WHEAT

- Jan 16 - Taiwan Flour Millers' Association seeks 99,075 MT of US milling wheat in two consignments: 50,375 MT for March 10-24 and 48,700 MT for March 26-April 9 shipments

- Thailand flour millers bought 55,000 MT of US wheat last week for April-May shipment, including spring wheat at 295-300 $/mt c&f, hard winter wheat at 263-265 $/mt c&f, and soft white wheat at 263-266 $/mt c&f

- Jan 10 - Mauritius cancelled an international tender to buy 95,000 MT of optional-origin wheat flour for July 1, 2020-June 20, 2021 shipment, with no purchase being made

- Jan 9 - Morocco's ONICL received no offers in a tender to import up to 354,000 MT of US-origin durum wheat for arrival by May 31 as part of a reduced-tariff import quota tender

- EU during Jan 1-3 awarded licenses to import 55,133 MT of Ukrainian wheat under an annual duty-free quota.  So the EU had now awarded 5.2% out of a total volume of 1,055,000 MT available in 2020

- USDA estimated 2020 US winter wheat plantings at 30.804 million acres, the lowest since 1909 but within analysts' expectations for 29.9-32.18 million

- USDA lowered its forecast of global wheat crop in 2019/20 by 1 MMT to 764.4 MMT, up 4.5% (or 32.9 MMT) from the 2018/19. Global production is down this month with smaller crops in Russia and Australia more than offsetting larger crops in the EU. Global trade is raised slightly with stronger demand from Turkey. Higher exports for the EU and Ukraine more than offset lower shipments from Russia. USDA lowered forecast of 2019/20 world wheat inventories by 1.4 MMT to 288.08 MMT, above the average expectation of 287.32 MMT and vs. 278.06 MMT in 2018/19

- Buenos Aires Grains Exchange raised its forecast of Argentine 2019/20 wheat production to 18.8 MMT from 18.5 MMT previously (19 MMT in 2018/19)

- Egypt has enough strategic wheat reserves to cover its needs until the second week of June

- Soft wheat exports from French ports reached a six-year high in December during the on-going transportation strikes that saw loadings at several ports around the country halted intermittently for several days

CORN

- Jan 10 - South Korea's Korea Feed Association (KFA) in a private deal purchased 68,000 MT of optional-origin corn from Dreyfus at 209.95 $/mt c&f for April 5 arrival

- Jan 9 - South Korea's Nonghyup Feed Inc. (Nofi) bought 69,000 MT of optional-origin corn, probably from the US, from Dreyfus at 211.95 $/mt c&f plus a 1.25 $/mt surcharge for additional port unloading for April 15 arrival

- Jan 9 - South Korea's Feed Leaders Committee (FLC) in a private deal purchased 66,000 MT of US corn from Cargill at 207.49 $/mt c&f for January 25-February 25 shipment

- USDA raised its estimate of US 2019/20 corn crop to 13.692 billion bushels (13.661 in Dec), above the average of analysts' forecasts of 13.513. USDA surprisingly raised its estimate of the average US 2019 corn yield to 168 bpa from its Dec estimate of 167 bpa, at the upper end of trade estimates (164.8-168.5 bpa)

- USDA raised forecast of global corn production in 2019/20 by 2.2 MMT to 1,111 MMT, down 1% (or 11.6 MMT) from last year, with larger crops in Bangladesh, the EU, Russia, and the US. Global trade is down marginally from last month with lower imports for Bangladesh. Lower exports for the US more than offset higher exports for Brazil, Ukraine, and the EU. USDA lowered forecast of 2019/20 global corn ending stocks by 2.8 MMT to 297.81 MMT, down from 320.39 MMT in 2018/19 but above the average of trade expectations (296.61 MMT)

- EU during Jan 1-3 awarded licenses to import 9,925 MT of Ukrainian barley under an annual duty-free quota.  So the EU had now awarded 1.5% out of a total volume of 655,000 MT available in 2020

SOYBEAN

- USDA raised its estimate of US 2019/20 soybean crop to 3.558 billion bushels (3.55 in Dec), above the average of analysts' forecasts of 3.512. USDA surprisingly raised its estimate of the average US 2019 soybean yield to 47.4 bpa from its Dec estimate of 46.9 bpa, topped the range of trade estimates (46-47.2 bpa)

- USDA lifted forecast of global soybean production in 2019/20 by 0.2 MMT to 337.7 MMT, down 5.7% (or 20.6 MMT) from last year’s record, due to higher production in the US. USDA lifted forecast of global soybean ending stocks by 0.27 MMT to 96.67 MMT by the end of 2019/20, down 13.6 MMT from record level of 2018/19 but above the average expectation (95.23 MMT)

- Egypt has sufficient vegetable oils reserves to cover its needs until early May

- Surveyor AmSpec Agri Malaysia estimated Malaysia's Jan 1-10 palm oil exports at 455,592 MT up 10% from a month ago

- SGS estimated Malaysia's Jan 1-10 palm oil exports at 457,831 MT up 21.6% from a month ago

- MPOB estimated Malaysian crude palm oil production in Dec at 1.334 MMT, slightly below the average expectation of 1.338 MMT and down 13.3% from 1.538 MMT in Nov. Malaysia's palm oil stocks at end of Dec fell 11% from the previous month to 2.007 MMT, below the average market expectation of 2.064 MMT. Malaysian Dec palm oil exports fell by 0.7% to 1.396 MMT, but above the average expectation of 1.319 MMT