Market update week 51
The latest GASC tender for soft wheat shipments in February 2024 resulted in the purchase of 480,000 t of Russian wheat. The selected bids were all priced at $287.40/t CIF. European operators can thus see that Russian prices are still competitive, despite the sharp fall in this spread over the past few weeks. Nearby futures saw another decline in price on Euronext as the euro gained ground on the US dollar. Concerns regarding production potential next year, especially in France, remain present.
The latest GASC tender for soft wheat shipments in February 2024 resulted in the purchase of 480,000 t of Russian wheat. The selected bids were all priced at $287.40/t CIF. European operators can thus see that Russian prices are still competitive, despite the sharp fall in this spread over the past few weeks. Nearby futures saw another decline in price on Euronext as the euro gained ground on the US dollar. Concerns regarding production potential next year, especially in France, remain present.
The sanitary protocol for maize and other products was discussed between China and Russia, and as a result, an addendum was signed that will expand the production locations that can export to China.
With a 14% blending (B14) effective in March, Brazil will quicken the rate of increases to its biodiesel mandate, which sets the minimum amount of biodiesel that must be included in the diesel mixture. The blending obligation, which is now set at 12% (B12), was supposed to increase to 13% in March, according to the official plan.
The sanitary protocol for maize and other products was discussed between China and Russia, and as a result, an addendum was signed that will expand the production locations that can export to China.
With a 14% blending (B14) effective in March, Brazil will quicken the rate of increases to its biodiesel mandate, which sets the minimum amount of biodiesel that must be included in the diesel mixture. The blending obligation, which is now set at 12% (B12), was supposed to increase to 13% in March, according to the official plan.
The price of crude oil is once again influenced by geopolitical risk. International flows, especially those of crude oil, are becoming more and more threatened by the Yemeni rebels‘ ongoing attacks on merchant ships in the Red Sea.
Furthermore, Oleksandr Kubrakov, the deputy prime minister of Ukraine, reportedly stated to Reuters on the 19th of December that 10 million tons of goods have been exported via the country’s alternate Black Sea route to 24 different nations. Kubrakov continued, saying that despite persistent Russian attacks on port facilities, the corridor has allowed Ukrainian ports to receive 337 vessels for loading.
The price of crude oil is once again influenced by geopolitical risk. International flows, especially those of crude oil, are becoming more and more threatened by the Yemeni rebels‘ ongoing attacks on merchant ships in the Red Sea.
Furthermore, Oleksandr Kubrakov, the deputy prime minister of Ukraine, reportedly stated to Reuters on the 19th of December that 10 million tons of goods have been exported via the country’s alternate Black Sea route to 24 different nations. Kubrakov continued, saying that despite persistent Russian attacks on port facilities, the corridor has allowed Ukrainian ports to receive 337 vessels for loading.