Market update week 4
Egypt Independent reports that the GASC, on behalf of the Ministry of Supply and Internal Trade, plans to import around 5 million metric tons of wheat this year through international bids. According to an official record, around 4.5 million metric tons of wheat were imported from different sources throughout the course of the previous year. Among them are those from Romania (780 KMT), France (360 KMT), Bulgaria (270 KMT), Ukraine (120 KMT), and Russia (2.93 MMT).
Egypt Independent reports that the GASC, on behalf of the Ministry of Supply and Internal Trade, plans to import around 5 million metric tons of wheat this year through international bids. According to an official record, around 4.5 million metric tons of wheat were imported from different sources throughout the course of the previous year. Among them are those from Romania (780 KMT), France (360 KMT), Bulgaria (270 KMT), Ukraine (120 KMT), and Russia (2.93 MMT).
The oil complex is rising, flirting with the highest levels since the beginning of the year. Both the Brent and Western Texas benchmarks are pushing against key resistances. The short-term trend is bullish, but is still undecided on the (medium-)long-term. Despite the uncertainties in the Middle East, including attacks on oil tankers, the oil price did not react strongly to the incidents.
The oil complex is rising, flirting with the highest levels since the beginning of the year. Both the Brent and Western Texas benchmarks are pushing against key resistances. The short-term trend is bullish, but is still undecided on the (medium-)long-term. Despite the uncertainties in the Middle East, including attacks on oil tankers, the oil price did not react strongly to the incidents.
In Brazil, the majority of Mato Grosso and Parana will continue to have heavy rains. Again, there will be conflicting results from these rains. Although they were particularly heavily struck by the drought at the beginning of the season, soybeans and maize in the flowering and grain/pod filling phases will continue to profit from this water supply to meet their significant needs. Rain, on the other hand, can delay the start of the soybean harvest and the sowing of the second crop, Safrinha corn. Meanwhile, the temperature will stay within typical seasonal ranges.
In Brazil, the majority of Mato Grosso and Parana will continue to have heavy rains. Again, there will be conflicting results from these rains. Although they were particularly heavily struck by the drought at the beginning of the season, soybeans and maize in the flowering and grain/pod filling phases will continue to profit from this water supply to meet their significant needs. Rain, on the other hand, can delay the start of the soybean harvest and the sowing of the second crop, Safrinha corn. Meanwhile, the temperature will stay within typical seasonal ranges.