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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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Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
Friday, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
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- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Aditya Birla Group - India
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