Global pulses snd remains tight with all eyes on India Rabi crop planting to determine price directions.
An El Nino event was declared by the Australian Bureau of Meteorology, a meteorological phenomenon that frequently results in hotter, drier conditions.
Upward swing in pricing across all soft commodities in Australia reflects drier conditions going into harvest with all buyers in cereals and pulses looking to get coverage on product.
Eastern states of NSW and Queensland have faced rapid drying of sub-soil moisture with onset of spring and no rains for the past 20 days and nothing in forecast for the next 2 weeks. Central Queensland harvest currently underway initial advisories showing lower yields across wheat and chickpeas due to lack of finishing rains – we hope to learn more as harvest progresses in the next 10 days. With the current dry conditions, we expect it to be similar with yields lower come harvest in SE Qld and NNSW. Space to watch.
Victoria and South Australia – currently crops are holding up, however with increased heat from this week, there is potential of yield losses.
In Barley, local market price is getting support from Chinese’s demand, lower production & weather conditions.
Export of feed barley declined by 27% & malting barley rise by 60%. Top volume buyers for feed barley are Thailand followed by Qatar & for malting barley are Mexico, Japan & Peru in July as per ABS.
Export of sorghum down by 26%; top importers are China & Japan in July as per ABS.
In China, minimal trade demand for KASPA PEAS against cheaper Russian yellow peas are traded at U$360 pmt levels in containers; For sorghum, as we heard demand at U$360 pmt levels.
In India, we are observing demand of Australia lentils is down after two weeks surge. We heard trade offers of Australian red lentils (Nipper/Hallmark#1) new crop23/24 at high U$780 pmt levels in containers.
In Pakistan, market of Australian CHKM is relatively low demand at the moment. We heard CHKM traded at U$560 pmt to CFR Karachi (Oct/Nov) in containers & as we are observing the local market price for CHKM at U$ 510-515 levels.
In Bangladesh, we are observing significant demand for new crop23/24 of desi chickpeas. We heard trade offers for CHK1 at U$670 pmt levels & Kyabara at U$720 pmt levels in containers.
Bangladesh is looking to get coverage for Ramadan 2024. Vessels not offered yet; however, traders are actively chasing chickpeas in Central Queensland where harvest has started with pricing upwards of A$900 pmt track. This is keeping any container business not worthwhile pursuing due to lack of destination buying demand at these levels currently.
Export of Canola up by 31%; top volume buyers are Japan, Pakistan, Belgium & Bangladesh in July as per ABS.
In Nepal, Australian canola 44% is struggling to find a place in market against cheaper Ukraine rapeseed. We heard trade offers for Australian canola seed at U$600 pmt levels in containers.
Disclaimer: Prices mentioned are for indication purpose only
DM us for the price indications & firm offers for Australian Grains, Pulses & Oilseeds