In the U.S., the soybean market has firmed up on brisk export sales in the U.S. and weather concerns in Brazil. According to USDA, private exporters have reported selling a total of 730,000 t and 125,000 t of soybeans to unknown buyers for shipments during MY 2023-24 and MY 2024-25, respectively.
Export prices for Ukrainian grain have inched down by mid-December, although there are some preconditions for an increase. Thus, the domestic market is seeing competition between processing and export-oriented companies as farmers restrain sales.
Australian wheat prices have declined following the general trend, the ongoing harvesting campaign, as well as amid higher production (+1 million tons to 25.5 million tons) and export (+500,000 tons to 22 million tons) estimates by USDA experts.
The sunflower oil market remains sluggish, with offers on a CIF Mersin basis coming in at $875-880/t, and buyers willing to negotiate at $860-865/t. There is still no info about signed deals.
In Brazil, corn export quotes are declining amid ample global supply. Anec forecasts December corn shipments at 7.14 million t (6.86 million t projected a week earlier). Lack of rainfall in some agricultural areas continues to be a concern, with first-crop corn planting in central and southern Brazil at 95% of plan (96% a…… Read more »
In the U.S., wheat and corn prices are suffering pressure from USDA’s increased forecasts of global production and trade. In MY 2023-24, the global wheat harvest is expected to reach 783 million t (1 million t more than previously expected), while corn harvest is projected at 1.222 billion t (+1.3 million t). The estimate…… Read more »
There is a lull on the European market for imported thermal coal. The deliveries to consumers have been slowed down by an overflow on the Rhine. Our sources have reported offers of Kazakh coal in Europe. However, no fresh deals have been signed so far.
Quotes for iron ore of literally all origins have been fluctuating during the week. Despite encouraging expectations on most market insiders for December, the market conditions have worsened amid growing stocks at China’s ports and overall sluggish demand. Thus, iron ore stockpiles have increased by 2.9 million t to 113.6 million t in Chinese…… Read more »
Turkish steel scrap importers have finished the week without any fresh deals due to a large gap in offer and demand prices. Moreover, neither exporters nor importers are so far ready to make at least any concessions to find a compromise in prices.
The pace of sales has declined on the Egyptian urea market. Only small volumes of the fertilizer (1-2,000 t) have been sold at $337-338/t FOB. At the start of the week, producers were offering both prilled and granular urea at $345-350/t FOB, while later on some companies have started offering granular fertilizer at $340-349/t…… Read more »