Prices for Ukrainian sunflower oil have inched up despite low importers’ activity and large number of offers. Exporters are voicing quotes at $860-870/t CIF Mersin, while buyers are ready to pay at best $800-840/t.
Export quotes for Egyptian urea have dropped this week. AlexFert has sold 6,000 t of the fertilizer at $420/t FOB for shipment in October.
Trade has been slow in the segment for Chinese phosphates. Small lots of DAP are being exported under previously concluded contracts, but no new deals have been reported. Prices are voiced within $571.5-600/t FOB China.
Though prices for imported iron ore were fluctuating in China, the week has ended with decreased quotes for Australian raw material and higher value of the Brazilian origin.
Quotes for imported thermal coal have inched up in Western Europe, although players do not see any trade upturn. No deals have been signed over the week.
U.S. soybean prices continue to decline amid ongoing harvesting and competition from Brazil. According to the USDA, soybean harvesting has progressed to 43% of the plan (41% last year and a five-year average of 37%).
Harvesting continues in Australia, putting pressure on export prices. Trade remains inactive. The quality of harvested wheat is still good, but grain yields are fluctuating from below average to average.
Large corn supplies from Brazil continue to put pressure on global prices. Anec estimates October corn exports at 9.2 million t (8.9 million t forecasted a week earlier). At the same time, the drought in northern Brazil is causing logistical problems due to the low level of the Amazon River.
U.S. corn prices remain under pressure from ongoing harvesting and competition from Brazil, but closer to mid-week, quotes got some support from the monthly USDA report. According to the USDA, by October 8, U.S. farmers harvested 34% of the planned corn crop
The Kazakh grain market is stable. In the October report, USDA analysts have significantly reduced the estimate of wheat production in Kazakhstan in MY 2023/24 – to 13 million t (from 15 million t projected in September).