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%).
Despite heavy corn sales in the U.S., relevant quotes have declined due to seasonal pressure, as well as an advancing U.S. harvesting and higher estimates of global production and ending stocks.
Quotes for imported thermal coal have decreased in ARA ports. Local consumers are inactive on the market. Our sources have reported a tender for the purchase of thermal coal by one of European cement producers, but the details have not been disclosed yet.
Iron ore prices are on the rise in China despite weak demand and another 1.8 million t hike in port stockpiles to 108.8 million t.
Quotes for imported steel scrap have jumped up on the Turkish market amid scant inflow of imported scrap. Despite the ongoing decline in the segment of finished steel products, Turkish mills are ready to purchase scrap at higher prices to provide the production with the raw material during the coming month.
In Ukraine, the issue of port security remains open and continues to affect pricing. After another missile attacks in Odesa Region, export quotes have shown an upturn, although navigation along the established corridor continues. Thus, on November 9, six ships with 231,000 t of agri products left the ports of Greater Odesa.