Milling Wheat The Black Sea market was firmer last week as offers for Russian 12.5 pro were difficult to find below $215/MT FOB. The Russia-U.S. tensions have pressured the ruble, which fell about 10 percent in one week. Consequently, domestic prices moved up sharply (in RUB expression), rising about 500 rubles ($8.00) in southern Russia (close to the ports) last week. Despite the higher prices, farmers’ selling remained slow as they certainly prefer to keep their wheat as a protection in case the ruble collapses. The new crop is developing under generally favorable conditions in Eastern Europe. The average trade estimates are around 80 MMT for the Russian crop and 26 MMT for the Ukrainian crop versus 84 MMT and 25 MMT, respectively...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Dry bulk markets remain mixed with Capesize vessels seeing continued pressure from weaker demand while fixtures and rate strength gradually increases towards the smaller vessel classes. Tanker markets are pulling back from their recent highs as tonnage moves out of the Mid...
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