Prices for EU grains have been showing mixed dynamics, although in most cases quotes have increased. Prices were supported by the forecast of wheat production in Strategie Grains’ August report; the estimate was cut by 1.4 million t to 124.7 million t (which is lower than the previous year’s result of 125.3 million t).
Grain trade is looking brisk in Russia, with lively shipments supporting relevant quotes. Limited traffic in the Kerch Strait (as it is temporarily closed from time to time) along with additional inspections of all passing vessels, still slows down the pace of export shipments (although does not cause major delays).
In Kazakhstan, players note an increase in purchase prices for milling wheat due to decreased number of offers from farmers. However, export quotes hold steady so far.
Prices for Australian barley have surged after China decided to lift anti-dumping duties. Demand for old crop barley has grown significantly, although trade in 2023-24 crop is low. Demand from China, both for old crop and new crop grain, has also increased. Australia’s largest grain exporter, CBH Group, has already received approval to resume…… Read more »
During the week, natural gas supplies to Egyptian urea producers resumed in full, but sales of granular fertilizers remained minimal. The latest deal was signed at $467/t FOB two weeks ago. Indicative quotes were hovering at $470-480/t FOB. Netbacks for granular urea sales to Ireland with shipments in August or September were within $455-460/t…… Read more »
Importers’ demand for phosphates started to decline in Brazil. EuroChem’s latest sales of MAP 12:52 were made at $500-510/t C&F for August-September shipments. Prices for MAP 11:52, which were of interest to consumers, rose this week to $515/t C&F. Indian state-owned companies GSFC and RCF each purchased 50,000 t of Moroccan DAP at $445-447/t…… Read more »
Corn prices have decreased in the United States amid improved crop conditions and forecasts of favorable weather. Additional pressure on corn prices was put by weak demand from U.S. ethanol producers. In addition, private exporters reported selling a total of 251,460 t of corn to Mexico.
Export quotes for soybeans have dropped in the United States amid improved crop conditions and forecasts of favorable weather. New crop oilseeds are offered at $527-528/t FOB Gulf of Mexico for shipments in October. Private exporters reported selling a total of 383,000 t of soybeans to China.
Turkish importers of steel scrap refrain from active negotiations, pinning hopes that prices will keep going down further. Meanwhile, foreign scrap traders are sitting on the fence waiting for more favorable market environment. As a result, both parties are slow to enter into new deals.
Iron ore quotes have fallen to a two-month low in China after July 31. Iron ore demand has weakened due to floods caused by aftermaths of typhoon in the northern regions of the country, as well as due to further decline on the steel market.