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.
Prices for Russian grain have increased. Quotes for 12.5% protein wheat were supported by GASC tenders: within one of the tenders, 180,000 t of wheat were purchased at $278.25/t C&F, while within another some 420,000 t were bought at $286-288.8/t C&F.
Mixed price trend can be seen on the EU grain export market. Thus, quotes are pressured by moderate consumer interest and ongoing competition with Black Sea traders. Barley prices have grown due to limited offer of this grain.