February 3, 2012 News Brief

• Wire story reports balmy, snowless winter in Iowa feeding U.S. Midwest crop worries; winter soil moisture in the U.S. Midwest spots the lowest in decades
• Trade estimate for Stats Can all wheat stocks as of Dec 31 is 20.6 mt versus 20.8 mt a year ago; durum 3.7 mt (3.8 mt)
• Trade estimate for Stats Can oat stocks as of Dec 31 is 2.2 mt versus 2.3 mt a year ago; barley 4.5 mt (5.7 mt)
• Trade estimate for Stats Can canola stocks as of Dec 31 is 9.1 mt versus 9.4 mt a year ago
• China’s soybean futures retreat from 12-week high on position evening, Argentine rains
• U.S. attaché sees Argentine wheat production (14 mt) and exports (9.5 mt) higher than current USDA forecasts
• U.S. attaché sees USDA missing the mark on Argentine corn output; production seen at 21.8 mt versus current USDA forecast of 26 mt, exports 14 mt (18.5 mt USDA)
• Argentine group sees corn harvest off 30% from initial ideas coming in at 20-21 mt; exchange says corn hit harder by drought due to shorter flowering period
• U.S. attaché sees Argentine soybean output at 46.5 mt versus the current USDA forecast of 50.5 mt
• Argentine group sees soybeans escaping serious damage after recent rain; exchange says soy refreshed by ample rains
• Wire story reports no decision Friday on Russian grain exports
• Ukrainian corn exports to Iran shrank 40% in January to 130,000t (217,000t in December, 238,000t in November) due to tightening sanctions causing problems collecting payment
• EU cleared 178,000t wheat export licenses over the past week taking the season total to 8.1 mt versus 12.6 mt a year ago at the same stage
• Malaysia looks to reform its palm oil export duty policies to counter Indonesia’s revamped tax structure
• Malaysian palm oil prices closed up 29 ringgits (MYR 3,085 a metric ton, basis April) on weekend position evening, upside seen limited
• Indonesia’s crude palm oil sales to Pakistan are expected to more than triple this year as a result of a cut in import duties by Pakistan
• India looks for a record 2012 wheat crop of 88.31 mt (86.87 mt last season with annual consumption seen at 76 mt); hopes are raised for more exports; total grain output in 2011/12 estimated at 250.42 mt, up 2.3% on the year