Brazilian corn prices are supported by strong importers’ demand. At the same time, domestic consumers are showing limited activity and expect lower prices. According to AgRural, farmers harvested 93% of the safrinha corn crop by September 7, while harvesting was already complete by the same time last year.
U.S. corn export quotes have increased despite higher estimate of U.S. corn crop for 2023-24 (+600,000 t to 384.4 million t), as well as the start of harvesting campaign (5% complete by September 10).
In Russia, lower export prices are keeping grain supplies high. According to GASC estimates, Egypt has already imported 2.14 million t of wheat in the current season, with main grain supplies coming from Russia (1.55 million t)
Export quotes for EU grains have been mainly growing. At the same time, the September report from Strategie Grains has shown increased forecast of wheat and barley production in the EU in MY 2023-24, but these volumes are still lower than last year.
Export prices for Ukrainian grain have been mostly declining this week. Danube ports continue to operate despite Russia’s attempts to reduce or even stop grain exports from Ukraine through constant attacks on infrastructure.
The turnover of various types of cargo increased by 174,000 t to 808,000 t at Ventspils Free Port in August compared with July.
About 340 wagons were transferred daily through the Chop – Čierna nad Tisou land border crossing point as of September 7 (up 19 wagons compared with the precious week). In particular, 304 wagons were moving on export routes (up 19 units), while 36 wagons arrived with imported goods (unchanged).
As many as 1,866 wagons including 110 wagons with sunflower oil, 535 wagons with cakes, 612 wagons with ore and 182 containers were moving to the Izov station on September 13.
A total of 426,000 tonnes of grain were exported from Ukraine by railways during the period started September 1 and ended September 13 compared with 876,000 t during the entire August.
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).