Australia harvesting of 23-24 crop has started with barley and some pulses already harvested in QLD/NSW& SA. VIC should start in a weeks’ time. Canola is being windrowed and harvesting will start with earnest in the next week. Wheat will be next. We should see an early harvest this season and should see all crop in the bin by end Nov/early Dec in the eastern states.
Currently Australian wheat is still trading at a premium due to domestic market premiums in QLD/NNSW region as a result of feed demand.
Asian destination container market for wheat has started buying some Australian wheat for Nov/Dec period with demand for APW at sub USD305 pmt CFR SEA ports and ASW sub USD 300 pmt levels.
Exports of Australian wheat declined by 18% in bulk & 1% in containerized business. Indonesia, China, Vietnam are volume importers in bulk wheat & China, Thailand, Taiwan are top importers in containerized wheat in August as per ABS.
As harvesting begins, Australian barley market remains relatively stable over past week. Feed demand in QLD/NNSW for deferred deliveries into Dec/Jan period is still strong and at A$100 premium to VIC markets. Harvested barley currently also showing good quality and making Malting grade – with a premium of A$40 being paid by buyers.
Exports of Australian feed barley down by 11%; Top importing destinations are Japan & Vietnam. While exports of malting barley increased by 23%; Top buyers are China, Mexico & Vietnam. Currently with Russian barley at around USD 260 pmt into China, Australian barley in containers remain uncompetitive into China which should change upon harvest pressure in a few weeks.
Exports of Australian sorghum is declined by 2%; China top buying destination in August per ABS.
In China, after long weekend mkt is opens up. Australian sorghum unable to find export parity against cheaper US sorghum.
In China, no trade demand for KASPA Peas against cheaper Russian yellow peas that is traded at USD 355 pmt levels.
Exports of Desi Chickpeas increased by 137%; Pakistan is major buying destination followed by Nepal & UAE in August as per ABS.
In Pakistan, at present market demand continue to be slowing down for desi chickpeas. They have adequate stock in the pipeline which should take them through till end of Nov. We are observing local market is struggling get going for CHKM as price at USD 480 pmt equivalent levels in local Karachi mkt, buyers thus abstaining from making any further purchases. As we heard the CHKM is offering at USD 570/mt (Oct/Nov) to CFR Karachi with no buying interest. PKR currency has been firming up last 2 weeks.
Bangladesh demand for desi’s is limited and sporadic with payment issues still keeping sellers in risk off mood for the destination. Pricing/offers have corrected almost USD 100 pmt from peak, though we expect Bangladesh to still participate in purchasing in next 45 days to build adequate inventory for Ramadan festivities.
Due to limited demand in export markets, Australian domestic bids have evaporated with only pipeline business being covered by exporters/traders.
Exports of Australian Lentils increased by 16%; India is top buyer followed by Bangladesh & Sri Lanka in August as per ABS.
In India, we are observing some trade activities at destination market for Australian red lentils & this week prices have softened by U$30-35/mt. We heard Nipper/Hallmark#1 traded at U$700/mt to CFR Kolkata (Dec/Jan). We see consistent buyer bids at USD 680 – USD 690 pmt levels CFR to Indian ports which is parity business currently. However, with lower Indian stock levels but with an adequate import pipeline, any further upside may only be limited to Rabi crop issues if any going into harvest in March,24.
Faba beans have started harvesting in QLD/NSW/VIC & SA. Consistent bids to growers to upcountry packers around A$440 pmt to $470 pmt levels for export – significant part of crop is also expected to be stored on farm for drought feeding in face of El Nino threat. Supplies seem adequate with goods yields being reported.
Consistent demand from Egypt at USD 450 pmt levels CFR Damietta for FAB1, we also observe market offers at U$410/mt levels to CFR Kolkata though.
Exports of Canola declined by 15%; Volume buyers are Japan, EU & Mexico in August
For Australian GM canola to Nepal no export price parity against Ukraine rapeseed that is offering at USD 550 levels vs Australian parity sitting at USD 620+
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