The Port of Riga has purchased new containers – six SDC 40 units – from Graviti, a Latvian company specializing in loading and unloading equipment. The containers have now been delivered and are ready for operation; the port also plans to purchase six more units.
As we predicted last month, the rental rates for gondola cars stabilized in September. In August, however, the rental rates were fluctuating, as some operators rented such wagons at ₴10 higher rates (VAT included)
Gondola car rental rate index, €/day*
In Egypt, the granular urea market was showing increased consumer activity earlier this week. Producers were selling the fertilizer at $375-455/t FOB for shipments in September. In the mid-week, however, buyers have been showing less interest due to the rapid price increase to $460-470/t FOB.
In Latin America, demand for phosphates remains low, with prices for Russian and Moroccan-made MAP hovering within $530-540/t C&F Brazil.
Since the start of the new “soybean dollar” program, Argentine farmers have been ramping up sales of the oilseed. Quotes for new crop (MY 2023-24) soybeans have fallen by $8/t to $484-487/t FOB Upriver (May shipments).
The Australian grain market remains stable. Farmers are monitoring weather conditions and their impact on production prospects. This week ABARES has released a new report on production forecasts for MY 2023-24.
Russian grain suppliers have made price concessions in order to preserve steady demand of importers. According to market participants, Egyptian GASC has contracted 480,000 t of Russian wheat under a private agreement.
In Brazil, corn prices have been following the global trend. According to AgRural, farmers already harvested 88% of the 2022-23 safrinha crop by August 31 (98% as the same date last year) and planted 13% of the planned area with 2023-24 first crop corn.
In the U.S., average corn prices have increased by the end of the week. Note that farmers have already started harvesting corn in some parts of the US Midwest as hot and dry weather has accelerated ripening. Still, there is uncertainty about yield potential.