On this week's Market Movers Asia with Vivien Tang, Associate Editor, Grains:
* Low Chinese exports to support Asian gasoline complex
* Higher wheat production in India can revive exports
* Hopes of demand resurgence in Asian thermal coal market
* Shandong soybean crushers weigh pausing operations
This week, Asian gasoline demand is expected to remain robust as China exported only 350,000 mt of the motor fuel in February, over 60% lower than initial forecasts in January. Demand has also received support from Australia, but the bullishness could be capped by possible shipments from the Middle East and harsh winter conditions curtailing driving activity in South Korea, India and Japan.
India's Ministry of Agriculture has projected the country's wheat production at a record 112.2 million mt. Market participants hope the likely rise in production will encourage the government to lift its export ban on wheat, which has been in place since May 2022.
In Asian thermal coal, market participants expect to see some green shoots of demand after a month of subdued activities. The market will also monitor if Indian end-users start making more inquiries as the country's peak power demand season approaches.
Crushers in China's Shandong province may temporarily halt operations for about two weeks over oilseed shortages. Although participants do not expect a similar deficit in other provinces, the pause could support spot soybean meal prices that have plunged in recent months.
I'm Vivien Tang, thank you for kicking off your Monday with S&P Global Commodity Insights.