The growth of the large-tonnage market, worsening weather conditions and a slight increase in grain and fertilizer shipments failed to help small-tonnage owners to raise freight rates at least slightly in the Black and Mediterranean Seas. The fact is that the regional vessel list remains excessive.
Zaporizhstal produced about 262,700 t of pig iron in November 2023, achieving a 83% hike year-on-year but showing a 2% decrease month-on-month. The enterprise also produced 240,800 t of steel (up 181% year-on-year but down 4% month-on-month) as well as 195,600 t of rolled products (up 161% but down 6%, respectively).
In the U.S., soybean prices continue decreasing amid expectations of favorable rainfall in Brazil. According to USDA, private exporters have reported selling 134,000 t of soybeans to China and 123,300 t of soybeans to unknown buyers for shipments during MY 2023-24.
Export prices for sunflower oil have declined under the influence of the general global trend. Offers from Ukrainian suppliers (as well as from Russian ones) are voiced at $900/t CIF Turkey, while bids start at $885/t. No signed deals have been reported over the week.
Heavy rains in southeastern Australia have damaged wheat crops. IKON Commodities estimates that excessive rainfall has potentially reduced production by more than 100,000 t and turned up to 1 million t of milling wheat into lower quality feed grain.
The pace of corn planting has grown in Brazil amid increased global demand. Anec estimates November corn exports at 7.35 million t (previous estimate was 7.96 million t). Farmers in central and southern Brazil planted corn of the first 2023-24 harvest on 83% of the planned fields (88% last year).
Last week’s decline in U.S. wheat prices caused an increase in demand, which, in turn, has supported export quotes this week. At the same time, favorable weather conditions for winter wheat (planting of which is already completed), have been restraining the price growth.
In Kazakhstan, export trade has been slow, with limited export volumes of wheat. Only 1.5 million t of the grain crop (35%) was rated as Grade 3. Although the harvest is sufficient to meet the needs of the domestic market and ship some volumes for exports (including in the form of flour), farmers and… Read more »
Trade has been dull on the EU grain export market, which put pressure on relevant quotes. Only prices for Romanian wheat have shown an upturn amid the general trend in the Black Sea region. In general, it is difficult for European sellers to agree with buyers: sellers are not ready to make big concessions,… Read more »
Mixed price trend can be seen on the Ukrainian grain export market. Quotes are supported by brisk trade, although weather conditions in the south of the country and continuing threat of Russian attacks on port infrastructure continue to restrain exports and sales.