WHEAT

- Nov 7 - Japan bought 123,928 MT of food wheat for Dec-Feb shipments:

  • 9,455 MT of western white US wheat;
  • 14,940 MT of hard red winter US wheat;
  • 32,715 MT of dark northern spring US wheat;
  • 35,157 MT of Canadian western red spring wheat;
  • 31,661 MT of Australian standard white wheat

- Nov 5 - Egypt's GASC bought 175,000 MT of wheat from France (120 TMT) and Russia (55 TMT) for December 15-25 delivery:

  • 120,000 MT of French wheat from Glencore at 232.44 $/mt c&f (214.00 fob+18.44 freight);
  • 55,000 MT of Russian wheat from ADM at 234.60 $/mt c&f (218.00 fob+16.60 freight)

- Nov 4 - Syria's Hoboob have made no purchase in a tender to buy 150,000 MT of Russian milling wheat

- Brazil has put into effect a tariff-free import quota for 750,000 tonnes of wheat per year that is open to any country and has no end-date

- Weekly US wheat export sales data for week ended Oct 31 totaled 360,600 MT for 2019/20, near the low end of market expectations (350-600 TMT). Export commitments for 2019/20 are running 8% ahead of year-ago

- USDA slightly lifted forecast of global wheat crop in 2019/20 to 765.55 MMT, up 4.7% (or 34.27 MMT) from the 2018/19. Global production is up slightly as larger crops for the EU and Russia more than offset reductions for Argentina and Australia. Global trade is raised slightly with stronger demand from Turkey. Higher exports for the EU, Russia, and Ukraine more than offset smaller projected shipments for Argentina and Australia. USDA upped forecast of 2019/20 world wheat inventories by 0.47 MMT to 288.28 MMT, above the average expectation of 287.03 MMT and vs. 277.9 MMT in 2018/19

- France exported 1.34 MMT of soft wheat in September, the third month of the 2019/20 marketing season, including 706,000 MT of soft wheat shipped outside the EU (incl. 378 TMT to Algeria). Cumulative French soft wheat exports in July-September reached 4.02 MMT, up 2.3% from the same period last year. Shipments outside the EU were down 4.7% at 2.08 MMT, while exports within the EU were up 10.9% to 1.94 MMT

- FranceAgriMer estimated winter wheat planting 67% done as of Nov 4, behind of last year’s pace of 85%

- European Commission (EC) raised its forecast of 2019 EU soft wheat crop to 147.01 MMT from 145.003 MMT previously (128.52 MMT last year). EU's executive forecasts EU soft wheat exports at 26 MMT in 2019/20, up from 21.433 MMT in 2018/19. Soft wheat inventories in the region are forecasted at 18.133 MMT by the end of June 2020, above 11.882 MMT estimated for 2018/19

CORN

- Nov 8 - USDA announced export sales of 217,040 MT of US corn for delivery to unknown destinations during 2019/20

- Nov 7 - South Korea's Nonghyup Feed Inc. (Nofi) in a private deal purchased 69,000 MT of optional-origin corn from Cargill at 205.63 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for March 2020 arrival

- Nov 7 - South Korea's Feed Leaders Committee (FLC) bought an unknown volume of corn in a tender for up to 69,000 MT of optional-origin corn at 205.63 $/mt c&f + 1.25 $/mt surcharge for additional port unloading for February 29, 2020 arrival           

- Nov 5 - South Korean importers (Major Feedmill Group (MFG) and Korea Feed Association (KFA)) in private deals purchased a total 201,000 MT of optional-origin corn in three consignments for February 2020 arrival

- Weekly US corn export sales data for week ended Oct 31 totaled 487,900 MT for 2019/20 within expectations (300-650 TMT). Export commitments for 2019/20 are running 47% behind of year-ago

- Forward sales of Argentine corn and soybeans are zooming higher versus last year as growers hedge against possible increases in export taxes under President Alberto Fernandez, who is set to take office on Dec 10

- USDA lowered forecast of global corn production in 2019/20 by 1.85 MMT to 1,102 MMT, down 2% (or 22.85 MMT) from last year, with smaller crops for Mexico, Ukraine, and the US more than offsetting gains for several African countries, Russia, and Turkey. Global trade is up from last month with higher imports for Colombia, Japan, South Korea, and Vietnam. Exports for Brazil and Russia are up, but down for the US this month on slow early season sales and shipments. USDA cut forecast of 2019/20 global corn ending stocks by 6.6 MMT to 295.96 MMT, below the average of trade expectations (300.31 MMT) and down from 320.06 MMT in 2018/19

- EC lifted its forecast of 2019 EU corn harvest to 66.58 MMT from 66.46 MMT previously (69.076 MMT in 2018). EC kept its forecast of EU 2019/20 corn imports at 17 MMT (24.229 MMT in 2018/19). They forecast ending stocks at 21.682 MMT vs. 25.02 MMT in 2018/19

- EC raised its forecast of 2019 EU barley harvest to 62.416 MMT from 61.396 MMT previously (56.003 MMT in 2018). EC forecasts EU 2019/20 barley exports at 9 MMT vs. 7.981 MMT in 2018/19 and ending stock at 8.96 MMT vs. 5.23 MMT current season

- FranceAgriMer estimated France’s corn condition as of Nov 4 as 57% in good to excellent, unchanged from prior week and in line with the year-ago score. French farmers harvested 79% of corn as of Nov 4 vs. 65% a week ago and 98% a year ago

- FranceAgriMer estimated winter barley planting 81% done as of Nov 4, behind of last year’s pace of 90%

- Rabobank expects China's pork imports may reach record levels of as much as 4.6 MMT next year

SOYBEAN

- Nov 8 - USDA announced export sales of 270,000 MT of US soybeans for delivery to unknown destinations during 2019/20

- Nov 7 - USDA announced export sales of 136,000 MT of US soybeans for delivery to China during 2019/20

- Nov 7 - USDA announced export sales of 133,000 MT of US soybean meal for delivery to the Philippines during 2019/20

- Weekly US soybeans export sales data for week ended Oct 31 totaled 1,807,400 MT for 2019/20, topped expectations (600-1200 TMT). Export commitments for 2019/20 are running 2% behind of year-ago

- Weekly US soymeal export sales data for week ended Oct 31 of 262,400 for 2019/20, within expectations (150-300 TMT). Export commitments for 2019/20 are running 14% behind of year-ago

- USDA cut forecast of global soybean production in 2019/20 by 2.4 MMT to 336.56 MMT, down 6% (or 21.65 MMT) from last year’s record, due to lower production in India and Canada. USDA lifted forecast of global soybean ending stocks by 0.2 MMT to 95.42 MMT by the end of 2019/20, down 14.2 MMT from record level of 2018/19 but above the average expectation (93.85 MMT)

- China's Ag Min raised its 2019/20 soybean import forecast to 86.2 MMT compared to the previous forecast of 84 MMT, also up vs. 82.61 MMT in 2018/19

- China imported 6.181 MMT of soybeans in October, down 10.7% from the year before. For the first ten months of 2019, imports fell to 70.691 MMT, down 8.1% from the same time a year ago

- China's imports of all vegetable oils in October was 912,000 MT up 93.6% on year. China's Jan-Oct vegetable oil imports climbed 53.7% on year to 7.57 MMT

- President Donald Trump on Friday, Nov 8, said he has not agreed to rollbacks of US tariffs sought by China, sparking fresh doubts about when the world's two largest economies may end a 16-month trade war that has slowed global growth

- EC cut its forecast of 2019 EU rapeseed harvest to 16.769 MMT from 16.926 MMT previously, 16.2% down from 20.015 MMT in 2018

- EC lifted forecast of 2019 EU soybean harvest to 2.938 MMT from 2.858 MMT previously (2.833 MMT)

- EC lowered forecast of 2019 EU sunflower seed crop to 9.842 MMT from 9.948 MMT previously (9.973 MMT in 2018)

- MPOB estimated Malaysian crude palm oil production in Oct at 1.796 MMT, below the average expectation of 1.879 MMT and down 2.5% from 1.842 MMT in Sept. Malaysia's palm oil stocks at end-Oct fell 4.1% from the previous month to 2.348 MMT, below the average market expectation of 2.516 MMT. Malaysian Oct palm oil exports rose by 16.4% to 1.642 MMT, exceeding the average expectation of 1.594 MMT

- Indonesia is keeping export tax for crude palm oil at zero for November 2019, as the CPO reference price is set at 571 $/mt, below the threshold of 750 $/mt for taxes, while above the 570 $/mt for levies, but in September the government said it will not collect levies until January