Quotes for EU grains have dropped in the last week of September, attracting the attention of importers. According to market participants, Egypt’s GASC has purchased 170,000 t of wheat originating from Romania (120,000 t) and Bulgaria (50,000 t) at $271.8/t C&F.
U.S. wheat remains uncompetitive on the world market. Progressing harvesting of corn (15% complete), combined with large supplies from Brazil, put pressure on relevant export quotes. However, corn prices have increased amid reports of a large volume sale to Mexico.
Brazilian corn prices have increased this week due to lively trade and exports. Anec forecasts total corn exports in September at about 9.6 million t (10 million t a week earlier).
Export quotes for Kazakh grain have stabilized, but remain quite high. Recent upturns in wheat prices have already led to higher flour prices in Tajikistan, Uzbekistan and Kyrgyzstan. Quotes are not expected to fall due to a smaller than expected harvest and harvesting delays (resulting in loss of quality).
Trade has slowed down on the Russian grain market, which puts pressure on export quotes. However, wheat offer prices are still holding steady this week, while barley quotes have inched down.
The Australian grain market remains quiet in the pre-harvest period. The first deliveries of new crop 2023-24 gain have been reported this week from CBH in Western Australia and Viterra in South Australia.
The sunflower oil market looks weak in the Black Sea region. Suppliers have not been making any offers, and indicative quotes on the FOB basis are stable.
In the U.S., progressing harvesting of soybeans, combined with large supplies from Brazil, put pressure on relevant export quotes. Harvesting is 12% complete vs. 7% last year and a five-year average of 11%.
In Ukraine, urea is being supplied to domestic and foreign markets, and is also processed into UAN. OstChem Retail has not changed the fertilizer price.
In Ukraine, farmers are purchasing phosphate fertilizers required for the fall application. The products are being mostly purchased in small stems. However, prices continue to decline. Dnipro Mineral Fertilizer Plant continues to produce NP 10:32 and NP 8:22.