The Red Sea has been hit by multiple attacks, posing significant risks to global trade and shipping, increasing the cost of insuring and shipping goods through the region.
Despite China’s purchases of US wheat, Russian wheat remains a key competitor in global wheat markets. Australian wheat markets have experienced a decline in the past week, largely due to a stronger Australian currency and a lack of activity.
Australian wheat faces fierce competition with Black Seas wheat in the SEA region, with large millers already covered till February 2024 and pocket-sized demand emerging with limited buying interest. SEA trade offers are being quoted for APW at U$310-312/mt and APH2 at U$380-385/mt levels in containers.
In desi chickpeas, market activity is minimal as growers and trade slow down for the festive season, and overseas interest remains low.
Pakistani buyers seek Ramadhan coverage as we are observing desi chickpeas demand & sluggishness in Australian lentil demand. We heard CHKM trade offers quoted at U$620/mt for Jan/Feb shipments & NIP1/HAL1 trade offers at U$735/mt levels to CFR Karachi in containers.
Yellow Peas have found a new home in India, indicating no significant demand for Australian red lentils, and heard trade offers for NIP1/HAL1 at U$735 levels have not been met with firm interest.
China’s KASPA PEA and Australian sorghum new crop are experiencing minimal trade demand, with possible buying ideas of U$425/mt levels and U$330/mt levels respectively to CFR Tianjin port & as we heard that US sorghum traded at U$320/mt levels to CFR Tianjin.
In Bangladesh, we are seeing some interest for Australian desi chickpeas, as importers are searching for supplies in mid-January to cover Ramadan. Heard of a few trades to CFR Chittagong for January and February shipments in December, at a price of US$700/mt levels to CFR Chittagong in containers.
In Nepal, there have been no significant developments in Australian desi chickpea, lentils, and GM canola due to buyers’ willingness to wait because of premium prices.
October Export Report Summary as per ABS :-
- Canola export increased by 5%, with major destinations being France, Japan, Mexico, and Pakistan.
- Feed barley export increased by 108%, with malt barley down by 29%.
- Sorghum export declined by 82%, mainly bought by China.
- Lentil export decreased by 42.5%, with top buyers being India, Sri Lanka, and Pakistan.
- Chickpea export increased by 49%, with volume buyers being Pakistan, Bangladesh, and UAE.
- Bulk wheat export decreased by 6%, with containerized business up by 2%.
Disclaimer : Prices mentioned are for indication purpose only
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