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Corporate Head Office: Suite 200B, Centre of Commerce, One Bay Street,
PO Box N-3944, Nassau, Bahamas. Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
Representative Office : Phone +33.6.8068.4564
3 Avenue Marie Gasquet, St Remy de Provence, 13210 France
WEEKLY USA GRAIN AND PROTEIN REPORT February 26, 2022
Not too much sense in talking a great deal about the grain and oilseed markets this week, as we all know what is happening in the Ukraine and the effect that this will have on the world wheat, corn and barley business. With major ports in Ukraine closed and also most grain terminals there is little or nothing moving from the Ukraine. Russia's exports seem to be as normal, but sanctions will probably cut into that very quickly.
In USA markets, corn and soybeans were up and down on the week be wheat was able to hold to its high rally prices with US winter wheat up by close to USD 20 m/t.
Not much can be said about what will happen to grain prices due to the current problems, but it certainly doesn't look like there will be any weakness in prices in coming weeks, perhaps months.
While it may not matter, March 03 to March 08, Russian export grain taxes are at: wheat USD 88.20 m/t – down USD 2.80, barley USD 72.30 m/t – down USD 1.00 m/t and corn USD 52.70 m/t – up USD 0.50 m/t.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
Needless to say, the grain freight estimates this week are even more of an estimate than usual. The situation in the Ukraine has made 100% accurate freight estimates totally impossible.
US Gulf to Europe: Panamax | $26/27.00 | Up $2.00 | x |
US Gulf to Spain: Panamax m/t | $26/27.00 | Up $2.00 | X |
US Gulf Israel: Panamax m/t | $57/58.00 | Up $1.00 | X |
US Gulf to Egypt: Panamax | $57/58.00 | Up $1.00 | X |
US Gulf Turkey: Panamax m/t | $58/59.00 | Up $1.00 | X |
US Gulf Morocco: Handi | $58/59.00 | Up $2.00 | X |
US Gulf Algeria/Tunisia: Handi | $60/61.00 | Up $2.00 | X |
US Gulf Nigeria: 30,000 m/t | $61/62.00 | Steady | X |
US Gulf other Med: Handi | $62/63.00 | Up $2.00 | X |
US Gulf South Africa: Handi | $51/52.00 | Steady | X |
US Gulf to India: Panamax | $65/66.00 | Steady | X |
US Gulf to Philippines: Panamax | $69/70.00 | Steady | X |
US Gulf Japan: Panamax | $69/70.00 | Up $3.00 | X |
US Gulf China: Panamax | $68/69.00 | Up $3.00 | X |
US PNW South Africa – 40,000 m/t | $54/55.00 | Steady | X |
US PNW Egypt: Panamax | $54/55.00 | Up $1.00 | X |
US PNW Philippines: Panamax | $51/52.00 | Steady | X |
US PNW Japan: Panamax | $38/39.00 | Up $2.00 | x |
US PNW China: Panamax | $37/38.00 | Up $2.00 | x |
US East Coast Nigeria: Handisize | $59/60.00 | Up $4.00 | X |
US Lakes – Europe – 30,000 m/t | $65/66.00 | Ports closed | x |
US Lakes – Morocco – 30,000 m/t | $68/69.00 | Ports closed | x |
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France/Germany to Algeria: Handi | $25/26.00 | Steady | X |
France/Germany to Bangladesh: 35/45,000 m/t | $64/65.00 | Steady | X |
France/Germany to China: Panamax | $74/75.00 | Up $1.00 | X |
France/Germany to Egypt: Panamax | $32/33.00 | Steady | X |
France/Germany to India: Panamax | $62/63.00 | Steady | X |
France/Germany to Iran: Panamax | $62/63.00 | Steady | X |
France/Germany to Jordan: 35/45,000 (4k dis) | $51/52.00 | Steady | X |
France/Germany to Morocco: Handi | $23/24.00 | Steady | X |
France/Germany to Saudi Arabia: Panamax | $75/76.00 | Up $1.00 | X |
France/Germany to South Africa: Handi | $41/42.00 | Steady | X |
France/Germany to Turkey: Handi | $35/36.00 | Steady | X |
France/Germany to Yemen: Handi | $59/60.00 | Steady | X |
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Argentina to Algeria: Handi | $57/58.00 | Up $1.00 | X |
Argentina to China: Panamax | $65/66.00 | Up $3.00 | X |
Argentina to Japan: Panamax | $64/65.00 | Up $3.00 | X |
Argentina to Egypt: Panamax | $61/62.00 | Up $1.00 | X |
Argentina to Europe: Panamax | $52/53.00 | Up $1.00 | X |
Argentina to Morocco: Handi | $54/55.00 | Up $1.00 | X |
Argentina to Libya: Handi | $59/60.00 | Up $1.00 | X |
Argentina to Jordan: Panamax | $55/56.00 | Steady | X |
Argentina to Saudi Arabia: Panamax | $82/83.00 | Up $1.00 | X |
Argentina to Iran: Panamax | $61/62.00 | Steady | X |
Argentina to India: Panamax | $58/59.00 | Steady | X |
Argentina to Bangladesh: Panamax | $66/67.00 | Steady | X |
Argentina to Indonesia: Panamax | $55/56.00 | Steady | X |
Argentina to South Africa: Panamax | $29/30.00 | Steady | X |
Argentina to Kenya: Handi | $50/51.00 | Up $2.00 | x |
Argentina to Spain: Panamax | $52/53.00 | Up $1.00 | X |
Argentina to Tunisia: Handi | $57/58.00 | Up $1.00 | X |
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Brazil to Algeria/Tunisia: Handi | $58/59.00 | Up $1.00 | X |
Brazil to China: Panamax | $57/58.00 | Up $3.00 | X |
Brazil to Japan: Panamax | $56/57.00 | Up $3.00 | X |
Brazil to South Korea: Panamax | $60/61.00 | Steady | X |
Brazil to Europe: Panamax | $55/56.00 | Up $1.00 | X |
Brazil to Morocco: Handi | $57/58.00 | Up $1.00 | X |
Brazil to Iran: Panamax | $61/62.00 | Steady | X |
Brazil to Bangladesh: Panamax | $67.68.00 | Steady | X |
Brazil to Saudi Arabia 30/40,000 m/t | $82/83.00 | Up $1.00 | X |
Brazil to Spain: Panamax | $55/56.00 | Up $1.00 | X |
Brazil to Turkey/Egypt: Panamax | $68/69.00 | Up $1.00 | X |
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Ukraine to China: Panamax | $66/67.00 | Up $1.00 | X |
Ukraine to Indonesia: Panamax | $66/67.00 | Steady | X |
Ukraine to Bangladesh, Panamax | $55/56.00 | Steady | X |
Ukraine to India, Panamax | $49/50.00 | Steady | X |
Black Sea to East Med: Handi | $32/33.00 | Steady | X |
Ukraine to East Med: coaster 3,000 m/t | $49/50.00 | Steady | X |
Ukraine to Turkey: Izmir: coaster 3,000 m/t | $35/36.00 | Steady | X |
Russia to Turkey - Izmir: coaster 3,000 m/t | $39/40.00 | Steady | X |
Black Sea to Egypt: 40/50,000 m/t | $25/26.00 | Steady | X |
Black Sea to Egypt: 30,000 m/t | $32/33.00 | Steady | X |
Ukraine to Egypt: coaster 3,000 m/t | $49/50.00 | Steady | X |
Russia to Egypt: coaster 3,000 m/t | $56/57.00 | Steady | X |
Black Sea to Iraq: Panamax | $51/52.00 | Steady | X |
Black Sea to Iran: Panamax | $61/62.00 | Up $2.00 | X |
Black Sea to Europe: Panamax | $32/33.00 | Steady | X |
Black Sea to Morocco: Handi | $37/38.00 | Steady | X |
Black Sea to Tunisia/Algeria: Handi | $35/36.00 | Steady | X |
Black Sea to Spain: Panamax | $32/33.00 | Steady | X |
Black Sea to Jordan: Panamax | $40/41.00 | Steady | X |
Black Sea to Libya: Handi | $39/40.00 | Steady | X |
Black Sea to Saudi Arabia – Jeddah – Panamax | $58/59.00 | Steady | X |
Black Sea to Yemen: Panamax | $58/59.00 | Steady | X |
Black Sea to Turkey – Handi | $28/29.00 | Steady | X |
Black Sea to South Africa – Handi | $61/62.00 | Steady | X |
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Baltic Dry Index – 40% Cape, 30% Panamax, 30% Supramax – (no Handisize included) | 2076 | Up 112 | X |
Baltic Capesize Index (100,000 plus DWT) | 1691 | Up 16 | x |
Baltic Panamax Index (60,000 to 80,000 DWT) | 2658 | Up 283 | x |
Baltic Supramax Index (45,000 to 60,000 DWT) | 2417 | Up 92 | X |
Baltic Handisize Index (25,000 plus DWT) | 1399 | Up 114 | X |
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Global Container Index - @Freightos | 9789 | Up 44 | X |
(Index on Jan 01, 2021, was at $3452) |
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FOB port or location specified. Prices in US$, in metric tons:
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
ALL PRICES ARE FOR March 2022/May 2022
Wheat, USA Soft Red Winter, US Gulf | USD 363>>345 July | X |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 394>>388 July | X |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 320>>295 July | X |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 335>>310 July | X |
Wheat, Romania 12.5 pro | USD 317/322 | X |
Wheat, Superior, France, Rouen | USD 338>>320 July | X |
Wheat, milling, 12.0%, Argentina, Upriver | USD 318/321 | X |
Wheat, feed, Black Sea | USD 303>>296 June | X |
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Barley, France, Rouen port | USD 321/323 | X |
Barley, feed, Argentina, up river | USD 295/298 | X |
Barley, feed, Black Sea, 30,000+ | USD 295/298 | X |
Barley, feed, Australia | USD 285/288 | X |
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Corn, 2YC FOB NOLA USA | USD 304>>285 July | X |
Corn, 3YC FOB USA Pacific northwest | USD 313>>300 July | X |
Corn, FOB Argentina port, upriver | USD 278>>255 July | X |
Corn, FOB Brazil port | USD 310>>265 July | X |
Corn, FOB France – Atlantic | USD 336/338 | X |
Corn, FOB Romania | USD 288/291 | X |
Corn, FOB Russia | USD 291/294 | X |
Corn, FOB Ukraine, 30,000+ m/t | USD 286/289 | X |
Sorghum, FOB Argentina port | USD 260/265 | X |
Sorghum, FOB Texas | USD 349/355 | X |
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Soymeal, 48% protein, FOB NOLA | USD 537>>515 June | X |
Soymeal, 48% protein, USA, Rotterdam | USD 566>>545 June | X |
Soymeal, Argentina, Rotterdam – spot | USD 566/570 Mar/Apr | X |
Soymeal, 47% pro, FOB Argentina | USD 503>>485 June | X |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 576/585 Mar/Apr | X |
Soymeal, 48% protein, FOB Brazil | USD 546>>500 June | X |
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Soybeans, FOB NOLA | USD 632>>620 June | X |
Soybeans, Argentina, FOB | USD 655>>620 June | X |
Soybeans, Brazil, FOB | USD 648>>634 June | X |
Soybeans, Black Sea | USD 652>>631 June | X |
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Corn Gluten Meal, USA FOB NOLA | USD 865>>855 m/t May | X |
Corn Gluten Feed, USA FOB NOLA | USD 290>>280 m/t May | X |
DDGS corn, 35 profat, USA FOB NOLA | USD 325>>310 m/t May | x |
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USA DDGS prices are reported to be up by as much as USD 7 m/t this week – the US Grains Council says that this is the tenth week in a row with higher DDGS prices. Due to the Ukraine related ups and downs in the grain and oilseed markets, many exporters are not offering any export prices as the week came to an end. No one much want to make commitments with so much uncertainty in grain markets.
Container shipments, minimum 200 m/t
Australian MBM 45% protein Australian MBM 50% protein Australian Feathermeal, 80% protein Australian Poultry Meal, pet food | USD 580/600 m/t CNF Asia USD 650/670 m/t CNF Asia USD 740/760 m/t CNF Asia USD 1000/1020 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 690/710 m/t CNF China USD 700/720 to Indonesia USD 780/800 m/t CNF Asia USD 520/540 m/t CNF Asia USD 990/1010 m/t CNF Asia |
Prices for all animal protein items were flat this week --- much due to the fact that many exporters had pulled out of the market due to the problems in Ukraine and the uncertainty in commodity and freight markets. Depending on what does happen in the Ukraine we may be able to provide a more detailed report next week.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN
Fishing in the south of Peru was not too bad this week with about 14,700 m/t landed by about 190 fishing vessels. Total southern catch is now up to 66,300 m/t leaving about 420,000 m/t on the quota. Fishmeal production in the south is estimated at 14,600 m/t and fishoil at 1,500 m/t.
It was a very, very quiet week for fishmeal business as everyone was thinking more about the Russia/Ukraine situation. While there had been some buyers poking around early in the week, they disappeared as soon as the Ukraine was invaded.
Activity in fishmeal will probably be slow until the Black Sea region calms --- no one wants to be selling anything when freight could become a serious problem --- even more serious than it has been for months. With almost 100% of fishmeal being shipped in containers, anything that can affect container prices is important to the fishmeal industry.
PERU "INDICATION" FISHMEAL PRICES:
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Herring fishmeal | 72% protein | 1,725 |
Danish fishmeal | 64% protein | 1,465 |
Peru fishmeal | 64% protein | 1,665 |
Chile fishmeal | 67% protein | 1,705 |
Iceland fishmeal | 70% protein | 1,735 |
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 | 1570/1590 m/t |
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67% protein standard steam | 1620/1640 m/t |
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67% protein 150 TVN | 1670/1690 m/t | 1670/1690 m/t |
67% protein 120 TVN | 1720/1740 m/t | 1720/1740 m/t |
67% protein 1000 hist, 120 TVN | 1770/1790 m/t | 1760/1780 m/t |
68% protein 500 hist, 120 TVN | 1820/1840 m/t | 1800/1820 m/t |
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Fish oil, crude bulk | 3300/3350 |
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Fish oil, crude drums | 3400/3450 |
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Fish oil, flexi tank | 3500/3550 |
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Fish oil, Omega 3: 28%EPA/DHA | 3400/3500 |
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INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2022 Wayne S. Bacon
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