Black Sea corridor is officially expired Russia reject the renewal of the deal. The Ukrainian president is cooperating with the UN & Turkey to continue the deal. As per market experts, Russia’s call-off did not initially impact the global wheat market as much as it was anticipated, though with yesterday’s bombing of Ukrainian port infrastructure and some 50k wheat stock, there was an acute increase in the price of wheat & corn market. Russia’s intent seems to be clearly in the direction of punishing Ukraine and applying pressure on the west to give in to their demands.
Russia might abolish export duties for grains/oilseeds/ veg oils if shipped to so-called ‘Friendly nations’ So countries like Egypt could buy Russian wheat cheaper & India save $ on sun oil imports – wheat etc. to be used as a geopolitical weapon
Australian wheat price remains uncompetitive even after getting the best freight rates against cheaper Russian wheat in the SE Asia region.
In SE Asia, we heard that APW traded Sahathai for 304 levels & APH13 traded CFR Laem Chabang for 370 levels.
For Barley, Australian growers have to wait a little longer as China demands one more month to review the tariffs before final comment.
Australian feed barley export is up by 14% & malt barley is declined by 48% ; KSA, Japan & Vietnam biggest importers – of feed barley; Vietnam, Peru & Ecuador are the top importers in n the month of May per ABS
Export of Sorghum is up by 25%; China accounted for 98% of the total export in May as per ABS.
Locally, Kaspa Field Peas prices shoot up by A$ 20-30. We are observing strong trade demand coming from China. Recent trade offers reported for Kaspa Peas – CFR Tianjin at U$ 390 – U$ 395 levels
Global canola market is climbing so as Australian canola both old & new crop prices went is up by $40 pmt.
In Nepal, we heard a trade offer for Ukrainian rapeseed at U$ 560- U$ 565 levels. Markets have moved up by almost U$40 pmt in last 2 weeks. No export price parity for Australian GM Canola seed yet.
Australian red lentils demand remains flat at the moment in India. No significant enquiry.
In Pakistan, we heard trade offers for CHKM – CFR Karachi at U$ 545 – U$ 550 levels. The local market is up as PKR currency is firming up after the IMF loan and demand continues.
DM us for the price indications & firm offers for Australian Grains, Pulses & Oilseeds