Two more ships left Ukraine’s Black Sea ports on Friday, including one laden with the first Ukrainian wheat to be exported under a U.N. brokered deal, Turkey’s defence ministry said. A total 14 ships have now departed from Ukraine over the past two weeks, following the deal with Russia to allow a resumption of grain exports from Ukraine’s Black Sea ports, after they were stalled for five months due to the war.
Grains are lower on a more favorable forecast and declined crude usage in China.
According to the Stats Bureaus, Chinese crude production in July was up 3% year on year at 17.13 MMT. Steel output is down 6.4% year on year at 81.43 MMT. Crude oil throughput is down 8.8% year over year to 53.21 million tonnes, the lowest since March 2020 according to Reuters. January through July throughput cumulative totals are down 6.6% compared to last year.
China announcement they will ban Ag imports from Australia and New Zealand is adding concerns over World largest commodity import nation. China July retail sales and industrial production increase growth was less than expected. Refinery output dropped, youth unemployment increased and average new home prices fell also weighed on commodities. All of this forced China Central Bank to unexpectedly lower 2 key interest rates in an attempt to shore up growth.
Weak China economic data is weighing on corn futures. CZ could be in a 6.00-6.50 range until more is known about US 2022/23 supply and demand and Ukraine exports. USDA estimated US 2022/23 corn yield at 175.4 and carryout near 1,520 with key final yield and feed use.
Prime Minister Fumio Kishida of Japan instructed the Japanese Agricultural Minister to leave the price of imported wheat unchanged from October.
Iran set the price of its crude for Asian buyers at $9.50 above the Oman/Dubai average for September, this is $0.60 higher than the previous month.
Mpls wheat -24
KC wheat -22
Chic wheat -20
Matif wheat -3
Canola -30
Soybeans -49
Soybean oil -265
Crude -489
Corn -20
CAD -91