USDA announced yesterday morning that China bought 136,000 mts of new crop soybeans. Rumors are they bought 3 to 5 times that amount this week.
The offering phase of India’s urea auction was yesterday. More than 1.7 million mts were offered and India was buying only 500,000 mts. The lowest price offered was US$517 per mt CFR , well below expectations (CFR = Cost of product and freight to destination port) .
Insurance companies informed negotiators in Turkey they will only be willing to cover ships with Ukrainian grain sailing through a proposed corridor if there are arrangements for international navy escorts and a clear strategy to deal with sea mines. It really is looking like Ukrainian grain is going to stay in Ukraine for quite awhile.