Articles By Masha Belikova
The Russian wheat harvest is nearly the halfway point, with 46.4% of the planned area completed, according to data available to Fastmarkets on Friday July 26.
The Russian government has significantly reduced its wheat export taxes, while the indicative price level has come closer to the levels seen in the physical market, according to an update from the agriculture ministry on Friday July 26.
Dry bulk freight rates for Panamax-sized vessels rose slightly in the week to Wednesday July 24, with tonnage tightening in the Atlantic.
In Bangladesh, one of the world's biggest wheat importers, bids disappeared from the market after student protests erupted in the country.
The Russian grain crop harvest progressed by another 10.5 percentage points through the week ended July 19, including a wheat harvest that is 37.8% completed, while yields again declined, according to data seen by Fastmarkets on Monday July 20.
The Russian government has lowered the wheat export tax for the week of July 24-30 after little support seen last week, while the corn and barley taxes stayed at zero, an official update from the agriculture ministry showed on Friday July 19.
Extremely hot and dry weather in the Black Sea area has also hit Ukrainian growing regions, leading to a 15% drop in corn production forecasts for the 2024/25 marketing year, with potential further damage yet to be assessed, trade sources have told Fastmarkets.
Algeria’s Inter-professional Office of Cereals (OAIC) has purchased at least 780,000 tonnes of optional origin milling wheat in its tender closed on Wednesday July 17, sources said.
Dry bulk freight rates for Panamax-sized vessels rose slightly in the week to Wednesday July 10, with ship supply in the Atlantic beginning to be taken up by more cargoes.
South Korean flour millers’ association KOFMIA purchased around 40,000 tonnes of US-origin milling wheat in its tender for October 1-15 loading, trade sources told Fastmarkets on Wednesday July 17.
The Thai Feed Mill Association (TFMA) has skipped the purchase in its tender for 175,200 tonnes of optional origin feed wheat for second half of September shipment, considering the offered prices too high, sources told Fastmarkets on Wednesday July 17.
The Russian government has marginally increased the wheat export tax for the week of July 17-23, but left corn and barley taxes at zero, an official update from the agriculture ministry showed on Friday July 12.
The new-crop corn buying prices have gone up during the week ending Friday July 12 in Romania, with concerns arising for the upcoming corn output because of the hot and dry weather, trade sources have told Fastmarkets.
Western Australian wheat output is expected to increase by 20% year on year in the 2024/25 marketing year, according to the latest monthly report from the Grain Industry of Western Australia (GIWA), released on Friday July 12.
The Russian grain crop harvest progressed by another 7.5 percentage points through the week ended Wednesday July 10, including a wheat harvest that is 21.5% completed, and yields again declined, according to data seen by Fastmarkets on Thursday July 11.
South Korean feed importer Major Feedmilll Group (MFG) concluded its feed wheat tender on Thursday July 11, picking up one cargo of around 68,000 tonnes for October arrival, sources told Fastmarkets.
South Korean feed importer Korea Feed Association (KFA) has passed on a tender for November 11 arrival of 50,000-68,000 tonnes of corn, which closed on Thursday July 11. A rival Korean buyer, however, continued negotiations for feed wheat purchases, sources told Fastmarkets.
Dry bulk freight rates for Panamax-sized vessels eased in the week to Wednesday July 10, with demand insufficient to employ the supply of vessels, although there were some signs of a recovery.
Spanish warehouses are full of imported grain due to continuing sluggish demand, with buyers holding back in anticipation of being able to purchase better local crops, sources told Fastmarkets on Wednesday July 10.
The first results have been obtained since the wheat harvest started in Russia, and so far yields have been better than expected, which has led local analysts to revise upward their forecasts for wheat production in the 2024/25 marketing year.