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Corporate Head Office: Suite 200B, Centre of Commerce, One Bay Street,
PO Box N-3944, Nassau, Bahamas. Email: tradegroup@hammersmith.biz
WWW: hammersmithltd.blogspot.com SKYPE: bacon39a
Representative Office : +33.9.7044.4881 Mobile : +33.6.8068.4564
3 Avenue Marie Gasquet, St Remy de Provence, 13210 France
WEEKLY FEED GRAIN AND PROTEIN REPORT May 18, 2019
SECTION 1: US FEED GRAINS and VEGETABLE AND ANIMAL PROTEIN
US corn prices were pushed higher by the delays in planting and the expected further wet weather that could delay planting even more. US corn exports were not all that great, but this didn't stop corn prices from moving higher. Corn prices have moved higher five days in a row. Some experts feel that there will be a switch by farmers out of corn to soybeans due to the late planting – his too helped to move corn higher.
While soybeans were higher on the week, they did have a USD 6 m/t drop on Friday which could continue into next week. Much of the Friday weakness seems to be due to the expected farmer switch from corn to soybeans. Of course, the US/China situation is not making the soybeans prices any steadier although the US Government looks to make payments to farmers for hardship related to the "trade war".
Next week should be interesting – we will see if the rally continues or backs off.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains
| US Gulf to Europe: 60/70,000 (10,000 disch) | $17/18.00 | Up $1.00 | X |
| US Gulf to Spain: 50,000 m/t (5,000 disch) | $17/18.00 | Up $1.00 | X |
| US Gulf Israel: 50,000 m/t | $29/30.00 | Up $1.00 | X |
| US Gulf to Egypt: Panamax (6,000 disch) | $28/29.00 | Up $1.00 | X |
| US Gulf Turkey: 50,000 m/t | $30/31.00 | Up $1.00 | X |
| US Gulf Morocco: 30,000(5,000 disch) | $35/36.00 | Up $1.00 | X |
| US Gulf Algeria/Tunisia: 30,000 (3,000 disch) | $34/35.00 | Up $1.00 | X |
| US Gulf Nigeria: 30,000 m/t | $45/46.00 | Up $1.00 | X |
| US Gulf other Med: 30,000 MT(5,000 disch) | $36/37.00 | Up $1.00 | X |
| US Gulf South Africa: 45,000 m/t | $35/36.00 | Steady | X |
| US Gulf Japan: Panamax | $43/44.00 | Up $1.00 | X |
| US Gulf China: Panamax | $42/43.00 | Up $1.00 | X |
| US PNW South Africa – 40,000 m/t | $37/38.00 | Steady | X |
| US PNW Japan: Panamax | $23/24.00 | Down $1.00 | X |
| US PNW China: Panamax | $22/23.00 | Down $1.00 | X |
| US East Coast Egypt: Panamax | $44/45.00 | Steady | X |
| US East Coast Nigeria: Handisize | $49/50.00 | Steady | X |
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| France/Germany to Algeria: 30,000 m/t(3,000 disch) | $15/16.00 | Steady | X |
| France/Germany to Bangladesh: 35/45,000 m/t | No info | No info | X |
| France/Germany to China: 50,000 m/t | $37/38.00 | Steady | X |
| France/Germany to Egypt: 50,000 m/t (10,000 disch) | $15/16.00 | Steady | X |
| France/Germany to India: 50,000 m/t | No info | Steady | X |
| France/Germany to Jordan: 35/45,000 m/t (4k disch) | $20/21.00 | Steady | X |
| France/Germany to Morocco: 30,000 m/t (3k disch) | $14/15.00 | Up $1.00 | X |
| France/Germany to Saudi Arabia: 50/60,000 | $25/26.00 | Steady | X |
| France/Germany to South Africa: 30,000 m/t | $18/19.00 | Steady | X |
| France/Germany to Turkey: 35,000 m/t | $16/17.00 | Up $2.00 | X |
| France/Germany to Yemen: 30,000 m/t | $30/31.00 | Steady | X |
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| Argentina to Algeria: 25/30,000 m/t(3,000 disch) | $27/28.00 | Steady | X |
| Argentina to China: 50,000 m/t, with top-off | $36/37.00 | Up $1.00 | X |
| Argentina to Japan: 50,000 m/t, with top-off | $35/36.00 | Up $1.00 | X |
| Argentina to Egypt: 50,000 m/t | $31/32.00 | Steady | X |
| Argentina to Europe: 50/60,000 m/t | $35/36.00 | Steady | X |
| Argentina to Morocco: 25/30,000 m/t(3,000 disch) | $24/25.00 | Steady | X |
| Argentina to Jordan: 50,000 m/t | $33/34.00 | Steady | X |
| Argentina to Saudi Arabia: 50,000 m/t | $35/36.00 | Steady | x |
| Argentina to South Africa 50,000 m/t | $32/33.00 | Steady | X |
| Argentina to Spain: 50,000 m/t | $35/36.00 | Steady | X |
| Argentina to Tunisia: 25/30,000 m/t (3,000 disch) | $27/28.00 | Steady | X |
| Argentina to US Gulf: 25/35,000 m/t | $20/21.00 | Steady | X |
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| Brazil to Algeria/Tunisia: 25/30,000 m/t | $28/29.00 | Up $1.00 | X |
| Brazil to China: 55,000 m/t | $33/34.00 | Up $1.00 | X |
| Brazil to Japan: 55,000 m/t | $32/33.00 | Up $1.00 | X |
| Brazil to Europe: 50,000 m/t | $29/30.00 | Down $1.00 | X |
| Brazil to Morocco: 25/30,000 m/t | $27/28.00 | Up $1.00 | X |
| Brazil to Saudi Arabia 30/40,000 m/t | $37/38.00 | Steady | X |
| Brazil to Spain: 50,000 m/t | $29/30.00 | Down $1.00 | X |
| Brazil to Turkey/Egypt: 50,000 m/t | $29/30.00 | Up $1.00 | X |
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| Australia to China: 40-55,000 m/t – round trip | $19.00/19.50 | Steady | X |
| Australia to Japan: 40-55,000 m/t – round trip | $19.50/20.00 | Steady | X |
| Australia to Saudi Arabia: 40-55,000 m/t | $25/26.00 | Steady | X |
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| Ukraine to China: 50,000 m/t | $35/36.00 | Steady | X |
| Ukraine to Bangladesh: 45,000 m/t | $36/37.00 | Steady | X |
| Ukraine to India: 45/50,000 m/t | $32/33.00 | Steady | X |
| Black Sea to East Med: 30,000 m/t (3,000 disch) | $14/15.00 | Steady | X |
| Ukraine to East Med: coaster (1,000 disch) | $22/23.00 | Steady | X |
| Russia to Turkey - Izmir: coaster (1,000 disch) - | $20/21.00 | Steady | X |
| Black Sea to Egypt: 40/50,000 m/t – (6,000 disch) | $16/17.00 | Steady | X |
| Black Sea to Egypt: 30,000 m/t – (4,000 dich) | $16/17.00 | Steady | X |
| Ukraine to Egypt: coaster 3,000 m/t (1,000 disch) | $22/23.00 | Steady | X |
| Russia to Egypt: coaster 3,000 m/t (1,000 disch) | $32/33.00 | Steady | X |
| Black Sea to Iraq: 50,000 m/t (4,000 disch) | $34/35.00 | Steady | X |
| Black Sea to Europe: 50,000 m/t | $20/21.00 | Steady | X |
| Black Sea to Morocco: 30,000 m/t (3,000 disch) | $17/18.00 | Steady | X |
| Black Sea to Spain: 40/50,000 m/t (8,000 disch) | $20/21.00 | Steady | X |
| Black Sea to Jordan: 50,000 m/t (5,000 disch) | $24/25.00 | Up $1.00 | X |
| Black Sea to Libya: 25/35,000 m/t | $21/22.00 | Steady | 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 Turkey – 30,000 m/t | $14/15.00 | Steady | X |
| Black Sea to Tunisia/Algeria: 30,000(5,000 disch) | $16/17.00 | Steady | X |
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| Baltic Dry Index – 40% Cape, 30% Panamax, 30% Supramax – no Handisize included) | 1040 | Up 27 | x |
| Baltic Capesize Index (100,000 plus DWT) | 1463 | Up 92 | X |
| Baltic Panamax Index (60,000 to 80,000 DWT) | 1255 | Up 57 | X |
| Baltic Supramax Index (50,000 to 60,000 DWT) | 779 | Up 1 | X |
| Baltic Handisize Index (25,000 plus DWT) | 382 | Up 3 | X |
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FOB port or location specified. Prices in US$, in metric tons:
All shipments in bulk grain vessels unless stated otherwise
(NOLA is New Orleans, Louisiana, USA.)
ALL PRICES ARE FOR May/July 2019
| Wheat, USA Soft Red Winter, US Gulf | USD 211>204 | X |
| Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 204/206 | X |
| Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 175/178 July/Sep New | X |
| Wheat, Russia 12.5 pro, 30,000+ m/t | USD 182/184 July/Sep New | X |
| Wheat, Romania 12.5 pro | USD 193/195 July/Sep New | X |
| Wheat, Superior, France, Rouen | USD 210/212 | X |
| Wheat, milling, 12.0%, Argentina, Upriver | USD 188/190 | X |
| Wheat, feed, Black Sea | USD 165/168 July/Sep New | X |
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| Barley, France, Rouen port | USD 182/184 | X |
| Barley, feed, Argentina, up river | USD 174/177 | X |
| Barley, feed, Black Sea, 30,000+ | USD 175/178 July/Sep New | X |
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| Corn, 2YC FOB NOLA USA | USD 177>171 | X |
| Corn, 3YC FOB USA Pacific northwest | USD 191/193 | X |
| Corn, FOB Argentina port, upriver | USD 157/160 July/Sep | X |
| Corn, FOB Brazil port | USD 161/163 Aug/Oct | X |
| Corn, FOB France – Atlantic | USD 189/191 | X |
| Corn, FOB Romania | USD 170/173 July/Sep | X |
| Corn, FOB Russia | USD 174/177 July/Sep | X |
| Corn, FOB Ukraine, 30,000+ m/t | USD 166/169 July/Sep | X |
| Sorghum, FOB Argentina port | USD 128/131 Jun/Aug | X |
| Sorghum, FOB Texas | USD 166/169 | X |
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| Soymeal, 48% protein, FOB NOLA | USD 327/330 Jun/July | X |
| Soymeal, 48% protein, USA, Rotterdam | USD 352/355 | X |
| Soymeal, Argentina, Rotterdam | USD 342/345 | X |
| Soymeal, 47% pro, FOB Argentina | USD 304/307 | X |
| Soymeal, 48% protein, Brazil, Rotterdam | USD 338/341 | X |
| Soymeal, 48% protein, FOB Brazil | USD 304/307 | X |
| Soybeans, FOB NOLA | USD 322/325 | X |
| Soybeans, Argentina, FOB | USD 318/321 | X |
| Soybeans, Brazil, FOB | USD 334/337 | X |
| Soybeans, Black Sea | USD no prices |
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| Corn Gluten Meal, USA FOB NOLA | USD 485/495 m/t | X |
| Corn Gluten Feed, USA FOB NOLA | USD 160/165 m/t | X |
| DDGS corn, 35 profat, USA FOB NOLA | USD 193/197 | X |
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Corn gluten meal prices moved higher this week but there was very little change in the price of DDGS or corn gluten feed --- but all should increase this week if the rally in corn prices continues. The prices of DDGS versus corn is at its lowest level in about two years which should make DDGS a very good buy against corn/soymeal.
With US corn prices up by about USD 12 this week there is bound to be a move higher in the corn byproducts – assuming that the corn rally doesn't collapse this coming week.
Container shipments, minimum 200 m/t
| Australian MBM 45% protein Australian MBM 50% protein Australian Feathermeal, 80% protein Australian Poultry Meal, pet food | USD 300/310 m/t CNF Asia USD 330/340 m/t CNF Asia USD 540/550 m/t CNF Asia USD 690/710 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 395/415 m/t CNF Asia USD 340/350 to Indonesia USD 480/520 m/t CNF Asia USD 480/500 m/t CNF Asia USD 720/740 m/t CNF Asia |
Meat and bone meal prices to major Asian markets were a little weaker this week, but this may not continue with the rally that has been seen in soymeal prices. According to the Jacobsen report this week there are many more export sellers of MBM than there are buyers.
No serious change in US export prices – MBM still looks weak but there does seem to be a little hope by sellers for higher prices for feathermeal.
It still looks like to animal protein market everywhere is seeing too much supply and too little demand – no one much is expecting to see a serious rally in prices.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN
Fishing in Peru is still coming along quite nicely with the daily fishing reaching a high of about 55,000 m/t. Total catch up to Thursday was at 710,000 m/t: equal to about 162,000 m/t fishmeal and 27,000m/t fishoil. Between 400 and 600 vessels were out fishing every day. If fishing stays good and the weather cooperates then the quota could all be landed in another 5+ weeks – but life is not normally that easy.
New export orders have been a little slow this week with China said to be mainly interested in lower grades but there is reported to be quite good interest from buyers in Europe. Also, the drop in the Chinese currency versus the dollar makes new business quite a bit more expensive than the cost of stocks on hand.
It is reported that fishmeal imports by China will be down by about 3% in 2019 – probably due to African Swine Fever or to the very high fishmeal stock levels in China. Peru's exports to China for January to April 2019 look to be at just under 380,000 m/t about 81.5% of total Peru fishmeal exports.
Not too much change in prices this week – some up a little and some down a little but prices seem to be working in about a plus/minus USD 20 m/t range.
European fishmeal prices – FOB North German port.
Sorry but no update on these prices this week – source seems to have dried up.
| Type | Protein % | Price per m/t USD |
| Herring fishmeal | 72% protein | 1,805 |
| Danish fishmeal | 64% protein | 1,525 |
| Peru fishmeal | 64% protein | 1,525 |
| Chile fishmeal | 67% protein | 1,580 |
| Iceland fishmeal | 70% protein | 1,785 |
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 |
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| 65/66 protein | 1310/1320 m/t |
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| 67% protein standard steam | 1370/1380 m/t |
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| 67% protein 150 TVN | 1470/1480 m/t | No prices |
| 67% protein 120 TVN | 1530/1540 m/t | 1510/1520 |
| 67% protein 1000 hist, 120 TVN | 1600/1610 m/t | 1580/1590 |
| 68% protein 500 hist, 120 TVN | 1650/1660 m/t | 1630/1640 |
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| Fish oil, crude bulk | 1900/1950 |
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| Fish oil, crude drums | 1950/2000 |
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| Fish oil, flexi tank | 2050/2100 |
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| Fish oil, Omega 3: 28%EPA/DHA | 2200/2400 |
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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 © 2019 Wayne S. Bacon
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