-------------------------
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Phone: +33.9.7044.4881 Mobile: +33.6.8068.4564
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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 July 06, 2019
On the week, corn price rallied a little higher with futures moving up by about USD 5 m/t, but export corn prices did not show an increase like this and seemed to be a little lower – much due to an improving situation in the Mississippi. As is usual on a holiday week, market prices do not always do what the market expects or the facts support – next week will be a more usual market week.
Both soybeans and soymeal were down on the week – both by about USD 10 m/t – as the market continues to worry about large soybean stocks and a great soybean crop year. No one wants to be long soybeans or meal in a year when we could have record levels of soybeans. What we need is a solution to the China situation so that all the possible excess can be sold to Chinese buyers.
Wheat prices ran lower on the week as there just wasn't any bullish news out there for US wheat this week.
Sorry that the comments are a little sparse this week but so many people took a four day weekend and skipped issuing their end of week reports that good information is in very short supply. Actually, almost all information is limited this week. All will be back to normal next week.
Top 15 US Export Destinations for Grains and Oilseeds –
4 months to April 2019 – in m/t
| Country
| Wheat | Corn | Sorghum | Soybeans |
| Algeria | 157,600 |
|
|
|
| Argentina |
|
|
| 203,000 |
| Bangladesh | 37,100 |
|
| 275,700 |
| Brazil | 57,000 |
|
|
|
| Belgium |
|
|
| 33,000 |
| Cameroon |
|
| 20,700 |
|
| Canada |
| 973,700 | 2,200 | 318,300 |
| Chile | 119,900 |
|
|
|
| China | 42,000 | 64,800 | 119,500 | 6,640,800 |
| Colombia | 172,700 | 2,355,100 |
| 240,600 |
| Costa Rica |
| 354,900 |
|
|
| Djibouti |
|
| 20,000 |
|
| Dominican Rep | 156,200 | 257,600 |
|
|
| Ecuador | 156,800 |
|
|
|
| El Salvador | 111,100 | 365,200 |
|
|
| Egypt |
|
|
| 1,231,200 |
| Eritrea |
|
| 31,500 |
|
| Ethiopia | 101,200 |
|
|
|
| France |
|
|
| 49,500 |
| Germany |
|
|
| 287,700 |
| Guatemala | 210,600 | 480,200 |
|
|
| Honduras | 107,400 | 255,600 |
|
|
| Indonesia | 813,500 |
|
| 1,056,500 |
| Iraq | 210,000 |
|
|
|
| Israel |
| 65,100 |
|
|
| Italy | 134,000 |
| 36,600 | 134,700 |
| Jamaica |
| 110,200 |
|
|
| Japan | 1,100,500 | 6,618,600 | 167,000 | 1,070,300 |
| Malaysia |
|
|
| 230,300 |
| Mexico | 1,331,300 | 6,507,200 | 157,400 | 2.139,600 |
| Morocco |
| 61,800 |
|
|
| Netherlands |
|
|
| 789,800 |
| Nigeria | 1,166,800 |
|
|
|
| Nicaragua |
| 151,000 |
|
|
| Pakistan |
|
|
| 201,500 |
| Panama |
| 175,600 |
|
|
| Peru |
| 1,029,400 |
|
|
| Philippines | 1,205,500 |
|
|
|
| Portugal |
|
|
| 160,000 |
| Saudi Arabia |
| 290,200 |
|
|
| South Africa |
|
| 43,500 |
|
| South Korea | 581,300 | 1,792,300 | 900 | 509,700 |
| Spain |
|
| 371,700 | 506,500 |
| Sudan |
|
|
|
|
| Taiwan | 497,800 | 832,500 |
| 631,200 |
| Thailand | 197,600 |
|
| 448,600 |
| Tunisia |
|
|
| 32,200 |
| Venezuela | 30,000 |
|
|
|
| Vietnam | 70,400 | 65,000 |
| 175,500 |
| Yemen | 294,000 |
|
|
|
|
|
|
|
|
|
@USDA GATS June 2019
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains
| US Gulf to Europe: 60/70,000 (10,000 disch) | $18/19.00 | Up $1.00 | X |
| US Gulf to Spain: 50,000 m/t (5,000 disch) | $18/19.00 | 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 | $47/48.00 | Up $1.00 | X |
| US Gulf other Med: 30,000 MT(5,000 disch) | $37/38.00 | Up $1.00 | X |
| US Gulf South Africa: 45,000 m/t | $36/37.00 | Up $1.00 | X |
| US Gulf Japan: Panamax | $44/45.00 | Up $1.00 | X |
| US Gulf China: Panamax | $43/44.00 | Up $1.00 | X |
| US PNW South Africa – 40,000 m/t | $37/38.00 |
| X |
| US PNW Japan: Panamax | $24/25.00 |
| X |
| US PNW China: Panamax | $23/24.00 |
| X |
| US East Coast Egypt: Panamax | $47/48.00 | Up $1.00 | X |
| US East Coast Nigeria: Handisize | $53/54.00 | Up $1.00 | X |
|
|
|
|
|
| France/Germany to Algeria: 30,000 m/t(3,000 disch) | $17/18.00 |
| X |
| France/Germany to Bangladesh: 35/45,000 m/t | $40/41.00 |
| X |
| France/Germany to China: 50,000 m/t | $38/39.00 | Up $1.00 | X |
| France/Germany to Egypt: 50,000 m/t (10,000 disch) | $17/18.00 | Up $1.00 | X |
| France/Germany to India: 50,000 m/t | No info |
| X |
| France/Germany to Jordan: 35/45,000 m/t (4k disch) | $20/21.00 |
| X |
| France/Germany to Morocco: 30,000 m/t (3k disch) | $15/16.00 |
| X |
| France/Germany to Saudi Arabia: 50/60,000 | $26/27.00 | Up $1.00 | X |
| France/Germany to South Africa: 30,000 m/t | $18/19.00 |
| X |
| France/Germany to Turkey: 35,000 m/t | $16/17.00 |
| X |
| France/Germany to Yemen: 30,000 m/t | $30/31.00 |
| X |
|
|
|
|
|
| Argentina to Algeria: 25/30,000 m/t(3,000 disch) | $27/28.00 |
| 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 | $24/25.00 | Down $1.00 | X |
| Argentina to Europe: 50/60,000 m/t | $25/26.00 | Down $1.00 | X |
| Argentina to Morocco: 25/30,000 m/t(3,000 disch) | $25/26.00 |
| X |
| Argentina to Jordan: 50,000 m/t | $34/35.00 |
| X |
| Argentina to Saudi Arabia: 50,000 m/t | $33/34.00 | Up $1.00 | X |
| Argentina to South Africa 50,000 m/t | $35/36.00 | Up $1.00 | X |
| Argentina to Spain: 50,000 m/t | $25/26.00 | Down $1.00 | X |
| Argentina to Tunisia: 25/30,000 m/t (3,000 disch) | $27/28.00 |
| X |
| Argentina to US Gulf: 25/35,000 m/t | $19/20.00 |
| X |
|
|
|
|
|
| Brazil to Algeria/Tunisia: 25/30,000 m/t | $28/29.00 |
| 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 | $26/27.00 |
| X |
| Brazil to Morocco: 25/30,000 m/t | $27/28.00 |
| X |
| Brazil to Saudi Arabia 30/40,000 m/t | $37/38.00 |
| X |
| Brazil to Spain: 50,000 m/t | $26/27.00 |
| X |
| Brazil to Turkey/Egypt: 50,000 m/t | $30/31.00 | Up $1.00 | X |
|
|
|
|
|
| Australia to China: 40-55,000 m/t – round trip | $19.00/19.50 |
| X |
| Australia to Japan: 40-55,000 m/t – round trip | $20.00/20.50 |
| X |
| Australia to Saudi Arabia: 40-55,000 m/t | $25/26.00 |
| X |
|
|
|
|
|
| Ukraine to China: 50,000 m/t | $32/33.00 | Up $1.00 | X |
| Ukraine to Bangladesh: 45,000 m/t | $48/49.00 | Up $2.00 | X |
| Ukraine to India: 45/50,000 m/t | $44/46.00 | Up $2.00 | X |
| Black Sea to East Med: 30,000 m/t (3,000 disch) | $16/17.00 | Down $1.00 | X |
| Ukraine to East Med: coaster (1,000 disch) | $23/24.00 |
| X |
| Russia to Turkey - Izmir: coaster (1,000 disch) - | $28/29.00 |
| X |
| Black Sea to Egypt: 40/50,000 m/t – (6,000 disch) | $17/18.00 |
| X |
| Black Sea to Egypt: 30,000 m/t – (4,000 dich) | $15/15.00 | Down $1.00 | X |
| Ukraine to Egypt: coaster 3,000 m/t (1,000 disch) | $23/24.00 |
| X |
| Russia to Egypt: coaster 3,000 m/t (1,000 disch) | $42/43.00 |
| X |
| Black Sea to Iraq: 50,000 m/t (4,000 disch) | $35/36.00 | Up $1.00 | X |
| Black Sea to Europe: 50,000 m/t | $18/19.00 | Down $1.00 | X |
| Black Sea to Morocco: 30,000 m/t (3,000 disch) | $20/21.00 | Up $1.00 | X |
| Black Sea to Spain: 40/50,000 m/t (8,000 disch) | $18/19.00 | Down $1.00 | X |
| Black Sea to Jordan: 50,000 m/t (5,000 disch) | $25/26.00 | Up $1.00 | X |
| Black Sea to Libya: 25/35,000 m/t | $23/24.00 |
| X |
| Black Sea to Saudi Arabia – Jeddah – 50k | $28/29.00 | Up $1.00 | X |
| Black Sea to South Africa – 30,000 m//t | $38/39.00 |
| x |
| Black Sea to Turkey – 30,000 m/t | $15/16.00 |
| x |
| Black Sea to Tunisia/Algeria: 30,000(5,000 disch) | $19/20.00 | Up $1.00 | X |
|
|
|
|
|
| Baltic Dry Index – 40% Cape, 30% Panamax, 30% Supramax – no Handisize included) | 1700 | Up 346 | x |
| Baltic Capesize Index (100,000 plus DWT) | 3298 | Up 810 | X |
| Baltic Panamax Index (60,000 to 80,000 DWT) | 1569 | Up 283 | x |
| Baltic Supramax Index (50,000 to 60,000 DWT) | 814 | Up 27 | X |
| Baltic Handisize Index (25,000 plus DWT) | 443 | Up 1 | X |
|
|
|
|
|
FOB port or location specified. Prices in US$, in metric tons:
All shipments in bulk grain vessels unless stated otherwise
(NOLA is New Orleans, Louisiana, USA.)
ALL PRICES ARE FOR July/September 2019
| Wheat, USA Soft Red Winter, US Gulf | USD 222/225 | X |
| Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 213/217 | X |
| Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 184/187 | X |
| Wheat, Russia 12.5 pro, 30,000+ m/t | USD 194/197 | X |
| Wheat, Romania 12.5 pro | USD 194/197 | X |
| Wheat, Superior, France, Rouen | USD 198/201 | X |
| Wheat, milling, 12.0%, Argentina, Upriver | USD 193/196 Dec/Jan |
|
| Wheat, feed, Black Sea | USD 180/183 | X |
|
|
|
|
| Barley, France, Rouen port | USD 181/184 | X |
| Barley, feed, Argentina, up river | USD 183/186 Dec/Jan | X |
| Barley, feed, Black Sea, 30,000+ | USD 168/171 Sep/Nov | X |
|
|
|
|
| Corn, 2YC FOB NOLA USA | USD 197/200 | X |
| Corn, 3YC FOB USA Pacific northwest | USD 209/212 | X |
| Corn, FOB Argentina port, upriver | USD 183/186 | x |
| Corn, FOB Brazil port | USD 181/184 Aug/Oct | X |
| Corn, FOB France – Atlantic | USD 208/210 | X |
| Corn, FOB Romania | USD 184/187 | X |
| Corn, FOB Russia | USD 179/182 | X |
| Corn, FOB Ukraine, 30,000+ m/t | USD 186/189 | X |
| Sorghum, FOB Argentina port | USD 158/161 | X |
| Sorghum, FOB Texas | USD 186/189 | X |
|
|
|
|
| Soymeal, 48% protein, FOB NOLA | USD 347/350 | X |
| Soymeal, 48% protein, USA, Rotterdam | USD 372/375 | X |
| Soymeal, Argentina, Rotterdam | USD 350/353 | X |
| Soymeal, 47% pro, FOB Argentina | USD 313/316 | X |
| Soymeal, 48% protein, Brazil, Rotterdam | USD 353/355 | X |
| Soymeal, 48% protein, FOB Brazil | USD 316/319 | X |
| Soybeans, FOB NOLA | USD 346/349 | X |
| Soybeans, Argentina, FOB | USD 339/342 | X |
| Soybeans, Brazil, FOB | USD 354/357 | X |
| Soybeans, Black Sea | USD no prices | X |
|
|
|
|
| Corn Gluten Meal, USA FOB NOLA | USD 495/505 m/t | X |
| Corn Gluten Feed, USA FOB NOLA | USD 180/185 m/t | X |
| DDGS corn, 35 profat, USA FOB NOLA | USD 221/225 | X |
|
|
|
|
|
|
|
|
Like other markets, the US export markets for corn by-products were very quiet this week. Too many people off on holidays in the US. All will be back to normal on Monday and trading might just get exciting again.
USA exports of corn by-products – 5 months to May 2019 – major destinations and selected countries – in m/t
| Country | Distillers Dried Grains DDGS 2019 | Corn Gluten Meal
2019 | Corn Gluten Feed
2019 |
| Australia |
| 1,400 |
|
| Bangladesh | 57,200 | 9,500 |
|
| Burma | 30,500 | 300 | 600 |
| Cambodia | 15,600 |
|
|
| Canada | 255,400 | 22,100 |
|
| Chile |
| 53,400 |
|
| China | 39,100 | 13,300 |
|
| Colombia | 97,500 | 30,100 | 11,200 |
| Costa Rica | 36,700 |
|
|
| Ecuador | 9,600 | 1,800 |
|
| Egypt | 58,500 | 73,000 |
|
| El Salvador | 33,200 | 300 |
|
| Guatemala | 25,000 | 2,100 |
|
| Honduras | 22,500 | 2.400 |
|
| Indonesia | 378,000 | 49,200 | 3,200 |
| Ireland | 144,800 |
| 141,100 |
| Israel | 108,200 |
| 87,000 |
| Japan | 228,000 | 1,700 |
|
| Malaysia | 28,000 | 10,700 |
|
| Mexico | 900,900 | 8,100 | 11,000 |
| Morocco | 54,200 |
|
|
| New Zealand | 22,000 |
| 18,700 |
| Peru | 5,300 | 3,100 |
|
| Philippines | 82,000 | 1,300 | 700 |
| Portugal | 6,600 |
| 9,200 |
| South Korea | 521,900 | 800 |
|
| Spain | 61,600 |
|
|
| Taiwan | 96,200 | 13,700 |
|
| Thailand | 159,900 | 14.200 |
|
| Turkey | 310,900 |
| 70,600 |
| UK | 107,800 |
| 40,700 |
| Vietnam | 438,600 | 4,600 |
|
|
|
|
|
|
| Total exports | 4,387,300 | 305,400 | 394,400 |
@USDA GATS July 2019
Container shipments, minimum 200 m/t
| Australian MBM 45% protein Australian MBM 50% protein Australian Feathermeal, 80% protein Australian Poultry Meal, pet food | USD 315/325 m/t CNF Asia USD 350/370 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 410/430 m/t CNF Asia USD 340/360 to Indonesia USD 480/500 m/t CNF Asia USD 480/500 m/t CNF Asia USD 725/745 m/t CNF Asia |
With the holiday in the US and many companies skipping detailed reports until next week it is tough to come up with any new information on animal protein exports.
From the little information that is available for the week, it looks like markets are quite steady with no real change in export prices from last week.
USA exports of animal protein – 5 months to May 2019 – major destinations – in m/t
| Destination | Meat and bone meal – includes poultry and pork
To May 2019 | Feather meal
To May 2019 |
| Burma | 3,300 |
|
| Cambodia | 1,500 |
|
| Canada | 21,800 | 3,300 |
| Chile | 10,000 | 18,900 |
| China | 59,300 | 3,300 |
| Colombia | 600 |
|
| Ecuador | 9,100 | 500 |
| Germany |
|
|
| Guatemala | 700 |
|
| Honduras | 3,300 | 400 |
| Indonesia | 83,000 | 9,300 |
| Jamaica |
|
|
| Malaysia | 5,200 |
|
| Mexico | 90,800 |
|
| Peru | 500 | 600 |
| Philippines | 7,800 | 200 |
| Sri Lanka | 1,200 |
|
| Thailand | 13,900 |
|
| Vietnam | 32,800 | 1,200 |
|
|
|
|
| Total exports | 345,200 | 37,700 |
@USDA GATS July 2019
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN
According to reports from Peru, the current 10 day fishing ban is looking more and more like the end of fishing for this season – fishermen are winding down their operations for now. Of course, there will probably be some hardy souls who will be back out fishing after the ban ends on the 8th of July but not too many are expected to be fishing.
The number landed against the quota looks to be at about 1.85 million m/t which is short by 250,000 m/t – about 58,000 m/t of fishmeal. Trade reports say that the ban was put in place due to the high level of juvenile fish and the total juvenile level getting very close to the maximum allowed by the government. MSI Ceres was saying this week that from a "sustainability" point of view it is probably best to stop fishing now.
With China carrying heavy fishmeal stocks it may just be best that fishing come to an end in the north of Peru so that supply and demand can all get into balance.
The new fishing season for the south of Peru will be starting again soon and, with a quota expected to be around 500,000 m/t of fishing, there should be a little fishmeal being produced each week.
As to export prices --- no change this week.
PERU "INDICATION" FISHMEAL PRICES:
European fishmeal prices – FOB North German port.
| Type | Protein % | Price per m/t USD |
| Herring fishmeal | 72% protein | 1,900 |
| Danish fishmeal | 64% protein | 1,505 |
| Peru fishmeal | 64% protein | 1,525 |
| Chile fishmeal | 67% protein | 1,580 |
| Iceland fishmeal | 70% protein | 1,930 |
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 |
|
|
|
|
| 65/66 protein | 1280/1300 m/t |
|
| 67% protein standard steam | 1350/1370 m/t |
|
| 67% protein 150 TVN | 1450/1470 m/t | No prices |
| 67% protein 120 TVN | 1500/1520 m/t | 1500/1520 |
| 67% protein 1000 hist, 120 TVN | 1550/1570 m/t | 1570/1590 |
| 68% protein 500 hist, 120 TVN | 1600/1620 m/t | 1600/1620 |
|
|
|
|
| Fish oil, crude bulk | 1850/1900 |
|
| Fish oil, crude drums | 1900/1950 |
|
| Fish oil, flexi tank | 2000/2050 |
|
| Fish oil, Omega 3: 28%EPA/DHA | 2100/2400 |
|
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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