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Corporate Head Office: 1st Floor, Building A, Caves Corporate Center,
Blake Road and West Bay Street, 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 July 30, 2022
It was quite an up week for all US grain and oilseed prices this week with soybeans leading the way with an increase of about USD 60 m/t for soybeans and soymeal up by more than USD 40 m/t. USA corn was up by USD 20 m/t while USA winter wheat moved higher by between USD 20 and 30 m/t. US spring wheat was up by about USD 15 m/t.
According to industry reports, the rally in soybeans this week was the highest seen in 20 years – all due to the hot dry weather seen in the US soybean area. The long term weather forecast is for more of the same type of weather in much of August --- not too good for crop yields. Of course, if the forecast changes and we see decent rainfall then the soybean/soymeal prices will come tumbling down.
Corn too was pushed higher by the weather forecasts but for corn there seems to be more hope as some limited rainfall is expected for at least part of the corn crop. For the next few weeks it will be the US weather than continues to control prices.
Wheat prices were all higher on the week but did see a drop on Friday as everyone is expecting or hoping that the Ukraine/Russia/Turkey shipping agreement will make more wheat available from the Ukraine. Trade reports say that there are 17 vessels in Ukraine ports that are fully loaded since February/March --- some wheat and some corn – totaling about 600,000 m/t that some say could move very quickly if the safe passage works. But then, one must wonder what the condition of the cargo on the ships will be after sitting for several months.
Egypt must be concerned about the condition of Ukraine grains, as they are considering sending Egyptian inspectors to Ukraine to inspect all shipments for Egypt. This is probably a good idea until the shipment quality of Ukraine grain/oilseeds can be determined.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
| US Gulf to Europe: Panamax | $35/36.00 | Steady | X |
| US Gulf to Spain: Panamax m/t | $35/36.00 | Steady | X |
| US Gulf Israel: Panamax m/t | $68/69.00 | Steady | X |
| US Gulf to Egypt: Panamax | $68/69.00 | Steady | X |
| US Gulf Turkey: Panamax m/t | $69/70.00 | Steady | X |
| US Gulf Morocco: Handi | $68/69.00 | Steady | X |
| US Gulf Algeria/Tunisia: Handi | $69/70.00 | Steady | X |
| US Gulf Nigeria: 30,000 m/t | $65/66.00 | Steady | X |
| US Gulf other Med: Handi | $71/72.00 | Down $2.00 | X |
| US Gulf South Africa: Handi | $60/61.00 | Steady | X |
| US Gulf to India: Panamax | $70/71.00 | Steady | X |
| US Gulf to Philippines: Panamax | $75/76.00 | Steady | X |
| US Gulf Japan: Panamax | $69/70.00 | Steady | X |
| US Gulf China: Panamax | $68/69.00 | Steady | X |
| US PNW South Africa – 40,000 m/t | $65/66.00 | Steady | X |
| US PNW Egypt: Panamax | $68/69.00 | Down $1.00 | X |
| US PNW Philippines: Panamax | $48/49.00 | Steady | X |
| US PNW Japan: Panamax | $41/42.00 | Steady | X |
| US PNW China: Panamax | $40/41.00 | Steady | X |
| US East Coast Nigeria: Handisize | $63/64.00 | Steady | X |
| US Lakes – Europe – 30,000 m/t | $94/95.00 | Steady | X |
| US Lakes – Morocco – 30,000 m/t | $96/97.00 | Down $1.00 | X |
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| France/Germany to Algeria: Handi | $27/28.00 | Steady | X |
| France/Germany to Bangladesh | $68/69.00 | Steady | X |
| France/Germany to China: Panamax | $79/80.00 | Steady | X |
| France/Germany to Egypt: Panamax | $34/35.00 | Steady | X |
| France/Germany to India: Panamax | $65/66.00 | Steady | X |
| France/Germany to Iran: Panamax | $65/66.00 | Steady | X |
| France/Germany to Jordan | $55/56.00 | Steady | X |
| France/Germany to Morocco: Handi | $26/27.00 | Steady | X |
| France/Germany to Saudi Arabia: Panamax | $96/97.00 | Steady | X |
| France/Germany to South Africa: Handi | $45/46.00 | Steady | X |
| France/Germany to Turkey: Handi | $38/39.00 | Steady | X |
| France/Germany to Yemen: Handi | $63/64.00 | Steady | X |
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| Argentina to Algeria: Handi | $76/77.00 | Up $1.00 | X |
| Argentina to China: Panamax | $65/66.00 | Down $1.00 | X |
| Argentina to Japan: Panamax | $64/65.00 | Down $1.00 | X |
| Argentina to Egypt: Panamax | $82/83.00 | Up $1.00 | X |
| Argentina to Europe: Panamax | $72/73.00 | Up $1.00 | X |
| Argentina to Morocco: Handi | $75/76.00 | Up $1.00 | X |
| Argentina to Libya: Handi | $77/78.00 | Up $1.00 | X |
| Argentina to Jordan: Panamax | $60/61.00 | Steady | X |
| Argentina to Saudi Arabia: Panamax | $103/104.00 | Up $1.00 | X |
| Argentina to Iran: Panamax | $61/62.00 | Steady | X |
| Argentina to India: Panamax | $62/63.00 | Down $2.00 | X |
| Argentina to Bangladesh: Panamax | $66/67.00 | Down $3.00 | X |
| Argentina to Indonesia: Panamax | $60/61.00 | Steady | X |
| Argentina to South Africa: Panamax | $33/34.00 | Steady | X |
| Argentina to Kenya: Handi | $61/62.00 | Steady | X |
| Argentina to Spain: Panamax | $72/73.00 | Up $1.00 | X |
| Argentina to Tunisia: Handi | $76/77.00 | Up $1.00 | x |
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| Brazil to Algeria/Tunisia: Handi | $79/80.00 | Up $1.00 | X |
| Brazil to China: Panamax | $66/67.00 | Up $2.00 | X |
| Brazil to Japan: Panamax | $65/66.00 | Up $2.00 | X |
| Brazil to South Korea: Panamax | $67/68.00 | Up $1.00 | X |
| Brazil to Europe: Panamax | $76/77.00 | Up $1.00 | X |
| Brazil to Morocco: Handi | $78/79.00 | Up $1.00 | X |
| Brazil to Iran: Panamax | $62/63.00 | Steady | X |
| Brazil to Bangladesh: Panamax | $64/65.00 | Down $2.00 | X |
| Brazil to Saudi Arabia 30/40,000 m/t | $103/104.00 | Up $1.00 | X |
| Brazil to Spain: Panamax | $76/77.00 | Up $1.00 | X |
| Brazil to Turkey/Egypt: Panamax | $88/89.00 | Up $1.00 | x |
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| Australia to Saudi: Panamax | $51/52.00 | Steady |
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| Australia to Europe: Panamax | $53/54.00 | Steady |
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| Black Sea freight – Romania and Russia
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| Black Sea to China: Panamax | $67/68.00 | Up $3.00 | X |
| Black Sea to Indonesia: Panamax | $65/66.00 | Steady | X |
| Black Sea to Egypt: 40/50,000 | $28/29.00 | Steady | X |
| Black Sea to Egypt: 30,000 | $31/32.00 | Up $1.00 | X |
| Black Sea to Iran: Panamax | $60/61.00 | Down $1.00 | X |
| Black Sea to Europe: Panamax | $30/31.00 | Down $1.00 | X |
| Black Sea to Morocco – Handi | $33/34.00 | Steady | X |
| Black Sea to Tunisia/Algeria – Handi | $32/33.00 | Steady | X |
| Black Sea to Jordan: Panamax | $40/41.00 | Steady | X |
| Black Sea to Libya – Handi | $34/35.00 | Steady | X |
| Black Sea to Saudi: Panamax | $63/64.00 | Steady | X |
| Black Sea to Turkey – Handi | $27/28.00 | Up $2.-- | X |
| Black Sea to South Africa – Handi | $57/58.00 | Steady | X |
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| Baltic Dry Index | 1892 | Down 254 | X |
| Baltic Capesize Index | 2081 | Down 615 | X |
| Baltic Panamax Index | 2051 | Down 42 | X |
| Baltic Supramax Index | 1971 | Down 109 | X |
| Baltic Handisize Index | 1173 | Down 38 | X |
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| Global Container Index - Freightos | 6120 | Down 199 | x |
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All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR August 2022/October 2022
| Wheat, USA Soft Red Winter, US Gulf | USD 337 -- 360 October | X |
| Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 383 -- 395 October | X |
| Wheat, Ukraine 11.5 pro, 30,000+ m/t | No prices | X |
| Wheat, Russia 12.5 pro, 30,000+ m/t | No prices | X |
| Wheat, Romania 12.5 pro | USD 335/340 | X |
| Wheat, Superior, France, Rouen | USD 359/363 | X |
| Wheat, milling, 12.0%, Argentina, Upriver | USD 405/415 | X |
| Wheat, feed, Black Sea | USD 325/330 October | X |
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| Barley, France, Rouen port | USD 312/315 | X |
| Barley, feed, Argentina, upriver | USD 340/345 | X |
| Barley, feed, Black Sea, 30,000+ | USD 315/325 Constanza | X |
| Barley, feed, Australia | USD 325/335 | X |
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| Corn, 2YC FOB NOLA USA | USD 305>>295 November | X |
| Corn, 3YC FOB USA Pacific northwest | USD 330>>320 November | X |
| Corn, FOB Argentina port, upriver | USD 260/275 November | X |
| Corn, FOB Brazil port | USD 285/295 November | X |
| Corn, FOB France – Atlantic | USD 310/315 October | X |
| Corn, FOB Romania | USD 300/305 | X |
| Corn, FOB Russia | USD 270/275 | X |
| Corn, FOB Ukraine, 30,000+ m/t | USD 310/320 Constanza | X |
| Sorghum, FOB Argentina port | USD 265 --275 | X |
| Sorghum, FOB Texas | USD 310/320 October | X |
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| Soymeal, 48% protein, FOB NOLA | USD 615>>530 November | X |
| Soymeal, 48% protein, USA, Rotterdam | USD 650>>565 November | X |
| Soymeal, Argentina, Rotterdam – spot | No prices | X |
| Soymeal, 47% pro, FOB Argentina | USD 540>>510 November | X |
| Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices | X |
| Soymeal, 48% protein, FOB Brazil | USD 545>>510 November | X |
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| Soybeans, FOB NOLA | USD 615>>595 November | X |
| Soybeans, Argentina, FOB | USD 640>>622 November | X |
| Soybeans, Brazil, FOB | USD 640>>615 November | X |
| Soybeans, Black Sea | No prices | X |
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| Corn Gluten Meal, USA FOB NOLA | USD 825/835 m/t November | x |
| Corn Gluten Feed, USA FOB NOLA | USD 300/310 m/t November | X |
| DDGS corn, 35 profat, USA FOB NOLA | USD 295/315 m/t November | X |
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Corn gluten meal prices took a jump higher this week following the rally in corn prices. However, both corn gluten feed and DDGS didn't follow higher. However, for DDGS the prices out in to September and November are quite a bit softer than spot positions. Spot business for DDGS is at or above USD 315 m/t FOB NOLA while some trades are being done USD 20 m/t lower for the last quarter of 2022.
With the USD 20 m/t increase in US corn prices this week it is expected that all corn byproducts will move higher in price next week.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN
Sorry to say but our coverage of the Peru fishmeal situation has come to an end. There used to be a lot of interest in fishmeal but that has now long gone and the fishmeal business is close to 100% China based and the Chinese buyers have better information than I am able to provide.
So that is it for fishmeal --- the prices have been updated for this week but will not be shown again after this week.
PERU "INDICATION" FISHMEAL PRICES:
European fishmeal prices – FOB North German port.
| Type | Protein % | Price per m/t USD |
| Herring fishmeal | 72% protein | 2,005 |
| Danish fishmeal | 64% protein | 1,590 |
| Peru fishmeal | 64% protein | 1,730 |
| Chile fishmeal | 67% protein | 1,775 |
| Iceland fishmeal | 70% protein | 2,005 |
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 standard steam | 1550/1570 m/t |
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| 67% protein standard steam | 1600/1620 m/t |
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| 67% protein 150 TVN | 1650/1670 m/t |
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| 67% protein 120 TVN | 1700/1720 m/t Sold out | 1700/1720 |
| 67% protein 1000 hist, 120 TVN | 1750/1770 m/t | 1750/1770 |
| 68% protein 500 hist, 100 TVN | 1800/1820 m/t Sold out | 1800/1820 |
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| Fish oil, crude bulk | 3700/3750 |
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| Fish oil, crude drums | No prices |
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| Fish oil, flexi tank | No prices |
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| Fish oil, Omega 3: 28%EPA/DHA | 4300/4400 |
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INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2022 Wayne S. Bacon
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