Recent issues in the Middle East and Black Sea regions have led to a firm up of the global wheat markets, propelling prices upward, while the Australian wheat market has strengthened last week. As we are hearing that APW traded at US$289/MT for CFR BMT for July shipment; APH2 being quoted at US$350/MT to CNF major SEA ports.

This week, as China is on holiday, the market demand has slowed. However, Australian red sorghum no. 1 is currently trading at U$285/MT for CFR Tianjin for July/August shipments. There is no firm interest in Australian GMB processing grade, with trade offers at U$940/MT to CFR Qingdao in containers. Similarly, there is no demand for Kaspa peas, with trade offers heard at U$440/MT for CFR Tianjin in containers. Trade offers for Australian barley stand at U$262/MT levels to CNF major China ports.

Since last two weeks demand for old crop desi chickpeas is strengthening, reflecting interest for May/June shipments from ME, Pakistan & Bangladesh. Despite domestic crop in India and Pakistan on harvest now, we are continuing to see strengthening domestic demand strength in both countries and there is expectation that demand will continue to spike towards end of 2024 due to a tight domestic balance sheet on account of lower planted area. Speculative still whether India will allow duty free imports. Trade offers for CHKM have been reported at U$685/MT for CFR Karachi, but buyer interest remains limited while they receive supplies from domestic crop harvest at an import parity basis U$595-U$600/MT. New crop Oct/Nov/Dec shipment slot Australian CHK1 remains strongly bid by traders in Australia and for CFR markets. Australian CHK1 new crop, with market offers seen at U$770/MT (Oct/Nov/Dec) & CHK1 old crop, trade offers at U$750/MT (June/July) for multiple port options.

The demand for Australian red lentils has slowed down. Additionally, trade offeror NIP1/HAL1 are being offered at U$720-U$730/MT to Indian sub-continent ports (June/July) in containers. Market experts indicate that local market prices have decreased, with Nipper at import buying interest basis of U$695/MT.

Trade activity in Nepal is stagnant due to sluggish market demand. Current trade offers for CHK1 are reported at U$810/MT for CFR Birgunj. Meanwhile, canola is indicated at U$650/MT for CFR Birgunj, yet there is no interest from buyers. 

The market demand for faba beans & lupins is weak in Egypt, with very limited business opportunities in containerized trade compared to bulk shipping, as the local crop harvest is near. Trade offers for lupins have been reported to CFR Damietta in containers at U$490/MT with limited buyer interest. Faba beans earlier bid U$505/MT CFR Damietta in containers but this week demand has waned. Very limited supplies in Australia as bulk shippers chasing limited tonnes with aggressive pricing to fill their shipping commitments in May/June.

On crop plating in Australia, WA and SA are dry sowing with both states receiving limited rain. Qld, NSW and parts of Vic have received good rainfall and expecting more this weekend which should be for seed germination and crop growth.

Disclaimer: Prices mentioned are for indication purpose only

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