Articles By Masha Belikova

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.

Russia set a new wheat export record in the 2023/24 marketing year, which ended on June 30, with the country increasing supplies to several countries in Asia, while the underlying structure of key Russian exporters has changed, Fastmarkets research shows.

Algeria’s state grain importer has announced a fresh tender for a nominal 50,000 tonnes of optional origin milling wheat delivered into small ports, according to an official invitation document seen over the weekend.

The Russian wheat export tax continued to decline for the week through July 10-16, while corn and barley remain at zero, an official update from the agriculture ministry showed on Friday July 5.

Australian barley exports in May exceeded the Australian Bureau of Agricultural and Resource Economics and Sciences’ (Abares) forecast, while rapeseed exports increased and wheat exports dropped on decreased volumes to China, according to monthly data from Abares.

Dry bulk freight rates for Panamax-sized vessels were broadly stable in the week to Wednesday July 3 after several weeks of rises, with increased ship supply and slower exports continuing to weigh on rates.

Major Feedmill Group (MFG) of South Korea has continued corn and meal purchases in private deals on Wednesday July 3 for November-December arrivals, trade sources have told Fastmarkets.

The start of the Black Sea region’s new wheat marketing year from Monday July 1 offers an opportunity to look back on the previous marketing year and to focus on Ukraine’s experience and the effect that the self-declared humanitarian corridor has had on the country’s agricultural exports.

Saudi Arabia’s General Food Security Authority (GFSA) has purchased only half of the amount of September-December wheat it was looking for, paying an average of $263.35 per tonne CFR, according to an official note on its website on Monday July 1.

The Russian government has changed its tax calculation formula on wheat exports, bringing it down significantly for the July 3-9 period, the country's Ministry of Agriculture said on Friday June 28.

Thai private buyer Betagro has secured a feed wheat cargo for August shipment in a tender that closed on Wednesday June 26, trade sources told Fastmarkets.

Saudi Arabia state grain importer General Food Security Authority (GFSA) has returned to the market for 595,000 tonnes of optional-origin milling wheat in its third tender so far in 2024, it said on its website on Thursday June 27.

The Indian government has introduced a 500,000 tonne tariff rate quota (TRQ) on corn imports as well as new levels for milk powder, rapeseed oil and crude sunflower oil, in an official document released on Wednesday June 26.

Dry bulk freight rates for Panamax-sized vessels fell in the week to Wednesday June 26 after several weeks of rises, with increased tonnages and seasonal slowdowns being outweighed by the demand for grains.

The Russian grain crop harvest has reached 3.8 million tonnes from 882,600 hectares as of Tuesday June 25, nearly double last year's volume due to an earlier start, with yields higher than expected, according to official government data released on Tuesday.