The ongoing conflict between Iran and Israel and subsequent oil price spike has also spiked global oilseed market prices on account of bio-fuel inclusions. Locally in Australia, this has led to a significant increase in canola prices.

Dry weather condition in both Australia & the Black Sea region where it is impacting planting of crops has driven up global wheat values and in turn new crop Australian wheat prices on the east coast & WA. Domestic market bids are up by A$8-10/MT in the last 1 week, with no significant grower selling yet. In SEA region, heard that ASW9 trading at U$280/MT levels+/-U$3/MT – (J/F) & AH1 trading at high U$320/MT – (N/D) to CFR SEA major ports in containers. Next 2 weeks rain is predicted in Southern NSW & Victoria which may provide a relief and boost to crop volume.

Exports of Australian red sorghum down by 27% in Aug,24 compared to Jul24, major buyers are China, Japan & Taiwan as per ABS. Demand for Australian red sorghum in China is sluggish, with offers high at U$295/MT to CFR Tianjin (O/N) in containers & no firm interest. Chinese buyers are seeking the new crop of Kaspa peas, targeting U$440/MT, while offers quoted U$460/MT to CFR Tianjin. Local sources indicate that the peas market remains stable to flat, but there’s no significant buying demand from the downstream market.

Exports of Australian feed barley up by 8% & malt barley fell by 1% in Aug,24 compared to Jul,24; feed barley main importer is Japan, Peru, China & malt barley main buyers is China, Mexico, Vietnam as per ABS. Hearing no indicative trade offers from Australia barley this week & Russian barley offered at U$225/MT to CFR China major ports.

In Pakistan, demand for Australian desi chickpeas is strong for prompt shipments but low for Dec/Jan. Reports indicate vessel business at U$850/MT to CFR Karachi (O), while there have been no containerized trades this week. Hearing trade offers for Australian desi chickpeas range from U$810-840/MT for Nov in containers. Pakistani buyers continue to buy Tanzanian desi chickpeas at U$850/MT for prompt shipments. Demand for Australian red lentils are currently sluggish, with price quoted U$760-770/MT to CFR Karachi (N/D) in containers.

In India, the demand for Australian desi chickpeas has been declining for the past two weeks due to subdued buying interest. Indian domestic traders are anticipating that the price of desi chickpeas may firm up due to strong demand during festive season in upcoming days. Hearing trade offers at CHK1(24/25) – CFR NS/Mundra – U$830/MT levels (O/N) to CFR NS/Mundra in containers. No movement in Australian red lentils at the moment as demand is sluggish, with hearing offers NIP1/HAL1 at U$750-60/MT to CFR Kolkata (N/D) in containers. This week, some business reported on Faba beans at U$430/MT to CFR Kolkata (N/D) in containers.

Bangladeshi buyers are actively participating for desi chickpeas to cover next year’s Ramadhan demand, as hearing business reported at U$850/MT levels to CFR Chittagong (O/N) & hearing trade offers at U$840/MT levels (N) & U$820/MT levels (D) to CFR Chittagong in containers.

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