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.
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.