OPEC+ throws tanker shipping a curveball, shaking confidence
“In classic Murphy’s Law fashion, shipping seems prone to misfortune,” lamented Stifel analyst Ben Nolan in the wake of Sunday’s surprise OPEC+ production cuts. “Things could not have been going more right for the tanker market” until OPEC+ gave tanker owners and investors a “poke in the eye.” “OPEC+ blindsided oil and tanker markets,” said […]
Grain Highlights 06.04.2023
Sagras&Mercado have lowered their forecast for the 2022/23 soybean production in Argentina to 24.8 million tons (-6.6 compared to the previous estimate and 43 in 2021/22). – According to an optimistic scenario, 15.6 million tons of grain can be exported from Ukraine over the period of April-June, including 10 million tons through the grain corridor […]
Grain Highlights 07.04.2023
According to Conab data, as of 04/01/2023, the sowing of second corn crop in Brazil reached 96% of the planned areas (+5% for the week). – Wheat prices on the domestic market in Russia have fallen to November 2019 levels. As of March 1, 2023, wheat stocks held by agricultural organizations of Russia were 17.4 […]
Black Sea Watch: Ukrainian grain flows stabilize above average amid turbulent trading
As seaborne Ukrainian grain exports via the Black Sea are stabilizing at above-average levels and shipment size exhibits positive momentum, traders’ and shipowners’ views are reported to diverge in the freight markets and Black Sea grains see turbulent trading. The UN-brokered Black Sea Grain Initiative, signed July 2022 by Russia, Ukraine and Turkey and renewed […]
Grain Highlights 05.04.2023
Since the beginning of the year, Canada is experiencing the second worst drought in 45 years. – According to data from the Russian Grain Union, 5.2 million tons of wheat were exported from Russia in March, which is 2.7 times more than in March 2022. In total, grain exports from the country reached 6.2 million […]
Spain calls for tougher enforcement of oil transfers at sea
Spain has called for tighter scrutiny of oil transfers involving tankers at sea as the number of unregulated ships hit by sanctions grows and raises pollution risks, a U.N. agency session heard. Hundreds of extra “ghost” tankers have joined this opaque parallel trade over the past few years as a result of rising Iranian oil […]
Grain Highlights 04.04.2023
In its first assessment, the European Commission forecasts a 2023/24 EU soft wheat production of 130.9 million tons (126 in 2022/23), domestic consumption of 99.1 million tons (98.8), soft wheat exports of 32 million tons (32) and ending stocks of 21.9 million tons (18.1). – The Ministry of Agriculture of Russia has received a notification […]
Grain Highlights 03.04.2023
Rusagrotrans forecasts a 2023/24 wheat production in Russia of 82.5 million tons, which is 1.5 million tons more than the previous estimate. – In March, a record 4.8 million tons of wheat were exported from Russia (4.79 in October 2022). The total grain export was 6.05 million tons (6.13 in September 2022). Corn exports were […]
Tanker sales surge as Ukraine war divides maritime fleet over Russian cargoes
The war in Ukraine has spurred a flurry of sales and purchases of oil tankers over the past year as some shipping companies press ahead with moving Russian cargoes while others act to avoid any hint of exposure to sanctions, market participants said March 14. Many of these deals involve undisclosed buyers as the investors […]
Grain Highlights 15.03.2023
Soybean&Corn Advisor Inc lowered its forecast for the 2022/23 soybean production in Argentina by 3 million tons to 28 million tons (-36% compared to the previous season). – Yesterday Chicago commodity funds were net sellers of 3,500 contracts of corn and 8,000 contracts of soybeans and net buyers of 1,500 contracts of wheat. – In […]