Hammersmith Trade Services
A division of Hammersmith Marketing Ltd.
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 December 10, 2022
This week was USDA WASDE week as we all know which pushed soybean prices up by about USD 15 m/t, soymeal up by about USD 50 m/t while corn was unchanged on the week. US winter wheat was lower in the week by between USD 10 and 13 m/t while spring wheat was about USD 8 m/t lower.
Most experts said that the reports didn't change anything and would not cause any price reaction, which seems to be true, as most of the changes in prices were made before the WASDE numbers came out.
Soybeans and soymeal just keep moving higher as they have been doing for a long time and wheat prices slipped lower in unsupportive export numbers --- while corn prices did nothing.
Perhaps it will take until next week for there to be any market reaction to the WASDE or perhaps it really was a no-change report.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
| US Gulf to Europe: Panamax | $29/30.00 | Steady |
|
| US Gulf to Spain: Panamax m/t | $29/30.00 |
| |
| US Gulf Israel: Panamax m/t | $48/49.00 | Steady |
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| US Gulf to Egypt: Panamax | $48/49.00 | Steady |
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| US Gulf Turkey: Panamax m/t | $49/50.00 | Steady |
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| US Gulf Morocco: Handi | $50/51.00 | Steady |
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| US Gulf Algeria/Tunisia: Handi | $51/52.00 | Steady |
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| US Gulf Nigeria: 30,000 m/t | $47/48.00 | Steady |
|
| US Gulf other Med: Handi | $53/54.00 | Steady |
|
| US Gulf South Africa: Handi | $41/42.00 | Steady |
|
| US Gulf to India: Panamax | $47/48.00 | Steady |
|
| US Gulf to Philippines: Panamax | $60/61.00 | Steady |
|
| US Gulf Japan: Panamax | $57/58.00 | Steady |
|
| US Gulf China: Panamax | $56/57.00 | Steady |
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| US PNW South Africa – 40,000 m/t | $65/66.00 | Steady |
|
| US PNW Egypt: Panamax | $48/49.00 | Down $1.00 |
|
| US PNW Philippines: Panamax | $40/41.00 | Steady |
|
| US PNW Japan: Panamax | $32/33.00 | Steady |
|
| US PNW China: Panamax | $31/32.00 | Steady |
|
| US East Coast Nigeria: Handisize | $46/47.00 | Steady |
|
| US Lakes – Europe – 30,000 m/t | $71/73.00 | Steady |
|
| US Lakes – Morocco – 30,000 m/t | $73/74.00 | Steady |
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| France/Germany to Algeria: Handi | $31/32.00 | Steady |
|
| France/Germany to Bangladesh | $83/84.00 | Up $1.00 |
|
| France/Germany to China: Panamax | $78/79.00 | Up $2.00 |
|
| France/Germany to Egypt: Panamax | $32/33.00 | Steady |
|
| France/Germany to India: Panamax | $73/74.00 | Steady |
|
| France/Germany to Iran: Panamax | $45/46.00 | Steady |
|
| France/Germany to Jordan | $37/38.00 | Steady |
|
| France/Germany to Morocco: Handi | $30/31.00 | Steady |
|
| France/Germany to Saudi Arabia: Panamax | $62/63.00 | Steady |
|
| France/Germany to South Africa: Handi | $46/47.00 | Steady |
|
| France/Germany to Turkey: Handi | $33/34.00 | Steady |
|
| France/Germany to Yemen: Handi | $63/64.00 | Steady |
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| Argentina to Algeria: Handi | $57/58.00 | Up $1.00 |
|
| Argentina to China: Panamax | $49/50.00 | Steady |
|
| Argentina to Japan: Panamax | $50/51.00 | Steady |
|
| Argentina to Egypt: Panamax | $63/64.00 | Up $1.00 |
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| Argentina to Europe: Panamax | $52/53.00 | Up $1.00 |
|
| Argentina to Morocco: Handi | $56/57.00 | Up $1.00 |
|
| Argentina to Libya: Handi | $59/60.00 | Up $1.00 |
|
| Argentina to Jordan: Panamax | $54/55.00 | Steady |
|
| Argentina to Saudi Arabia: Panamax | $62/63.00 | Up $1.00 |
|
| 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 | $34/35.00 | Steady |
|
| Argentina to Kenya: Handi | $55/56.00 | Steady |
|
| Argentina to Spain: Panamax | $52/53.00 | Up $1.00 |
|
| Argentina to Tunisia: Handi | $57/58.00 | Up $1.00 |
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| Brazil to Algeria/Tunisia: Handi | $60/61.00 | Up $1.00 |
|
| Brazil to China: Panamax | $44/45.00 | Steady |
|
| Brazil to Japan: Panamax | $45/46.00 | Steady |
|
| Brazil to South Korea: Panamax | $49/50.00 | Steady |
|
| Brazil to Europe: Panamax | $54/55.00 | Up $1.00 |
|
| Brazil to Morocco: Handi | $59/60.00 | Up $1.00 |
|
| Brazil to Iran: Panamax | $61/62.00 | Steady |
|
| Brazil to Bangladesh: Panamax | N/A |
|
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| Brazil to Saudi Arabia 30/40,000 m/t | $71/72.00 | Up $1.00 |
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| Brazil to Spain: Panamax | $54/55.00 | Up $1.00 |
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| Brazil to Turkey/Egypt: Panamax | $67/68.00 | Up $1.00 |
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| Australia to Saudi: Panamax | $40/41.00 | Steady |
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| Australia to Europe: Panamax | $52/53.00 | Steady |
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| Black Sea freight – Romania and Russia
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| Black Sea to China: Panamax | $67/68.00 | Steady |
|
| Black Sea to Indonesia: Panamax | $65/66.00 | Steady |
|
| Black Sea to Egypt: 40/50,000 | $26/27.00 | Down $1.00 |
|
| Black Sea to Egypt: 30,000 | $29/30.00 | Down $1.00 |
|
| Black Sea to Iran: Panamax | $61/62.00 | Down $1.00 |
|
| Black Sea to Europe: Panamax | $30/31.00 | Steady |
|
| Black Sea to Morocco – Handi | $30/31.00 | Steady |
|
| Black Sea to Tunisia/Algeria – Handi | $29/30.00 | Steady |
|
| Black Sea to Jordan: Panamax | $39/40.00 | Steady |
|
| Black Sea to Libya – Handi | $32/33.00 | Steady |
|
| Black Sea to Saudi: Panamax | $64/65.00 | Steady |
|
| Black Sea to Turkey – Handi | $28/29.00 | Steady |
|
| Black Sea to South Africa – Handi | $57/58.00 | Steady |
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| Baltic Dry Index | 1386 | Up 62 |
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| Baltic Capesize Index | 1683 | up 80 |
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| Baltic Panamax Index | 1659 | Up 41 |
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| Baltic Supramax Index | 1152 | Down 10 |
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| Baltic Handisize Index | 732 | Down 9 |
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| Global Container Index - Freightos | 2528 | Down 144 |
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All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR December 2022/February 2023
| Wheat, USA Soft Red Winter, US Gulf | USD 328>>320 April |
|
| Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 378>>374 April |
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| Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 285/290 |
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| Wheat, Russia 12.5 pro, 30,000+ m/t | USD 310/315 |
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| Wheat, Romania 12.5 pro | USD 320>>310 April |
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| Wheat, Superior, France, Rouen | USD 333/336 |
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| Wheat, milling, 12.0%, Argentina, Upriver | USD 370/385 April |
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| Wheat, feed, Black Sea | USD 270>>255 April |
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| Barley, France, Rouen port | USD 304/307 |
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| Barley, feed, Argentina, upriver | USD 350/355 |
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| Barley, feed, Black Sea, 30,000+ | USD 275/280 |
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| Barley, feed, Australia | USD 278/285 |
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| Corn, 2YC FOB NOLA USA | USD 305>>295 April |
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| Corn, 3YC FOB USA Pacific northwest | USD 325>>320 April |
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| Corn, FOB Argentina port, upriver | USD 280<<288 March |
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| Corn, FOB Brazil port | USD 285<<290 March |
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| Corn, FOB France – Atlantic | USD 316/319 |
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| Corn, FOB Romania | USD 240>>230 April |
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| Corn, FOB Russia | USD 220/230 |
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| Corn, FOB Ukraine, 30,000+ m/t | USD 250/255 |
|
| Sorghum, FOB Argentina port | USD 285/290 |
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| Sorghum, FOB Texas | USD 355/360 |
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| Soymeal, 48% protein, FOB NOLA | USD 550>>540 April |
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| Soymeal, 48% protein, USA, Rotterdam | USD 585<<575 April |
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| Soymeal, 47% pro, FOB Argentina | USD 545>>510 April |
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| Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 585/590 |
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| Soymeal, 48% protein, FOB Brazil | USD 540>>510 April |
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| Soybeans, FOB NOLA | USD 600>>590 March |
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| Soybeans, Argentina, FOB | USD 585>>560 March |
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| Soybeans, Brazil, FOB | USD 585>>565 March |
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| Soybeans, Black Sea | No prices |
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| Corn Gluten Meal, USA FOB NOLA | USD 810/820 m/t |
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| Corn Gluten Feed, USA FOB NOLA | USD 290/300 m/t |
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| DDGS corn, 35 profat, USA FOB NOLA | USD 340>>320 m/t |
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Export prices for corn byproducts tried to move higher this week due to increased Mississippi river barge costs but only DDGS seemed to stay up. Barge rates are expected to drop again so the current increase shouldn't last too long. It has been a difficult year for the water levels in the Mississippi.
DDGS export prices are up by USD 15 m/t for nearby shipments but only by USD 5 or so for later shipment.
Corn prices didn't have much of a reaction to the WASDE numbers this week so corn gluten meal and feed prices remained steady,
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN
The catch in Peru up to December 9 stands at 647,000 m/t --- better than some had expected – leaving about 1.64 million m/t on the quota. Fishmeal production is estimated at 144,000 m/t and fishoil at just over 5,000 m/t.
Even though the catch so far is good some experts feel that it will be very, very difficult to land the entire quota. Looking back at catch numbers for previous years, the catch tends to drop off about mid-December while we still need a weekly number of over 380,000 m/t to reach to quota – looks tough to achieve.
Not much to report in new sales this week --- everyone seems to be out of the market – trade papers say that we can expect higher fishmeal prices in coming weeks if the fishing doesn't keep up to high levels.
The unknown factor in all this is what effect the relaxation of covid rules in China may have on all businesses. If it is as positive as most feel then fishmeal demand could also increase.
PERU "INDICATION" FISHMEAL PRICES:
European fishmeal prices – FOB North German port.
| Type | Protein % | Price per m/t USD |
| Herring fishmeal | 72% protein | 2,225 |
| Danish fishmeal | 64% protein | 1,740 |
| Peru fishmeal | 64% protein | 1,735 |
| Chile fishmeal | 67% protein | 1,775 |
| Iceland fishmeal | 70% protein | 2,115 |
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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| 67% protein standard steam | 1520/1530 m/t |
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| 67% protein 150 TVN | 1570/1580 m/t |
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| 67% protein 120 TVN | 1620/1630 m/t | 1670/1680 |
| 67% protein 1000 hist, 120 TVN | 1670/1680 m/t | 1720/1730 |
| 68% protein 500 hist, 100 TVN | 1770/1780 m/t | 1750/1760 |
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| Fish oil, crude bulk | 4200/4300 | 3700/3800 |
| 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 | 4400/4500 |
|
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2022 Wayne S. Bacon
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