 MMT in March, but above the 1.471 MMT in 2018/19

- MARS upped its yield forecast for this year's EU rapeseed to 3.14 mt/ha from 3.13 mt/ha last month, up 8.8% from 2018 but 3% below the 5-year average

- MARS cut its yield forecast for this year's EU sunflower seed to 2.37 mt/ha from 2.41 mt/ha last month, up 7.8% over the 5-year average but down 1.7% from 2018

- June 17 - China sold 215,764 MT of soybeans from state reserves, or 71.9% of the offered amount, at average price of 3,115 RMB/mt

- June 17 - China sold 80,032 MT of rapeseed oil from state reserves, or 100% of the offered amount, at average price of 6,302 RMB/mt