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Phone : +33.6.8068.4564
Email : wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT April 29, 2023
US corn prices finished the week down by about USD 10 m/t, soybeans were down by USD 11 m/t with soymeal down between USD 9 and 11 m/t. Wheat had a very down time too with winter wheat dropping between USD 14 and 18 m/t – spring wheat was down by almost USD 15 m/t.
Buyers jumped into the grain/oilseed markets on Friday after the weak finish for prices Monday through Thursday --- lower prices were very attractive to export and domestic buyers.
Corn prices late on Thursday were at the lowest level in about 9 months and had been pushed lower by cancellations by China and the expectations and low prices of the giant Brazil corn crop. The US government has approved the use of E15 gasoline during the summer months which should help corn demand and keep US gasoline prices steady.
Soybeans had a good rally on Friday as buyers stocked up on US soybeans, but the week ended lower and no one seems to be expecting higher prices with jillions of tons of Brazil soybeans coming to market.
USA wheat prices were lower on slipping international wheat prices and on the improved rainfall levels in the US wheat belt, but the Friday prices rally did stop prices going even lower. As with corn and soybeans, buyers were taking advantage of lower prices to cover needs.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
| US Gulf to Europe: Panamax | $29.00 | Steady |
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| $29.00 | Steady |
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| US Gulf Israel: Panamax m/t | $31.00 | Down $1.00 |
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| US Gulf to Egypt: Panamax | $31.00 | Down $1.00 |
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| US Gulf Turkey: Panamax m/t | $32.00 | Down $1.00 |
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| US Gulf Morocco: Handi | $35.00 | Steady |
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| US Gulf Algeria/Tunisia: Handi | $36.00 | Steady |
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| US Gulf Nigeria: 30,000 m/t | $45.00 | Steady |
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| US Gulf other Med: Handi | $38.00 | Steady |
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| US Gulf South Africa: Handi | $41.00 | Steady |
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| US Gulf to India: Panamax | $47.00 | Steady |
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| US Gulf to Philippines: Panamax | $52.00 | Steady |
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| US Gulf Japan: Panamax | $55.00 | Steady |
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| US Gulf China: Panamax | $54.00 | Steady |
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| US PNW South Africa – 40,000 m/t | $65.00 | Steady |
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| US PNW Egypt: Panamax | $32.00 | Down $1.00 |
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| US PNW Philippines: Panamax | $39.00 | Steady |
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| US PNW Japan: Panamax | $30.00 | Steady |
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| US PNW China: Panamax | $30.00 | Steady |
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| US East Coast Nigeria: Handisize | $45.00 | Steady |
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| US Lakes – Europe – 30,000 m/t | $53.00 | Steady |
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| US Lakes – Morocco – 30,000 m/t | $62.00 | Steady |
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| France/Germany to Algeria: Handi | $30.00 | Steady |
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| France/Germany to Bangladesh | $82.00 | Steady |
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| France/Germany to China: Panamax | $80.00 | Steady |
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| France/Germany to Egypt: Panamax | $24.00 | Steady |
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| France/Germany to India: Panamax | $53.00 | Steady |
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| France/Germany to Iran: Panamax | $45.00 | Steady |
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| France/Germany to Jordan | $37.00 | Steady |
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| France/Germany to Morocco: Handi | $29.00 | Steady |
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| France/Germany to Saudi Arabia: Panamax | $62.00 | Steady |
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| France/Germany to South Africa: Handi | $46.00 | Steady |
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| France/Germany to Turkey: Handi | $33.00 | Steady |
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| France/Germany to Yemen: Handi | $63.00 | Steady |
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| Argentina to Algeria: Handi | $49.00 | Steady |
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| Argentina to China: Panamax | $49.00 | Steady |
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| Argentina to Japan: Panamax | $48.00 | Steady |
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| Argentina to Egypt: Panamax | $53.00 | Steady |
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| Argentina to Europe: Panamax | $39.00 | Steady |
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| Argentina to Morocco: Handi | $48.00 | Steady |
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| Argentina to Libya: Handi | $51.00 | Steady |
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| Argentina to Jordan: Panamax | $55.00 | Steady |
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| Argentina to Saudi Arabia: Panamax | $64.00 | Steady |
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| Argentina to Iran: Panamax | $61.00 | Steady |
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| Argentina to India: Panamax | $62.00 | Steady |
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| Argentina to Bangladesh: Panamax | $66.00 | Steady |
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| Argentina to Indonesia: Panamax | $60.00 | Steady |
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| Argentina to South Africa: Panamax | $35.00 | Steady |
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| Argentina to Kenya: Handi | $43.00 | Steady |
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| Argentina to Spain: Panamax | $39.00 | Steady |
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| Argentina to Tunisia: Handi | $49.00 | Steady |
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| Brazil to Algeria/Tunisia: Handi | $50.00 | Steady |
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| Brazil to China: Panamax | $46.00 | Steady |
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| Brazil to Japan: Panamax | $47.00 | Steady |
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| Brazil to South Korea: Panamax | $48.00 | Steady |
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| Brazil to Europe: Panamax | $39.00 | Steady |
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| Brazil to Morocco: Handi | $49.00 | Steady |
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| Brazil to Iran: Panamax | $61.00 | Steady |
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| Brazil to Bangladesh: Panamax | N/A | Steady |
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| Brazil to Saudi Arabia 30/40,000 m/t | $62.00 | Steady |
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| Brazil to Spain: Panamax | $39.00 | Steady |
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| Brazil to Turkey/Egypt: Panamax | $59.00 | Steady |
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| Australia to Saudi: Panamax | $53.00 | Up $1.00 |
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| Australia to Europe: Panamax | $61.00 | Up $1.00 |
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| Black Sea freight
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| Black Sea to China: Panamax | Russia $60 Ukraine $69 |
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| Black Sea to Indonesia: Panamax | Russia $59 Ukraine $64 |
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| Black Sea to Bangladesh : Panamax | Russia $52 Ukraine $60 |
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| Black Sea to Egypt: 40/50,000 | $25 Russia $30 Ukraine |
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| Black Sea to Egypt: 30,000 | $21 Russia $41 Ukraine |
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| Black Sea to Iran: Panamax | $53 Russia $64 Ukraine |
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| Black Sea to Europe: Panamax | $29 Russia $32 Ukraine |
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| Black Sea to Morocco – Handi | $32 Russia $49 Ukraine |
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| Black Sea to Tunisia/Algeria – Handi | $31 Russia $48 Ukraine |
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| Black Sea to Jordan: Panamax | $37.00 | Steady |
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| Black Sea to Libya – Handi | $34.00 | Steady |
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| Black Sea to Saudi: Panamax | $50 Russia $55 Ukraine |
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| Black Sea to Turkey – Handi | $20 Russia $40 Ukraine |
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| Black Sea to South Africa – Handi | $57.00 | Steady |
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| Russia to Turkey (Izmir)– coaster 3 to 5,000 m/t | $42.00 | Down $6.00 |
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| Russia to Egypt – coaster 3 to 5,000 m/t | $80.00 | Steady |
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| Baltic Dry Index | 1576 | Up 72 |
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| Baltic Capesize Index | 2301 | Up 339 |
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| Baltic Panamax Index | 1586 | Down 106 |
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| Baltic Supramax Index | 11165 | Down 36 |
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| Baltic Handisize Index | 663 | Up 33 |
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| Global Container Index - Freightos | 1599 | Down 23 |
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All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR June 2023/August 2023
| Wheat, USA Soft Red Winter, US Gulf | USD 260>>255 Aug |
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| Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 350>>345 Aug |
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| Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 250/260 |
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| Wheat, Russia 12.5 pro, 30,000+ m/t | USD 265/270 |
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| Wheat, Romania 12.5 pro | USD 265/270 |
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| Wheat, Superior, France, Rouen | USD 265/268 |
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| Wheat, milling, 12.0%, Argentina, Upriver | USD 325/335 |
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| Wheat, feed, Black Sea | USD 230/235 |
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| Barley, France, Rouen port | USD 245/248 |
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| Barley, feed, Argentina, upriver | USD 245/250 |
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| Barley, feed, Black Sea, 30,000+ | USD 245/250 |
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| Barley, feed, Australia | USD 270/275 |
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| Corn, 2YC FOB NOLA USA | USD 275>>250 Aug |
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| Corn, 3YC FOB USA Pacific northwest | USD 305>>275 Aug |
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| Corn, FOB Argentina port, upriver | USD 250>>210 Aug |
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| Corn, FOB Brazil port | USD 255>>215 Aug |
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| Corn, FOB France – Atlantic | USD 283/286 |
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| Corn, FOB Romania | USD 245/250 |
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| Corn, FOB Russia | USD 230/245 |
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| Corn, FOB Ukraine, 30,000+ m/t | USD 230/235 |
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| Sorghum, FOB Argentina port | USD 300/310 |
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| Sorghum, FOB Texas | USD 280/285 Aug |
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| Soymeal, 48% protein, FOB NOLA | USD 500/505 |
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| Soymeal, 48% protein, USA, Rotterdam | USD 530/535 |
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| Soymeal, 47% pro, FOB Argentina | USD 490>>485 Aug |
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| Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 515/520 |
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| Soymeal, 48% protein, FOB Brazil | USD 470<<475 Aug |
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| Soybeans, FOB NOLA | USD 560>>540 Aug |
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| Soybeans, Argentina, FOB | USD 545<<560 Aug |
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| Soybeans, Brazil, FOB | USD 485<<500 Aug |
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| Soybeans, Black Sea | USD 480/485 Ukraine |
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| Corn Gluten Meal, USA FOB NOLA | USD 790/795 |
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| Corn Gluten Feed, USA FOB NOLA | USD 295/300 |
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| DDGS corn, 35 profat, USA FOB NOLA | USD 315>>305 Aug |
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Lower prices this week for soymeal and corn helped to move corn byproduct prices lower. FOB prices in the USA were weaker for all. DDGS is said to be down by as much as USD 15 m/t FOB NOLA with corn gluten meal prices down by about USD 10 m/t for container shipments from the US.
The lower prices this week have attracted buying interest for both DDGS and CGM – even buyers from Egypt were sniffing around after being out of the market for container shipments for a while.
If export buying interest stays strong, we will probably see FOB prices staying steady or firming up a little. Of course, if soymeal and corn continue to be lower then the byproduct prices will follow.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN
The catch in the south of Peru is up a little to 15,500 m/t against the quota od 337,000 m/t.
Still no announcement on the new North/Central quota or when fishing will begin. There will be a new research study on biomass for the first two weeks of May. So, it looks like fishing will be in the second half of May or in early June.
There was some comment in the trade that there may not even be a season. IMARPE did issue a statement on the results of the earlier cruise, but it did not seem to be all that positive for fishing. Juvenile levels were very high at 82%.
The talk in the trade and in reports is all about El Nino for much of 2023 – things certainly change quickly. It wasn't that long ago that there was no risk of an El Nino event. Only the anchovies know what is going on.
Fishmeal prices from Peru continued very firm as the lack of a fishing quota and date just helps to push prices higher.
With almost the entire fishmeal industry being in Spain this coming week for the IFFO meeting, there is certainly going to be lots of face-to-face discussions on what is happening in Peru waters.
PERU "INDICATION" FISHMEAL PRICES:
European fishmeal prices – FOB North German port.
| Type | Protein % | Price per m/t USD |
| Herring fishmeal | 72% protein | 2,045 |
| Danish fishmeal | 64% protein | 1,750 |
| Peru fishmeal | 64% protein | 1,995 |
| Chile fishmeal | 67% protein | 1,995 |
| Iceland fishmeal | 70% protein | 2,000 |
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% protein standard steam | 1800/1810 m/t |
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| 67% protein 150 TVN | 1850/1860 m/t |
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| 67% protein 120 TVN | 1900/1910 m/t | 1800/1810 |
| 67% protein 1000 hist, 120 TVN | 1950/1960 m/t | 1850/1860 |
| 68% protein 500 hist, 100 TVN | 2000/2010 m/t | 1890/1900 |
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| Fish oil, crude bulk | No prices |
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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 | 5800/5900 |
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INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2023 Wayne S. Bacon
