From S&P Global Platts, December 13:
Meeting COP26 commitments is going to be an uphill battle for Asia's top 10 carbon dioxide emitters. In Europe, refiners are facing a more immediate challenge, in the form of the omicron variant of COVID-19 threatening oil products demand, while in the US eyes are on natural gas demand ahead of winter.
....3. Harvest pressure halts Australian wheat rally
What's happening? Australia's wheat export prices have come under the harvest pressure, tumbling for the first time since the current marketing year started Oct. 1. Australian Premium White grade wheat were assessed at $365/mt Dec. 9, coming off the peak of $372.50/mt Dec. 7. Apart from the supply pressure, heavy showers in most parts of the country are also weighing on the prices of the premium quality wheat.
What's next? With the prices of high-protein content wheat declining, demand for Australian wheat is expected to increase over the next few weeks. This comes at a time when global wheat markets are gearing up for Russia's wheat export quota. Russia, the world's largest wheat exporter, will start implementing its quota in February. This is expected to support Australian exports. Australian wheat remains significant for a steady global wheat supply, which is seen tightening amid likely poor output in North America and restrictions in Russia....
....MUCH MORE
