The dry conditions in Russia over the past week have driven US and European wheat futures to their highest levels. The global wheat market has been on an upward trend since last week. Domestic wheat prices in Australia have seen an increase of A$10 to A$15. In SEA region, APW being quoted at U$300/MT levels; APH2 at U$355/MT levels to CNF SEA major ports.
Australian containerized wheat exports saw a 13.6% increase in Mar,24 compared to last month, primarily to Indonesia, China, and Taiwan, while bulk wheat exports grew by 12% in Mar24 compared to last month, with China, Indonesia, and Yemen being the top importers as per ABS.
India lifted import duty on Australian desi chickpeas. It is NIL duty till 31 March 2025. This has led to a price increase for both old and new crop in Australia. Trade offers for Australian CHK1 are being heard at U$815/MT for November/December shipments to CNF India’s main ports. Some trades of CHK1 have been reported at U$790-800/MT. Price discovery still on and we note that trade volumes are low till some price floor is reached on desi chickpeas. Currently, the market demand for Australian lentils into India is sluggish, with trade offers at U$725-730/MT in containers, yet there is no firm interest from buyers.
Reports indicate that Pakistan’s domestic desi chickpea crop has not met its production target. The local market saw a significant increase in CHKM prices, jumping from U$620/MT to U$680/MT over the weekend. We hearing the CHKM quoted at U$780/MT to CFR Karachi (May/June) in containers. Meanwhile, there is a slow demand for Australian red lentils, with trade offers heard at U$725 per metric ton to CFR Karachi in containers.
In Bangladesh, there is a noticeable interest in the Australian CHK1 (new crop), with trade offers reported at U$780/MT for CFR Chittagong for October shipment.
Australian desi chickpeas export is up by 1% compared to the last month, with Bangladesh, UAE & Pakistan are major buyers as per ABS.
Australian lentil exports rose by 70% in Mar,24 compared to the previous month, with Bangladesh and India as major importers as per ABS.
The Chinese market remains stable for Sorghum, with a keen interest in Argentina’s sorghum, which is trading at U$250/MT for CNF China in bulk. Meanwhile, Australian sorghum is being offered at U$298-300/MT in containers, but there is limited interest due to the offers not meeting the buyers’ target price of U$290/MT.
Currently, there is weak demand for Australian GMB, with trade offers at USD 930/MT to CFR Qingdao in containers. The demand for Kaspa peas remains minimal, with trade offers heard at USD 455/MT to CFR Tianjin in containers. There is consistent demand for barley, with Australian barley competing with Russian barley; trade offers for Australian barley are at U$275/MT to CFR Tianjin.
In Nepal, there is currently minimal demand for Australian red lentils and Canola. Trade offers for CHK1 are being quoted at NIP1/HAL1 – U$775/MT levels, while Canola with a min 44% is trading at U$605/MT to CFR Birgunj in containers.
Disclaimer: Prices mentioned are for indication purpose only
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