Hammersmith Reports
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Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT November 25, 2023
This week we had the Thanksgiving holiday in the USA on Thursday, but many companies also took Friday off which resulted in quite a slow week for the grain business.
At the end of the week US corn prices were pretty well unchanged from the week before while both soybeans and soymeal moved a little lower. US hard wheat – both spring and winter – moved lower by about USD 6 m/t while soft wheat was unchanged.
Trade reports say that the continued weakness in US wheat prices is due to the very large supply of wheat available from several exporting countries this year. Wheat futures are at the contract low this week. Wheat exports are down. One report says the lowest export levels since the 1970’s.
Soybeans were down just a little --- good export sales tried to push prices higher while good rainfall in Brazil tried to move prices lower. US soybean/soymeal exports are still very good but soon enough we will see the effect of the new crops in South America --- big crops with lower prices.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $29.00 | Steady | |
$29.00 | Steady | ||
US Gulf Israel: Panamax m/t | $36.00 | Steady | |
US Gulf to Egypt: Panamax | $36.00 | Steady | |
US Gulf Turkey: Panamax m/t | $37.00 | Steady | |
US Gulf Morocco: Handi | $37.00 | Steady | |
US Gulf Algeria/Tunisia: Handi | $38.00 | Steady | |
$42.00 | Steady | ||
US Gulf other Med: Handi | $39.00 | Steady | |
US Gulf South Africa: Handi | $41.00 | Steady | |
US Gulf to Philippines: Panamax | $52.00 | Steady | |
US Gulf Japan: Panamax | $57.00 | Steady | |
US Gulf China: Panamax | $56.00 | Steady | |
US PNW South Africa – 40,000 m/t | $65.00 | Steady | |
US PNW Philippines: Panamax | $39.00 | Steady | |
US PNW Japan: Panamax | $30.00 | Steady | |
US PNW China: Panamax | $29.00 | Steady | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $60.00 | Steady | |
US Lakes – Morocco – 30,000 m/t | $69.00 | Steady | |
France/Germany to Algeria: Handi | $30.00 | Steady | |
France/Germany to China: Panamax | $82.00 | Steady | |
France/Germany to Egypt: Panamax | $24.00 | 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 Turkey: Handi | $33.00 | Steady | |
France/Germany to Yemen: Handi | $64.00 | Steady | |
Argentina to Algeria: Handi | $60.00 | Steady | |
Argentina to China: Panamax | $49.00 | Steady | |
Argentina to Japan: Panamax | $50.00 | Steady | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $39.00 | Steady | |
Argentina to Morocco: Handi | $59.00 | Steady | |
Argentina to Libya: Handi | $61.00 | Steady | |
Argentina to Jordan: Panamax | $55.00 | Steady | |
Argentina to Saudi Arabia: Panamax | $65.00 | Steady | |
Argentina to Iran: Panamax | $61.00 | Steady | |
Argentina to Indonesia: Panamax | $59.00 | Steady | |
Argentina to South Africa: Panamax | $35.00 | Steady | |
Argentina to Kenya: Handi | $57.00 | Steady | |
Argentina to Spain: Panamax | $39.00 | Steady | |
Argentina to Tunisia: Handi | $60.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $50.00 | Steady | |
Brazil to China: Panamax | $44.00 | Up $3.00 | |
Brazil to Japan: Panamax | $45.00 | Up $3.00 | |
Brazil to South Korea: Panamax | $48.00 | Steady | |
Brazil to Europe: Panamax | $41.00 | Steady | |
Brazil to Morocco: Handi | $49.00 | Steady | |
Brazil to Iran: Panamax | $61.00 | Steady | |
Brazil to Saudi Arabia 30/40,000 m/t | $66.00 | Steady | |
Brazil to Spain: Panamax | $41.00 | Steady | |
Brazil to Turkey/Egypt: Panamax | $60.00 | Steady | |
Australia to Saudi: Panamax | $52.00 | Steady | |
Australia to Europe: Panamax | $61.00 | Steady | |
Black Sea freight | |||
Black Sea to China: Panamax | $57 Russia | Ukraine $57 | |
Black Sea to Indonesia: Panamax | $60 Russia | Ukraine $77 | |
Black Sea to Egypt: 40/50,000 | $22 Russia | Ukraine $41 | |
Black Sea to Egypt: 30,000 | $19 Russia | Ukraine $31 | |
Black Sea to Iran: Panamax | $48 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $29 Russia | Ukraine $38 | |
Black Sea to Morocco – Handi | $29 Russia | Ukraine $48 | |
Black Sea to Tunisia/Algeria – Handi | $28 Russia | Ukraine $47 | |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $53 | |
Black Sea to Libya – Handi | $29 Russia | Ukraine $48 | |
Black Sea to Saudi: Panamax | $42 Russia | Ukraine $71 | |
Black Sea to Turkey – Handi | $16 Russia | Ukraine $40 | |
Black Sea to South Africa – Handi | $57.00 | ||
Russia to Turkey (Izmir)– coaster 5,000 m/t | $27.00 | Down $1.00 | |
Russia to Egypt – coaster 5,000 m/t | $62.00 | Steady | |
Ukraine to Turkey – coaster 5,000 m/t | $33.00 | Steady | |
Ukraine to Egypt – coaster 5,000 m/t | $79.00 | Up $1.00 | |
Baltic Dry Index | 2102 | Up 282 | |
Baltic Capesize Index | 3385 | Up 622 | |
Baltic Panamax Index | 2064 | Up 190 | |
Baltic Supramax Index | 1279 | Up 74 | |
Baltic Handisize Index | 670 | Up 71 | |
Global Container Index - Freightos | 1156 | Down 1 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR December 2023/February 2024
Wheat, USA Soft Red Winter, US Gulf | USD 245<<250 Mar | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 275<<280 Mar | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 200<<205 Mar | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 240/245 | |
Wheat, Romania 12.5 pro | USD 250<<255 Mar | |
Wheat, Superior, France, Rouen | USD 232<<244 Mar | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 235<<245 Mar | |
Wheat, feed, Black Sea | USD 225/230 | |
Barley, France, Rouen port | USD 222/225 | |
Barley, feed, Argentina, upriver | USD 220/225 | |
Barley, feed, Black Sea, 30,000+ | USD 175/180 | |
Barley, feed, Australia | USD 269/265 | |
Corn, 2YC FOB NOLA USA | USD 210<<215 Mar | |
Corn, 3YC FOB USA Pacific northwest | USD 230<<235 Mar | |
Corn, FOB Argentina port, upriver | USD 205<<215 Mar | |
Corn, FOB Brazil port | USD 220>>205 Mar | |
Corn, FOB France – Atlantic | USD 229/232 | |
Corn, FOB Romania | USD 210/215 | |
Corn, FOB Russia | USD 235/240 | |
Corn, FOB Ukraine, 30,000+ m/t | USD 175/180 | |
Sorghum, FOB Argentina port | USD 285/290 | |
Sorghum, FOB Texas | USD 270/275 | |
Soymeal, 48% protein, FOB NOLA | USD 560>>500 Mar | |
Soymeal, 48% protein, USA, Rotterdam | USD 590>>530 Mar | |
Soymeal, 47% pro, FOB Argentina | USD 535>>470 Mar | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 585/590 | |
Soymeal, 48% protein, FOB Brazil | USD 530>>470 Mar | |
Soybeans, FOB NOLA | USD 510<<520 Mar | |
Soybeans, Argentina, FOB | USD 545>>475 Mar | |
Soybeans, Brazil, FOB | USD 525>>485 Mar | |
Soybeans, Black Sea | No prices | |
Corn Gluten Meal, USA FOB NOLA | USD 710/715 | |
Corn Gluten Feed, USA FOB NOLA | USD 250/255 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 280>>265 Mar | |
Nothing new to report on corn coproducts this week as the USA holiday on Thursday meant that the market was very quiet.
It has been reported in the trade that there is an 8,000 m/t shipment of corn gluten meal on the way to Egypt as a part cargo with grain imports. Part cargos to Egypt only work when US corn, wheat or soybeans are price competitive so that a combo shipment works.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Total catch now up to 864,000 m/t – 194,000 m/t fishmeal and 4,300 m/t fishoil – leaving 818,000 m/t still open on the quota. There has still been no fishing quota set for the Southern Region in Peru.
According to trade reports, China’s fishmeal prices are moving lower every week, at least for lower grades as Prime and Super prime grades are in short supply and still holding the prices. China’s fishmeal imports to the end of October were at 1.4 million m/t with 386,000 m/t coming from Peru, 219,000 m/t from Vietnam, 116,000 m/t from Russia and 105,000 m/t from Chile followed by India, Mexico and the USA.
Buyers interest for Peruvian fishmeal is very low as the biggest buyer - China – still has good stocks and the opportunity to buy from other origins, like Vietnam, for quick delivery. It looks like much of the demand from Peru will be for Prime and Super Prime as lower grades are more competitive from other origins. We will probably see the price spread increasing as lower grade prices should slip lower,
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Herring fishmeal | 72% protein | 2,090 |
Danish fishmeal | 64% protein | 1,890 |
Peru fishmeal | 64% protein | 2,150 |
Chile fishmeal | 67% protein | 2,150 |
Iceland fishmeal | 70% protein | 1,980 |
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 |
65% protein standard steam | 1800/1820 | |
67% protein 150 TVN | 1950/1970 | |
67% protein 120 TVN | 2000/2020 | 2000/2020 |
67% protein 1000 hist, 120 TVN | 2050/2070 | 2050/2070 |
68% protein 500 hist, 100 TVN | 2150/2170 | 2100/2120 |
Fish oil, crude bulk | No prices | 5,100/5,200 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 10,000+ | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2023 Wayne S. Bacon
