In the U.S., soybean export quotes are under pressure of the global trend caused by improving weather conditions in Brazil. According to USDA, the U.S. soybean harvesting was complete as of November 19, which also affects pricing.
Export quotes for corn are generally flat in Brazil. Market participants continue to keep a close eye on weather conditions impacting production prospects and thus prices.
The US grain market has been inactive this week due to the Thanksgiving holiday. Wheat prices are sliding down amid high competition on export markets and low demand. However, this week private exporters have reported selling 110,000 t of SRW wheat to China for shipments during MY 2023-24.
Quotes for imported thermal coal continue sliding down on the West European market amid insufficient pace of trade. Prices have dropped also in ARA ports.
Trade has strengthened somewhat on the Turkish steel scrap market, although most importers still refrain from active purchases amid sluggish sales and rather low prices of finished steel products.
Prices for imported iron ore are now the highest in past 18 months in China. The latest increases have been triggered by news about a possible reduction in BHP Group’s supplies.
OCP’s phosphate fertilizers are still offered to European consumers for shipments in December. Thus, OCP’s DAP is quoted at $614/t FOB Morocco for Germany, at $550-565/t FOB Morocco for Romania (spot stems) and at $680/t FOB Morocco for France (November-December shipments).
Trade is slow on the global urea market, with prices falling noticeably. In Egypt, granular urea has been sold in the middle of the week at $350-357/t FOB for December shipments, unconfirmed reports show. In addition, HFC has sold a total of 40,000 t of the fertilizer to Europe and Turkey at $355-360/t FOB.
Prices for sunflower oil have grown in the Black Sea region. Sellers are voicing offers within $930-950/t CIF Mersin, while buyers’ ideas are hovering at $915-935/t for shipments in December.
In Australia, grain prices have shown an upturn due to slow sales by farmers and a stronger currency. Dry and hot weather favored the wheat harvesting, which is already more than 50% complete, and higher protein levels.