U.S. wheat prices have declined due to large global supplies and increased U.S. production estimates. Players have reported higher buying interest in wheat of various origins from Asian importers as world supplies are expected to tighten and prices are projected to rise in the coming months due to lower production in Australia and Argentina.
Prices for Kazakh wheat are growing, which reduces the interest of major importers in signing new deals. This year’s harvest problems remain the key reason for the upturn.
Grain export quotes have shown a noticeable drop on the Russian market. Pressure on prices came from slow trade caused by heavy crop and high export potential this season. According to country’s Agriculture Ministry, the gross grain harvest may reach 135 million t including 90 million t of wheat
A total of 12,200 wagons were waiting for unloading at Ukraine’s western land border crossing points on October 11, down 796 wagons compared with September 30.
During a meeting of Ukrainian, Romanian, and Moldovan railroaders, Valerii Tkachev, Director of the Commercial Department of Ukrzaliznytsia JSC, said that discounts on tariffs for the transportation of Ukrainian agricultural products have not yet been introduced.
Export quotes for U.S. soybeans have dropped amid lively world trade and ongoing harvesting. Private exporters have sold 397,000 t of soybeans to China for shipments during MY 2023-24. Soybean harvesting is 23% complete against 20% in 2022 and a five-year average of 22%.
Harvesting is underway in Australia, which is putting pressure on quotes. At the same time, uncertainty about the volume and quality of the new crop is holding back producers’ sales. Trade remains steadily dull.
Quotes for Brazilian corn are falling amid abundant supplies. Anec estimates Brazil’s corn exports in September at 9.3 million t vs. 6.4 million t last year. Anec experts forecast October corn shipments at 8.9 million t (6.8 million t in October 2022).
Quotes of EU grains have decreased following the futures prices amid the info about vessel calls in Ukraine’s Black Sea ports. Continuing competition with Russian grain traders (who keep reducing their offers) also put pressure on prices.
Export prices for Ukrainian grain continue to decline. Ongoing problems with grain shipments are putting pressure on quotes. During the week, Russian troops have launched another drone strike on the port infrastructure in the Izmail district.