Crypto alt binance news march 0196/21/2023 Meanwhile, the lowest corn offer value stood at $210/mt for June on May 31. The FOB wheat market fell $50/mt in May, while the POC FOB Ukraine corn declined $15/mt after staying stagnant for most of April. The Ukraine wheat and corn market also weakened in May amid low corridor inspection rates, long waiting times and additional demurrage costs. The 11.5% protein wheat declined $5 from the previous day to $234/mt on May 31, down $27.5/mt from the start of the month. Similar falls were seen in the CVB basis Constanta wheat market. "Sellers want to see buyers, and buyers think prices can go lower," a fifth source said. A second trader said that the ministry is likely to delay exports or ensure penalties if low trades below the price floors are seen. Many in the market have questioned the Russian government's ability to apply the price floors at $275/mt in the first half of April and at $260/mt in May that had stifled trade. "The market is still going down," a trader of Russian wheat said. The lowest offer for the 12.5% protein quality on May 31 was heard at $225/mt from the ports of Novorossiisk and Kavkaz, dropping $5 from the previous day.Įxport prices for Russian wheat continued to fall ahead of the new-crop harvest in July and an already large stock from the 2022 harvest amid weak demand from buyers. The Black Sea wheat market was bearish in May, as the Russian FOB wheat market dropped $45 from the start of the month for June-July deliveries. Still, some recovery might be taking place, with the average cargo size last observed at nearly 44,500 mt during the May 22-28 period, up 50% on the week. With Ukrainian grain flows standing just above 1.3 million mt in May, 53% lower on the month, the average seaborne cargo size also appeared to be stalling below the peaks seen in previous months. Platts, part of S&P Global Commodity Insights, last assessed the 25,000 mt Northwest Black Sea-Alexandria grains route at $27.75/mt on May 31, reflecting an 18% increase since the start of May. Spot freight rates have remained stagnant, with prices stuck in the high $20s/mt for deliveries to the East Mediterranean and in the low $30s/mt for voyages to the Spanish Mediterranean. Direct interference from Russia was alleged, with the primary cause identified as the continued blockage of a Russian ammonia pipeline near Pivdennyi, according to market sources Still, the aftermath of the May corridor extension brought no further market optimism, as JCC approvals for shipments to load from the port of Pivdennyi remained unobtained. The UN-brokered Black Sea Grain Initiative signed July 2022 by Russia, Ukraine and Turkey, and renewed for a third time in May for another two months, enabled the resumption of exports of grains from the three key Ukrainian ports of Chornomorsk, Odesa and Yuzhny/Pivdennyi on the Black Sea, with cumulative grain shipments under the safe passage deal surpassing 30.6 million mt as of June 1, data from the Initiative's Joint Coordination Centre showed. "It's pretty slow for smaller vessel sizes." "Currently, there is no demand for Handysize vessels in Ukraine, but we observe some business activity for Panamax and potentially Supramax vessels," a Geneva-based shipbroker said. In the Black Sea region, daily hire offers from owners for shipments via Ukrainian ports were reported around $15k/d for Handysize ships, while offers for non-Ukrainian ports were seen around the $8,000s/day. With the corridor deal due to end on July 18 the charterer expected they would not able to trade the new crops. The same charterer said they doubted much would be accomplished, as Ukraine does not have much stock left to export and crop conditions have not been favorable. We fixed two vessels during the last corridor, but neither of them was able to pass." "The corridor cannot function effectively with only a two-month perspective. "Basically, we've been on hold since March," a charterer said. Receive daily email alerts, subscriber notes & personalize your experience.
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