Articles By Masha Belikova
Improving weather conditions across Australia have pushed wheat output estimates above 30 million tonnes for the 2024/25 marketing year, sources told Fastmarkets on Friday August 16.
Western Australian wheat output estimation was revised up by 9% month on month amid continued rain and warm weather conditions in the state, the monthly report from the Grain Industry of Western Australia (GIWA), released on Friday August 16 shows.
Prices for corn and wheat on a delivered at place (DAP) basis in Ukraine's water ports have firmed since July amid a lack of offers and rising concerns over the late crops conditions, as well as farmers’ reluctance to sell volumes at lower prices – all this is at odds with what is happening in international markets, trade sources told Fastmarkets.
The “Brooklyn Kyiv” grain terminal at Odesa port in southern Ukraine was damaged by a Russian missile attack late on Wednesday August 14, Louis Dreyfus Co (LDC) told Fastmarkets on Thursday.
Dry bulk freight rates for Panamax vessels continued to fall in the week to Wednesday August 14 on an excess of available tonnage in the Atlantic.
Buyers from the Philippines booked at least three cargoes of Australian feed wheat for October-November shipment in recent days, sources told Fastmarkets.
The Egypt’s General Authority of Supply Commodities (GASC) has only booked 280,000 tonnes of milling wheat sourced from Ukraine and Bulgaria, paying $241.98 per tonne FOB and $266.21 per tonne CFR on average in a tender for 3.8 million tonnes, according to an official document released by GASC on late Monday August 12.
Algeria’s state-backed grain import agency Inter-professional Office of Cereals (OAIC) has returned to the wheat market to tender for optional origin milling wheat for October loading, according to an official document released on late Tuesday August 6, which was seen by Fastmarkets.
Egypt’s government importing agency has issued a rare tender to buy a fixed 3.8 million tonne volume of milling wheat for delivery over several months, sources told Fastmarkets on Tuesday August 8.
The Russian Agriculture Ministry reduced the wheat export tax for the week of August 7-13, according to an official note dated Friday August 2.
The output forecast for Ukrainian late crops was revised downward amid dry and hot weather, with expectations for corn and sunflower seeds being the most affected, the Ukrainian Grain Association (UGA) said on Wednesday July 31.
Tunisia's state import agency, the Office des Cereales (ODC), has issued a soft milling wheat tender for August-September shipment to add to its previous one for durum wheat, sources told Fastmarkets on Monday July 29.
Taiwanese feed importer MFIG issued a tender to import optional-origin corn for September-October shipment on Monday July 29, according to a document seen by Fastmarkets.
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.