Nitrogen fertilizer market // Week 37
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.
Commodity markets
Soybean market // Week 37
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
Market of complex and potash fertilizers // Week 37
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 market // Week 37
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.
Coal market // Week 37
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.
Grain market. Australia // Week 37
The Australian grain export market remains seasonally inactive. However, Chinese consumers are still showing demand for feed barley, which is supporting prices. Given dry weather conditions, USDA has lowered its forecast for Australian wheat production and exports in MY 2023-24 to 26 million tons
Grain market. South America // Week 37
Brazilian corn prices are supported by strong importers’ demand. At the same time, domestic consumers are showing limited activity and expect lower prices. According to AgRural, farmers harvested 93% of the safrinha corn crop by September 7, while harvesting was already complete by the same time last year.
Grain market. USA // Week 37
U.S. corn export quotes have increased despite higher estimate of U.S. corn crop for 2023-24 (+600,000 t to 384.4 million t), as well as the start of harvesting campaign (5% complete by September 10).
Grain market. Kazakhstan // Week 37
Wheat export prices have risen sharply in Kazakhstan. Heavy rains not only hindered harvesting, but also reduced the quality of grain, which had a corresponding impact on quotes.
Grain market. Russia // Week 37
In Russia, lower export prices are keeping grain supplies high. According to GASC estimates, Egypt has already imported 2.14 million t of wheat in the current season, with main grain supplies coming from Russia (1.55 million t)