6 Sep, 2024
venedor0 commentsSeptember 6, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (06/09/2024)

According to the latest ABARES crop production forecast, Wheat 31.8MT; Barley 12.2MT; Canola 5.5MT; Lentils 1.7MT; Chickpeas 1.3MT.

Crops in SA & parts of Victoria are expected to receive some rainfall next week. The crop in NSW is progressing well, with expected rainfall in the upcoming week. In QLD, hopefully we will see harvest begin in late September.

Weaker export demand for Australian wheat in SEA regions, heard that APW1 quoted below U$280/MT (O) to CFR SEA Major ports in containers.

In China, there has been some trade demand for Australian red sorghum this week, with trades at U$280/MT (S/O) – CFR Tianjin in containers. The local market is reportedly firming up; due to the lack of clarity in the import policy, importers are cautious about taking action. There are no indicative offers on Australian barley or other origins at this time. Kaspa peas demand has diminished as RU/Canadian YP available at affordable prices.

In India, this week – Tanzanian chickpeas are actively traded by sellers at U$835/MT for CNF India.  Business reported for Australian CHK1(24/25) at U$855/MT (O/N) to CFR Kolkata in containers & bulk at U$845/MT (O/N) to CNF India. This week, there has been some trade activity in current & new crop of Australian red lentils due to low stock availability at ports, with trade reported NIP1/HAL1(23/24) at U$700/MT to CFR Kolkata (S/O) & new crop NIP1/HAL1(24/25) at U$665/MT (D/J) to CFR Kolkata in containers.

In Pakistan, demand for Australian desi chickpeas is currently low, with offers for CHK1(24/25) quoted at U$805/MT – (N/D) to CFR Karachi in containers, there is no buying interest as buyers prefer to wait till harvest. No major trade movement in Australian red lentils.  

Bangladesh is experiencing slow trade movement in Australian desi chickpeas and red lentils, with sellers quoting new crop of CHK1(24/25) at U$860/MT (O/N) & NIP1/HAL1(23/24) priced high U$690/MT (S/O) to CFR Chittagong in containers.    

Exporters are receiving inquiries for new crop Australian desi chickpeas and red lentils from Nepal.

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30 Aug, 2024
venedor0 commentsAugust 30, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (30/08/2024)

The demand for old crop Australian wheat from Southeast Asian millers is sluggish due to the more sufficient Black Sea wheat supply & competitive prices that keeps Australian exporters out of game. In SEA, APW quoted at U$280/MT & ASW9 trading below U$265/MT to CFR SEA major ports in containers.

In China, this week Australian red sorghum (SOR1) has been trading to CFR Tianjin in containers at U$275/MT (S/O) & also hearing that in local market demand for sorghum is rising as the Mid-Autumn Day festival approaches. Additionally, USA sorghum has reportedly traded below at U$270/MT in containers, with Argentina’s sorghum buying bids at U$250/MT. This week hearing no indicative offers for Australian barley & RU barley offered below U$230/MT to CFR China main ports. Australian Kaspa peas demand is bearish against RU/Canadian peas offers as buyer bids are below U$350/MT. We heard some unconfirmed reports of Importers being asked to withdraw from import purchases of barley and sorghum to support domestic pricing amidst slower consumer offtake and abundant stocks in the country.

India’s domestic market for Desi Chickpeas continues to be robust at INR 80/kg. This week has seen considerable trading activity as resellers engage in liquidating their positions, with business reported at U$825-835/MT – (N/D) to CFR NS in containers. Hearing trade offers for CHK1(23/24) at U$920/MT – (S); CHK1(24/25) at U$865-870/MT – (O/N); U$845-850/MT – (N/D) in container; & also bulk offered at U$865/MT (O/N); U$825/MT – (N/D) to CNF India. Sluggish demand for Australian red lentils, heard this week limited qty trade reported NIP1/HAL1 at U$645/MT to CNF India in containers & also heard that Canadian crimson is trading in bulk at U$595-599/MT (S/O) to CFR Mundra.

Chickpeas crop in Australia is coming along in great shape with excellent growing conditions. This has increased grower/trader confidence in the crop leading to increased liquidity in forward selling. Although, focus is now on logistics of moving this crop into export markets. It has started to warm up in all key chickpeas growing areas and we expect Central Queensland to start harvesting in early October. Chickpeas in CQ will likely go onto bulk vessels. Moderate weather is required during Sep/early Oct for SE Qld and NNSW chickpea crop, a quick warm up in weather may impact yield potential. BOM latest temperature outlook forecasts an Increased chance of unusually warm days and nights, particularly across the north Australia and Tasmania from September to November.

Pakistan has not seen significant trade movements in Australian DCP this week, as buyers are focusing on Tanzanian and Russian DCP cargoes and waiting for Australian DCP crop harvest. Trade offers quoted for CHKM at U$865/MT – (S); CHK1(24/25) at U$840/MT – (N/D) to CFR Karachi in containers. There is a sluggish demand for Australian red lentils, quoted at U$675/MT to CFR Karachi in container.

In Bangladesh, last we heard Australian DCP new crop indicating bulk offers at U$855-860/MT to CFR Chittagong. As we heard BD local market is trending upwards in DCP at U$840-845/MT & down in red lentil at U$695/MT.

Nepal’s demand for new crop Australian DCP and red lentils has diminished, as buyers showing interest for Canadian lentils priced at U$650/MT & no interest in DCP due the high price.

Egypt’s buyer showing interest in the new crop of Faba beans for early shipments, offer quoted at U$450-460/MT to CFR Damietta in containers.

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16 Aug, 2024
venedor0 commentsAugust 16, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (16/08/2024)

The pulse market in India has experienced a significant surge as the festive season approaches especially in desi chickpeas this week, with hitting INR 77 locally. Meanwhile, demand for Australian chickpeas has strengthened, with limited current crop & new crop offers being quoted at U$930+ (A/S) & U$920/MT – (O/N) to CNF India in containers. Australian red lentils demand is slow.

Pakistani market is stable for Australian desi chickpeas and sluggish for Australian red lentils, with bulk vessel business reported (A/S) at U$820/MT for CHKM, U$860/MT for CHK1(23/24), and U$650/MT for NIP1/HAL1. Container offers (S) quoted at U$685-690/MT for NIP1/HAL1; U$910+ for CHK1(23/24); U$860/MT for CHKM to CFR Karachi. 

Chinese market has remained subdued for 1.5 months, attributed to weaker demand. Minimal trading activity in Australian red sorghum as offers quoted at U$275-277/MT to CFR Tianjin (A/S) in containers – buying bids at U$270/MT which consider far too low given the high origination prices in Australia.  No demand in Kaspa peas & GMB. Australian barely offers high U$265/MT to CFR China, buying interest at U$255/MT.

In SEA, millers are keeping a close eye on the market prices of different wheat origins for future purchases, as limited trade offers from the Black Sea region and Australian wheat APW1 being offered at prices below $275/MT to CFR SEA major in container.  

In Bangladesh, some buying interest coming for Australian red lentils & desi chickpeas. Heard the offers quoted at U$685/MT to CFR Chittagong in containers (S).

In Nepal, lack of participation from buyers for Australian red lentils, desi chickpeas & canola.

In Egypt, no buying interest for faba beans & lupins at the moment.

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9 Aug, 2024
venedor0 commentsAugust 9, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (09/08/2024)

Australian wheat exports in containers fell by 9.43% in Jun,24 compared to May,24, with major buyers being Malaysia, Thailand, and Taiwan, & bulk exports dipped by 21.96%, main importer are Philippines, South Korea, and China as per ABS. In SEA regions, millers signaling some interest in new crop for Australian wheat – OND shipments.  We are hearing APW quoted at U$272/MT; ASW at U$267/MT to CFR SEA (Sep/Oct) in containers.

China’s economy continues to show slacking growth amidst weak consumer demand with economists predicting trend to continue for some time. Australian red sorghum is offered at U$279/MT in containers at CFR Tianjin (Aug/Sep) – with target buying at U$270/MT.  No demand in Kaspa peas & Mung beans at the moment & also we heard that new crop of Russian YP & Canadian YP priced at U$370/MT & U$375/MT to CFR China in containers, buying targeting at U$350-355/MT levels. Australian feed barley offers at high U$265/MT to CFR China in containers with buyers target price at U$255/MT levels.

The crop conditions for chickpea are generally good to excellent in all major desi-growing regions in Australia’s Queensland and New South Wales. Crop planting was spread out over almost 2 months with some crop plated late July as well so we expect harvest of chickpeas to also be stretched out with CQ harvesting early to mid Oct and SE Qld /NNSW only to get going mid to late Nov. Sub-soil moisture is good which will take crop through to production. On the cropping risk side – we are on La Niña watch as per BOM which lead to an increased tendency of above average wet for northern and central Australia in winter to spring period hence increasing disease risks for chickpeas crops. We also don’t want to see 35-40 degree heat in Oct which will shut plant growth for later sown crops quickly and lead to a drop in yield tally. Next 8 day total rainfall forecast on BOM shows 10-15 mm is expected across all cropping regions in WA and all eastern states which should be beneficial for all crops.

This week, desi chickpeas markets in Indian sub-continent for both old and new crop remained active and prices stable. Some decent container sales were reported into India, signalling a growing interest among buyers as festival season approaches, as we heard that some business reported on CHK1(24/25) at U$840/MT levels to CFR NS (Nov/Dec) in containers & bulk in vessel of CHK1(24/25) trading under U$830/MT levels to CFR Kolkata (Nov/Dec). Also heard the Tanzania desi chickpeas quoted at U$860/MT levels to CNF India. Limited demand for Australian red lentils, with NIP1/HAL1(23/24) quoted at U$685/MT levels to CNF India (Aug/Sep) in containers. 

Pakistan’s trade demand for Australian lentils is slow & desi chickpeas is relatively stable, with CHK1(23/24) & NIP1/HAL1(23/24) quoted at U$885/MT & U$685/MT to CFR Karachi (Aug/Sep). Limited forward new crop trade offers for CHK1(24/25) at U$850/MT; NIP1/HAL1 at U$675/MT to CFR Karachi (Nov/Dec) – containers.  Also heard that Russian desi chickpeas at U$890/MT & Tanzania desi chickpeas at U$860/MT.

Currently, there is no buying interest for Australian canola, desi chickpeas, or red lentils in Nepal. Trade offers are being heard for Canola min.44% at U$670-675/MT & Ukrainian rapeseed at U$630/MT to ICD Birgunj (Aug/Sep) in containers.

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5 Jul, 2024
venedor0 commentsJuly 5, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (05/07/2024)

The Chinese market has been experiencing a slowdown and fluctuations in demand over the past 1.5 months. Australian red sorghum has been quoted at U$300/MT for CFR China major, whereas buyer’s target price remains at U$290/MT as spot market is weak & traders are losing money at the moment.  

Australian barley enjoys strong local demand, yet it contends with intense competition from Black Sea barley in China. Bulk Australian barley is priced below U$265/MT, Russian barley quoted at U$250/MT, Ukrainian barley priced at U$240/MT for bulk & under U$255/MT for containers, and Canadian barley is trading below $260/MT (Jul/Aug) to CFR China in containers.

Currently, there is a lack of buying interest in Kaspa peas owing to low demand, with spot market rates hovering around U$430-435/MT. Similarly for Australian GMB – P grade quoted at U$950/MT to CFR Qingdao, lack of buying interest as buyers prefers cheaper options such Kenya at U$800/MT, Myanmar at U$805/MT; Argentina at U$730/MT; Madagascar at U$880/MT; Brazil at U$805/MT. 

In SEA regions Australian wheat – APW1 quoted at under U$295/MT; APH2 at U$365/MT; AH1 at U$335/MT to CFR SEA major ports in containers & also we heard that ASW quoted at U$285/MT; H2 at U$310/MT levels to CFR Qingdao in containers with no firm buying interest.

The Indian pulses market has experienced minimal activity over the past two weeks. The market for desi chickpeas has seen a slight decline, leading to lack of buying interest. Consequently, CHK1(24/25) new crop was traded at U$825/MT (Nov/Dec) & trade offers CHK1(23/24) old crop at U$850/MT to CNF India in containers. Furthermore, there is a subdued demand for Australian lentils, with offers standing at U$745/MT to CFR Kolkata (Jul/Aug) & forward trade offers at U$720/MT (Nov/Dec) to CFR Kolkata in containers.

Pakistan’s market has experienced a decline this week. Hearing trade offers of CHK1(23/24) at U$865/MT; CHKM at U$805/MT; NIP1/HAL1 at U$760/MT to CFR Karachi (Jul/Aug) in containers with limited buying interest. As heard from market sources that local market prices for CHKM is improved to U$785/MT & nipper at U$750/MT levels this week.

Bangladesh market is quiet – sentiments are bearish from buyer due to high prices of desi chickpeas, red lentils, canola & kaspa peas. Hearing from market source that local market prices for red lentils at U$715/MT & desi chickpeas at U$795/MT levels.

Sluggish demand in Nepal for Australian lentils, desi chickpeas & canola at the moment. Hearing offers of canola at U$675/MT; NIP1/HAL1 at U$775/MT; CHK1(23/24) at U$895/MT levels to CFR Birgunj in containers.  

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28 Jun, 2024
venedor0 commentsJune 28, 2024Weekly Market Update

Grains, Pulses & Oilseed Market Update (28/06/2024)

Wheat markets continued to track lower this week with ongoing harvest in Russia boosting confidence of Russian exporters. B Sea to SEA – 11.5% pro wheat in containers reported as trading into Indonesia U$261/MT for Aug/Sep; FW offers reported in bulk low U$260’s CFRLO Thai port. Concurrently, Australian wheat prices have fallen, with the SEA region’s APW1 being quoted below U$295/MT CFR SEA major ports.

India’s pulses basket experienced slower trading this week due to traders re-adjusting and re-aligning trade positions according to recent statutory directives on stock limits and imports. The Indian government expects pulses basket prices to cool off in Jul/Aug period on increased imports of pulses from Africa countries and increased planting of Tur in Karnataka and Maharashtra though increased production is subject to sufficient monsoonal coverage.

The Indian government has recently imposed stock limits on pulses until September 30, 2024, and on wheat until March 31, 2025, to regulate prices and reign in food inflation.

Currently Australian desi chickpeas CHK1(23/24) are quoted at U$840/MT (Jul/Aug) & new crop CHK1(24/25) quoted at U$850/MT (Oct/Nov); U$840/MT (Nov/Dec) CNF India main ports in containers basis. There is minimal trading activity in Australian red lentils, with prices ranging from U$730/MT (Jul/Aug) to CNF India main ports in containers.

Post-Eid holidays, the Pakistan market has seen some trading activity. The current crop of Australian desi chickpeas (CHK1) is traded small volumes at U$835-840/MT, with trade offers for CHKM at U$815/MT and NIP1/HAL1 at U$750/MT, CFR Karachi (Jul/Aug) in containers. Shipping containers to Karachi ongoing challenge with limited shipping lines providing service ex Australia.

All agriculture commodities are experiencing low demand in China; Australian sorghum is being quoted at U$300/MT, CFR China major ports, though buyers are aiming for U$290–292/MT (Aug/Oct) coverage. Kaspa peas are quoted at U$500/MT to CFR Tianjin, but there is low buying interest as bids stand at U$450-455/MT. Australian GMB – P grade is offered at U$985/MT to CFR Qingdao, while buyers show more interest in the cheaper grades of GMB from Australian GMB – M grade under U$810/MT, Argentina under U$750/MT, Brazil under U$805/MT, and Myanmar under U$800/MT.

In Egypt, minimal demand for current crop of Faba beans & Lupins offers are quoted at U$550/MT & U$535/MT to CFR Damietta in containers (Jul/Aug).

In Nepal, there has been some trade activity in Australian red lentils at U$785-790/MT levels to CFR Birgunj & GM canola min. 44% – quoted at U$665/MT & CHK1(23/24) at U$890-895/MT to CFR Birgunj in containers

The Australian winter crop is in good stage of progress. Seed germinating rains have got crops up and running but follow up rains are crucial in some low subsoil moisture regions in South Australia/Victoria and Western Australia. Central Queensland received major crop boosting rains this week with almost 1-2 inches rains on all cropping areas which will significantly boost their chickpeas production. QLD and NNSW chickpeas are also planted on good sub-soil moisture and getting decent followup rains. Lentils in SA and VIC still need to see a major rain event to boost potential as they were planted on low sub-soil moisture and continue to receive only 5-10 mm each rain event in June.

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venedor0 commentsJune 21, 2024Weekly Market Update

Grains, Pulses & Oilseed Market Update (21/06/2024)

Wheat is on decline again this week on US harvest pressure selling and improved/factored in crop for Russia(vicinity of 81-83mmt) & Ukraine(vicinity of 20-21.5mmt). Australian wheat prices followed global cues and declined up to A$9/MT this week. Weak demand from the SEA region with APW being quoted below U$295/MT; APH2 quoted below U$370/MT to CFR SEA major ports.

Australian barley is uncompetitive as domestic values have remained strong on back of limited stocks and dryness in SA & WA. CFR China ports heard quoted at U$280/MT but trade offers from other origins, such as Ukraine barley – U$255/MT; French barley below U$270/MT, & hearing trade reported of Russian barley above U$250/MT in bulk.

China demand across all commodities is sluggish; low consumptive demand and summer heat partly to blame. The demand for Australian sorghum remains stable with trade offers quoted at U$300/MT to CNF major Chinese ports (Jul/Aug). A few trades have been reported at U$295/MT to CFR Tianjin (Jul/Aug) in containers but very limited interest from buyers as they start receiving US sorghum and ample availability of stock limits trade margins.

China’s mung bean market is currently quiet, with spot market prices rising despite a drop in Chinese buyer demand. Trade offers are quoted for Australian GMB-P grade at U$980/MT to CFR Qingdao in containers. Buyers though are reluctant to purchase due to expectations that summer consumptive demand is waning.

Indian pulses markets have remained flat this week after a few weeks of price appreciation. The new Indian government has settled in post elections and traders now look for cues on market demand and government positions. India’s desi chickpeas market is experiencing a sideways trend, with trade offers are being quoted for Australian desi chickpeas no.1 (24/25) – U$860/MT (Oct/Nov); U$835/MT (Dec/Jan) – CNF India ports in containers. Additionally, there are some trading activities on Australian red lentils, with trade reported at U$735/MT levels to CFR Kolkata (Jul/Aug) & forward trade offers quoted at U$715-720/MT (Nov/Dec) to CNF India in containers.

Recently Indian government announced attractive MSP for Kharif(Summer) crop procurement. Summer pulses crops like Pigeon Peas(Tuar) MSP increased 7.86% and Black Matpe by 6.47% over previous year signifying importance of pulses price directions to keep Indian farmers motivated to grow more pulses.

India Meteorological Department (IMD) advises June monsoon has stalled leading to 20% below normal June precipitation in central and NW India. Kharif crop sowing in June/July may be impacted by low rainfall in key northern states.

Pakistan, Egypt and Bangladesh markets have been on EID holidays this week and are opening slowly.

In Nepal, there are trade inquiries for Australian GM canola, but there is minimal buying interest in Australian lentils and desi chickpeas. Trade offers are being heard for NIP/HAL1 at U$795/MT and CHK1 at U$900/MT to CFR Birgunj, with GM Canola quoted at U$650/MT to CFR Kolkata.

Container supply chain is facing increased freight costs, with predictions suggesting ocean freight costs could reach Covid era peak by 2025 in China/Europe route due to red sea security situation and longer route via cape affecting transit as well as significant tranship port congestion. Ex Australia, we have seen rate increases implemented into Asia and SE Asia to the tune of 10-25% for Q3.

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venedor0 commentsJune 14, 2024Weekly Market Update

Grains, Pulses & Oilseed Market Update (14/06/2024)

US wheat crop harvest, harvest commencing in Europe and alleviating weather concerns for Russia have eased global wheat prices; Australian wheat prices have also eased following global cues. APW prices have declined by A$12–15/MT this week.

Australian wheat is expected to face intense competition from Russian and Ukrainian wheat in the SEA & EA region, since Turkey has put a hold on wheat imports from both nations until the next government notification. In SEA region APW being quoted at U$308/MT levels to CFR Major SEA ports which is U$10 higher than CIS origins.

Indian pulses markets continue to trade under fundamental demand matrix though with increased fears of government controls. Market sources indicate that the current crop of Australian desi chickpeas are nearly sold out, origin prices for new crop are firming up as demand from India is expected to remain strong in the coming months.

Demand for Australian desi chickpeas in India has eased in the past week with offers and bids declining U$10/MT week on week; offers are quoted at U$890/MT to CNF India ports (Jul/Aug) with limited buyer interest, and forward month business is reportedly trading at U$860-65/MT to CNF India (Oct/Nov) in containers. Australian red lentils are in low demand; hearing that trade reported at U$745/mt to CFR Kolkata in containers.

In Pakistan, the Eid festival is approaching, and there has been no trade activity for the past 5 weeks due to sluggish demand. Current trade offers are reported for NIP1/HAL1 at U$750-755/MT, CHK1 at U$910/MT, & CHKM at U$835/MT to CFR Karachi in containers.

Australia’s red sorghum is in stable to low demand in China, hearing trade offers at U$304/MT to CFR Tianjin (Jul/Aug) in containers. There is minimal demand for Australian GMB P-grades because other origins of GMB are more reasonably priced. Trade offers of Australian GMB-P grade at U$980/MT to CFR Qingdao. Kaspa peas have been quoted at U$505/MT for CFR Tianjin in containers, reflecting some buyer interest.

In Nepal, minimal demand for Australian canola, chickpeas, and red lentils. we hearing trade offers for NIP1/HAL1 at U$795/MT to CFR Birgunj & recent trade reported for canola at U$630/MT to CFR Kolkata (J/J or J/A) in containers. 

In Egypt, there is minimal demand for Australian faba beans and lupins. Trade offers for faba beans have been heard at USD 545-550/MT to CFR Damietta.

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venedor0 commentsJune 7, 2024Weekly Market Update

Grains, Pulses & Oilseed Market Update (07/06/2024)

According to the latest ABARES report, the forecast for winter crop production in 2024/25 is as follows: Wheat – 29.1MT, Barley – 11.5MT, Canola – 5.4MT, Lentils – 1.6MT, Chickpeas – 1.1MT & Lupins – 1.39MT.

Last week, the weather in Russia and Ukraine turned out better than expected, which caused the global wheat market to dip. Australian wheat market also experienced a price decline, dropping by A$10-12 nationwide. In SEA, APW is quoted at U$312/MT; APH2 at U$350/MT levels to CFR SEA major ports.

The Chinese market is currently stable to low due to weak demand. Australian sorghum is quoted at U$305/MT levels CNF China major ports, attracting limited buyer interest. However, buyers are looking at cheaper sorghum from the USA and Argentina origin; market reports suggest that USA sorghum is trading in bulk at U$296/MT, while Argentine sorghum is trading in bulk below U$260/MT to CNF China major ports.

Australian GMB – P grade is being quoted at U$1020/MT levels to CFR Qingdao with limited buyer interest as buyers receiving offering of GMB from Myanmar origin at U$810/MT levels to CNF China ports. 

Australian MALT1 barley is quoted at U$310/MT for CFR Tianjin in containers, yet buyers are opting to wait as the prices are not viable. Similarly, for MALT FAQ barley, buyers’ bids stand at U$272/MT for containers, which is considered far too low given the high origination prices in Australia.

KASPA PEAS demand is minimal, as we heard trade offer quoted at U$505/MT to CFR Tianjin while buyers bids remain at U$470/MT levels.   

Pakistan’s market has been sluggish for the past four weeks; no demand coming for Australian red lentils & desi chickpeas. As we hearing NIP1/HAL1 being quoted at U$755/MT; CHK1 at U$920/MT & CHKM at U$840/MT levels to CFR Karachi (Jul/Aug) in containers.

India’s desi chickpeas demand has remained steady; however, there was no trading activity last week due to the expected election results. Offers quoted at CHK1 at U$910/MT to CNF India in containers (Jun/Jul). Australian red lentils demand is minimal at the moment, as we are hearing NIP1/HAL1 offer quoted at U$745/MT to CNF India in containers. As we learned from market sources that Tanzanian desi chickpeas trading at U$875/MT to CNF India (Aug/Oct) in containers.

Nepal’s market is currently not showing interest in Australian desi chickpeas, red lentils, and canola; as trade offers at quoted at U$935/MT; U$805/MT & U$680/MT levels to CFR Birgunj in containers (Jul/Aug) in containers.

Egypt’s market experiencing sluggishness in Faba beans & Lupins demand.

In Bangladesh, getting few inquiries for Australian canola & Kaspa peas. 

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venedor0 commentsMay 31, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (31/05/2024)

All eyes on Russia and Ukraine weather concerns presently. There have been significant downgrades to Russian wheat crop on account of frosts and dryness in key growing areas although some rains now forecast. Yield potential (more likely in vicinity of 80 – 85 MMT) is still a large unknown until harvest, which is weighing on traders pricing of forward new crop business on both cereals and pulses from those origins.

There is talk of India eliminating its wheat import duty which will likely see an import volume of wheat about 5-6MMT June onwards. GOI working front foot to build its buffer wheat stock purchasing 26.24 MMT vs target of 31 MMT with Indian growers holding back on sales anticipating higher prices.

This week Australian wheat prices have risen due to increased offshore market demand and dryness affecting most parts of the country. In SEA, APW trade reported below U$310/MT levels to CFR SEA main ports in containers.

In QLD & NSW, desi chickpea planting is progressing well. More barley acres reportedly being diverted to chickpeas. We are largely expecting upto 1 million ha being planted to chickpeas between the two states. There has been robust demand for Australian desi chickpeas in India, trades are reported at U$900/MT for Jun/Jul shipments & forward trade reported at U$875/MT for Nov/Dec to CNF India in containers.

Lentils have been planted dry is SA and VIC, however this week between 10-25 mm rain has fallen on SA cropping region which will boost sentiments. Trade demand for Australian red lentils is stable, as we heard trade reported at U$745/MT – J/J shipment to CNF India in containers.

The lack of firm demand for Australian lentils and desi chickpeas from Pakistan over the past three weeks. No trade movement in the market as we are hearing trade offers quoted for NIP1/HAL1 – U$755-760/MT; CHK1 – U$920/MT; CHKM – U$810/MT to CFR Karachi in containers with no firm interest from buyers. According to market experts, there has been a significant price surge in the Pakistani local market this week, with CHKM reaching U$700/MT and NIP/HAL1 reaching U$715/MT. 

Lack of participation from Nepal for Australian red lentils, desi chickpeas & canola as prices are not workable for business at the moment. We heard trade offers for NIP1/HAL1 at U$810/MT to CFR Birgunj in containers. 

Bangladesh is not participation due to slow demand for Australian desi chickpeas & lentils & also no price parity in the destination market at present. Getting some inquiries for Kaspa peas.

Chinese market is currently seeing a dip in demand. Australian sorghum is being quoted at U$300/MT to CNF China main ports for July/Aug shipment with limited buying interest, as buyers are eyeing on to cheaper options such as USA Sorghum & Argentina sorghum. No buying interest for Australian GMB as trade offers at U$920/MT to CFR Qingdao in containers.  

In Egypt, observing minimal demand for faba beans & lupins. As we heard that lupins trade reported at U$510/MT to CFR Damietta in containers. Aus Faba beans have been bid USD540/MT Damietta.

Disclaimer: Prices mentioned are for indication purpose only

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