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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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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- White Energy Company Limited
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
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