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AMIS Market Monitor

last release: July 2018

International Prices

Against the backdrop of heightened US-China trade tensions and mostly beneficial growing conditions across the Midwest, the IGC GOI sub-Index fell to a five-month low in June. While losses were recorded at all major origins, they were steepest at the US Gulf, with spot quotations falling to their lowest since March 2016. In Brazil, where basis levels surged on ideas of stronger demand, coupled with logistical disruption on routes to key ports due to a truckers strike, FOB prices fell relatively modestly. This led to a widening of the Brazil-US price spread to more than USD 40 by late-June. In Argentina, where currency weakness added to pressure, Up River offers fell significantly, but quotations were termed nominal owing to thin availabilities.