Coal market // Week 31
Trade has decreased to a minimum on the West European market for imported thermal coal. Quotes have sagged to $106-116/t CIF ARA, and players took a wait-and-see stance.
Commodity markets
Market of complex and potash fertilizers // Week 31
Prices for phosphate fertilizers were mostly growing on the global market as demand from major consumers remained strong. Quotes surged after GSFC and RCF purchased Moroccan DAF for shipments in August and 1H September at $445-448/ton C&F India.
Nitrogen fertilizer market // Week 31
In Egypt, producers stopped offering urea as European buyers do not hurry to contract large volumes. Like all global market players, they are waiting for the results of the Indian tender. Only two offers of granular urea have been seen this week at $475/t and $490/t FOB.
Soybean market // Week 31
Soybean prices decreased in the United States due to favorable weather conditions. Additional pressure on soybean quotes came from a softening of the soybean meal market, although soybean demand is healthy these days.
Grain market. Australia // Week 31
In Australia, wheat prices have fallen due to inactive trade. Exporters are buying little grain on the domestic market as importers’ demand is now focused on grain from the Northern Hemisphere and producers remain focused on weather and reluctant to sell.
Grain market. South America // Week 31
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.
Grain market. USA // Week 31
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.
Grain market. Kazakhstan // Week 31
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).
Grain market. Russia // Week 31
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.
Grain market. EU countries // Week 31
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.