Global wheat market, dry weather condition in US crop region uplifted the international prices. However global prices still driven by ample supply of cheap Russian wheat.
Australian domestic wheat market has uplifted prices for old & new crop due to weather conditions, strong demand for feed SFW1 is coming from north.
India approved export of wheat to Nepal & broken rice to Indonesia, Senegal & Gamiba.
Barley, Australian growers awaits from China to resolve the trade dispute in next two weeks & domestic market of malting barley has been quit. Export of feed barley fall by 27% & malting barley fall by 12% m-o-m basis in April; biggest volume buyers for Australian feed barley are Vietnam, Japan, Thailand, Kuwait & for malting barley are Mexico, Japan & Singapore in April.
Global Canola market experiencing bullish factor due to dry weather condition impacted on soyabean & corn crop in their development phase as per USDA. In domestic market Australian canola prices went up by $20-$40 pmt across both old & new crop. Australian Canola export drop by 46.26 % m-o-m basis & Germany, Japan & UAE were biggest volume buyers in April. Still Australian exporters not able to find market parity for canola seeds against Ukrainian rapeseed.
Sorghum, China & Japan are the biggest volume buyers; Overall export up by 73% on m-o-m basis in April.
No major demands coming for Australian red lentils from India; Pakistan continues to be volume buyer of Australia’s desi chickpeas.
According to the Australian Bureau of Meteorology, 3 of the 4 criteria for development of EI Nino have been met; this year, there are more chances of warm weather event will occur.