Global wheat prices were mostly under pressure last week, due to competition from Russia, low US wheat & a strengthening US dollar. The International Grain Council (IGC) reduced its projection for world wheat production by 1mm to from last month projection to 783 mmt. Australian wheat market remains stable during last week.
The last week has seen no change in the price of barley as Australia prepares for harvest. Since early August, new crop prices have increased by A$40 to A$80 per tonne due to lower production forecasts and resumption of Chinese demand.
In China, observing no firm demand for Kaspa Peas against cheaper Russian yellow peas & we are observing demand for barley at high U$280/mt levels as we learn that price is not workable for containerized business. For sorghum, we are observing price difference of U$10-15/mt against bids from the mkt.
In Pakistan, no major movement in the destination mkt & observing low demand for desi chickpeas. We heard CHKM quoted at U$600/mt to CFR Karachi in containers with limited buyer interest. As advise received from the market expert that in local market price of CHKM at U$500-505/mt levels.
In India, minimal sign of demand at the moment for Australian red lentils. We heard trade offers at high U$780/mt levels in containers. Again, India’s center extends the time period for stock limited for urad & tur to 31st Dec2023. Stock limit for wholesaler & big retailer reduced to 50MMT.
In Nepal, as of now relatively low demands for Australian canola seed & heard offers at high U$600/mt with limited buying interest. Also, we heard trade offers for Ukraine rapeseed at high U$560/mt. For desi chickpeas, heard trade offers at high U$615/mt levels & while Lentils trade offers at U$805/mt levels in containers.
The likelihood of this significant rainfall storm occurring next week is increasing, and the majority of models currently predict respectable totals (10–25mm) for central and southern NSW. Vic is in for 15 to 50 mm, with a few isolated spots displaying 50 to 100 mm. Eastern SA has 10-15mm on the radar, however the EP is only expecting less than 5mm, and WA is only expecting less than 5mm.
Disclaimer: Prices mentioned are for indication purpose only
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