venedor0 commentsOctober 11, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (11/10/2024)

The ongoing conflict between Iran and Israel and subsequent oil price spike has also spiked global oilseed market prices on account of bio-fuel inclusions. Locally in Australia, this has led to a significant increase in canola prices.

Dry weather condition in both Australia & the Black Sea region where it is impacting planting of crops has driven up global wheat values and in turn new crop Australian wheat prices on the east coast & WA. Domestic market bids are up by A$8-10/MT in the last 1 week, with no significant grower selling yet. In SEA region, heard that ASW9 trading at U$280/MT levels+/-U$3/MT – (J/F) & AH1 trading at high U$320/MT – (N/D) to CFR SEA major ports in containers. Next 2 weeks rain is predicted in Southern NSW & Victoria which may provide a relief and boost to crop volume.

Exports of Australian red sorghum down by 27% in Aug,24 compared to Jul24, major buyers are China, Japan & Taiwan as per ABS. Demand for Australian red sorghum in China is sluggish, with offers high at U$295/MT to CFR Tianjin (O/N) in containers & no firm interest. Chinese buyers are seeking the new crop of Kaspa peas, targeting U$440/MT, while offers quoted U$460/MT to CFR Tianjin. Local sources indicate that the peas market remains stable to flat, but there’s no significant buying demand from the downstream market.

Exports of Australian feed barley up by 8% & malt barley fell by 1% in Aug,24 compared to Jul,24; feed barley main importer is Japan, Peru, China & malt barley main buyers is China, Mexico, Vietnam as per ABS. Hearing no indicative trade offers from Australia barley this week & Russian barley offered at U$225/MT to CFR China major ports.

In Pakistan, demand for Australian desi chickpeas is strong for prompt shipments but low for Dec/Jan. Reports indicate vessel business at U$850/MT to CFR Karachi (O), while there have been no containerized trades this week. Hearing trade offers for Australian desi chickpeas range from U$810-840/MT for Nov in containers. Pakistani buyers continue to buy Tanzanian desi chickpeas at U$850/MT for prompt shipments. Demand for Australian red lentils are currently sluggish, with price quoted U$760-770/MT to CFR Karachi (N/D) in containers.

In India, the demand for Australian desi chickpeas has been declining for the past two weeks due to subdued buying interest. Indian domestic traders are anticipating that the price of desi chickpeas may firm up due to strong demand during festive season in upcoming days. Hearing trade offers at CHK1(24/25) – CFR NS/Mundra – U$830/MT levels (O/N) to CFR NS/Mundra in containers. No movement in Australian red lentils at the moment as demand is sluggish, with hearing offers NIP1/HAL1 at U$750-60/MT to CFR Kolkata (N/D) in containers. This week, some business reported on Faba beans at U$430/MT to CFR Kolkata (N/D) in containers.

Bangladeshi buyers are actively participating for desi chickpeas to cover next year’s Ramadhan demand, as hearing business reported at U$850/MT levels to CFR Chittagong (O/N) & hearing trade offers at U$840/MT levels (N) & U$820/MT levels (D) to CFR Chittagong in containers.

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27 Sep, 2024
venedorSeptember 27, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (27/09/2024)

In Central Queensland, the harvest for desi chickpeas, barley, & wheat has commenced. Crop quality is good with bulk vessel accumulators for chickpeas chasing tonnages with strong numbers into Mackay and Gladstone ports. We should start to see volume chickpeas harvest from SE Qld in second half October.

Meanwhile, in Victoria & South Australia, frost damage has led to significant lowering of crop production estimates in cereals, canola and lentils. Frost damage is still being assessed by growers and industry and is expected to be significant (about 30-40% expected damages in affected areas). This past week there has been 5-10mm of rain in cropping regions of South Australia and Victoria which were not enough to allow recovery from frost damages. We will need to have at least 20-30mm in next 2 weeks to restore some potential in the lentil crops damaged by frost.

Similarly, some regions in southern New South Wales have also been affected by frost damage but they have received between 15mm-40mm of rain the past week which will reverse some damage into later sown crops.

Australian wheat demand is strong this week as SEA millers showing keen interest for new crop purchase, as we heard new crop of APW1 is being indicating at U$290/MT to CFR SEA major ports (traded U$287 into Thailand earlier this week), while ASW current crop prompt shipment trading at U$280/MT levels to CFR SEA major ports in containers.

The Chinese market is currently showing low demand for Australian red sorghum, with no indicative offers reported this week. Buying levels are U$285/MT to CFR Tianjin. Local sources indicate that Chinese-origin sorghum is experiencing good production levels & is priced similarly to imported sorghum. Additionally, there have been limited indicative offers in containers for Australian barley at high U$275/MT (O) to CFR China major ports, while buyers bidding at U$250/MT. New crop sorghum planting is underway but sorghum cropping regions in Queensland needs a good 40mm+ rainfall event for larger area to be planted. October is the start of the northern wet season.

As per latest update (26/09) from Bureau of Meteorology Australia: October to December forecast –

  • Rainfall is likely (60 to 80% chance) to be above average for much of Australia.
  • Rainfall is likely to be within the typical seasonal range across parts of western WA and the southern NT.
  • There is an increased chance of unusually high rainfall for much of Queensland, parts of south-eastern SA including the Riverland region, western Victoria and eastern Tasmania.

Pakistani buyers are showing interest in Australian desi chickpeas, with reports of two vessels being booked at U$835/MT – (Oct/FH Nov) & U$825/MT full Nov to CFR Karachi & in containers offers for CHKM – U$880/MT to CFR Karachi. Heard that TZ chickpeas trade reported at U$840/MT (O) in containers.  Australian Lentils demand is relatively flat, with offers hearing at U$760-65/MT (N/D) – CFR Karachi in containers on back of reduced crop estimates from Australia.

Indian market has seen slow in the demand for Australian desi chickpeas and red lentils this week, with hearing trade offers Australian CHK1(24/25) at $850-55/MT (O/N); at U$815-820/MT (N/D) to CFR NS/Mundra; Australian red lentils NIP1/HAL1 – at U$760/MT (N/D) – CFR Kolkata in containers. Hearing Canadian Crimson2 offers at U$705/MT in bulk & at U$735/MT for containers to CFR Kolkata (O) & for CFR NS/Mundra at U$665/MT in bulk & at U$695/MT in containers. Hearing TZ desi chickpeas offers at U$850/MT to CFR NS/Mundra.

Bangladeshi buyers showing low interest for Australian desi chickpeas & red lentils at the moment, with hearing trade offers for CHK1(24/25) at U$815-20/MT (N/D) to CFR Chittagong in containers.

Egyptian buyers showing interest for Australian lupins and faba beans this week, with target buying levels for large fabas at U$465-70/MT & Albus Lupins at U$530-35/MT to CFR Damietta in containers.

Lack of participation from Nepal buyers for Australian desi chickpeas & red lentils, with offers hearing CHK1(24/25) at high U$900/MT to ICD Birgunj (O/N) in containers.

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20 Sep, 2024
venedorSeptember 20, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (20/09/2024)

In Victoria and South Australia, ongoing dry conditions are impacting crop areas, & frost has become a new concern. Meanwhile, harvesting in Central Queensland is expected to begin in late September, followed by Southern Queensland in early October.

SEA miller showing firm interest in Australian wheat for both prompt shipment & for forward purchase. We hearing ASW trading at U$280/MT to CFR SEA major ports – prompt shipments & APW1 (24/25) indicate at U$295/MT to CFR Bangkok (N/D) in containers. 

Exports of sorghum up by 72% in Jul,24 compared to Jun,24, with China being main importer as per ABS. This week in China, post Mid-Autumn Festival, trade demand for Australian red sorghum is seeing a slowdown. Trade offers at high U$295/MT to CFR Tianjin, while buyers are bidding at U$285/MT for (S/O) in containers.

Exports of feed barley & malt barley fell by 77% & 18%, with China being major importer in Jul,24 compared to Jun,24 as per ABS. Hearing AU barley bulk offers at U$260/MT levels & Malt barley at U$270/MT (N/D) to CFR China main ports. Russian barley offers at U$230/MT levels (O/N) in containers.

In India, the demand for Australia desi chickpeas has declined since last week & domestic market stands at INR 79 as festive seasons approaches. Offers for Australian CHK1 (24/25) at U$845-50/MT (O/N) to CFR Mundra/NS in containers & business reported at U$785/MT (D/J) to CFR Mundra. Demand for Australian red lentils are stable, with trade offers at U$720/MT (N/D) in containers & in bulk vessel offers at U$670/MT to CFR Kolkata.

In Pakistan, demand for Australian desi chickpeas has slowed down following a surge in purchases from Tanzania and Russia last week. Current offers for Australia’s CHK1 (24/25) at U$800/MT – (N/D) CFR Karachi in containers, with bulk vessel trade reported at U$750/MT (D/J). Meanwhile, the demand for Australian red lentils is currently low, with trade offers for NIP1/HAL1 at high U$710/MT (D/J) to CFR Karachi in containers with no buying interest.

In Bangladesh, buyers are currently not showing interest in Australian desi chickpeas. Trade offers for CHK1 (24/25) at high U$800/MT (N/D) to CFR Chittagong in containers.

In Egypt, Australian sellers are offering new crop faba beans at U$465/MT (O/N) to CFR Damietta in containers, while buyers are bidding at U$440/MT.

Disclaimer: Prices mentioned are for indication purpose only

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6 Sep, 2024
venedorSeptember 6, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (06/09/2024)

According to the latest ABARES crop production forecast, Wheat 31.8MT; Barley 12.2MT; Canola 5.5MT; Lentils 1.7MT; Chickpeas 1.3MT.

Crops in SA & parts of Victoria are expected to receive some rainfall next week. The crop in NSW is progressing well, with expected rainfall in the upcoming week. In QLD, hopefully we will see harvest begin in late September.

Weaker export demand for Australian wheat in SEA regions, heard that APW1 quoted below U$280/MT (O) to CFR SEA Major ports in containers.

In China, there has been some trade demand for Australian red sorghum this week, with trades at U$280/MT (S/O) – CFR Tianjin in containers. The local market is reportedly firming up; due to the lack of clarity in the import policy, importers are cautious about taking action. There are no indicative offers on Australian barley or other origins at this time. Kaspa peas demand has diminished as RU/Canadian YP available at affordable prices.

In India, this week – Tanzanian chickpeas are actively traded by sellers at U$835/MT for CNF India.  Business reported for Australian CHK1(24/25) at U$855/MT (O/N) to CFR Kolkata in containers & bulk at U$845/MT (O/N) to CNF India. This week, there has been some trade activity in current & new crop of Australian red lentils due to low stock availability at ports, with trade reported NIP1/HAL1(23/24) at U$700/MT to CFR Kolkata (S/O) & new crop NIP1/HAL1(24/25) at U$665/MT (D/J) to CFR Kolkata in containers.

In Pakistan, demand for Australian desi chickpeas is currently low, with offers for CHK1(24/25) quoted at U$805/MT – (N/D) to CFR Karachi in containers, there is no buying interest as buyers prefer to wait till harvest. No major trade movement in Australian red lentils.  

Bangladesh is experiencing slow trade movement in Australian desi chickpeas and red lentils, with sellers quoting new crop of CHK1(24/25) at U$860/MT (O/N) & NIP1/HAL1(23/24) priced high U$690/MT (S/O) to CFR Chittagong in containers.    

Exporters are receiving inquiries for new crop Australian desi chickpeas and red lentils from Nepal.

Disclaimer: Prices mentioned are for indication purpose only

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30 Aug, 2024
venedorAugust 30, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (30/08/2024)

The demand for old crop Australian wheat from Southeast Asian millers is sluggish due to the more sufficient Black Sea wheat supply & competitive prices that keeps Australian exporters out of game. In SEA, APW quoted at U$280/MT & ASW9 trading below U$265/MT to CFR SEA major ports in containers.

In China, this week Australian red sorghum (SOR1) has been trading to CFR Tianjin in containers at U$275/MT (S/O) & also hearing that in local market demand for sorghum is rising as the Mid-Autumn Day festival approaches. Additionally, USA sorghum has reportedly traded below at U$270/MT in containers, with Argentina’s sorghum buying bids at U$250/MT. This week hearing no indicative offers for Australian barley & RU barley offered below U$230/MT to CFR China main ports. Australian Kaspa peas demand is bearish against RU/Canadian peas offers as buyer bids are below U$350/MT. We heard some unconfirmed reports of Importers being asked to withdraw from import purchases of barley and sorghum to support domestic pricing amidst slower consumer offtake and abundant stocks in the country.

India’s domestic market for Desi Chickpeas continues to be robust at INR 80/kg. This week has seen considerable trading activity as resellers engage in liquidating their positions, with business reported at U$825-835/MT – (N/D) to CFR NS in containers. Hearing trade offers for CHK1(23/24) at U$920/MT – (S); CHK1(24/25) at U$865-870/MT – (O/N); U$845-850/MT – (N/D) in container; & also bulk offered at U$865/MT (O/N); U$825/MT – (N/D) to CNF India. Sluggish demand for Australian red lentils, heard this week limited qty trade reported NIP1/HAL1 at U$645/MT to CNF India in containers & also heard that Canadian crimson is trading in bulk at U$595-599/MT (S/O) to CFR Mundra.

Chickpeas crop in Australia is coming along in great shape with excellent growing conditions. This has increased grower/trader confidence in the crop leading to increased liquidity in forward selling. Although, focus is now on logistics of moving this crop into export markets. It has started to warm up in all key chickpeas growing areas and we expect Central Queensland to start harvesting in early October. Chickpeas in CQ will likely go onto bulk vessels. Moderate weather is required during Sep/early Oct for SE Qld and NNSW chickpea crop, a quick warm up in weather may impact yield potential. BOM latest temperature outlook forecasts an Increased chance of unusually warm days and nights, particularly across the north Australia and Tasmania from September to November.

Pakistan has not seen significant trade movements in Australian DCP this week, as buyers are focusing on Tanzanian and Russian DCP cargoes and waiting for Australian DCP crop harvest. Trade offers quoted for CHKM at U$865/MT – (S); CHK1(24/25) at U$840/MT – (N/D) to CFR Karachi in containers. There is a sluggish demand for Australian red lentils, quoted at U$675/MT to CFR Karachi in container.

In Bangladesh, last we heard Australian DCP new crop indicating bulk offers at U$855-860/MT to CFR Chittagong. As we heard BD local market is trending upwards in DCP at U$840-845/MT & down in red lentil at U$695/MT.

Nepal’s demand for new crop Australian DCP and red lentils has diminished, as buyers showing interest for Canadian lentils priced at U$650/MT & no interest in DCP due the high price.

Egypt’s buyer showing interest in the new crop of Faba beans for early shipments, offer quoted at U$450-460/MT to CFR Damietta in containers.

Disclaimer: Prices mentioned are for indication purpose only

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2 Aug, 2024
venedorAugust 2, 2024Weekly Market Update

Grains, Pulses & Oilseed Market Update (02/08/2024)

Global wheat prices are under pressure from the North Hemisphere’s higher wheat production and better harvest conditions. Demand for Australian wheat exports is low as SEA millers are progressively showing interest in wheat from the Black Sea region. In SEA region, we hearing that APW1 quoted at U$280/MT (Sep/Oct) ; AH1 at U$325/MT ; APH13 traded at U$350/MT to CFR SEA main ports in containers.

The oversupply of corn & soybeans from the US and Brazil in global markets causing price pressure on feed markets. China mkt is grappling with declining demand due to weaker economic conditions across the food and feed sectors. This week we are hearing Ukr barley priced under U$240/MT ; RU priced at U$250/MT to CFR China in containers & offers for Australian barley at U$265+ due to lower stock availability till new crop. There is minimal demand for Australian red sorghum in China, offers quoted at U$280/MT to CFR Tianjin (Aug/Sep) in containers. No interest in kaspa peas & green mung bean.

In Pakistan, we are hearing that pulse markets across nation have shut down for a three-day strike to protest against the government’s taxation policies. There is slow demand for Australian lentils, trading at U$665/MT & minimal demand for Australian desi chickpeas, current crop offer quoted at CHK1(23/24) at U$880/MT; CHKM at U$ 840/MT – (Aug/Sep) & new crop offers quoted at U$835/MT – (Nov/Dec) to CFR Karachi in containers. Also heard that Tanzania desi chickpeas trading at U$840/MT to CFR Karachi past few days with reported offers now in range of U$820-U$825/MT.

In India, trade activity for Australian red lentils reported trading at U$660-665/MT CFR Kolkata -(A/S) in containers this week. Currently, the demand for Australian desi chickpeas remains low with limited buying interest amidst low offtake by local chana millers. Traders awaiting festive demand to pick up this month. New crop Australian desi chickpeas offers limited due to container freight uncertainty, old crop Aug/Sep offers at U$880/MT CFR India main ports basis.

In past week, the global oilseed markets experiencing declines, especially in the rapeseed, canola & soyabeans. Hearing trade offers for Australian canola at U$665/MT; Ukraine rapeseed at U$635/MT to CFR Birgunj (A/S) in containers.

In Bangladesh, demand for Australian red lentils, desi chickpeas, canola & kaspa peas is low.

Crop progress for Queensland and New South Wales is in good to excellent conditions across most growing areas. Cold weather and frosts in most areas this past week which at this stage of crop will not be detrimental. Growers seem to be confident on chickpeas crop potential, however forward sales by growers is still very limited and will remain so till closer to harvest as Indian demand continues to be stable.

Victoria crops are still in post-emergence stage due to late rains for germinating crops. The crops will require continuing cold weather and in crop rain in Aug/Sep to get some growth, earlier than late Sep hot weather will be detrimental and cause yield potential to be lost. Lentils prices in upcountry Victoria have continued to track lower dropping A$30 pmt in the past week following price corrections in ISC. Ongoing concerns for new crop yield potential will limit grower sales of remaining old crop tonnes at these price levels.

South Australia crops also remain underfed on in crop rains receiving an average 5 mm only past 10 days and will require higher amounts of in crop rain in Aug/Sep to maintain yield potential.
Western Australia grain growing regions continue to see in crop rain and crops will maintain yield potential on extended cold wintery conditions allowing crops to tiller.

Disclaimer: Prices mentioned are for indication purpose only

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12 Jul, 2024
venedorJuly 12, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (12/07/2024)

Australian red sorghum exports roses to 71% in May,24 compared to previous month & main buyer is China as per ABS. Demand is low for Australian sorghum, hearing recent trades reported at U$290/MT for CFR Qingdao in containers this week. There is some trading activity in Kaspa peas with trade reported at U$455/MT to CFR Tianjin (Jul/Aug) in containers this week.

Australian feed barley exports dropped by 31% in May,24 compared to previous month, while malt barley fell by 71% during same period & major importers is China as per ABS. The Chinese buyers are targeting Australian feed barley at high U$250/MT, while sellers quoting at U$275/MT (July/Aug) for containers & bulk priced at U$260-265/MT levels to CNF China. Hearing that Black Sea origin barley such as Ukraine quoted at U$240/MT & Russian at U$250/MT to CNF China (July/Aug) in containers. It also reported that buyers have booked Canadian barley at U$258-260/MT to CNF China major ports.

Australian wheat exports containerized up by 3%, major buyers are Malaysia, Taiwan & Thailand, while bulk exports dropped by 15%; main importer are Philippine & Indonesia as per ABS. In SEA region, APW1 quoted at U$305/MT in container & bulk priced under U$300/MT to CFR SEA major ports; ASW quoted at U$280/MT & H2 quoted under U$300/MT to CFR China major ports in containers. 

Since Indian government has recently set a stock limit on pulses, leading to a minimal demand of Australian desi chickpeas for couple of weeks. Hearing recent forwards trades reported of CHK1(24/25) at U$845/MT to CNF India (Nov/Dec) in containers. Some trade activity in Australian red lentils this week, hearing trades reported at U$730/MT (Aug/Sept) in containers.

In Pakistan, there is minimal demand for Australian lentils & strong demand for Australian desi chickpeas. Hearing trade offers for NIP1/HAL1 at U$735/MT (Jul/Aug); CHK1(23/24) at U$875/MT (Aug/Sept) & CHKM at U$840/MT (Jul/Aug) to CFR Karachi. A few trades have been reported for CHK1(23/24) at U$860/MT & CHKM at U$835/MT in containers & also heard that Tanzanian desi chickpeas have traded at U$855/MT to CFR Karachi.

In Nepal, minimal trade movement for Australian desi chickpeas, red lentils & canola – hearing offers at U$900/MT; U$775/MT, & U$665/MT to CFR Birgunj in containers.

In UAE, buyers are targeting Australian red lentils new crop at U$720-725/MT levels to CFR Jebel Ali in containers

In Bangladesh, no trade activity in Australian desi chickpeas, red lentils, canola & kaspa peas.

Exports of canola increased by 4% in May,24 compared to previous month & major importers are Pakistan & Japan as per ABS.

Disclaimer: Prices mentioned are for indication purpose only

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5 Jul, 2024
venedorJuly 5, 2024Weekly Market Update

Grains, Pulses & Oilseeds Market Update (05/07/2024)

The Chinese market has been experiencing a slowdown and fluctuations in demand over the past 1.5 months. Australian red sorghum has been quoted at U$300/MT for CFR China major, whereas buyer’s target price remains at U$290/MT as spot market is weak & traders are losing money at the moment.  

Australian barley enjoys strong local demand, yet it contends with intense competition from Black Sea barley in China. Bulk Australian barley is priced below U$265/MT, Russian barley quoted at U$250/MT, Ukrainian barley priced at U$240/MT for bulk & under U$255/MT for containers, and Canadian barley is trading below $260/MT (Jul/Aug) to CFR China in containers.

Currently, there is a lack of buying interest in Kaspa peas owing to low demand, with spot market rates hovering around U$430-435/MT. Similarly for Australian GMB – P grade quoted at U$950/MT to CFR Qingdao, lack of buying interest as buyers prefers cheaper options such Kenya at U$800/MT, Myanmar at U$805/MT; Argentina at U$730/MT; Madagascar at U$880/MT; Brazil at U$805/MT. 

In SEA regions Australian wheat – APW1 quoted at under U$295/MT; APH2 at U$365/MT; AH1 at U$335/MT to CFR SEA major ports in containers & also we heard that ASW quoted at U$285/MT; H2 at U$310/MT levels to CFR Qingdao in containers with no firm buying interest.

The Indian pulses market has experienced minimal activity over the past two weeks. The market for desi chickpeas has seen a slight decline, leading to lack of buying interest. Consequently, CHK1(24/25) new crop was traded at U$825/MT (Nov/Dec) & trade offers CHK1(23/24) old crop at U$850/MT to CNF India in containers. Furthermore, there is a subdued demand for Australian lentils, with offers standing at U$745/MT to CFR Kolkata (Jul/Aug) & forward trade offers at U$720/MT (Nov/Dec) to CFR Kolkata in containers.

Pakistan’s market has experienced a decline this week. Hearing trade offers of CHK1(23/24) at U$865/MT; CHKM at U$805/MT; NIP1/HAL1 at U$760/MT to CFR Karachi (Jul/Aug) in containers with limited buying interest. As heard from market sources that local market prices for CHKM is improved to U$785/MT & nipper at U$750/MT levels this week.

Bangladesh market is quiet – sentiments are bearish from buyer due to high prices of desi chickpeas, red lentils, canola & kaspa peas. Hearing from market source that local market prices for red lentils at U$715/MT & desi chickpeas at U$795/MT levels.

Sluggish demand in Nepal for Australian lentils, desi chickpeas & canola at the moment. Hearing offers of canola at U$675/MT; NIP1/HAL1 at U$775/MT; CHK1(23/24) at U$895/MT levels to CFR Birgunj in containers.  

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28 Jun, 2024
venedorJune 28, 2024Weekly Market Update

Grains, Pulses & Oilseed Market Update (28/06/2024)

Wheat markets continued to track lower this week with ongoing harvest in Russia boosting confidence of Russian exporters. B Sea to SEA – 11.5% pro wheat in containers reported as trading into Indonesia U$261/MT for Aug/Sep; FW offers reported in bulk low U$260’s CFRLO Thai port. Concurrently, Australian wheat prices have fallen, with the SEA region’s APW1 being quoted below U$295/MT CFR SEA major ports.

India’s pulses basket experienced slower trading this week due to traders re-adjusting and re-aligning trade positions according to recent statutory directives on stock limits and imports. The Indian government expects pulses basket prices to cool off in Jul/Aug period on increased imports of pulses from Africa countries and increased planting of Tur in Karnataka and Maharashtra though increased production is subject to sufficient monsoonal coverage.

The Indian government has recently imposed stock limits on pulses until September 30, 2024, and on wheat until March 31, 2025, to regulate prices and reign in food inflation.

Currently Australian desi chickpeas CHK1(23/24) are quoted at U$840/MT (Jul/Aug) & new crop CHK1(24/25) quoted at U$850/MT (Oct/Nov); U$840/MT (Nov/Dec) CNF India main ports in containers basis. There is minimal trading activity in Australian red lentils, with prices ranging from U$730/MT (Jul/Aug) to CNF India main ports in containers.

Post-Eid holidays, the Pakistan market has seen some trading activity. The current crop of Australian desi chickpeas (CHK1) is traded small volumes at U$835-840/MT, with trade offers for CHKM at U$815/MT and NIP1/HAL1 at U$750/MT, CFR Karachi (Jul/Aug) in containers. Shipping containers to Karachi ongoing challenge with limited shipping lines providing service ex Australia.

All agriculture commodities are experiencing low demand in China; Australian sorghum is being quoted at U$300/MT, CFR China major ports, though buyers are aiming for U$290–292/MT (Aug/Oct) coverage. Kaspa peas are quoted at U$500/MT to CFR Tianjin, but there is low buying interest as bids stand at U$450-455/MT. Australian GMB – P grade is offered at U$985/MT to CFR Qingdao, while buyers show more interest in the cheaper grades of GMB from Australian GMB – M grade under U$810/MT, Argentina under U$750/MT, Brazil under U$805/MT, and Myanmar under U$800/MT.

In Egypt, minimal demand for current crop of Faba beans & Lupins offers are quoted at U$550/MT & U$535/MT to CFR Damietta in containers (Jul/Aug).

In Nepal, there has been some trade activity in Australian red lentils at U$785-790/MT levels to CFR Birgunj & GM canola min. 44% – quoted at U$665/MT & CHK1(23/24) at U$890-895/MT to CFR Birgunj in containers

The Australian winter crop is in good stage of progress. Seed germinating rains have got crops up and running but follow up rains are crucial in some low subsoil moisture regions in South Australia/Victoria and Western Australia. Central Queensland received major crop boosting rains this week with almost 1-2 inches rains on all cropping areas which will significantly boost their chickpeas production. QLD and NNSW chickpeas are also planted on good sub-soil moisture and getting decent followup rains. Lentils in SA and VIC still need to see a major rain event to boost potential as they were planted on low sub-soil moisture and continue to receive only 5-10 mm each rain event in June.

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venedorJune 7, 2024Weekly Market Update

Grains, Pulses & Oilseed Market Update (07/06/2024)

According to the latest ABARES report, the forecast for winter crop production in 2024/25 is as follows: Wheat – 29.1MT, Barley – 11.5MT, Canola – 5.4MT, Lentils – 1.6MT, Chickpeas – 1.1MT & Lupins – 1.39MT.

Last week, the weather in Russia and Ukraine turned out better than expected, which caused the global wheat market to dip. Australian wheat market also experienced a price decline, dropping by A$10-12 nationwide. In SEA, APW is quoted at U$312/MT; APH2 at U$350/MT levels to CFR SEA major ports.

The Chinese market is currently stable to low due to weak demand. Australian sorghum is quoted at U$305/MT levels CNF China major ports, attracting limited buyer interest. However, buyers are looking at cheaper sorghum from the USA and Argentina origin; market reports suggest that USA sorghum is trading in bulk at U$296/MT, while Argentine sorghum is trading in bulk below U$260/MT to CNF China major ports.

Australian GMB – P grade is being quoted at U$1020/MT levels to CFR Qingdao with limited buyer interest as buyers receiving offering of GMB from Myanmar origin at U$810/MT levels to CNF China ports. 

Australian MALT1 barley is quoted at U$310/MT for CFR Tianjin in containers, yet buyers are opting to wait as the prices are not viable. Similarly, for MALT FAQ barley, buyers’ bids stand at U$272/MT for containers, which is considered far too low given the high origination prices in Australia.

KASPA PEAS demand is minimal, as we heard trade offer quoted at U$505/MT to CFR Tianjin while buyers bids remain at U$470/MT levels.   

Pakistan’s market has been sluggish for the past four weeks; no demand coming for Australian red lentils & desi chickpeas. As we hearing NIP1/HAL1 being quoted at U$755/MT; CHK1 at U$920/MT & CHKM at U$840/MT levels to CFR Karachi (Jul/Aug) in containers.

India’s desi chickpeas demand has remained steady; however, there was no trading activity last week due to the expected election results. Offers quoted at CHK1 at U$910/MT to CNF India in containers (Jun/Jul). Australian red lentils demand is minimal at the moment, as we are hearing NIP1/HAL1 offer quoted at U$745/MT to CNF India in containers. As we learned from market sources that Tanzanian desi chickpeas trading at U$875/MT to CNF India (Aug/Oct) in containers.

Nepal’s market is currently not showing interest in Australian desi chickpeas, red lentils, and canola; as trade offers at quoted at U$935/MT; U$805/MT & U$680/MT levels to CFR Birgunj in containers (Jul/Aug) in containers.

Egypt’s market experiencing sluggishness in Faba beans & Lupins demand.

In Bangladesh, getting few inquiries for Australian canola & Kaspa peas. 

Disclaimer: Prices mentioned are for indication purpose only

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