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Representative Office : Phone +33.6.8068.4564
3 Avenue Marie Gasquet, St Remy de Provence, 13210 France
WEEKLY USA GRAIN AND PROTEIN REPORT August 20, 2022
Corn prices were down this week in the US by about USD 5 to 8 m/t with new crop soybean prices dropping by at least USD 15 m/t and soymeal also down by USD 15 m/t. US wheat prices for both winter and spring wheat were down by close to USD 20 m/t.
Wheat prices were lower due to the good pre-planting rainfall in winter wheat areas and the reported increase in grain shipments out of the Black Sea. While to majority of shipments from the Ukraine have been corn and not wheat and while Russia's wheat program is falling behind a little – there was still enough enthusiasm for increased vessel movements to push wheat prices lower.
For corn there seems to be quite a few factors that helped to lower prices --- good rainfall in parts of the US, steady corn exports from Ukraine, lower US ethanol production and expected lower demand from China. Shipments of corn from the Ukraine are still much below pre-invasion levels but any good news on Ukraine shipments today is expected to lead to better news tomorrow. Although everyone is saying that it will take a long time to get Ukraine exports back up close to previous levels.
Everything soya related was lower on rainfall in the USA and on concerns about the Chinese economy and how this will affect China's soybean imports over the next months. Experts seem to feel that China's soybean imports will have to drop and with all producing/exporting countries have good soybean crops this year and negative thought on China cant help but push prices down.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
Baltic Dry Indexes continue lower this week, but this is mainly due to the drop in the economic situation in China and the lower demand for large vessels. The drop in ocean freight prices for grain vessels from North and South America is much less than for the large coal and ore vessels to China.
| US Gulf to Europe: Panamax | $32/33.00 | Down $1.00 |
|
| US Gulf to Spain: Panamax m/t | $32/33.00 | Down $1.00 |
|
| US Gulf Israel: Panamax m/t | $62/63.00 | Down $3.00 |
|
| US Gulf to Egypt: Panamax | $62/63.00 | Down $3.00 |
|
| US Gulf Turkey: Panamax m/t | $63/64.00 | Down $3.00 |
|
| US Gulf Morocco: Handi | $63/64.00 | Down $2.00 |
|
| US Gulf Algeria/Tunisia: Handi | $65/66.00 | Down $2.00 |
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| US Gulf Nigeria: 30,000 m/t | $65/66.00 | Steady |
|
| US Gulf other Med: Handi | $67/68.00 | Down $1.00 |
|
| US Gulf South Africa: Handi | $60/61.00 | Steady |
|
| US Gulf to India: Panamax | $67/68.00 | Steady |
|
| US Gulf to Philippines: Panamax | $75/76.00 | Steady |
|
| US Gulf Japan: Panamax | $63/64.00 | Down $3.00 |
|
| US Gulf China: Panamax | $62/63.00 | Down $3.00 |
|
| US PNW South Africa – 40,000 m/t | $65/66.00 | Steady |
|
| US PNW Egypt: Panamax | $63/64.00 | Down $2.00 |
|
| US PNW Philippines: Panamax | $48/49.00 | Steady |
|
| US PNW Japan: Panamax | $37/38.00 | Down $1.00 |
|
| US PNW China: Panamax | $36/37.00 | Down $1.00 |
|
| US East Coast Nigeria: Handisize | $63/64.00 | Steady |
|
| US Lakes – Europe – 30,000 m/t | $94/95.00 | Steady |
|
| US Lakes – Morocco – 30,000 m/t | $95/96.00 | Steady |
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| France/Germany to Algeria: Handi | $27/28.00 | Steady |
|
| France/Germany to Bangladesh | $68/69.00 | Steady |
|
| France/Germany to China: Panamax | $79/80.00 | Steady |
|
| France/Germany to Egypt: Panamax | $34/35.00 | Steady |
|
| France/Germany to India: Panamax | $65/66.00 | Steady |
|
| France/Germany to Iran: Panamax | $65/66.00 | Steady |
|
| France/Germany to Jordan | $55/56.00 | Steady |
|
| France/Germany to Morocco: Handi | $26/27.00 | Steady |
|
| France/Germany to Saudi Arabia: Panamax | $96/97.00 | Steady |
|
| France/Germany to South Africa: Handi | $45/46.00 | Steady |
|
| France/Germany to Turkey: Handi | $38/39.00 | Steady |
|
| France/Germany to Yemen: Handi | $63/64.00 | Steady |
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| Argentina to Algeria: Handi | $79/80.00 | Up $1.00 |
|
| Argentina to China: Panamax | $59/60.00 | Down $2.00 |
|
| Argentina to Japan: Panamax | $61/62.00 | Down $2.00 |
|
| Argentina to Egypt: Panamax | $82/83.00 | Up $1.00 |
|
| Argentina to Europe: Panamax | $75/76.00 | Up $1.00 |
|
| Argentina to Morocco: Handi | $78/79.00 | Up $1.00 |
|
| Argentina to Libya: Handi | $80/81.00 | Up $2.00 |
|
| Argentina to Jordan: Panamax | $60/61.00 | Steady |
|
| Argentina to Saudi Arabia: Panamax | $105/106.00 | Steady |
|
| Argentina to Iran: Panamax | $61/62.00 | Steady |
|
| Argentina to India: Panamax | $62/63.00 | Steady |
|
| Argentina to Bangladesh: Panamax | $66/67.00 | Steady |
|
| Argentina to Indonesia: Panamax | $60/61.00 | Steady |
|
| Argentina to South Africa: Panamax | $33/34.00 | Steady |
|
| Argentina to Kenya: Handi | $63/64.00 | Up $2.00 |
|
| Argentina to Spain: Panamax | $75/76.00 | Up $1.00 |
|
| Argentina to Tunisia: Handi | $79/80.00 | Up $1.00 |
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| Brazil to Algeria/Tunisia: Handi | $82/83.00 | Up $1.00 |
|
| Brazil to China: Panamax | $61/62.00 | Down $2.00 |
|
| Brazil to Japan: Panamax | $60/61.00 | Down $2.00 |
|
| Brazil to South Korea: Panamax | $67/68.00 | Steady |
|
| Brazil to Europe: Panamax | $76/77.00 | Up $1.00 |
|
| Brazil to Morocco: Handi | $81/82.00 | Up $1.00 |
|
| Brazil to Iran: Panamax | $62/63.00 | Steady |
|
| Brazil to Bangladesh: Panamax | $65/66.00 | Steady |
|
| Brazil to Saudi Arabia 30/40,000 m/t | $105/106.00 | Steady |
|
| Brazil to Spain: Panamax | $76/77.00 | Up $1.00 |
|
| Brazil to Turkey/Egypt: Panamax | $89/90.00 | Up $1.00 |
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| Australia to Saudi: Panamax | $41/42.00 | Down $4.00 |
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| Australia to Europe: Panamax | $43/44.00 | Down $2.00 |
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| Black Sea freight – Romania and Russia
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| Black Sea to China: Panamax | $65/66.00 | Steady |
|
| Black Sea to Indonesia: Panamax | $60/61.00 | Steady |
|
| Black Sea to Egypt: 40/50,000 | $27/28.00 | Up $2.00 |
|
| Black Sea to Egypt: 30,000 | $30/31.00 | Up $3.00 |
|
| Black Sea to Iran: Panamax | $61/62.00 | Steady |
|
| Black Sea to Europe: Panamax | $30/31.00 | Steady |
|
| Black Sea to Morocco – Handi | $33/34.00 | Steady |
|
| Black Sea to Tunisia/Algeria – Handi | $32/33.00 | Steady |
|
| Black Sea to Jordan: Panamax | $40/41.00 | Steady |
|
| Black Sea to Libya – Handi | $35/36.00 | Up $1.00 |
|
| Black Sea to Saudi: Panamax | $61/62.00 | Steady |
|
| Black Sea to Turkey – Handi | $27/28.00 | Up $2.00 |
|
| Black Sea to South Africa – Handi | $57/58.00 | Steady |
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| Baltic Dry Index | 1279 | Down 198 |
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| Baltic Capesize Index | 756 | Down 558 |
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| Baltic Panamax Index | 1688 | Down 219 |
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| Baltic Supramax Index | 1593 | Up 142 |
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| Baltic Handisize Index | 960 | Down 18 |
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| Global Container Index - Freightos | 5820 | Down 136 |
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All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR September 2022/November 2022
| Wheat, USA Soft Red Winter, US Gulf | USD 330 -- 340 December |
|
| Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 375 -- 385 December |
|
| Wheat, Ukraine 11.5 pro, 30,000+ m/t | No prices |
|
| Wheat, Russia 12.5 pro, 30,000+ m/t | USD 310/315 |
|
| Wheat, Romania 12.5 pro | USD 360>>340 December |
|
| Wheat, Superior, France, Rouen | USD 319/323 |
|
| Wheat, milling, 12.0%, Argentina, Upriver | USD 390/400 |
|
| Wheat, feed, Black Sea | USD 300/320 |
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| Barley, France, Rouen port | USD 275/280 |
|
| Barley, feed, Argentina, upriver | USD 320/330 |
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| Barley, feed, Black Sea, 30,000+ | No prices |
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| Barley, feed, Australia | USD 300/305 |
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| Corn, 2YC FOB NOLA USA | USD 295/300 |
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| Corn, 3YC FOB USA Pacific northwest | USD 325/330 |
|
| Corn, FOB Argentina port, upriver | USD 270/275 |
|
| Corn, FOB Brazil port | USD 290/295 |
|
| Corn, FOB France – Atlantic | USD 325>>315 December |
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| Corn, FOB Romania | USD 315/320 |
|
| Corn, FOB Russia | No prices |
|
| Corn, FOB Ukraine, 30,000+ m/t | USD 320/330 Constanza |
|
| Sorghum, FOB Argentina port | USD 270/280 |
|
| Sorghum, FOB Texas | USD 305/310 |
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| Soymeal, 48% protein, FOB NOLA | USD 560>>495 November |
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| Soymeal, 48% protein, USA, Rotterdam | USD 595>>530 November |
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| Soymeal, Argentina, Rotterdam – spot | No prices |
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| Soymeal, 47% pro, FOB Argentina | USD 485>>465 December |
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| Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 520/530 |
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| Soymeal, 48% protein, FOB Brazil | USD 495>>470 December |
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| Soybeans, FOB NOLA | USD 600>>570 December |
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| Soybeans, Argentina, FOB | USD 600>>595 December |
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| Soybeans, Brazil, FOB | USD 605>>595 December |
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| Soybeans, Black Sea | No prices |
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| Corn Gluten Meal, USA FOB NOLA | USD 815/825 m/t November |
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| Corn Gluten Feed, USA FOB NOLA | USD 285/295 m/t November |
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| DDGS corn, 35 profat, USA FOB NOLA | USD 290/300 m/t November |
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Export demand for DDGS was reported to be stronger this week as freight rate were a little softer and DDGS prices very well against corn/soymeal. The US Grains Council reports that container DDGS shipments to Asia have dropped by as much as USD 20 m/t to some ports while some destinations show no drop in prices at all.
Corn gluten meal and corn gluten feed export prices were steady on the week, but it is felt that the weakness in corn and soymeal prices could push prices lower next week. For corn gluten meal the strong domestic demand is keeping export prices high and high export prices continue to make CGM uncompetitive in many markets.
A small note on fishmeal: since deciding to no longer feature information on Peru fishmeal a few weeks ago, I have had quite a few readers ask me to please start reporting on fishmeal again --- I am considering their requests.
Also, on report delivery --- for a few weeks now the Weekly Report delivery through FeedBurner has not worked well which meant that many readers did not receive the report. I have now signed up with another service "Sendinblue" which I am trying this week to see if the delivery service works 100%. I did a test run on it yesterday and it seemed to work just fine.
Copyright © 2022 Wayne S. Bacon
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