Corn prices have risen in Brazil due to concerns about potential production volumes. Delayed soybean planting, along with weather conditions and expectations of reduced planting area, is also weighing on potential corn production.
In the U.S., soybean export quotes have increased amid high importers’ interest and concerns about weather conditions in Brazil. Domestic demand for soybeans also supported the export quotes amid reports of a record processing volume in October.
Quotes for imported thermal coal have sagged on the West European market. Consumers do not hurry to buy new volumes, expecting further price cuts. Deals are sporadic, most of them stipulate shipments in December.
Quotes for imported steel scrap keep are climbing up in Turkey owing to quite lively demand. ISM sources reported a number of fresh deals for the supply of steel scrap from the US and Europe.
Iron ore prices on the rise despite sluggish trade on the primary market. Quotes are supported by the limited offer from major iron ore producers, shrinking stockpiles at Chinese ports and optimistic sentiment related to the upcoming economic developments in China.
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.