Hammersmith Reports
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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT -- JUNE 08, 2024
There was some pressure on US corn prices on Friday as the weather looks good for the next couple of weeks. Trade experts add that corn prices were a little lower on Friday following the significant drop in wheat and soybean prices. On the week US corn prices were down by a dollar or two m/t.
The wheat situation was difficult on Friday as the market tried to determine what the effect on the export market would be with Turkey having a wheat import ban. It is expected that international tenders will get much more competitive as everyone has to fight even harder for wheat export business. The continuing good weather in the US wheat belt also put some pressure on prices.
In advance of next week’s WASDE, the trade estimates for soybean ending stocks were higher which put pressure on US prices as did the very good weather that is being seen in the US soybean areas. Estimates on the condition of the US soybean crop show over 70% good to excellent. Soybean prices could continue to be lower next week unless there are some surprises in the WASDE report.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $24.00 | Down $2.00 | |
$24.00 | Down $2.00 | ||
US Gulf Israel: Panamax m/t | $26.00 | Up $1.00 | |
US Gulf to Egypt: Panamax | $26.00 | Up $1.00 | |
US Gulf Turkey: Panamax m/t | $27.00 | Up $1.00 | |
US Gulf Morocco: Handi | $37.00 | Steady | |
US Gulf Algeria/Tunisia: Handi | $38.00 | Steady | |
$31.00 | Down $1.00 | ||
US Gulf other Med: Handi | $39.00 | Steady | |
US Gulf South Africa: Handi | $41.00 | Steady | |
US Gulf India : Panamax | $52.00 | Steady | |
US Gulf to Philippines: Panamax | $52.00 | Steady | |
US Gulf Japan: Panamax | $49.00 | Down $2.00 | |
US Gulf China: Panamax | $48.00 | Down $2.00 | |
US PNW Egypt: Panamax via Panama | $50.00 | Steady | |
US PNW South Africa – 40,000 m/t | $65.00 | Steady | |
US PNW Philippines: Panamax | $34.00 | Steady | |
US PNW Japan: Panamax | $26.00 | Down $1.00 | |
US PNW China: Panamax | $25.00 | Down $1.00 | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $48.00 | Steady | |
US Lakes – Morocco – 30,000 m/t | $54.00 | Steady | |
France/Germany to Algeria: Handi | $32.00 | Steady | |
France/Germany to China: Panamax | $70.00 | Down $1.00 | |
France/Germany to Egypt: Panamax | $34.00 | Steady | |
France/Germany to Iran: Panamax | $41.00 | Steady | |
France/Germany to Jordan | $42.00 | 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 | $49.00 | Steady | |
Argentina to China: Panamax | $48.00 | Down $2.00 | |
Argentina to Japan: Panamax | $49.00 | Down $2.00 | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $26.00 | Steady | |
Argentina to Morocco: Handi | $48.00 | Steady | |
Argentina to Libya: Handi | $49.00 | 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 | $58.00 | Steady | |
Argentina to South Africa: Panamax | $35.00 | Steady | |
Argentina to Kenya: Handi | $57.00 | Steady | |
Argentina to Spain: Panamax | $26.00 | Steady | |
Argentina to Tunisia: Handi | $49.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $43.00 | Steady | |
Brazil to China: Panamax | $45.00 | Down $1,00 | |
Brazil to Japan: Panamax | $46.00 | Down $1.00 | |
Brazil to South Korea: Panamax | $48.00 | Steady | |
Brazil to Europe: Panamax | $39.00 | Steady | |
Brazil to Morocco: Handi | $42.00 | 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 | $62.00 | Up $1.00 | |
Australia to Europe: Panamax | $71.00 | Up $1.00 | |
South Africa to Italy -- Handisize | $46.00 | Steady | |
South Africa to Turkey – Handisize | $47.00 | Steady | |
South Africa to Japan – Handisize | $42.00 | Steady | |
South Africa to China -- Handisize | $43.00 | Steady | |
Black Sea freight | |||
Black Sea to China: Panamax | $57 Russia | Ukraine $55 | |
Black Sea to Indonesia: Panamax | $59 Russia | Ukraine $77 | |
Black Sea to Egypt: 40/50,000 | $16 Russia | Ukraine $26 | |
Black Sea to Egypt: 30,000 | $18 Russia | Ukraine $27 | |
Black Sea to Iran: Panamax | $45 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $37 | |
Black Sea to Morocco – Handi | $26 Russia | Ukraine $41 | |
Black Sea to Tunisia/Algeria – Handi | $25 Russia | Ukraine $40 | |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $52 | |
Black Sea to Libya – Handi | $26 Russia | Ukraine $41 | |
Black Sea to Saudi: Panamax | $47 Russia | Ukraine $70 | |
Black Sea to Turkey – Handi | $19 Russia | Ukraine $25 | |
Black Sea to South Africa – Handi | $55 Russia | ||
Russia to Turkey (Izmir)– coaster 5,000 m/t | $25.00 | Down $3.00 | |
Russia to Egypt – coaster 5,000 m/t | $49.00 | Down $3.00 | |
Ukraine to Turkey – coaster 5,000 m/t | $60.00 | Steady | |
Ukraine to Egypt – coaster 5,000 m/t | $56.00 | Down $3.00 | |
Baltic Dry Index | 1881 | Up 66 | |
Baltic Capesize Index | 2898 | Up 78 | |
Baltic Panamax Index | 1750 | Up 57 | |
Baltic Supramax Index | 1254 | Down 24 | |
Baltic Handisize Index | 714 | Down 6 | |
Global Container Index - Freightos | 4053 | Up 566 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR July 2024/September 2024
Wheat, USA Soft Red Winter, US Gulf | USD 245<<255 Sep | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 265<<275 Sep | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 245<<250 Sep | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 247<<250 Sep | |
Wheat, Romania 12.5 pro | USD 250<<255 Sep | |
Wheat, Superior, France, Rouen | USD 250<<255 Sep | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 295>>285 Sep | |
Wheat, feed, Black Sea | USD 220/230 | |
Barley, France, Rouen port | USD 225/228 | |
Barley, feed, Argentina, upriver | USD 225/230 | |
Barley, feed, Black Sea, 30,000+ | USD 195/200 | |
Barley, feed, Australia | USD 265/270 | |
Corn, 2YC FOB NOLA USA | USD 197<<205 Sep | |
Corn, 3YC FOB USA Pacific northwest | USD 225<<230 Sep | |
Corn, FOB Argentina port, upriver | USD 195>>190 Sep | |
Corn, FOB Brazil port | USD 205<<210 Sep | |
Corn, FOB France – Atlantic | USD 250>>240 Sep | |
Corn, FOB Romania | USD 200<<205 Sep | |
Corn, FOB Russia | USD 205<<210 Sep | |
Corn, FOB Ukraine, 30,000+ m/t | USD 200<<205 Sep | |
Sorghum, FOB Argentina port | USD 260/270 | |
Sorghum, FOB Texas | USD 245<<250 Sep | |
Soymeal, 48% protein, FOB NOLA | USD 445>>425 Sep | |
Soymeal, 48% protein, USA, Rotterdam | USD 475>>455 Sep | |
Soymeal, 47% pro, FOB Argentina | USD 410>>400 Sep | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 470/475 | |
Soymeal, 48% protein, FOB Brazil | USD 415>>400 Sep | |
Soybeans, FOB NOLA | USD 455>>445 Sep | |
Soybeans, Argentina, FOB | USD 450>>445 Sep | |
Soybeans, Brazil, FOB | USD 455>>450 Sep | |
Soybeans, Black Sea | USD 460>>455 Sep | |
Corn Gluten Meal, USA FOB NOLA | USD 540/550 | |
Corn Gluten Feed, USA FOB NOLA | USD 210/220 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 210/215 | |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Only just over 100,000 m/t left to reach full Peru North/Central fishing quota ---- looks like the quota will be completed this fishing season --- good news for everyone. There are fewer vessels out fishing as most everyone has caught their quota limit. Amazingly, there were even some landings reported for the South of Peru --- about 4,000 m/t. The available South quota stands at 246,000 m/t until June 30.
Business has slowed down a lot in Peru as there is very little Super Prime and Prime available and Chinese buyers prefer these grades. The price for Super Prime is strong but there is almost no supply.
Total sales of the current quota are said to be about 440,000 m/t which leaves about 120,000 m/t unsold – but mainly of lower grade fishmeal. Trade reports suggest that the prices of lower grades of fishmeal may slip a little lower in order to book more sales. No one sees any weakness in prices for Super Prime and Prime.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,740 |
Danish standard fishmeal | 71% protein | 1,930 |
Peru fishmeal | 65% protein | 1,670 |
Chile fishmeal | 66% protein | 1,700 |
Iceland fishmeal | 71% 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 |
65% protein standard steam | 1550/1570 | |
67% protein 150 TVN | 1620/1640 | |
67% protein 120 TVN | 1700/1720 | 1700/1720 |
67% protein 1000 hist, 120 TVN | 1750/1770 | 1750/1770 |
68% protein 500 hist, 100 TVN | 1850/1820 | 1800/1820 |
Fish oil, crude bulk | No prices | 5,100 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 8,000/8,500 | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
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