3 Avenue Marie Gasquet, St Remy de Provence, 13210 France
Phone : +33.6.8068.4564
Email : wbacon@hammersmith.biz
WWW : hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT May 27, 2023
Corn prices finished the week up by about USD 14 m/t in the US for new-crop while soybean prices were up by about USD 5 m/t for new-crop. Soymeal prices were down by about USD 5 m/t. USA spring what was up by about USD 5 m/t while some US winter wheat was also up by USD 5 m/t.
There are some weather concerns in the USA for the corn crop with hot, dry weather seen for a couple of weeks just when the crop wants rainfall, this could continue to push corn prices higher. The same hot, dry forecast also gave some strength to soybean prices.
The rally in US wheat prices was said by experts to just be a quick weather rally in a bear market with no one much looking to higher wheat prices in the US. USA wheat end-users are looking at importing from other origins due to the continuing high US prices for hard wheat.
Next Tuesday will probably be an exciting market day as the US buyers/sellers recover from the long weekend.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
| US Gulf to Europe: Panamax | $28.00 | Down $1.00 |
| $28.00 | Down $1.00 | |
| US Gulf Israel: Panamax m/t | $29.00 | Down $2.00 |
| US Gulf to Egypt: Panamax | $29.00 | Down $2.00 |
| US Gulf Turkey: Panamax m/t | $30.00 | Down $2.00 |
| US Gulf Morocco: Handi | $32.00 | Down $1.00 |
| US Gulf Algeria/Tunisia: Handi | $33.00 | Down $1.00 |
| US Gulf Nigeria: 30,000 m/t | $44.00 | Steady |
| US Gulf other Med: Handi | $35.00 | Down $1.00 |
| US Gulf South Africa: Handi | $41.00 | Steady |
| US Gulf to India: Panamax | $47.00 | Steady |
| US Gulf to Philippines: Panamax | $52.00 | Steady |
| US Gulf Japan: Panamax | $50.00 | Down $1.00 |
| US Gulf China: Panamax | $49.00 | Down $1.00 |
| US PNW South Africa – 40,000 m/t | $65.00 | Steady |
| US PNW Egypt: Panamax | $30.00 | Down $1.00 |
| US PNW Philippines: Panamax | $39.00 | Steady |
| US PNW Japan: Panamax | $28.00 | Steady |
| US PNW China: Panamax | $27.00 | Down $1.00 |
| US East Coast Nigeria: Handisize | $45.00 | Steady |
| US Lakes – Europe – 30,000 m/t | $52.00 | Steady |
| US Lakes – Morocco – 30,000 m/t | $61.00 | Steady |
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| France/Germany to Algeria: Handi | $30.00 | Steady |
| France/Germany to Bangladesh | $82.00 | Steady |
| France/Germany to China: Panamax | $80.00 | Steady |
| France/Germany to Egypt: Panamax | $24.00 | Steady |
| France/Germany to India: Panamax | $53.00 | Steady |
| France/Germany to Iran: Panamax | $45.00 | Steady |
| France/Germany to Jordan | $37.00 | Steady |
| France/Germany to Morocco: Handi | $29.00 | Steady |
| France/Germany to Saudi Arabia: Panamax | $62.00 | Steady |
| France/Germany to South Africa: Handi | $46.00 | Steady |
| France/Germany to Turkey: Handi | $33.00 | Steady |
| France/Germany to Yemen: Handi | $63.00 | Steady |
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| Argentina to Algeria: Handi | $54.00 | Steady |
| Argentina to China: Panamax | $45.00 | Steady |
| Argentina to Japan: Panamax | $45.00 | Steady |
| Argentina to Egypt: Panamax | $56.00 | Steady |
| Argentina to Europe: Panamax | $42.00 | Steady |
| Argentina to Morocco: Handi | $53.00 | Steady |
| Argentina to Libya: Handi | $55.00 | Steady |
| Argentina to Jordan: Panamax | $55.00 | Steady |
| Argentina to Saudi Arabia: Panamax | $64.00 | Steady |
| Argentina to Iran: Panamax | $61.00 | Steady |
| Argentina to India: Panamax | $62.00 | Steady |
| Argentina to Bangladesh: Panamax | $66.00 | Steady |
| Argentina to Indonesia: Panamax | $59.00 | Down $1.00 |
| Argentina to South Africa: Panamax | $35.00 | Steady |
| Argentina to Kenya: Handi | $49.00 | Steady |
| Argentina to Spain: Panamax | $42.00 | Steady |
| Argentina to Tunisia: Handi | $54.00 | Steady |
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| Brazil to Algeria/Tunisia: Handi | $53.00 | Steady |
| Brazil to China: Panamax | $39.00 | Down $1.00 |
| Brazil to Japan: Panamax | $40.00 | Down $1.00 |
| Brazil to South Korea: Panamax | $48.00 | Steady |
| Brazil to Europe: Panamax | $42.00 | Steady |
| Brazil to Morocco: Handi | $52.00 | Steady |
| Brazil to Iran: Panamax | $61.00 | Steady |
| Brazil to Bangladesh: Panamax | N/A | Steady |
| Brazil to Saudi Arabia 30/40,000 m/t | $65.00 | Steady |
| Brazil to Spain: Panamax | $42.00 | Steady |
| Brazil to Turkey/Egypt: Panamax | $63.00 | Steady |
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| Australia to Saudi: Panamax | $55.00 | Steady |
| Australia to Europe: Panamax | $64.00 | Steady |
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| Black Sea freight
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| Black Sea to China: Panamax | Russia $58 Ukraine $58 |
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| Black Sea to Indonesia: Panamax | Russia $54 Ukraine $65 |
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| Black Sea to Bangladesh : Panamax | Russia $50 Ukraine $59 |
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| Black Sea to Egypt: 40/50,000 | $26 Russia $31 Ukraine |
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| Black Sea to Egypt: 30,000 | $18 Russia $27 Ukraine |
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| Black Sea to Iran: Panamax | $51 Russia $70 Ukraine |
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| Black Sea to Europe: Panamax | $29 Russia $32 Ukraine |
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| Black Sea to Morocco – Handi | $29 Russia $39 Ukraine |
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| Black Sea to Tunisia/Algeria – Handi | $28 Russia $38 Ukraine |
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| Black Sea to Jordan: Panamax | $37 Russia $53 Ukraine |
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| Black Sea to Libya – Handi | $32 Russia $42 Ukraine |
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| Black Sea to Saudi: Panamax | $42 Russia $54 Ukraine |
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| Black Sea to Turkey – Handi | $20 Russia $27 Ukraine |
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| Black Sea to South Africa – Handi | $57.00 |
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| Russia to Turkey (Izmir)– coaster 5,000 m/t | $34.00 | Down $2.00 |
| Russia to Egypt – coaster 5,000 m/t | $65.00 | Down $2.00 |
| Ukraine to Egypt – coaster 5,000 m/t | $52.00 |
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| Ukraine to Turkey – coaster 5,000 m/t | $33.00 |
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| Baltic Dry Index | 1172 | Down 212 |
| Baltic Capesize Index | 1683 | Down 622 |
| Baltic Panamax Index | 1119 | Down 103 |
| Baltic Supramax Index | 946 | Down 131 |
| Baltic Handisize Index | 588 | Down 24 |
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| Global Container Index - Freightos | 1446 | Down 39 |
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All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR June 2023/August 2023
| Wheat, USA Soft Red Winter, US Gulf | USD 254/258 |
| Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 354/258 |
| Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 235/240 |
| Wheat, Russia 12.5 pro, 30,000+ m/t | USD 250/255 |
| Wheat, Romania 12.5 pro | USD 245/250 |
| Wheat, Superior, France, Rouen | USD 246/249 |
| Wheat, milling, 12.0%, Argentina, Upriver | USD 330/335 |
| Wheat, feed, Black Sea | USD 225/230 |
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| Barley, France, Rouen port | USD 233/236 |
| Barley, feed, Argentina, upriver | USD 245/250 |
| Barley, feed, Black Sea, 30,000+ | USD 220/230 |
| Barley, feed, Australia | USD 230/240 |
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| Corn, 2YC FOB NOLA USA | USD 265>>245 Sep |
| Corn, 3YC FOB USA Pacific northwest | USD 295>>265 Sep |
| Corn, FOB Argentina port, upriver | USD 235>>215 Sep |
| Corn, FOB Brazil port | USD 245>>225 Sep |
| Corn, FOB France – Atlantic | USD 247/250 |
| Corn, FOB Romania | USD 230/235 |
| Corn, FOB Russia | USD 225/235 |
| Corn, FOB Ukraine, 30,000+ m/t | USD 225/235 |
| Sorghum, FOB Argentina port | USD 270/275 |
| Sorghum, FOB Texas | USD 295>>275 Aug |
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| Soymeal, 48% protein, FOB NOLA | USD 470/475 |
| Soymeal, 48% protein, USA, Rotterdam | USD 500/505 |
| Soymeal, 47% pro, FOB Argentina | USD 470>>460 Sep |
| Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 485/490 |
| Soymeal, 48% protein, FOB Brazil | USD 460>>450 Sep |
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| Soybeans, FOB NOLA | USD 520>>480 Sep |
| Soybeans, Argentina, FOB | USD 510>>505 Sep |
| Soybeans, Brazil, FOB | USD 480>>475 Sep |
| Soybeans, Black Sea | USD 480/485 Ukraine |
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| Corn Gluten Meal, USA FOB NOLA | USD 700/710 |
| Corn Gluten Feed, USA FOB NOLA | USD 245/255 |
| DDGS corn, 35 profat, USA FOB NOLA | USD 270/275 |
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From this week on I will refer to DDGS, corn gluten meal and corn gluten feed as coproducts not byproducts --- in times past these items were actually byproducts of a process, but now are so valuable that they have all become very important to the producers and are major contributors to the profitable operation of ethanol and milling facilities --- so "coproducts" is what they are.
The US Grains Council held buyer/seller events in Senegal and Portugal in the past 10 days that highlighted everything about DDGS…there certainly was a wealth of information for end-users and importers of DDGS and even for those who thought that they knew everything about DDGS.
Corn coproduct prices slipped a little lower this week as the soymeal market softened but the rally in corn prices may just push DDGS and corn gluten meal prices higher next week. As the week ended and corn prices rallied it was a good time for export buyers to jump into the market and save a few dollars a ton on FOB prices.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN
The trade feels that the new quota will be announced in the coming week with some experts thinking that fishing could start on June 02. Of course, lots of speculation about where the quota will be set and also lots of concern over the reported very high levels of juveniles that the IMARPE cruise is finding. High juvenile levels usually mean lots of short-term fishing bans which can really be a pain for the fishing fleet. Some experts feel that the government could set a low fishing quota due to the high juvenile levels…..we are all just waiting to see what happens.
Fishmeal stock levels in China are very good and off-take has been low as end-users are limiting buying in hopes of lower prices once the Peru quota is announced.
PERU "INDICATION" FISHMEAL PRICES:
European fishmeal prices – FOB North German port.
| Type | Protein % | Price per m/t USD |
| Herring fishmeal | 72% protein | 2,030 |
| Danish fishmeal | 64% protein | 1,780 |
| Peru fishmeal | 64% protein | 1,995 |
| Chile fishmeal | 67% protein | 1,995 |
| Iceland fishmeal | 70% protein | 1,935 |
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 | 1850/1860 m/t |
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| 67% protein 150 TVN | 1900/1910 m/t |
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| 67% protein 120 TVN | 1950/1960 m/t | 1950/1960 |
| 67% protein 1000 hist, 120 TVN | 2000/2010 m/t | 2000/20100 |
| 68% protein 500 hist, 100 TVN | 2050/2060 m/t | 2050/2060 |
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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 | No prices |
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INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2023 Wayne S. Bacon
