Hammersmith Reports
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WEEKLY USA GRAIN AND PROTEIN REPORT January 06, 2024
Soybean prices were said to be down due to the good weather in Argentina and Brazil and the expectation of better and better and better soybean crops.
Corn was lower on disappointing export sales as this week was 70% lower in export sales than last week and much below expectations. Of course, buying based on one week’s lower exports makes no sense as overall corn export shipments are still up on the year. While wheat prices were down overall in the week, they were up a little on Friday as buyers jumped in to take advantage of low prices. US wheat exports are still below last year’s level.
Next week’s WASDE report is being looked at with great anticipation because historically the January report usually has a few surprises.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
The Red Sea situation and the resulting reassignment of container vessels has pushed container freight rates much higher this week.
US Gulf to Europe: Panamax | $33.00 | Up $2.00 | X |
$33.00 | Up $2.00 | X | |
US Gulf Israel: Panamax m/t | $42.00 | Up $4.00 | X |
US Gulf to Egypt: Panamax | $42.00 | Up $4.00 | X |
US Gulf Turkey: Panamax m/t | $43.00 | Up $4.00 | X |
US Gulf Morocco: Handi | $39.00 | Steady | X |
US Gulf Algeria/Tunisia: Handi | $40.00 | Steady | X |
$45.00 | Steady | X | |
US Gulf other Med: Handi | $41.00 | Steady | X |
US Gulf South Africa: Handi | $41.00 | Steady | X |
US Gulf to Philippines: Panamax | $52.00 | Steady | X |
US Gulf Japan: Panamax | $61.00 | Steady | X |
US Gulf China: Panamax | $60.00 | Steady | X |
US PNW South Africa – 40,000 m/t | $65.00 | Steady | X |
US PNW Philippines: Panamax | $39.00 | Steady | X |
US PNW Japan: Panamax | $32.00 | Steady | X |
US PNW China: Panamax | $31.00 | Steady | X |
US East Coast Nigeria: Handisize | $45.00 | Steady | X |
US Lakes – Europe – 30,000 m/t | $60.00 | Steady | X |
US Lakes – Morocco – 30,000 m/t | $69.00 | Steady | X |
France/Germany to Algeria: Handi | $32.00 | Steady | X |
France/Germany to China: Panamax | $82.00 | Steady | X |
France/Germany to Egypt: Panamax | $34.00 | Up $1.00 | X |
France/Germany to Iran: Panamax | $45.00 | Steady | X |
France/Germany to Jordan | $40.00 | Steady | X |
France/Germany to Morocco: Handi | $31.00 | Steady | X |
France/Germany to Saudi Arabia: Panamax | $65.00 | Steady | X |
France/Germany to Turkey: Handi | $35.00 | Steady | X |
France/Germany to Yemen: Handi | $66.00 | Steady | X |
Argentina to Algeria: Handi | $62.00 | Up $1.00 | X |
Argentina to China: Panamax | $51.00 | Steady | X |
Argentina to Japan: Panamax | $52.00 | Steady | X |
Argentina to Egypt: Panamax | $53.00 | Steady | X |
Argentina to Europe: Panamax | $37.00 | Steady | X |
Argentina to Morocco: Handi | $61.00 | Up $1.00 | X |
Argentina to Libya: Handi | $62.00 | Up $1.00 | X |
Argentina to Jordan: Panamax | $55.00 | Steady | X |
Argentina to Saudi Arabia: Panamax | $63.00 | Steady | X |
Argentina to Iran: Panamax | $61.00 | Steady | X |
Argentina to Indonesia: Panamax | $59.00 | Steady | X |
Argentina to South Africa: Panamax | $35.00 | Steady | X |
Argentina to Kenya: Handi | $57.00 | Steady | X |
Argentina to Spain: Panamax | $37.00 | Steady | X |
Argentina to Tunisia: Handi | $62.00 | Up $1.00 | X |
Brazil to Algeria/Tunisia: Handi | $50.00 | Steady | X |
Brazil to China: Panamax | $45.00 | Down $2.00 | X |
Brazil to Japan: Panamax | $46.00 | Down $2.00 | X |
Brazil to South Korea: Panamax | $48.00 | Steady | X |
Brazil to Europe: Panamax | $39.00 | Down $1.00 | X |
Brazil to Morocco: Handi | $49.00 | Steady | X |
Brazil to Iran: Panamax | $61.00 | Steady | X |
Brazil to Saudi Arabia 30/40,000 m/t | $64.00 | Steady | X |
Brazil to Spain: Panamax | $39.00 | Down $1.00 | X |
Brazil to Turkey/Egypt: Panamax | $59.00 | Steady | X |
Australia to Saudi: Panamax | $53.00 | Up $1.00 | X |
Australia to Europe: Panamax | $61.00 | Steady | x |
Black Sea freight | |||
Black Sea to China: Panamax | $62 Russia | Ukraine $57 | X |
Black Sea to Indonesia: Panamax | $59 Russia | Ukraine $77 | X |
Black Sea to Egypt: 40/50,000 | $24 Russia | Ukraine $28 | X |
Black Sea to Egypt: 30,000 | $20 Russia | Ukraine $28 | X |
Black Sea to Iran: Panamax | $53 Russia | Ukraine $61 | X |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $30 | X |
Black Sea to Morocco – Handi | $29 Russia | Ukraine $48 | X |
Black Sea to Tunisia/Algeria – Handi | $28 Russia | Ukraine $47 | X |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $53 | X |
Black Sea to Libya – Handi | $29 Russia | Ukraine $48 | X |
Black Sea to Saudi: Panamax | $46 Russia | Ukraine $70 | X |
Black Sea to Turkey – Handi | $16 Russia | Ukraine $28 | X |
Black Sea to South Africa – Handi | $57.00 | Steady | X |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $65.00 | Up $2.00 | X |
Russia to Egypt – coaster 5,000 m/t | $83.00 | Steady | X |
Ukraine to Turkey – coaster 5,000 m/t | $65.00 | Steady | x |
Ukraine to Egypt – coaster 5,000 m/t | $95.00 | Down $1.00 | X |
Baltic Dry Index | 2110 | Up 16 | x |
Baltic Capesize Index | 3798 | Up 400 | X |
Baltic Panamax Index | 1666 | Down 243 | x |
Baltic Supramax Index | 1212 | Down 157 | x |
Baltic Handisize Index | 695 | Down 184 | X |
Global Container Index - Freightos | 1346 | Up 1143 | X |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR January 2024/March 2024
Wheat, USA Soft Red Winter, US Gulf | USD 263<<266 Apr | X |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 285<<290 Apr | X |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 215<<230 Apr | X |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 235<<250 Apr | X |
Wheat, Romania 12.5 pro | USD 280<<300 Apr | X |
Wheat, Superior, France, Rouen | USD 244<<250 Apr | X |
Wheat, milling, 12.0%, Argentina, Upriver | USD 240<<255 Apr | X |
Wheat, feed, Black Sea | USD 200/210 | X |
Barley, France, Rouen port | USD 220/225 | X |
Barley, feed, Argentina, upriver | USD 220/225 | X |
Barley, feed, Black Sea, 30,000+ | USD 190/195 | X |
Barley, feed, Australia | USD 240/245 | X |
Corn, 2YC FOB NOLA USA | USD 197<<205 Apr | X |
Corn, 3YC FOB USA Pacific northwest | USD 210<<215 Apr | X |
Corn, FOB Argentina port, upriver | USD 210>>200 Apr | X |
Corn, FOB Brazil port | USD 200<<220 Apr | X |
Corn, FOB France – Atlantic | USD 223/226 | X |
Corn, FOB Romania | USD 230<<250 Apr | X |
Corn, FOB Russia | USD 215<<230 Apr | X |
Corn, FOB Ukraine, 30,000+ m/t | USD 200<<210 Apr | X |
Sorghum, FOB Argentina port | USD 285/290 | X |
Sorghum, FOB Texas | USD 260/265 | X |
Soymeal, 48% protein, FOB NOLA | USD 450<<460 Apr | X |
Soymeal, 48% protein, USA, Rotterdam | USD 480<<490 Apr | X |
Soymeal, 47% pro, FOB Argentina | USD 460>>440 Apr | X |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 500/510 | X |
Soymeal, 48% protein, FOB Brazil | USD 460>>440 Apr | X |
Soybeans, FOB NOLA | USD 485>>480 Apr | X |
Soybeans, Argentina, FOB | USD 480>>460 Apr | X |
Soybeans, Brazil, FOB | USD 460>>445 Apr | X |
Soybeans, Black Sea | USD 475<<495 Apr | X |
Corn Gluten Meal, USA FOB NOLA | USD 630/640 | |
Corn Gluten Feed, USA FOB NOLA | USD 225/230 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 265>>255 Apr | |
Not much to say on prices for corn coproducts this week as markets seem to be very quiet.
Buyers of DDGS and corn gluten meal in containers are in for a surprise as container freight rates are moving higher very quickly. The Red Sea situation and the realignment of vessels sailings and positions has made fixing container shipments very difficult and very expensive. It is going to take a few weeks to sort out what is happening with container freight and how all destinations and origins can be fully serviced.
Vessels passing through the Suez Canal – both northbound and southbound – are reported to be down by 28%. This is making container shipments westbound from Asia and eastbound from North America and Europe very complicated, much longer and more expensive. You don’t realize how many shipments can be affected by Red Sea problems until it happens.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
So far in January the catch has been at 33,000 m/t increasing the total catch to 1,18 million m/t with 503,000 m/t remaining on the quota to the end of January.
Still not much reported in new fishmeal business in Peru and prices are steady. Sales to date stand at about 225,000 m/t.
There was a comment in the trade that the current shortage of Super Prime and Prime fishmeal has caused buyers to try to book positions in the next fishing season.
Also, comments in the trade that the fishing season may be cut short by the government due to the very high juvenile levels. And the weather for fishing is very bad these days, as is normal for January.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,825 |
Danish standard fishmeal | 71% protein | 2,045 |
Peru fishmeal | 65% protein | 1,965 |
Chile fishmeal | 66% protein | 1,975 |
Iceland fishmeal | 71% protein | 2,080 |
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 | 1550/1570 | |
67% protein 150 TVN | 1650/1670 | |
67% protein 120 TVN | 1800/1820 | 1820/1840 |
67% protein 1000 hist, 120 TVN | 1900/1920 | 1920/1940 |
68% protein 500 hist, 100 TVN | 2000/2020 | 2050/2070 |
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 | 12,000+ | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
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