Indian govt. announced a 10.35% hike in MSP for lentils, millet & paddy to support growers.  

India, Sri lanka & UAE were the top 3 volume consumers of Australian lentils in April. Export of lentils boosted by to 173% y-o-y basis & fall by 6% in m-o-m basis.  

In recent time, Pakistan has emerged as a volume buyer for Australian desi chickpeas. Export of desi chickpeas fall by 62.46% in April m-o-m basis.  

Australian exporters were unable to negotiate parity price for canola seed in Nepal, where it already faces fierce competition from Ukrainian rapeseeds. 

Today, Australian dollar is 0.6786 which is up by 3 cents that is limiting trade this week. 

Again, India has set a stock limit on wheat that will remain in effect until March 31, 2024, to control prices. May eventuate import requirements later part of this year. 

In April, China and Malaysia were the biggest buyers of Australian wheat in the containers followed Taiwan, Vietnam, Thailand, & Indonesia. Containerised wheat export decline by 28% m-o-m basis as per ABS. 

In bulk in vessel wheat business, again China is biggest volume consumers followed by Thailand & Indonesia in April. Export of wheat in bulk fall by 19.32 % m-o-m basis as per ABS 

Heavy rainfall in China’s Henan province during winter harvesting; impacting quality of new wheat crop 2023-24, earlier it was forecasted to 140 MMT as USDA report. 

Australian wheat continues to be more expensive on export parity basis to CIS origin. Domestic trade on wheat seems to now see very limited bids by domestic end users/exporters on back of recent rains in grain growing areas of SNSW/VIC/SA & Southern WA providing some optimism; demand in SE Asia for Australian wheat remains affected due to cheaper CIS grain availability.  

Slow harvest, low availability continues to push Sorghum pricing higher domestically; continued China export demand. 

Australian canola east coast port zones higher by about $15 to $30 this week on back of jump in European markets. However, pressure to remain on pricing given almost 2 mmt carryout expected.