Sunday, March 17, 2024

 

 

     Hammersmith Reports

 

3 Avenue Marie Gasquet, St Remy de Provence, 13210 France

Phone: +33.6.8068.4564   

Email:   wbacon@hammersmith.biz   

WWW:  hammersmithltd.blogspot.com    

 

WEEKLY USA GRAIN AND PROTEIN REPORT March 16, 2024

 

Soybeans had another up week this week with prices moving about USD 6 m/t higher while soymeal prices slipped by about the same amount. Corn prices did little on the week finishing about the same as the previous week. All US wheat prices were lower with hard red winter and hard red spring wheat both being down by USD 5 to 7 m/t.

 

Soybean prices finished the week higher due to some “uncertainty” about the Brazil soybean crop that appeared during the week. Soybean prices seem to be trading in a range these days, but it does not look like there is any trend to higher price levels for now.

 

Corn prices were up just a little as the week closed pushed higher experts say by the dry weather seen in the corn belt. Reports say that it has been the driest winter in 21 years with 72% of the US Midwest being very dry.

 

USA wheat prices continued to move lower as they followed what was happening in all the world’s wheat export markets. Major wheat importing countries have been out of the market as they expect even lower prices to come.

 

Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.

 

 

US Gulf to Europe: Panamax

$27.00

Up $1.00

 

US Gulf to Spain: Panamax m/t

$27.00

Up $1.00

 

US Gulf Israel: Panamax m/t

$25.00

Down $1.00

 

US Gulf to Egypt: Panamax

$25.00

Down $1.00

 

US Gulf Turkey: Panamax m/t

$26.00

Down $1.00

 

US Gulf Morocco: Handi

$40.00

Up $1.00

 

US Gulf Algeria/Tunisia: Handi

$41.00

Up $1.00

 

US Gulf Nigeria: 30,000 m/t

$38.00

Down $5.00

 

US Gulf other Med: Handi

$42.00

Up $1.00

 

US Gulf South Africa: Handi

$41.00

Steady

 

US Gulf to Philippines: Panamax

$52.00

Steady

 

US Gulf Japan: Panamax

$54.00

Up $3.00

 

US Gulf China: Panamax

$53.00

Up $3.00

 

US PNW Egypt: Panamax via Panama

$47.00

New

 

US PNW South Africa – 40,000 m/t

$65.00

Steady

 

US PNW Philippines: Panamax

$36.00

Down $3.00

 

US PNW Japan: Panamax

$28.00

Up $2.00

 

US PNW China: Panamax

$27.00

Up $2.00

 

US East Coast Nigeria: Handisize

$45.00

Steady

 

US Lakes – Europe – 30,000 m/t

$00.00

Closed

 

US Lakes – Morocco – 30,000 m/t

$00.00

Closed

 

 

 

 

 

France/Germany to Algeria: Handi

$32.00

Steady

 

France/Germany to China: Panamax

$74.00

Down $1.00

 

France/Germany to Egypt: Panamax

$34.00

Steady

 

France/Germany to Iran: Panamax

$42.00

Down $1.00

 

France/Germany to Jordan

$40.00

Steady

 

France/Germany to Morocco: Handi

$31.00

Steady

 

France/Germany to Saudi Arabia: Panamax

$65.00

Steady

 

France/Germany to Turkey: Handi

$35.00

Steady

 

France/Germany to Yemen: Handi

$66.00

Steady

 

 

 

 

 

Argentina to Algeria: Handi

$62.00

Steady

 

Argentina to China: Panamax

$54.00

Up $4.00

 

Argentina to Japan: Panamax

$55.00

Up $4.00

 

Argentina to Egypt: Panamax

$53.00

Steady

 

Argentina to Europe: Panamax

$29.00

Steady

 

Argentina to Morocco: Handi

$61.00

Steady

 

Argentina to Libya: Handi

$62.00

Steady

 

Argentina to Jordan: Panamax

$55.00

Steady

 

Argentina to Saudi Arabia: Panamax

$63.00

Steady

 

Argentina to Iran: Panamax

$61.00

Steady

 

Argentina to Indonesia: Panamax

$59.00

Steady

 

Argentina to South Africa: Panamax

$35.00

Steady

 

Argentina to Kenya: Handi

$57.00

Steady

 

Argentina to Spain: Panamax

$29.00

Steady

 

Argentina to Tunisia: Handi

$62.00

Steady

 

 

 

 

 

Brazil to Algeria/Tunisia: Handi

$50.00

Steady

 

Brazil to China: Panamax

$52.00

Up $3.00

 

Brazil to Japan: Panamax

$53.00

Up $3.00

 

Brazil to South Korea: Panamax

$48.00

Steady

 

Brazil to Europe: Panamax

$39.00

Steady

 

Brazil to Morocco: Handi

$49.00

Steady

 

Brazil to Iran: Panamax

$61.00

Steady

 

Brazil to Saudi Arabia 30/40,000 m/t

$64.00

Steady

 

Brazil to Spain: Panamax

$39.00

Steady

 

Brazil to Turkey/Egypt: Panamax

$59.00

Steady

 

 

 

 

 

Australia to Saudi: Panamax

$54.00

Up $1.00

 

Australia to Europe: Panamax

$63.00

Up $1.00

 

 

 

 

 

 

 

Black Sea freight

 

 

 

 

Black Sea to China: Panamax

$66 Russia

Ukraine $65

 

Black Sea to Indonesia: Panamax

$59 Russia

Ukraine $77

 

Black Sea to Egypt: 40/50,000

$21 Russia

Ukraine $30

 

Black Sea to Egypt: 30,000

$24 Russia

Ukraine $28

 

Black Sea to Iran: Panamax

$55 Russia

Ukraine $63

 

Black Sea to Europe: Panamax

$27 Russia

Ukraine $38

 

Black Sea to Morocco – Handi

$33 Russia

Ukraine $40

 

Black Sea to Tunisia/Algeria – Handi

$32 Russia

Ukraine $39

 

Black Sea to Jordan: Panamax

$37 Russia

Ukraine $52

 

Black Sea to Libya – Handi

$33 Russia

Ukraine $40

 

Black Sea to Saudi: Panamax

$45 Russia

Ukraine $70

 

Black Sea to Turkey – Handi

$19 Russia

Ukraine $25

 

 

 

 

 

Black Sea to South Africa – Handi

$57.00

Steady

 

 

 

 

 

Russia to Turkey (Izmir)– coaster 5,000 m/t

$30.00

Down $5.00

 

Russia to Egypt – coaster 5,000 m/t

$83.00

Steady

 

Ukraine to Turkey – coaster 5,000 m/t

$65.00

Steady

 

Ukraine to Egypt – coaster 5,000 m/t

$66.00

Down $3.00

 

 

 

 

 

 

 

 

 

Baltic Dry Index

2374

Up 29

 

Baltic Capesize Index

4019

Down 226

 

Baltic Panamax Index

2234

Up 373

 

Baltic Supramax Index

1326

Up 8

 

Baltic Handisize Index

781

up 19

 

 

 

 

 

Global Container Index - Freightos

2868

Down 201

 

   

 

 

 

 

 

All shipments in bulk grain vessels unless stated otherwise.

(NOLA is New Orleans, Louisiana, USA.)

FOB port or location specified. Prices in US$, in metric tons:

 

ALL PRICES ARE FOR April 2024/June 2024

 

   Wheat, USA Soft Red Winter, US Gulf

 USD 216<<220 July   

 

   Wheat, USA Hard Red Winter 11 protein, US Gulf

 USD 256>>252 July       

 

   Wheat, Ukraine 11.5 pro, 30,000+ m/t

 USD 185<<190 July

 

   Wheat, Russia 12.5 pro, 30,000+ m/t

 USD 203<<208 July 

 

   Wheat, Romania 12.5 pro

 USD 215<<220 July   

 

   Wheat, Superior, France, Rouen

 USD 212/215 Spot       

 

   Wheat, milling, 12.0%, Argentina, Upriver

 USD 215<<225 July      

 

   Wheat, feed, Black Sea

 USD 170/175      

 

 

 

 

   Barley, France, Rouen port

 USD 200/205

 

   Barley, feed, Argentina, upriver

 USD 195/200

 

   Barley, feed, Black Sea, 30,000+

 USD 170/175

 

   Barley, feed, Australia

 USD 235/240

 

 

 

 

   Corn, 2YC FOB NOLA USA

 USD 190<<195 July 

 

   Corn, 3YC FOB USA Pacific northwest

 USD 215<<220 July   

 

   Corn, FOB Argentina port, upriver

 USD 185>>180 July   

 

   Corn, FOB Brazil port

 USD 195<<200 July  

 

   Corn, FOB France – Atlantic

 USD 190/194

 

   Corn, FOB Romania

 USD 175<<180 July

 

   Corn, FOB Russia

 USD 175<<180 July

 

   Corn, FOB Ukraine, 30,000+ m/t

 USD 170<<175 July

 

   Sorghum, FOB Argentina port

 USD 275/285

 

   Sorghum, FOB Texas

 USD 260>>253 June

 

 

 

 

   Soymeal, 48% protein, FOB NOLA

 USD 400>>390 July  

 

   Soymeal, 48% protein, USA, Rotterdam

 USD 430>>420 July   

 

   Soymeal, 47% pro, FOB Argentina

 USD 380>>375 July      

 

   Soymeal, 48% protein, Brazil, Rotterdam – spot

 USD 440/445

 

   Soymeal, 48% protein, FOB Brazil

 USD 380>>375 July 

 

 

 

 

   Soybeans, FOB NOLA

 USD 460<<465 July

 

   Soybeans, Argentina, FOB

 USD 430<<435 July

 

   Soybeans, Brazil, FOB

 USD 425>>440 July

 

   Soybeans, Black Sea

 USD 450<<460 July

 

 

 

 

   Corn Gluten Meal, USA FOB NOLA

 USD 560/570

 

   Corn Gluten Feed, USA FOB NOLA

 USD 210/220

 

   DDGS corn, 35 profat, USA FOB NOLA

 USD 250>>240 July

 

 

 

 

 

 

 

 

 

 

 

SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:

 

Fishing has started in the south of Peru but so far only less than 100 m/t reported landed.

 

Not much to say about new business in Peru as both buyers and sellers are out of the market for now. There has been no change in Peru fishmeal prices.

 

Everyone is still hoping that the new North/Central Peru fishing can begin in late April but perhaps May.

 

Still, lots of talk about El Nino/La Nina but as we have seen for weeks there does not seem to be much to worry about until much later in 2024 --- all looks well, according to the experts, until at least August.

 

There is lots of reported pressure on the Peru government to change its size definition for juvenile anchovy – the industry wants the minimum size decreased from 12 cm to 10.5 cm which would certainly increase the catch during the fishing season.

 

 

European fishmeal prices – FOB North German port.

 

Type

Protein %

Price per

m/t USD

Standard Herring

64% protein

1,730

Danish standard fishmeal

71% protein

1,945

Peru fishmeal

65% protein

1,895

Chile fishmeal

66% protein

1,915

Iceland fishmeal

71% protein

1,920

 

 

ALL PRICES SHOWN ARE IN CONTAINER, ON VESSEL, AT ORIGIN --- US DOLLARS

Minimum shipment of 200 m/t for fishmeal

 

    Specification

Price per m/t FOB Vessel Peru port

Price per m/t

Chile port

 

 

 

   65% protein standard steam

1650/1670

 

   67% protein 150 TVN

1750/1770

 

   67% protein 120 TVN

1850/1870

1800/1820

   67% protein 1000 hist, 120 TVN

1950/1970

1920/1940

   68% protein 500 hist, 100 TVN

2050/2070

2020/2040

 

 

 

   Fish oil, crude bulk

No prices

No prices

   Fish oil, crude drums

No prices

No prices

   Fish oil, flexi tank

No prices

No prices

   Fish oil, Omega 3: 28%EPA/DHA

12,000+

No prices

 

INFORMATION:  gtee = guarantee, TVN = total volatile nitrogen, hist = histamine

 

The information contained herein is based on sources that we believe to be dependable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy. All references to prices are subject to change without notice. Any opinions expressed herein are solely those of the author.

 

Copyright © 2024 Wayne S. Bacon