Gobal wheat production projected for 2023/24 season were reduced by 6MMT to 787MMT. Global outlook for 2023/24 season has been predicted to be 3MMT lower than previous to 2022/23 season as per USDA.
Global wheat production has been expected to decrease due to significant reduction in Australia & Canadian crop output – 3MMT & 2MMT as well as reductions of 1MMT in Argentina & EU production as per USDA.
Exports of containerized wheat declined by 9%; China, Taiwan & Thailand are top buyers & Exports of Bulk wheat increased by 6%; Indonesia, China & Philippines are volume buyers in July as per ABS.
While ABARES’ September crop projection for Australia showed a decline in wheat production, it increased barley production by 6.7% to 10.5MT but still a 26% decrease from the previous season and growing optimism about Chinese demand is keeping upward pressure on prices.
India, demand of Australian red lentils is getting firmer as festival seasons are nearby. We heard the Nipper/Hallmark#1 (old crop) traded at U$790 pmt levels to CFR Kolkata.
Exports of Lentils down by 18%; India remains top export destination followed by UAE, Bangladesh, Sri Lanka & Nepal in July as per ABS.
Exports of Desi Chickpeas declined by 41%; Pakistan is top buyers followed by UAE, Thailand, Nepal & Canada in July as per ABS.
Pakistan, since from last week trade demand for desi chickpeas remains minimal. We heard in local market offers for CHKM at high U$530 pmt levels as PKR currency getting firmer against USD.
As per market experts Pakistan importers are getting good quality grade of Russian desi chickpeas at U$600 pmt levels to CFR Karachi in containers.
In Bangladesh, after sudden surge in demand for desi chickpeas for two weeks, afterwards we are observing minimal demand.
In Nepal, still no export price parity for Australia GM Canola; For desi chickpeas, we heard CHKM traded at high U$630 pmt levels to CFR Birganj in Oct/Nov Shipment in containers.
In China, minimal trade demand for Kaspa peas, we heard Kaspa peas traded at U$370 pmt levels to CFR Tianjin in containers.
Disclaimer: Prices mentioned are for indication purpose only
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