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WEEKLY USA GRAIN AND PROTEIN REPORT January 20, 2024
There were new export sales of soybeans to China reported but this business was not enough to overcome the bearishness in the market. The very large South American soybean crops are still weighing heavily on US soybean and soymeal prices.
While corn prices remain bearish there is enough news from Argentina about corn crop worries to keep prices from any major drop. It seems that dryness in Argentina could/may be reducing corn crop yields which would be longer term bullish.
Slightly lower wheat prices seemed to attract buyers this week as there was a flurry of international wheat tenders, everyone seemed to be in the market this week. As expected, most of the wheat tender business went to Black Sea wheat with Russia leading the way.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $27.00 | Down $1.00 | |
$27.00 | Down $1.00 | ||
US Gulf Israel: Panamax m/t | $33.00 | Down $3.00 | |
US Gulf to Egypt: Panamax | $33.00 | Down $3.00 | |
US Gulf Turkey: Panamax m/t | $34.00 | Down $3.00 | |
US Gulf Morocco: Handi | $42.00 | Up $3.00 | |
US Gulf Algeria/Tunisia: Handi | $43.00 | Up $3.00 | |
$45.00 | Steady | ||
US Gulf other Med: Handi | $44.00 | Up $3.00 | |
US Gulf South Africa: Handi | $41.00 | Steady | |
US Gulf to Philippines: Panamax | $52.00 | Steady | |
US Gulf Japan: Panamax | $56.00 | Down $2.00 | |
US Gulf China: Panamax | $55.00 | Down $2.00 | |
US PNW South Africa – 40,000 m/t | $65.00 | Steady | |
US PNW Philippines: Panamax | $39.00 | Steady | |
US PNW Japan: Panamax | $25.00 | Steady | |
US PNW China: Panamax | $24.00 | Steady | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $60.00 | Closed | |
US Lakes – Morocco – 30,000 m/t | $69.00 | Closed | |
France/Germany to Algeria: Handi | $32.00 | Steady | |
France/Germany to China: Panamax | $82.00 | Steady | |
France/Germany to Egypt: Panamax | $34.00 | Steady | |
France/Germany to Iran: Panamax | $45.00 | Steady | |
France/Germany to Jordan | $40.00 | Steady | |
France/Germany to Morocco: Handi | $31.00 | Steady | |
France/Germany to Saudi Arabia: Panamax | $65.00 | Steady | |
France/Germany to Turkey: Handi | $35.00 | Steady | |
France/Germany to Yemen: Handi | $66.00 | Steady | |
Argentina to Algeria: Handi | $62.00 | Steady | |
Argentina to China: Panamax | $47.00 | Steady | |
Argentina to Japan: Panamax | $48.00 | Steady | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $34.00 | Down $2.00 | |
Argentina to Morocco: Handi | $61.00 | Steady | |
Argentina to Libya: Handi | $62.00 | Steady | |
Argentina to Jordan: Panamax | $55.00 | Steady | |
Argentina to Saudi Arabia: Panamax | $63.00 | 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 | $59.00 | Steady | |
Argentina to Spain: Panamax | $34.00 | Down $2.00 | |
Argentina to Tunisia: Handi | $62.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $50.00 | Steady | |
Brazil to China: Panamax | $41.00 | Up $1.00 | |
Brazil to Japan: Panamax | $42.00 | Up $1.00 | |
Brazil to South Korea: Panamax | $48.00 | Steady | |
Brazil to Europe: Panamax | $39.00 | Steady | |
Brazil to Morocco: Handi | $49.00 | Steady | |
Brazil to Iran: Panamax | $61.00 | Steady | |
Brazil to Saudi Arabia 30/40,000 m/t | $64.00 | Steady | |
Brazil to Spain: Panamax | $39.00 | Steady | |
Brazil to Turkey/Egypt: Panamax | $59.00 | Steady | |
Australia to Saudi: Panamax | $52.00 | Steady | |
Australia to Europe: Panamax | $61.00 | Steady | |
Black Sea freight | |||
Black Sea to China: Panamax | $61 Russia | Ukraine $57 | |
Black Sea to Indonesia: Panamax | $59 Russia | Ukraine $77 | |
Black Sea to Egypt: 40/50,000 | $21 Russia | Ukraine $27 | |
Black Sea to Egypt: 30,000 | $23 Russia | Ukraine $28 | |
Black Sea to Iran: Panamax | $52 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $27 Russia | Ukraine $41 | |
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 | $45 Russia | Ukraine $70 | |
Black Sea to Turkey – Handi | $16 Russia | Ukraine $28 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $58.00 | Steady | |
Russia to Egypt – coaster 5,000 m/t | $82.00 | Down $1.00 | |
Ukraine to Turkey – coaster 5,000 m/t | $65.00 | Steady | |
Ukraine to Egypt – coaster 5,000 m/t | $94.00 | Steady | |
Baltic Dry Index | 1503 | Up 43 | |
Baltic Capesize Index | 2244 | Up 72 | |
Baltic Panamax Index | 1550 | Up 140 | |
Baltic Supramax Index | 1030 | Down 58 | |
Baltic Handisize Index | 594 | Down 22 | |
Global Container Index - Freightos | 2613 | Up 480 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR February 2024/April 2024
Wheat, USA Soft Red Winter, US Gulf | USD 256<<259 May | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 280<<283 May | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 215<<220 May | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 240<<245 May | |
Wheat, Romania 12.5 pro | USD 230<<240 May | |
Wheat, Superior, France, Rouen | USD 241<<247 May | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 235<<255 May | |
Wheat, feed, Black Sea | USD 205/215 | |
Barley, France, Rouen port | USD 216/219 | |
Barley, feed, Argentina, upriver | USD 220/225 | |
Barley, feed, Black Sea, 30,000+ | USD 190/195 | |
Barley, feed, Australia | USD 250/255 | |
Corn, 2YC FOB NOLA USA | USD 200<<205 May | |
Corn, 3YC FOB USA Pacific northwest | USD 220<<225 May | |
Corn, FOB Argentina port, upriver | USD 205>>195 May | |
Corn, FOB Brazil port | USD 220>>200 May | |
Corn, FOB France – Atlantic | USD 211/214 | |
Corn, FOB Romania | USD 210<<220 May | |
Corn, FOB Russia | USD 215<<225 May | |
Corn, FOB Ukraine, 30,000+ m/t | USD 180<<185 May | |
Sorghum, FOB Argentina port | USD 280/290 | |
Sorghum, FOB Texas | USD 252/257 | |
Soymeal, 48% protein, FOB NOLA | USD 430<<415 May | |
Soymeal, 48% protein, USA, Rotterdam | USD 465<<450 May | |
Soymeal, 47% pro, FOB Argentina | USD 430>>380 May | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 495/500 | |
Soymeal, 48% protein, FOB Brazil | USD 425>>385 May | |
Soybeans, FOB NOLA | USD 475<<480 May | |
Soybeans, Argentina, FOB | USD 445>>415 May | |
Soybeans, Brazil, FOB | USD 435>>430 May | |
Soybeans, Black Sea | USD 475<<490 Apr | |
Corn Gluten Meal, USA FOB NOLA | USD 600/610 | |
Corn Gluten Feed, USA FOB NOLA | USD 210/220 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 240>>235 Apr | |
All corn coproduct export prices have moved lower this week as USA domestic prices slipped. Most trade reports fell that we will continue to see lower prices in the coming days.
The export problem from the USA continues to be container freight which seems to be moving higher every day. However, lower FOB USA prices are attracting more export interest although the increased container freight is tending to push CNF prices higher.
Reports showed some corn gluten meal bookings to Egypt this week --- all were small lots in containers.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
The final fishing total for the closed quota looks to be about 1.27 million m/t which should yield 275,000 m/t of fishmeal, almost 100,000 m/t less than the full quota would have brought.
According to trade reports there could be less than 40,000 m/t of unsold fishmeal in Peru, all of which will be of lower grades. There is little or no super prime or prime available.
The latest information on Peru fishmeal exports shows a total of 514,000 m/t for 2023 with 81% going to China.
Producers in Peru are looking forward to a good year in 2024, especially now as the El Nino effect does not look to be a problem and a good level of biomass is expected.
While overall protein prices are slipping lower in world markets, the very limited supply of fishmeal in Peru is expected to hold prices steady.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard fishmeal | 64% protein | 1,615 |
Danish standard fishmeal | 71% protein | 2,005 |
Peru fishmeal | 65% protein | 1,885 |
Chile fishmeal | 66% protein | 1,905 |
Iceland fishmeal | 71% protein | 2,010 |
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 | 1580/1600 | |
67% protein 150 TVN | 1650/1670 | |
67% protein 120 TVN | 1800/1820 | 1820/1840 |
67% protein 1000 hist, 120 TVN | 1950/1970 | 1920/1940 |
68% protein 500 hist, 100 TVN | 2000/2020 | 2000/2020 |
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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