DAP prices have been mostly growing on the global phosphorous fertilizer market. Indian importers are trying to resist this trend by making counter-offers within international tenders. Thus, on November 11, RCF has canceled a tender for the purchase of 45,000 t of DAP, having received only one offer at $600/t from C&F India.
In Egypt, prices for granular urea are hovering at $380-385/t FOB. Abu Qir offers the fertilizer at $380/t FOB and unconfirmed reports show sales of small volumes at this price.
The offer of Ukrainian sunflower oil has increased, and exporters have raised prices due to quite healthy demand from North African, Turkish, Indian and Chinese importers. This week, the oil is offered at $900-920/t CIF Mersin, $890/t CIF Marmara and $895/t CIF Izmir for November-December shipments.
Grain prices are stable in Australia. Harvesting of winter crops continues. The work is progressing well and is expected to be completed by the end of December (a few weeks earlier than usual).
In mid-November, export prices for Kazakh wheat have inched down. Such dynamics is due to low domestic and export demand, as well as problems with the quality of grain and competition with suppliers from Russia.
Russian grain prices have shown minor shifts despite growing demand and limited offer on the domestic market. By November 14, the volume of concluded contracts for wheat sales amounted to 2.4 million t (against 1.9 million t in October).
Mixed price trend can be seen on the EU grain export market. Thus, prices are under pressure from competition with Black Sea wheat (mainly Russian grain) and the prospect of an increase in grain stocks in France to the maximum in the last six years.
In Ukraine, grain export prices have shown an upturn amid steady demand and ongoing problems with shipments by sea. Wheat is being increasingly shipped to Asia, with feed wheat being popular in Spain, Italy and Bangladesh (quotes are voiced at $227-230/t C&F, $200/t DAP and $265/t C&F, respectively).
In the U.S., soybean prices have grown sharply amid large purchases by Chinese importers. Thus, during the week, private exporters have reported sales of a total of 1.7 million t of soybeans to China and 1.1 million t of soybeans to an unknown buyer (most likely also China) for shipments during MY 2023-24.
In Brazil, corn prices are under pressure from a large offer. Anec forecasts November corn shipments at around 8.35 million t (5.89 million t in November 2022). According to Safras&Mercado, Brazilian producers sold 71% of the 2022-23 safrinha corn crop (69% a year ago and an average of 74.7%).