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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, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- The University of Queensland
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
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