The incoming maize grain from Mexico is still being held at the Port of Mombasa due to authorities awaiting confirmation on the tax relief from the government. The white maize tax relief was reduced to 35% while the yellow maize tax relief was reduced to 10%.
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Permian frac sand prices continue to hold steady on thin volume this week, with FOB Kermit 100m and 40/70m prices up by $0.25 per ton each this week. FOB Odessa Northern White sand prices remained flat this week.
The maize price in Kenya has reduced to KES 3,100 per 90 kg bag in the Nairobi area due to fear of high aflatoxin levels in cheaper maize and as a result millers have rejected a number of parcels. This has seen a lower demand maize flour even after millers have reduced the retail price for consumers.
Permian frac sand prices have bounced off of the lows, as FOB Kermit 100m and 40/70m prices rose by 40 cents and 50 cents per ton respectively over the last week.
After the governments decision to extend the window for importing maize from outside the EAC, Kenyan millers are now seeing little benefit to the imported maize from Mexico compared with the local prices.
In the Permian, despite hearing frac sand supplier chatter regarding a pickup in prices and activity later in June and/or into July, Permian frac sand prices have furthered their decline. FOB Kermit 100m and 40/70m prices fell by 7% over the last week, given the news that despite oil prices rising to nearly $40 per barrel, the industry has not yet seen any significant response in frac spread count, which currently sits at 58 frac crews for the week ending June 5, 2020. The Baker Hughes US onshore rig count has fallen to a record low for a 5th straight week, currently sitting at 284 active rigs. It is the lowest ever, according to data going back to 1940. The rig count currently sits 71% below the count this time last year.
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In the Northern White market, 100m, 40/70m, and 30/50m mine gate prices remained relatively stable, falling by less than 1% each this week across the board. FOB Northern White Odessa 40/70m rose by 1%, amid glimmers of optimism in the Permian basin as WTI prices continue their slow, but steady climb.
Kenyan Truck Drivers Push To Suspend Operations
The Kenya Long Distance Truck Drivers Union has called for the suspension of operations into Uganda due to the challenging environment they are facing at the border crossings which include alleged harassment, stigma and long delays as the majority of Uganda’s COVID-19 cases have been truck drivers from neighboring countries.