Buying interest in phosphate fertilizers remains moderate in Brazil. Moroccan MAP 11:52 for shipments in December is offered at $570/t C&F. Russian-made MAP 12:52 is being purchased at $560-565/t C&F. The Indian company NFL has bought 50,000 t of Moroccan DAP at $594-595/t C&F for shipment in December.
In the EU, grain export quotes have grown over the week. Prices were supported by tenders from key importers of European agri products. Thus, the state agency of Tunisia has bought 100,000 t of wheat at $278.68-282.91/t C&F, 75,000 t of durum at $436.89-437.98/t C&F and 50,000 t of barley at $237/t C&F with…… Read more »
On the Russian grain market, prices have shown an upturn thanks to limited offer and large tenders from frequent buyers from Saudi Arabia, Tunisia and Algeria. At the same time, Egypt – a key importer of Russian wheat – is apparently not planning any purchases in the near future.
Export quotes for Kazakh wheat hold steady, with no trade upturn seen so far. As expected, wheat exports are noticeably lower this season.
US soybean quotes have been under pressure from improving weather conditions in South America. During the week, private exporters have reported sales of 136,000 t of soybeans to China and 121,000 t of oilseeds to unknown buyers.
Ukrainian sunflower oil is offered at $900/t CIF Izmir and $885-890/t CIF Mersin for shipments in December-January. Bids are voiced by $10-15/t lower.
In Australia, wheat prices have shown an upturn amid modest sales by farmers as they assess losses from heavy rains; demand remains firm. Harvesting is still delayed in some regions. Heavy rains have negatively affected wheat quality, but favored spring crops.
Corn quotes are growing in Brazil due to strong global demand, including a large number of tenders. Estimates of corn production in MY 2023-24 are decreasing amid expectations of smaller planted areas of safrinha crop.
US wheat prices have surged amid a large purchase by China. Thus, Chinese importers have bought a total of 1.01 million t of SRW wheat during the week, the largest weekly sales to China since July 2014.
Trade remains dull on the Kazakh markets for milling wheat and feed barley. Low quality of grain this season and accordingly limited volume of marketable grain does not contribute to brisk sales. Competition with Russian traders remains high.