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.
Export prices for Ukrainian grain have increased amid healthy exports and stable importers’ demand. This week, Egypt’s GASC has purchased 60,000 t of Ukrainian wheat at $269/t C&F within one of the tenders. In addition, an importer from Lebanon has bought 30,000 t of grain with 11.5% protein content at $253/t C&F.
The phosphate market is generally calm, with players showing low activity, waiting and watching. In Egypt, only small lots are offered for sale. Some importers are requesting prices for Egyptian DAP, which are currently almost in line with Moroccan fertilizer.
Trade has perked up on the Egyptian urea market, with deals to sell at least 135-140,000 t of granular fertilizer signed at $340-350/t FOB. Abu Qir has sold 45-50,000 t of urea at the same price. HFC has signed a contract to sell 50,000 t of granular urea to Ethiopia at $345-350/t FOB Egypt…… Read more »
Steel scrap prices on the rise in Turkey. Suppliers successfully stand their ground, aiming to raise the quotes due to shortage of scrap and the approaching holiday season. Buyers accept the new prices and actively entering into new deals.
Prices for imported iron ore continue going up in China, reaching a new high in the past year and a half. The market is significantly influenced by news from Vale, the world’s second-largest iron ore producer.