Quotes for Brazilian corn are sliding down amid the progressing harvesting campaign. According to AgRural, by July 27 farmers harvested 55% of safrinha corn compared to 73% harvested as of the same date last year. Yields are high, confirming the expectation of a heavy crop. Corn trade remains quiet.
Wheat prices dropped noticeably in the United States. Quotes suffered pressure from ongoing harvesting, milder weather, as well as high competition from Russia and weak demand for U.S. wheat. According to USDA, farmers had harvested 80% of the winter wheat crop by July 30.
This season (ends September 1), grain exports from Kazakhstan are expected to reach quite a high level of 11 million t. In 10 months of MY 2022-23, 10.32 million t of grain crops were exported from Kazakhstan (+33% year-on-year).
The Russian grain market is showing slow trade, with only some support for prices provided by tenders of key importers. Thus, GASC purchased 300,000 t of Russian wheat at $250/t FOB. Algerian OAIC has bought 500,000 t of wheat at $276/t C&F and part of this grain is likely to come from Russia.
Quotes for EU grains have started to decline. Current importers’ demand is insufficient to maintain such high prices amid decreasing exports from Ukraine. Besides, there is still competition with Russia.
The Ukrainian grain export market has been showing mixed price dynamics. Pace of trade is moderate, with most of the products being transported to importers by land transport or via the Danube ports. At the same time, Ukrainian corn is enjoying stable demand in the EU countries
Prices for Ukrainian sunflower oil fell significantly amid problems with shipments and competition with Russian traders.
Weather conditions in Europe are pushing up coal prices as electricity consumption is increasing due to abnormal heat wave.
World iron ore prices have sagged again after China introduced production curbs in the Yunnan province.
Despite the fact that the Turkish market of finished steel products remains dull, manufacturers keep on carrying out active negotiation seeking price cutbacks in order to replenish the stocks with imported steel scrap.