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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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Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
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