All eyes on black sea deal extension sets to expire on 17th July 2023, Russia threatened to quit deal & as Turkey President Erdogan want 3 months extension deal.
As per RUSGRAIN union top importer of Russian wheat 22/23 season are Egpyt (11.9mmt), Türkiye (10.2 mmt), Algeria (3.3 million tons), Iran (3.1 million tons), and Saudi Arabia (3.1 million tons).
Australia wheat export increased by 9%; China, Philippines & Taiwan are top volume buyers in containerised business & again China is largest buyer followed by Vietnam & Indonesia in bulk in vessel business in May as per ABS.
Australia canola unable to find’s the export parity in Nepal market against Ukraine’s rapseed. We heard trade offers at Ukraine rapeseed at U$ 520+/- levels – bulk in containers.
Australia canola exports up by 56%; Pakistan, UAE & Japan are largest buyers in May as per ABS.
Australia red lentils current demand from India is sluggish at the moment, market experts are anticipating that demand will pick up during festival & marriage seasons. As we heard trade reported for Nipper/Hallmark #1 at CFR Kolkata U$ 670 levels & CFR Birgung (Nepal) U$ 682 levels, bulk in containers.
Australia lentils exports up by 65%; India is largest buyer followed by Turkiye & Nepal in May as per ABS. Shipments still strong with upto 940k exported Jan,23 to May,23. Stocks seems to be tightening up with generally low-quality product remaining in VIC.
In Pakistan, CHKM traded – CFR Karachi U$ 530+/- pmt in containers. Karachi local market price went up CHKM U$ 548 pmt & CHK1 U$ 555 pmt as per market advised received. PKR/U$ on recovery streak. Since the reports of the IMF standby deal, PKR gained Rs.8.50 to U$ in past few sessions. Will boost import parity.
Australia desi chickpea exports up by 280%; Pakistan, Nepal & UAE were top buyers in May as per ABS.
No export parity at the moment in China’s market for Australia’s sorghum. As we heard trade reported for CFR Qingdao – U$ 325 pmt last week bulk in containers.
AUD/USD jumped 1.5% overnight on account of USD weakness, as a result of lower-than-expected US CPI data for June 23. This may limit further fed rate hikes.
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