-------------------------
Corporate Office: Centre of Commerce 200B, 1 Bay St.,
PO Box N-3944, Nassau, Bahamas
-------------------------
Representation Office:
1 Traverse Du Cheval Blanc, St. Remy de Provence, France 13210
Phone: +33.9.7044.4881 Mobile: +33.6.8068.4564
Fax: +33.4.5774.7575 SKYPE:.....bacon39A
WWW:.hammersmithltd.blogspot.com
Email:.. wbacon@hammersmith.biz
WEEKLY FEED GRAIN AND PROTEIN REPORT April 09, 2017
SECTION 1: US FEED GRAINS and VEGETABLE AND ANIMAL PROTEIN
Sorry that I am a day late with this report but I was travelling this week and just returned late on Saturday. I was in Dublin, Ireland where it was much colder than this part of France but, strangely for Ireland, there was lots of sunshine.
There didn't seem to be a great deal of excitement in the grain and oilseed markets this week as prices just seemed to be drifting.
Concern is increasing in Argentina about the rain effect on the soybean harvest but the weather guys say that hot and dry weather is approaching – so the harvest may just be all fine.
There were some corn experts that had thought corn prices would drop this week after the late rally last week following the planting intentions report but that doesn't seem to have happened as corn prices are just coasting along. Everyone seems to be waiting to see what the spring weather will be like once the farmers get on to serious corn planting.
In the US, there has been some concerned expressed about wet weather that could delay the corn planting but no one seems to expect any serious delays yet.
All in all, for the week, things were very quiet and for next week many countries in the world will be having Easter holidays so there may not be quite as much export buying interest in the grain markets.
For now, there seems to be little reason for prices to move higher – we need a major weather event to shake up the market.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains
| US Gulf to Europe: 60/70,000 (10,000 disch) | $16/17.00 | Down $1.00 | X |
| US Gulf to Spain: 30,000 m/t (5,000 disch) | $24/25.00 | Down $1.00 | x |
| US Gulf Israel: 50,000 MT | $25/26.00 | Down $1.00 | X |
| US Gulf to Egypt: Panamax(6,000 disch) | $24/25.00 | Down $1.00 | X |
| US Gulf Turkey: 50,000 | $26/27.00 | Down $1.00 | x |
| US Gulf Morocco: 30,000(5,000 disch) | $25/26.00 | Steady | x |
| US Gulf Algeria/Tunisia: 30,000 (3,000 disch) | $26/27.00 | Down $1.00 | x |
| US Gulf Nigeria: 30,000 m/t | $55/56.00 | Steady | x |
| US Gulf other Med: 30,000 MT(5,000 disch) | $30/31.00 | Steady | x |
| US Gulf Japan: Panamax | $39/40.00 | Steady | x |
| US Gulf China: Panamax | $38/39.00 | Up $1.00 | x |
| US PNW South Africa – 40,000 m/t | $37/38.00 | Down $1.00 | x |
| US PNW Japan: Panamax | $21/22.00 | Down $1.00 | X |
| US PNW China: Panamax | $20/21.00 | Steady | x |
| US East Coast Egypt: Panamax | $46/47.00 | Steady | X |
| US East Coast Nigeria: Handisize | $52/53.00 | Steady | x |
|
|
|
|
|
| France/Germany to Algeria: 30,000 m/t(3,000 disch) | $15/16.00 | Steady | x |
| France/Germany to Egypt: 50,000 m/t (10,000 disch) | $14/15.00 | Steady | x |
| France/Germany to Jordan: 35/45,000 m/t (4,000 disch) | $29/30.00 | Down $1.00 | x |
| France/Germany to Morocco: 30,000 m/t (3,000 disch) | $13/14.00 | Steady | X |
| France/Germany to Saudi Arabia: 50/60,000 | $32/33.00 | Up $1.00 | X |
| France/Germany to South Africa: 30,000 m/t | $37/38.00 | Steady | x |
| France/Germany to Yemen: 30,000 m/t | $50/51.00 | Steady | x |
|
|
|
|
|
| Argentina to Algeria: 25/30,000 m/t(3,000 disch) | $27/28.00 | Down $1.00 | x |
| Argentina to China: 50,000 m/t, with top-off | $37/38.00 | Up $1.00 | X |
| Argentina to Japan: 50,000 m/t, with top-off | $38/39.00 | Up $1.00 | x |
| Argentina to Egypt: 50,000 m/t | $25/26.00 | Steady | x |
| Argentina to Europe: 50/60,000 m/t | $21/22.00 | Down $2.00 | x |
| Argentina to Morocco: 25/30,000 m/t(3,000 disch) | $24/25.00 | Down $1.00 | X |
| Argentina to Saudi Arabia: 25/30,000 m/t | $43/44.00 | Steady | X |
| Argentina to South Africa 25/30,000 m/t (3,000 disch) | $30/31.00 | Up $1.00 | X |
| Argentina to Spain: 30,000 m/t | $25/26.00 | Steady | X |
| Argentina to Tunisia: 25/30,000 m/t (3,000 disch) | $27/28.00 | Down $1.00 | x |
| Argentina to US Gulf: 25/35,000 m/t | $20/21.00 | Down $2.00 | X |
|
|
|
|
|
| Brazil to Algeria/Tunisia: 25/30,000 m/t | $31/32.00 | Up $1.00 | x |
| Brazil to China: 55,000 m/t | $28/29.00 | Steady | x |
| Brazil to Japan: 55,000 m/t | $29/30.00 | Steady | x |
| Brazil to Europe: 30,000 m/t | $31/32.00 | Steady | x |
| Brazil to Morocco: 25/30,000 m/t | $29/30.00 | Up $1.00 | X |
| Brazil to Saudi Arabia 30/40,000 m/t | $38/39.00 | Steady | X |
| Brazil to Turkey/Egypt: 50,000 m/t | $22/23.00 | Down $1.00 | X |
|
|
|
|
|
| Australia to China: 40-55,000 m/t – round trip | $20.00/20.50 | Steady | X |
| Australia to Japan: 40-55,000 m/t – round trip | $20.50/21.00 | Steady | x |
| Australia to Saudi Arabia: 40-55,000 m/t | $27/28.00 | Steady | X |
|
|
|
|
|
| Ukraine to China: 50,000 m/t | $29/30.00 | Steady | x |
| Black Sea to East Med: 30,000 m/t (3,000 disch) | $17/18.00 | Steady | x |
| Ukraine to East Med: coaster (1,000 disch) | $28/29.00 | Steady | x |
| Black Sea to Egypt: 40/50,000 m/t – (6,000 disch) | $19/20.00 | Steady | x |
| Black Sea to Egypt: 30,000 m/t – (4,000 dich) | $20/21.00 | Steady | x |
| Ukraine to Egypt: coaster 3,000 m/t (1,000 disch) | $28/29.00 | Steady | x |
| Black Sea to Iraq: 50,000 m/t (4,000 disch) | $30/31.00 | Up $1.00 | x |
| Black Sea to Morocco: 30,000 m/t (3,000 disch) | $18/19.00 | Steady | x |
| Black Sea to Spain: 40/50,000 m/t (8,000 disch) | $14/15.00 | Steady | x |
| Black Sea to Jordan: 50,000 m/t (4,000 disch) | $23/24.00 | Up $1.00 | x |
| Black Sea to Saudi Arabia – Jeddah – 50k | $27/28.00 | Up $1.00 | x |
| Black Sea to South Africa – 30,000 m//t | $38/39.00 | Steady | x |
| Black Sea to Tunisia/Algeria: 30,000(5,000 disch) | $17/18.00 | Steady | x |
|
|
|
|
|
| Baltic Dry Index | 1223 | Down 101 | x |
| Baltic Capesize Index | 2173 | Down 517 | x |
| Baltic Panamax Index | 1427 | Up 61 | x |
| Baltic Supramax Index | 886 | Up 4 | x |
| Baltic Handisize Index | 547 | Up 8 | x |
|
|
|
|
|
FOB port or location specified. Prices in US$, in metric tons:
All shipments in bulk grain vessels unless stated otherwise
(NOLA is New Orleans, Louisiana, USA.)
ALL PRICES ARE FOR April 2017/June 2017
| Wheat, USA Soft Red Winter, NOLA | USD 180/184 | x |
| Wheat, USA Hard Red Winter 12 protein | USD 197/201 | x |
| Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 180/184 | x |
| Wheat, Russia 12.5 pro, 30,000+ m/t | USD 185/188 | x |
| Wheat, Romania 12.5 pro | USD 187/190 | x |
| Wheat, Superior, France, Rouen | USD 178/181 | x |
| Wheat, milling, 12.0%, Argentina, upriver | USD 188/192 | x |
| Wheat, feed, Black Sea | USD 176/179 | x |
|
|
|
|
| Barley, France, Rouen port | USD 156/159 | x |
| Barley, feed, Argentina | USD 160/163 May/June | x |
| Barley, feed, Black Sea, 30,000+ | USD 167/170 | x |
| Barley, feed, USA Pacific Northwest | USD 190/195 | x |
|
|
|
|
| Corn, FOB NOLA USA | USD 157/161 | x |
| Corn, FOB USA Pacific northwest | USD 173/176 May/June | x |
| Corn, FOB Argentina port, upriver | USD 161/164 | X |
| Corn, FOB Brazil port | USD 163/166 Aug/Sep | x |
| Corn, FOB Ukraine, 30,000+ m/t | USD 167/170 | x |
| Corn, FOB France | USD 187/190 | x |
| Corn, FOB Romania | USD 175/177 | x |
| Corn, FOB Russia | USD 171/174 | x |
| Sorghum, FOB Texas | USD 170/173 | x |
| Sorghum, FOB Argentina port | USD 152/155 | x |
|
|
|
|
| Soymeal, 48% protein, FOB NOLA | USD 331/335 | x |
| Soymeal, 48% protein, USA, Rotterdam | USD 356/360 | x |
| Soymeal, Argentina, Rotterdam | USD 348/352 | x |
| Soymeal, 47% pro, FOB Argentina | USD 314/319 | x |
| Soymeal, 48% protein, Brazil, Rotterdam | USD 339/343 | x |
| Soymeal, 48% protein, FOB Brazil | USD 324/328 | x |
| Soymeal, 48% protein, FOB India | USD 342/346 | x |
| Soybeans, FOB NOLA | USD 357/361 | x |
| Soybeans, Argentina, FOB | USD 348/352 | x |
| Soybeans, Brazil, FOB | USD 355/359 | x |
| Soybeans, Black Sea | USD 385/390 | x |
|
|
|
|
| Corn Gluten Meal, USA FOB NOLA | USD 590/600 m/t | X |
| Corn Gluten Feed, USA FOB NOLA | USD 125/130 m/t | X |
| DDGS corn, 35 profat, USA FOB NOLA | USD 145/150 m/t | x |
|
|
|
|
The USDA issued their "grain crushing" report for April, covering the months up to the end of February and it shows that corn crushing is down about 11 percent in February from January but that February 2017 is still higher than 2016. Needless to say, with the "crush" lower the production of all by-products: DDGS, corn gluten meal and corn gluten feed are also lower – all down by 9 to 12 percent.
With DDGS the prices were mainly steady this week but a little higher in some areas, as several USA ethanol operations were down for annual maintenance – there was a drop in ethanol production of about 3 percent this week. Where prices were higher they were up by only one or two dollars per m/t … not much to get excited about.
DDGS still seems to be about the most cost effective protein item available.
Corn gluten meal prices were steady on the week while corn gluten feed was mainly unchanged but with a couple of exporters showing very slightly lower prices.
There doesn't seem to be much in the market right now that would cause prices to move higher.
USA Corn by-product exports – Jan/Feb 2017 – in m/t – major destinations.
|
| Corn Gluten Feed | Corn Gluten Meal
| Distillers Dried Grains DDGS |
| Canada |
| 9,000 | 106,000 |
| Chile |
| 19.900 |
|
| China |
|
| 151,800 |
| Colombia | 13,200 | 12,900 | 27,000 |
| Egypt |
| 9,300 | 28,500 |
| Indonesia |
| 39,100 | 102,500 |
| Ireland | 32,200 |
| 80,600 |
| Israel | 24,500 |
| 44,400 |
| Japan |
|
| 111,900 |
| Malaysia |
| 2,800 | 13,800 |
| Mexico | 2,100 | 3,800 | 419,100 |
| Morocco | 10,200 |
| 27,300 |
| Philippines |
|
| 28,800 |
| Portugal | 4,900 |
| 16,000 |
| South Korea |
|
| 124,200 |
| Spain |
|
| 91,600 |
| Taiwan |
| 5,300 | 40,100 |
| Thailand |
| 17,400 | 134,200 |
| Turkey | 50.600 |
| 278,300 |
| UK |
|
| 51,700 |
| Vietnam |
| 2,400 |
|
|
|
|
|
|
| Total exports | 138,100 | 132,100 | 2,008,400 |
@USDA GATS
Container shipments, minimum 200 m/t
| Argentina Meat & Bone meal, 45/50 protein Argentina poultry meal, 57/60 protein Argentina feathermeal, 78/80 protein | USD 435/450 m/t CNF Asia USD 540/550 m/t CNF Asia USD 490/500 m/t CNF Asia |
| Paraguay Meat &Bone meal, 45% protein | USD 415/425 m/t CNF Asia |
| Australian MBM 45 protein Australian MBM 50 protein Australian Feathermeal, 80 protein Australian Poultry Meal, pet food | USD 480/490 m/t CNF Asia USD 530/540 m/t CNF Asia USD 540/550 m/t CNF Asia USD 770/790 m/t CNF Asia |
| USA Meat & Bone meal, 50 protein USA Feathermeal, 80 protein USA Poultry Meal, feed grade USA Poultry Meal, pet food grade | USD 540/560 m/t CNF Asia USD 530/550 m/t CNF Asia USD 630/650 m/t CNF Asia USD 800/820 m/t CNF Asia |
Nothing much has changed in the animal protein export business – good demand for pre-Ramadan shipments has kept exporters busy but this will come to an end very soon and lower prices are expected for the short term.
Of course, with mounds of soybeans everywhere and more to come, there will continue to be a great deal of pressure on animal protein prices --- especially in feed formulations where vegetable protein levels can be safely increased.
There is also very good demand from the pet food industry for both meat and bone meal and poultry meal so this is helping to keep prices firm. However, the Jacobsen report this week was saying that pet food demand normally falls off in spring and summer so we may see a drop in demand and perhaps some lower prices.
USA exports of animal proteins and feathermeal – Jan/Feb 2017 – in m/t
|
| Meat and Bone meal -- includes pork and poultry meal | Feathermeal |
| Indonesia | 28,900 | 5,100 |
| Mexico | 24,000 |
|
| Canada | 10,500 | 1,000 |
| Chile |
| 1,000 |
| China | 9,300 | 2,300 |
| Vietnam | 4,600 |
|
| Germany | 3,900 |
|
| Ecuador | 1,100 |
|
|
|
|
|
| Total exports | 86,800 | 9,600 |
@USDA GATS
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN
The landings in the south of Peru are now up to just under 140,000 m/t which leaves about 375,000 m/t of quota to June 30, 2017, only about 13 weeks. It is probably going to be difficult to catch the entire quota, but one never knows what can happen.
The trade in Peru feels that there should be a quota announcement in the next week or so with an actual start to northern fishing in early May.
Everything seems to be very quiet in Peru these days and with all the Easter holidays creeping up on us it will get even quieter. Peru will be closed April 13 and 14 for Easter.
Sorry but not much more to say this week as with no fishing and no sales there is just a lot of quiet.
European fishmeal prices – FOB North German port.
| Type | Protein % | Price per m/t USD |
| Herring fishmeal | 72% protein | 1,290 |
| Danish fishmeal | 64% protein | 1,285 |
| Peru fishmeal | 64% protein | 1,300 |
| Chile fishmeal | 67% protein | 1,350 |
| Iceland fishmeal | 70% protein | 1,210 |
PERU "INDICATION" FISHMEAL PRICES:
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 | 1140/1160 m/t |
|
| 65/66 protein | 1170/1190 m/t |
|
| 67% protein standard steam | 1220/1240 m/t | 1300/1320 |
| 67% protein 150 TVN | 1290/1310 m/t | 1320/1340 |
| 67% protein 120 TVN | 1370/1390 m/t | 1350/1370 |
| 67% protein 1000 hist, 120 TVN | 1420/1440 m/t | 1400/1420 |
| 68% protein 500 hist, 120 TVN | 1470/1490 m/t | 1450/1470 |
|
|
|
|
| Fish oil, crude bulk | 1350/1400 | 1250/1300 |
| Fish oil, crude drums | 1450/1500 |
|
| Fish oil, flexi tank | 1600/1650 |
|
| Fish oil, Omega 3: 28%EPA/DHA | 1800/1900 |
|
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
The information contained herein is based on sources that we believe to be reliable, 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. As such, they may differ in material respects from those of, or expressed or published by or on behalf of, Hammersmith Marketing Ltd or its officers, directors, employees or affiliates
Copyright © 2017 Wayne S. Bacon
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.