In Australia, uncertainty remains over the new crop due to weather conditions, which is holding back producer sales, slowing export trade and supporting prices. In addition, the Grain Industry Association of Western Australia (GIWA) lowered production estimates for Western Australia due to continued dry conditions in most agricultural regions.
This week, importers’ demand for phosphates has decreased in Brazil. Only customers applying fertilizer for soybeans may be interested in purchasing MAP with shipments in August and early September. The next wave of purchases is expected for the second application (for corn) starting in February 2024.
The global urea market has featured the approval by the Indian IPL to purchase 1.76 million t of urea at $396-399/t C&F for shipments to the east and west coasts of India by September 26. About 1.1 million t of this volume will be shipped from China, 350,000-400,000 t from the Middle East
Sunflower oil prices are declining due to weak demand amid Russian attacks on Danube ports. Offers of oil for August-September shipments are voiced at $935/t CIF Mersin, while bids do not exceed $920/t on the same basis. As a result, sales have been made at $930/t CIF Mersin.
Quotes for U.S.corn dropped amid improved crop ratings. According to the USDA, as of August 13, 59% of corn crops were in good/excellent state against 57% a week earlier and last year.
Quotes for Ukrainian grains have been mostly increasing, although exports remain limited. During the week, the press service of the Ukrainian Armed Forces Naval Forces announced the creation of temporary routes for civilian vessels to/from Black Sea ports primarily for the exit of civilian vessels stationed in the Ukrainian ports
Prices for Ukrainian sunflower oil inched up, although buyers’ demand was limited. Sunflower oil with spot shipments in August was offered at $950-960/t CIF Mersin, with no bids received.
Coal prices increased in Europe, although trade remains sluggish. No signed deals were reported by players.
Quotes for imported iron ore have been fluctuating in China this week. On the one hand, uninspiring outlook on the short-term prospects of the market of finished steel products keeps putting pressure on iron ore prices
Demand for imported steel scrap is muted in Turkey. Nevertheless, the corresponding prices have strengthened over the week. Local mills are very slow to accept the new price range due to dull home market of finished steel products.