[Tunisia Releases Minimum Bids for Grain Tenders, Locking in Prices for Soft Wheat and Feed Barley] ⑴ In an international tender held by the Tunisian National Grain Agency on Thursday, the minimum landed bid for 125,000 tons of soft wheat was approximately $306 per ton, while another tender for 75,000 tons of feed barley saw a minimum bid of approximately $300 per ton, both calculated based on cost plus freight. ⑵ These price levels reflect the current pricing center of the global grain market against the backdrop of gradually releasing new crop supplies in the Northern Hemisphere. The price difference between soft wheat and feed barley remains relatively narrow, indicating that the price ratio between feed substitution demand and milling demand is stabilizing. ⑶ As a major grain importer in North Africa, Tunisia's tender results are often seen as a barometer of regional purchasing intentions and supplier competition. The release of these minimum bids helps market participants assess the willingness of producing countries to supply at current price levels. (4) Given the continued uncertainty surrounding grain supply and logistics in the Black Sea region, North African buyers tend to purchase in batches with flexibility to avoid concentrated purchases driving up premiums. The frequency of subsequent tenders and the scale of transactions will remain important windows for observing the resilience of demand.

Iranian state media: Iran's oil minister stated that despite reductions, Iran's offshore oil sales and deliveries have not ceased.

[Canada's Current Account Surpasses Largest Surplus in Nearly Two Decades, Strong Energy Exports Turn the Tide] ⑴ Canada's current account turned from a deficit in the previous quarter to a surplus of approximately C$8.8 billion in the second quarter, far exceeding market expectations of a C$2 billion deficit. This is the first surplus since the second quarter of 2022 and the largest surplus since the fourth quarter of 2005. ⑵ The core driver of the significant positive turnaround in the current account was merchandise trade. Energy products led strong export growth, pushing the merchandise trade balance from a deficit to a substantial surplus of approximately C$12.2 billion. Although imports also increased, their growth rate significantly lagged behind exports. ⑶ The services trade surplus narrowed sharply to near zero, while the primary income deficit widened to approximately C$2.6 billion due to increased interest payments on debt securities. The secondary income deficit also widened significantly due to increased private transfers and decreased government transfers. (4) This surplus exceeded market expectations, reflecting a significant improvement in Canada's terms of trade as a net energy exporter amid high global energy prices. Oil and gas export revenues offset the weakness in other external balance of payments items. (5) The Canadian dollar has upward momentum in the short term, supported by the expanding trade surplus. However, the market also needs to assess the potential impact of subsequent energy price fluctuations and slowing global demand on the sustainability of exports. Rising debt servicing costs in a high-interest-rate environment remain a structural concern.