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 -- JUNE 15, 2024
At the moment everything seems to look good for world corn --- Argentina has a big crop, Ukraine is looking for a corn crop higher than early estimates and US corn is having some good weather. On the corn export side, US corn is very price competitive and every week brings new business from Spain where US corn had not been competitive for quite a while.
Soybean prices slipped lower on Friday with experts saying that it was the speed of planting and the near end of planting that put pressure on US soybean/soymeal prices. The new tax situation in Brazil has pushed some soybean buying interest to the US market. China is reported to be nosing around for some more US old crop soybeans.
US wheat prices continued to slip lower --- US hard red wheat is reported to now have had 11 down trading days in the past 13 days. US wheat export shippers are saying that US wheat is currently very competitive in some markets and they see good export volumes in coming days. Trade reports say that the yields of US winter wheat are higher than expected with the overall quality higher than some had forecasted.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $26.00 | Up $2.00 | |
$26.00 | Up $2.00 | ||
US Gulf Israel: Panamax m/t | $27.00 | Up $1.00 | |
US Gulf to Egypt: Panamax | $27.00 | Up $1.00 | |
US Gulf Turkey: Panamax m/t | $28.00 | Up $1.00 | |
US Gulf Morocco: Handi | $39.00 | Up $2.00 | |
US Gulf Algeria/Tunisia: Handi | $40.00 | Up $2.00 | |
$31.00 | Steady | ||
US Gulf other Med: Handi | $41.00 | Up $2.00 | |
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 | $50.00 | Up $1.00 | |
US Gulf China: Panamax | $49.00 | Up $1.00 | |
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 | $27.00 | Up $1.00 | |
US PNW China: Panamax | $26.00 | Up $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 | Steady | |
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 | $51.00 | Up $3.00 | |
Argentina to Japan: Panamax | $52.00 | Up $3.00 | |
Argentina to Egypt: Panamax | $52.00 | Down $1.00 | |
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 | $48.00 | Up $3,00 | |
Brazil to Japan: Panamax | $49.00 | Up $3.00 | |
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 | $63.00 | Up $1.00 | |
Australia to Europe: Panamax | $72.00 | 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 $24 | |
Black Sea to Egypt: 30,000 | $17 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 | $45 Russia | Ukraine $70 | |
Black Sea to Turkey – Handi | $18 Russia | Ukraine $26 | |
Black Sea to South Africa – Handi | $55 Russia | ||
Russia to Turkey (Izmir)– coaster 5,000 m/t | $19.00 | Down $6.00 | |
Russia to Egypt – coaster 5,000 m/t | $49.00 | Steady | |
Ukraine to Turkey – coaster 5,000 m/t | $59.00 | Down $1.00 | |
Ukraine to Egypt – coaster 5,000 m/t | $54.00 | Down $2.00 | |
Baltic Dry Index | 1948 | Up 67 | |
Baltic Capesize Index | 2957 | Up 59 | |
Baltic Panamax Index | 1950 | Up 200 | |
Baltic Supramax Index | 1335 | Up 81 | |
Baltic Handisize Index | 711 | Down 3 | |
Global Container Index - Freightos | 4117 | Up 64 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR July 2024/September 2024
Wheat, USA Soft Red Winter, US Gulf | USD 242<<263 Oct | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 254<<274 Oct | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 Oct | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 237<<240 Oct | |
Wheat, Romania 12.5 pro | USD 240<<245 Oct | |
Wheat, Superior, France, Rouen | USD 253<<257 Oct | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 280>>270 Oct | |
Wheat, feed, Black Sea | USD 220/230 | |
Barley, France, Rouen port | USD 211/214 | |
Barley, feed, Argentina, upriver | USD 225/230 | |
Barley, feed, Black Sea, 30,000+ | USD 185/190 | |
Barley, feed, Australia | USD 260/265 | |
Corn, 2YC FOB NOLA USA | USD 200<<210 Oct | |
Corn, 3YC FOB USA Pacific northwest | USD 230<<235 Oct | |
Corn, FOB Argentina port, upriver | USD 195<<200 Oct | |
Corn, FOB Brazil port | USD 205<<210 Oct | |
Corn, FOB France – Atlantic | USD 232-235 Spot | |
Corn, FOB Romania | USD 210<<215 Oct | |
Corn, FOB Russia | USD 200<<205 Oct | |
Corn, FOB Ukraine, 30,000+ m/t | USD 195<<200 Oct | |
Sorghum, FOB Argentina port | USD 260/270 | |
Sorghum, FOB Texas | USD 250<<255 Oct | |
Soymeal, 48% protein, FOB NOLA | USD 470>>425 Oct | |
Soymeal, 48% protein, USA, Rotterdam | USD 500>>455 Oct | |
Soymeal, 47% pro, FOB Argentina | USD 415>>400 Oct | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 480/485 | |
Soymeal, 48% protein, FOB Brazil | USD 410>>395 Oct | |
Soybeans, FOB NOLA | USD 460>>450 Oct | |
Soybeans, Argentina, FOB | USD 445>>440 Oct | |
Soybeans, Brazil, FOB | USD 450>>445 Oct | |
Soybeans, Black Sea | USD 450<<460 Oct | |
Corn Gluten Meal, USA FOB NOLA | USD 550/560 | |
Corn Gluten Feed, USA FOB NOLA | USD 215/220 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 220/225 | |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Well, here we are down to the end of the current Peru North/Central fishing season with only about 60,000 m/t left open on the quota ----- certainly a good result for everyone this season. There was even some new catch in the South of Peru with the total catch up to 8,900 MT leaving 242,000 MT on the Southern quota until the end on June 30.
Trade reports this week say that the prices for all grades below Super Prime and Prime will move lower as sellers have to try to convince buyers to take the lower grades. However, with little of the higher grades available buyer in Peru will have to buy lower grades or look to other origins.
Producers have not been aggressive sellers nor have buyer been pushing strongly --- there has been no reason as fishmeal stocks are not high and buyer’s inventories are not low.
Some of the trade reports this week were looking forward to the next fishing season and anticipating another good fishing season due to high biomass levels ---- this could very well be but it is too soon to know.
You would have to look far and wide to find anyone who is unhappy with the fishmeal situation in Peru this fishing period --- that is except for the low stocks of Super Prime and Prime.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,720 |
Danish standard fishmeal | 71% protein | 1,915 |
Peru fishmeal | 65% protein | 1,670 |
Chile fishmeal | 66% protein | 1,700 |
Iceland fishmeal | 71% protein | 1,920 |
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 | 1600/1620 | |
67% protein 120 TVN | 1700/1720 | 1700/1720 |
67% protein 1000 hist, 120 TVN | 1750/1770 | 1750/1770 |
68% protein 500 hist, 100 TVN | 1900/1920 | 1800/1820 |
Fish oil, crude bulk | 5,500 | 5,000 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 7,000/7,500 | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
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