Agriant Commodities 24-04-2023 Grain and Feed NewsHot Topics---------------------
- Ceyhun Besli
- Apr 24, 2023
- 4 min read
Agriant Commodities 24-04-2023 Grain and Feed News
Hot Topics----------------------
The European Commission was somewhat taken aback by Polish Deputy Prime Minister Jaroslaw Kaczynski's move to ban imports of grain, oil seed, dairy products and meat from Ukraine.
Kaczynski, who is also leader of the ruling, ultraconservative PiS (Law and Justice) party, announced the ban at a party event on Saturday with the words, "We have to correct mistakes." Hungary was quick to follow suit with the drastic measure, followed in short order by Slovakia.
The European Commission's first reaction on the weekend was a rather threadbare statement. But on Monday, Commission spokespeople finally tried to explain what was what. "It is important to remind that trade policy is an exclusive competence. That means decisions can only been taken at the European level. That is why unilateral action is not possible," said Miriam Garcia Ferrer, the EU spokesperson for trade issues.
Because the European single market of 27 EU member states has no borders or customs duties for goods, Ukrainian grain can be traded freely within the EU — even if Poland, Hungary or any other country imposes an import ban. To be effective, an import ban would have to be approved by all 27 countries.
Ferrer stressed that there was a comprehensive free trade agreement between EU and Ukraine, to which Poland, Hungary, Slovakia and all other member states are, of course, party. Under the provisions of this agreement, customs duties on exports from Ukraine to the EU and through the EU have been largely dropped since the Russian invasion. This is meant to allow Ukraine to sell grain and other products abroad while avoiding the Black Sea ports being attacked by Russia.
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Wheat -----------------------
Wheat May '23 (ZWK23)
664.-6
Chicago wheat fell on Wednesday after a three-session rally as participants digested developments regarding exports from Ukraine, including a deal on grain transit via Poland, while assessing rain forecasts for parched U.S. wheat belts.
A stronger dollar and weaker crude oil created some pressure on grains.
Wheat markets rallied at the start of this week, recovering ground after hitting their lowest since 2021 in late March, as bans on Ukrainian grain announced by several eastern European Union countries and growing uncertainty over a Black Sea grain deal raised worries about a squeeze on Ukrainian exports.
"The market is still oversold technically and there is still plenty of uncertainty on the availability of Ukraine grain in the world market," commodities research firm Hightower said in a note.
Concerns were tempered by news that Poland agreed on Tuesday to lift a ban on the transit of Ukrainian grain, and by the resumption on Wednesday of vessel inspections under the wartime corridor deal for grain shipments from Ukraine.
Large expected Russian wheat exports were also helping to cap prices.
However, the Black Sea export deal, brokered by the United Nations, remains in doubt following warnings by Russia it could pull out of the arrangement in mid-May.
Russia’s ongoing invasion of Ukraine is causing a global shift in the trading of grains — which feed billions of people every day — and Ukraine’s harvest this year could plummet by as much as 50% compared to before the war.
Both Ukraine and Russia were among the world’s top producers of commodities such as wheat before the war broke out in February 2022. But the conflict saw the price of U.S. wheat futures hit decade highs (with one benchmark wheat contract hitting an all-time high) and sparked volatility in global wheat prices throughout the year. Prices stabilized in 2023, dropping around 13% in the year to date.
Wheat production in Kazakhstan is expected to be 16.4 million tonnes for marketing year 2022-23, which would be well above the previous year’s 11.8 million tonnes and the Central Asian country’s best year since 2017-18, according to a Global Agricultural Information Network report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
The Egyptian Ministry of Finance has allocated EGP 45 billion (USD 1.4 billion) to purchase wheat from local farmers, an increase of EGP 19 billion (USD 620 million) compared to last year, Finance Minister Mohamed Maait explained in a statement released on Friday, 21 April.
Wheat BS 11.5 # FOB Panamax #250 usd
Wheat Ukraine 11.5 # Asia Main Ports #310 usd
Wheat BS FW # Asia Main Ports #305 usd
Wheat Australia SFW # Asia Main Ports #315 usd
Wheat Australia ASW # Asia Main Ports #325 usd
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Soybean & Soybean Meal --------
Soybean May '23 (ZSK23)
1486
Soybean Meal May '23 (ZMk23)
466.2
China aims to increase soybean and edible oil crop planting areas by 10 million mu (666,667 hectares) this year to strengthen grain production and ensure supplies, in an ongoing effort to improve self-sufficiency, a Chinese official said on Thursday.
"The expansion of soybean and oilseed crops has achieved remarkable results thanks to the national project for their improvement… We'll continue to expand sowing areas of soybeans and oilseed crops, and improve yields and quality," Pan Wenbo, an official of the Ministry of Agriculture and Rural Affairs, told a press conference.
Soybean USA # FOB Panamax # 575 usd
Soybean Brasil # FOB Panamax # 490 usd
Soymeal Arg # FOB Panamax # 500 usd
Soymeal USA # Container SK23+90
Soybean # Container K23+2.3
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Corn ----------------
Corn Mar '23 (ZCK23)
659-2
Showers expected in Brazil were maintaining favourable prospects for the country's second corn crop, tempering worries about continuing drought in Argentina.
CORN USA # FOB Panamax # 295 usd
CORN UKRAINE # FOB Panamax # 240 usd
CORN ARG # FOB Panamax # 260 usd
CORN BRSL # FOB Panamax # 270 usd
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Other Container Prices -------------------
USA DDGS CNF Indonesisa 360 Usd
USA DDGS CNF South Korea 350Usd
USA DDGS CNF Taiwan 350 Usd
USA DDGS CNF Philipines 375 Usd
USA DDGS CNF Malaysia 355 Usd
USA DDGS CNF Vietnam 365 USD
USA CGM CNF ASIA 850USD
UKRAINE SFM CNF ASIA 380USD
UKRAINE SFMP CNF ASIA 410USD
AUSSIE BARLEY ASIA 335 USD
Freight----------------Freightos Baltic Index (FBX): Global Container Freight Index
$1599
Argentina / China/ Panamax, #45 USD (TO)
Argentina / Indonesia Panamax, #60USD (TO)
USA PNW / China /Panamax , #32USD
BS /Turkey ------ / Handy #20 USD
BS /China /Panamax #57 USD
BS / Indonesia Panamax #55 USD
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