Soybean prices are on the decrease in the United States as harvesting progresses. By September 17, farmers have harvested 5% of planned soybean crops (3% last year and a five-year average of 4%). Softening soybean meal and oil markets have additionally affected soybean quotes.
Large volumes of corn shipped from Brazil, along with growing competition from the U.S., are putting pressure on global prices. According to Conab, farmers harvested 96% of the 2022-23 safrinha corn crop by September 17, while harvesting was already complete by the same time last year.
Corn prices are on the decrease in the United States as harvesting progresses. By September 17, farmers have harvested 9% of planned corn crops (7% last year and an average for 5 years) and planted 15% of the projected areas under winter wheat (19% and 16%, respectively).
Prices for imported iron ore have dropped again in China amid falling futures and increased iron ore production by local enterprises. The price cuts spurred interest in imported raw material, so the number of fresh contracts increased.
Similar to several consecutive weeks, the West European market for imported thermal coal continues showing moderate activity amid rising prices. At the same time, demand for Kazakh high-calorie coal is growing in Poland.
In the second week of September, Egyptian producers have been offering granular urea at $460-470/t FOB, although the netback from prices in Europe has reached $410-445/t FOB. No signed deals have been reported.
U.S. soybean prices have declined despite lowered forecasts for U.S. production (-1.6 million t to 112.8 million t) and exports (-950,000 t to 48.7 million t). Note that the state of soybean crops has worsened by another 1% over the week, with 52% now rated as good/excellent
Chinese suppliers have been granted DAP export quotas for Q4 2023 in the amount of 1.2 million t. However, restrictions on urea exports have recently been introduced, so market participants believe that they may also apply to phosphate. The government has reportedly suspended CIQ inspections (authorities that deal with quarantine and inspection of imported…… Read more »
Iron ore prices have risen noticeably amid high demand on the Chinese primary market and in ports. In order to maintain high pace of production, local metallurgists are actively replenishing stockpiles ahead of the holidays.
Quotes for imported thermal coal have stayed nearly unchanged on the West European market, but their range has narrowed. European consumers are quite actively ordering coal with October and November shipments, which supports prices.