In the U.S., average corn prices have increased by the end of the week. Note that farmers have already started harvesting corn in some parts of the US Midwest as hot and dry weather has accelerated ripening. Still, there is uncertainty about yield potential.
Ukrainian grain export prices have been mostly falling this week. Traders are trying to attract importers’ attention to speed up sales. Due to increased bombing of the Danube port infrastructure, grain storage in local warehouses is becoming high risk, so traders are trying to switch to direct transshipment.
Export prices for Kazakh wheat hold steady, but traders expect quotes for grade 3 wheat to rise to $260/t DAP Saryagash soon amid seasonal increase in demand.
Quotes for EU wheat have been declining amid high competition with Russian suppliers. The information that Egypt contracted almost 500,000 t of Russian wheat under a private agreement rather than in a tender put pressure on prices.
In the first week of September, Ukrainian suppliers have been offering sunflower oil at $850-855/t CIF Mersin, while importers insisted on levels of $845-849/t CIF Mersin for shipments in September-October.
Turkish factories stepped up purchasing imported steel scrap on Friday. Before that date, however, they had been slow to enter into new deals amid dull sales of finished steel products.
Iron ore prices have been fluctuating this week. At the same time, Australian exporters of Fe 62% iron ore fines have managed to raise quotes by about $2/t as this type of ore is the most popular in China.
Quotes for imported coal have inched down in Western Europe as consumers are still trying to lower prices a bit. At the same time, players note demand in Europe. Signed deals have been reported, including from utility companies.
Australian iron ore prices have inched up over the week, while those for Brazilian origin have sagged slightly. Note that on the one hand, the price increase has been supported by growing futures, but on the other hand, low trade and concerns about new steel production curbs in China have put pressure on iron…… Read more »
Quotes for imported thermal coal remain high in West Europe despite a slight decline seen in late August. Prices are supported by a slight trade upturn. Two contracts have been reportedly signed during the week, while one German company has announced a large tender for the purchase of coal.