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WEEKLY USA GRAIN AND PROTEIN REPORT March 06, 2021
Once again this week, soybeans were the price leader with markets moving higher by about USD 10 m/t. All US grains and oilseeds finished the week strongly – perhaps in anticipation of the USDA WASDE report next week with Friday being an up day for prices on most everything.
Soybean prices seemed to rally on the threat of dry weather in Argentina and the trade expectation that the USDA will reduce to soybean stock levels in next week's WASDE report.
The Friday rally in corn prices was said to be mainly due to corn following soybean prices higher as there didn't seem to be too much in the way of actual news to push Friday's corn prices up by USD 6 m/t – although on the week corn was not up all that much, just on Friday. As with soybeans. Much of the rally is probably tied to anticipation of what the USDA will say next week.
There was not much change in US wheat prices this week with winter wheat sliding about USD 3 m/t lower while spring wheat moved USD 3 m/t higher. No one seemed to have anything exciting to say about US wheat this week. There were not any even any pre-WASDE wheat comments to move the market.
So, next week is USDA WASDE week which should then set the market price direction for a few days or weeks. The WASDE report release is on Tuesday the 9th at 1200 US Eastern Time.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
| US Gulf to Europe: Panamax (10,000 disch) | $21/22.00 | Up $1.00 | X |
| US Gulf to Spain: Panamax m/t (5,000 disch) | $21/22.00 | Up $1.00 | x |
| US Gulf Israel: Panamax m/t | $43/44.00 | Steady | X |
| US Gulf to Egypt: Panamax (6,000 disch) | $43/44.00 | Steady | X |
| US Gulf Turkey: Panamax m/t | $44/45.00 | Steady | X |
| US Gulf Morocco: 30,000(5,000 disch) | $41/42.00 | Up $1.00 | X |
| US Gulf Algeria/Tunisia: 30,000 (3,000 disch) | $42/43.00 | Up $2.00 | X |
| US Gulf Nigeria: 30,000 m/t | $45/47.00 | Steady | X |
| US Gulf other Med: 30,000 MT(5,000 disch) | $46/47.00 | Up $2.00 | X |
| US Gulf South Africa: 45,000 m/t | $35/36.00 | Steady | X |
| US Gulf Japan: Panamax | $58/59.00 | Steady | X |
| US Gulf China: Panamax | $57/58.00 | Steady | X |
| US PNW South Africa – 40,000 m/t | $35/36.00 | Steady | X |
| US PNW Japan: Panamax | $32/33.00 | Steady | X |
| US PNW China: Panamax | $31/32.00 | Steady | X |
| US East Coast Egypt: Panamax | $33/34.00 | Steady | X |
| US East Coast Nigeria: Handisize | $50/51.00 | Up $1.00 | X |
| US Lakes – Europe – 30,000 m/t | Closed |
| X |
| US Lakes – Morocco – 30,000 m/t | Closed |
| X |
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| France/Germany to Algeria: 30,000 m/t(3,000 dis) | $22/23.00 | Steady | X |
| France/Germany to Bangladesh: 35/45,000 m/t | $44/45.00 | Steady | X |
| France/Germany to China: Panamax | $44/45.00 | Up $1.00 | X |
| France/Germany to Egypt: Panamax (10,000 dis) | $19/20.00 | Up $1.00 | X |
| France/Germany to India: Panamax | $37/38.00 | Steady | X |
| France/Germany to Iran: Panamax | $47/48.00 | Steady | X |
| France/Germany to Jordan: 35/45,000 (4k dis) | $40/41.00 | Steady | X |
| France/Germany to Morocco: 30,000 m/t (3k dis) | $23/24.00 | Steady | X |
| France/Germany to Saudi Arabia: Panamax | $45/46.00 | Up $1.00 | X |
| France/Germany to South Africa: 30,000 m/t | $41/42.00 | Steady | X |
| France/Germany to Turkey: 35,000 m/t | $25/26.00 | Steady | X |
| France/Germany to Yemen: 30,000 m/t | $55/56.00 | Steady | X |
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| Argentina to Algeria: 25/30,000 m/t(3,000 disch) | $31/32.00 | Up $1.00 | X |
| Argentina to China: Panamax, with top-off | $53/54.00 | Up $1.00 | X |
| Argentina to Japan: Panamax, with top-off | $52/53.00 | Up $1.00 | X |
| Argentina to Egypt: Panamax | $33/34.00 | Up $1.00 | X |
| Argentina to Europe: Panamax | $22/23.00 | Steady | X |
| Argentina to Morocco: 25/30,000 m/t(3,000 dis) | $29/30.00 | Up $1.00 | X |
| Argentina to Libya: 25/30,000 m/t | $33/34.00 | Steady | X |
| Argentina to Jordan: Panamax | $40/41.00 | Steady | X |
| Argentina to Saudi Arabia: Panamax | $46/47.00 | Up $1.00 | X |
| Argentina to South Africa: Panamax | $27/28.00 | Steady | X |
| Argentina to Spain: Panamax | $22/23.00 | Steady | X |
| Argentina to Tunisia: 25/30,000 m/t (3,000 disch) | $31/32.00 | Up $1.00 | X |
| Argentina to US Gulf: 25/35,000 m/t | $42/43.00 | Up $1.00 | X |
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| Brazil to Algeria/Tunisia: 25/30,000 m/t | $32/33.00 | Steady | X |
| Brazil to China: Panamax | $47/48.00 | Up $1.00 | X |
| Brazil to Japan: Panamax | $48/49.00 | Up $1.00 | X |
| Brazil to Europe: Panamax | $27/28.00 | Steady | X |
| Brazil to Morocco: 25/30,000 m/t | $35/36.00 | Down $2.00 | X |
| Brazil to Iran: Panamax | $48/49.00 | Up $1.00 | X |
| Brazil to Saudi Arabia 30/40,000 m/t | $50/51.00 | Steady | X |
| Brazil to Spain: Panamax | $27/28.00 | Steady | X |
| Brazil to Turkey/Egypt: Panamax | $35/36.00 | Steady | X |
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| Australia to China: Panamax – round trip | $16/17.00 | Steady | X |
| Australia to Japan: Panamax – round trip | $47/47.50 | Up $2.00 | X |
| Australia to Saudi Arabia: Panamax | $51/52.00 | Up $2.00 | X |
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| Ukraine to China: Panamax | $33/34.00 | Steady | X |
| Ukraine to Bangladesh, Panamax | $44/45.00 | Down $1.00 | X |
| Ukraine to India, Panamax | $40/41.00 | Up $1.00 | X |
| Black Sea to East Med: 30,000 m/t (3,000 disch) | $23/24.00 | Up $1.00 | X |
| Ukraine to East Med: coaster (1,000 disch) | $33/34.00 | Steady | X |
| Ukraine to Turkey: coaster (1,000 disch) | $24/25.00 | Steady | X |
| Russia to Turkey - Izmir: coaster (1,000 disch) - | $35/36.00 | Steady | X |
| Black Sea to Egypt: 40/50,000 m/t – (6,000 dis) | $19/20.00 | Up $1.00 | X |
| Black Sea to Egypt: 30,000 m/t – (4,000 dich) | $23/24.00 | Up $1.00 | X |
| Ukraine to Egypt: coaster 3,000 m/t (1,000 disch) | $33/34.00 | Steady | X |
| Russia to Egypt: coaster 3,000 m/t (1,000 disch) | $54/55.00 | Steady | X |
| Black Sea to Iraq: Panamax (4,000 disch) | $48/49.00 | Steady | X |
| Black Sea to Iran: Panamax | $40/41.00 | Steady | X |
| Black Sea to Europe: Panamax (8,000 disch) | $25/26.00 | Up $2.00 | X |
| Black Sea to Morocco: 30,000 m/t (3,000 disch) | $22/23.00 | Down $4.00 | X |
| Black Sea to Spain: Panamax (8,000 disch) | $25/26.00 | Up $2.00 | X |
| Black Sea to Jordan: Panamax (5,000 disch) | $26/27.00 | Steady | X |
| Black Sea to Libya: 25/35,000 m/t | $25/26.00 | Steady | X |
| Black Sea to Saudi Arabia – Jeddah – Panamax | $36/37.00 | Up $1.00 | X |
| Black Sea to Turkey – 30,000 m/t | $18/19.00 | Steady | X |
| Black Sea to South Africa – 30,000 m//t | $30/31.00 | Steady | X |
| Black Sea to Tunisia/Algeria: 30,000(5,000 disch) | $23/24.00 | Down $2.00 | X |
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| Baltic Dry Index – 40% Cape, 30% Panamax, 30% Supramax – no Handisize included) | 1829 | Up 154 | X |
| Baltic Capesize Index (100,000 plus DWT) | 1784 | Up 345 | X |
| Baltic Panamax Index (60,000 to 80,000 DWT) | 2241 | Up 101 | X |
| Baltic Supramax Index (50,000 to 60,000 DWT) | 1917 | Up 39 | X |
| Baltic Handisize Index (25,000 plus DWT) | 1131 | Up 61 | X |
FOB port or location specified. Prices in US$, in metric tons:
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
ALL PRICES ARE FOR April 2021/June 2021
| Wheat, USA Soft Red Winter, US Gulf | USD 286>>268 new crop | X |
| Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 283/286 | X |
| Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 287/289 | X |
| Wheat, Russia 12.5 pro, 30,000+ m/t | USD 289/291 | X |
| Wheat, Romania 12.5 pro | USD 285/287 | X |
| Wheat, Superior, France, Rouen | USD 284/286 | X |
| Wheat, milling, 12.0%, Argentina, Upriver | USD 265/268 | X |
| Wheat, feed, Black Sea | USD 285/287 | X |
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| Barley, France, Rouen port | USD 264/266 | X |
| Barley, feed, Argentina, up river | USD 244/247 | X |
| Barley, feed, Black Sea, 30,000+ | USD 256/258 | X |
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| Corn, 2YC FOB NOLA USA | USD 252>>246 | X |
| Corn, 3YC FOB USA Pacific northwest | USD 264>>271 | X |
| Corn, FOB Argentina port, upriver | USD 232>>227 new crop | X |
| Corn, FOB Brazil port | USD 270>>238 new crop | X |
| Corn, FOB France – Atlantic | USD 277/279 | X |
| Corn, FOB Romania | USD 264/267 | X |
| Corn, FOB Russia | USD 267/270 | X |
| Corn, FOB Ukraine, 30,000+ m/t | USD 265/268 | X |
| Sorghum, FOB Argentina port | USD 244>>210 new crop | X |
| Sorghum, FOB Texas | USD 341>>333 new crop | X |
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| Soymeal, 48% protein, FOB NOLA | USD 483/483 | X |
| Soymeal, 48% protein, USA, Rotterdam | USD 508/511 | X |
| Soymeal, Argentina, Rotterdam – spot | USD 496>>481 new crop | X |
| Soymeal, 47% pro, FOB Argentina | USD 440>>435 new crop | X |
| Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 502>>475 new crop | X |
| Soymeal, 48% protein, FOB Brazil | USD 434/437 new crop | X |
| Soybeans, FOB NOLA | USD 553>>588 | X |
| Soybeans, Argentina, FOB | USD 535>>530 new crop | X |
| Soybeans, Brazil, FOB | USD 525>>520 new crop | X |
| Soybeans, Black Sea | USD 557/560 | X |
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| Corn Gluten Meal, USA FOB NOLA | USD 795/815 m/t | X |
| Corn Gluten Feed, USA FOB NOLA | USD 285/290 m/t | X |
| DDGS corn, 35 profat, USA FOB NOLA | USD 305>>295 m/t | x |
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However, for both corn gluten meal and corn gluten feed there was no weakening in prices and strong price levels look to be able to continue out for at least a couple of months.
Container shipments, minimum 200 m/t
| Australian MBM 45% protein Australian MBM 50% protein Australian Feathermeal, 80% protein Australian Poultry Meal, pet food | USD 500/520 m/t CNF Asia USD 550/570 m/t CNF Asia USD 570/580 m/t CNF Asia USD 950/970 m/t CNF Asia |
| USA Meat & Bone meal, 50% protein
USA Feathermeal, 80% protein USA Poultry by-product Meal, feed grade USA Poultry Meal, pet food grade | USD 550/570 m/t CNF China USD 580/700 to Indonesia USD 700/730 m/t CNF Asia USD 500/510 m/t CNF Asia USD 1,000/1,030 m/t CNF Asia |
Meat and bone meal prices into Asia were higher this week, due mainly to new buying from Chinese interests. Supplies of MBM from both Australia and New Zealand are a little tight which has helped to keep prices firm in Asia. It looks like supply will continue to be limited from Oz which could move prices for MBM even higher.
In the US there is also a move higher in animal protein prices – this too is tied to limited supplies and good demand. According to the Jacobsen Report the supply problems are still the results of the very bad winter storms experienced recently.
Longer term, Jacobsen feels that animal protein prices could move higher especially if soymeal keeps rallying. Limited supply should keep prices from falling.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN
The quota was set for the south of Peru at 409,000 m/t of catch and up to the 5th of March the total landed is now at 35,000 m/t, which is just over 8,300 m/t of fishmeal. The quota expires on June 30 or when the quota is filled. The landings to date are from the exploratory fishing in the South and do count against the quota. The actual period for fishing under the new quota begins on March 10.
The next fishing season in the north of Peru is expected to start in mid-April with the IMARPE research cruise ending in early April.
According to trade reports this week the fishmeal prices may be softening a little – some business for China is said to have been booked at about USD 20 m/t lower CNF. Presold business on the next fishing season seems to be at about 220,000 m/t.
Detailed stats from Peru show that January fishmeal exports were at 116,000 m/t with 102,000 m/t going to China.
It is also reported that there is a little bit of business being done for fishmeal shipments from the south of Peru but there is really nothing left to sell in the north.
PERU "INDICATION" FISHMEAL PRICES:
European fishmeal prices – FOB North German port.
| Type | Protein % | Price per m/t USD |
| Herring fishmeal | 72% protein | 1,810 |
| Danish fishmeal | 64% protein | 1,500 |
| Peru fishmeal | 64% protein | 1,510 |
| Chile fishmeal | 67% protein | 1,560 |
| Iceland fishmeal | 70% protein | 1,835 |
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 | 1370/1390 m/t |
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| 67% protein standard steam | 1450/1470 m/t |
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| 67% protein 150 TVN | 1520/1550 m/t | 1520/1540 m/t |
| 67% protein 120 TVN | 1570/1590 m/t | 1570/1590 m/t |
| 67% protein 1000 hist, 120 TVN | 1620/1640 m/t | 1620/1640 m/t |
| 68% protein 500 hist, 120 TVN | 1670/1690 m/t | 1650/1670 m/t |
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| Fish oil, crude bulk | 1750/1850 |
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| Fish oil, crude drums | 1800/1900 |
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| Fish oil, flexi tank | 1850/1950 |
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| Fish oil, Omega 3: 28%EPA/DHA | 2200/2300 |
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INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2021 Wayne S. Bacon
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