Export quotes for EU grains have been mainly growing. At the same time, the September report from Strategie Grains has shown increased forecast of wheat and barley production in the EU in MY 2023-24, but these volumes are still lower than last year.
Export prices for Ukrainian grain have been mostly declining this week. Danube ports continue to operate despite Russia’s attempts to reduce or even stop grain exports from Ukraine through constant attacks on infrastructure.
Prices for Ukrainian sunflower oil with October-November shipments have dropped to $800-845/t CIF Mersin. However, no signed deals have been reported. The number of offers has significantly exceeded demand this week.
Trade is weak on the Turkish steel scrap market. Producers of rolled steel still duffer sluggish demand for finished steel products, so they are slow to ink new deals for the procurement of imported scrap. Contracts are now concluded in case of an urgent needed only.
In Egypt, the granular urea market was showing increased consumer activity earlier this week. Producers were selling the fertilizer at $375-455/t FOB for shipments in September. In the mid-week, however, buyers have been showing less interest due to the rapid price increase to $460-470/t FOB.
In Latin America, demand for phosphates remains low, with prices for Russian and Moroccan-made MAP hovering within $530-540/t C&F Brazil.
Since the start of the new “soybean dollar” program, Argentine farmers have been ramping up sales of the oilseed. Quotes for new crop (MY 2023-24) soybeans have fallen by $8/t to $484-487/t FOB Upriver (May shipments).
The Australian grain market remains stable. Farmers are monitoring weather conditions and their impact on production prospects. This week ABARES has released a new report on production forecasts for MY 2023-24.
Russian grain suppliers have made price concessions in order to preserve steady demand of importers. According to market participants, Egyptian GASC has contracted 480,000 t of Russian wheat under a private agreement.
In Brazil, corn prices have been following the global trend. According to AgRural, farmers already harvested 88% of the 2022-23 safrinha crop by August 31 (98% as the same date last year) and planted 13% of the planned area with 2023-24 first crop corn.