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Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
 Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in many key growing areas, raising concerns regarding global food security, amid rallying food inflation.
In the US, recently released estimates from Pro Farmer, regarding corn and soybean crops, are 4% lower than the official government forecasts, which is dismaying. Bolstering heat and drought have severely impacted part of the Farm Belt over the previous months. Production output is crucial, as it will determine grain prices for the upcoming months. According to USDA’s latest report, in total, 89.8 million acres were planted to corn in 2022, while 87.2 million acres were planted to soybean. Overall, corn production is decreased by 5% y-o-y, while soybean harvest is forecasted to increase by 2% y-o-y.
In China, the worst drought since the early 1960s in central and southwestern areas paired with floods in the northeast threaten hundreds of million tons of grain harvest that is reaped during the fall. Rice harvests in areas along the Yangtze River and the Sichuan basin, the two regions where half of the country’s rice is produced, have been severely impacted. Total corn output is also estimated to be reduced by 4.5mn tons due to floods, according to Chinese commodities broker Yongan Futures Co. A loss of harvest will lead to increased demand for imports and will push prices upwards, posing threat to global food security. The country is now turning to the US for imports amid surging Brazil soybean prices, with a total of 859,836 tons being imported to the country since April 22, according to USDA.
India’s rice harvest is expected to significantly drop as of shrunk planted region due to extremely high temperatures. According to the country’s Food Corporation, rice harvest is expected to drop by 10% in the upcoming harvest season, typically occurring between November-December, decreasing the country’s rice output to 117mn metric tons. According to USDA Foreign Agriculture Service, 110 million tons out of the total 117 million tons, will be domestically consumed, thus leaving a total of 7 million tons for exports. August wheat stocks also slumped to a 14-year record low, while wheat inflation hit 12%. The country is discussing a potential curb on broken rice exports, which if decided will have ripple effects on the global food supply chain, while on Aug.27 it announced a ban on wheat flour exports with occasional exceptions.
Ukraine’s grain is leaving its ports smoothly with exports steadily ramping up. Ukraine’s grain exports are currently 50% lower y-o-y. Ukrainian wheat sales, albeit improved, are not adequate to support wheat prices, which stand currently below growing costs. On Aug.30, the country's Ministry of Infrastructures announced that approx. 1.5mn tons of grains have been exported so far from the country’s ports. However, next season’s harvest, which has already started to be sown, is undermined by destroyed farmlands and weak domestic prices.
Meanwhile, in the rest EU area, farmers have been grappling with drought, while estimating their summer crop yields to drop significantly. EU’s corn crop is estimated to hit a 15-year low, estimated at 59.3mn tons in 2022/2023 harvest, according to the European Commission’ latest forecast. According to FranceAgriMer, only 53% of the country’s corn crop is in good or very good condition, while according to Agritel’s latest estimate, the country’s 2022/2023 wheat production will reach 33.63mn tons, slumping below the 5-year average. Meanwhile, in Romania farmers have been forced to harvest their corn crops one month earlier on the back of extremely dry conditions. The country expects a 15% lower wheat output y-o-y, approx. 9mn tons, according to the Minister of Agriculture.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Australian Coal Association
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
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