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WEEKLY USA GRAIN AND PROTEIN REPORT -- JULY 27, 2024
US corn prices moved lower on Friday but the week overall showed very little change in US corn prices – perhaps up a dollar or two on the week. Soybeans had a strong down day on Friday pushing the week’s prices down by USD 7 m/t for old crop beans but letting new crop beans move a couple of dollars m/t higher. USA soymeal prices were up strongly on the week --- USD 15 to 18 m/t. All USA wheat was lower in the week with US winter wheat down by as much as USD 9 m/t while spring wheat was down by about USD 7 m/t.
Trade reports say that the continued weakness in wheat prices was due to the possibility of record wheat yields ---- nothing like more production to push prices lower. The successful finish to the Argentina wheat planting also put pressure on prices. However, there are still concerns over wheat crops in Ukraine and Russia and worries about the European durum wheat yields. Experts say that the weakness in some wheat prices was also due to anticipation of higher crops in the USDA production report next week. Looking at years past, the trade estimates of the USDA production report numbers are quite often too low --- 70% of the time.
Corn was not too interesting this week but everyone is watching the weather as July is a very important month for the corn crop --- so far all looks ok. We have the USDA’s production report coming out next week and this should set the market direction for a while.
Reports say that the price activity in both soybeans and soymeal was due to export sales or the lack of ---- soybean sales for new crop beans are down by close to 30% compared to this time last year while soymeal sales for the week were at a two month high.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
$28.00 | Up $1.00 | ||
$28.00 | Up $1.00 | ||
US Gulf Israel: Panamax m/t | $34.00 | Up $1.00 | |
US Gulf to Egypt: Panamax | $34.00 | Up $1.00 | |
US Gulf Turkey: Panamax m/t | $35.00 | Up $1.00 | |
US Gulf Morocco: Handi | $49.00 | Up $1.00 | |
US Gulf Algeria/Tunisia: Handi | $50.00 | Up $1.00 | |
$37.00 | Steady | ||
US Gulf other Med: Handi | $51.00 | Up $1.00 | |
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 | $54.00 | Steady | |
US Gulf China: Panamax | $53.00 | Steady | |
US PNW Egypt: Panamax via Panama | $52.00 | Up $1.00 | |
US PNW South Africa – 40,000 m/t | $65.00 | Steady | |
US PNW Philippines: Panamax | $34.00 | Steady | |
US PNW Japan: Panamax | $29.00 | Up $1.00 | |
US PNW China: Panamax | $28.00 | Up $1.00 | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $56.00 | Up $1.00 | |
US Lakes – Morocco – 30,000 m/t | $62.00 | Up $1.00 | |
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 | $40.00 | 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 | $36.00 | Steady | |
France/Germany to Yemen: Handi | $66.00 | Steady | |
Argentina to Algeria: Handi | $46.00 | Steady | |
Argentina to China: Panamax | $53.00 | Steady | |
Argentina to Japan: Panamax | $54.00 | Steady | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $35.00 | Down $2.00 | |
Argentina to Morocco: Handi | $45.00 | Steady | |
Argentina to Libya: Handi | $46.00 | 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 | $35.00 | Down $2.00 | |
Argentina to Tunisia: Handi | $46.00 | 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 | $66.00 | Up $1.00 | |
Australia to Europe: Panamax | $75.00 | 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 $54 | |
Black Sea to Indonesia: Panamax | $60 Russia | Ukraine $77 | |
Black Sea to Egypt: 40/50,000 | $19 Russia | Ukraine $26 | |
Black Sea to Egypt: 30,000 | $19 Russia | Ukraine $27 | |
Black Sea to Iran: Panamax | $48 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $34 | |
Black Sea to Morocco – Handi | $31 Russia | Ukraine $41 | |
Black Sea to Tunisia/Algeria – Handi | $30 Russia | Ukraine $40 | |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $52 | |
Black Sea to Libya – Handi | $31 Russia | Ukraine $41 | |
Black Sea to Saudi: Panamax | $47 Russia | Ukraine $70 | |
Black Sea to Turkey – Handi | $19 Russia | Ukraine $26 | |
Black Sea to South Africa – Handi | $55 Russia | ||
Russia to Turkey (Izmir)– coaster 5,000 m/t | $19.00 | Up $1.00 | |
Russia to Egypt – coaster 5,000 m/t | $37.00 | Corrected | |
Ukraine to Turkey – coaster 5,000 m/t | $59.00 | Steady | |
Ukraine to Egypt – coaster 5,000 m/t | $40.00 | Down $1.00 | |
Baltic Dry Index | 1808 | Down 94 | |
Baltic Capesize Index | 2614 | Down 359 | |
Baltic Panamax Index | 1792 | Up 78 | |
Baltic Supramax Index | 1386 | Up 12 | |
Baltic Handisize Index | 759 | Up 7 | |
Global Container Index - Freightos | 5072 | Up 22 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR August 2024/October 2024
Wheat, USA Soft Red Winter, US Gulf | USD 210<<225 Oct | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 250<<260 Oct | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 215<<220 Oct | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 220<<225 Oct | |
Wheat, Romania 12.5 pro | USD 230<<235 Oct | |
Wheat, Superior, France, Rouen | USD 240<<244 Oct | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 270<<300 Nov | |
Wheat, feed, Black Sea | USD 210/220 | |
Barley, France, Rouen port | USD 210/215 | |
Barley, feed, Argentina, upriver | USD 210/215 | |
Barley, feed, Black Sea, 30,000+ | USD 190/195 | |
Barley, feed, Australia | USD 240/245 | |
Corn, 2YC FOB NOLA USA | USD 187<<192 Oct | |
Corn, 3YC FOB USA Pacific northwest | USD 215<<220 Oct | |
Corn, FOB Argentina port, upriver | USD 180<<190 Oct | |
Corn, FOB Brazil port | USD 185<<200 Oct | |
Corn, FOB France – Atlantic | USD 238-241 Spot | |
Corn, FOB Romania | USD 200<<205 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 245<<250 Oct | |
Soymeal, 48% protein, FOB NOLA | USD 440>>395 Oct | |
Soymeal, 48% protein, USA, Rotterdam | USD 470>>425 Oct | |
Soymeal, 47% pro, FOB Argentina | USD 385>>375 Oct | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 440/450 | |
Soymeal, 48% protein, FOB Brazil | USD 400>>375 Oct | |
Soybeans, FOB NOLA | USD 420>>410 Oct | |
Soybeans, Argentina, FOB | USD 415<<420 Oct | |
Soybeans, Brazil, FOB | USD 410<<425 Oct | |
Soybeans, Black Sea | USD 450>>435 Oct | |
Corn Gluten Meal, USA FOB NOLA | USD 560/570 | |
Corn Gluten Feed, USA FOB NOLA | USD 215/225 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 220/230 | |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
There was an error in last week’s report ---- there are no presales reported yet against the next fishing season in Peru. The 560,000 m/t of presales mentioned was from the last season. Very sorry for the error --- I guess that I need a good editor.
The IFFO Annual Conference will take place in Lisbon, Portugal this year, on October 21 to 23.
The Southern catch in Peru is up to 34,700 m/t which yields about 7,700 m/t of fishmeal. Just over 216,000 m/t remain on the quota to the end of 2024.
All quiet in the fishmeal business in Peru with nothing available for sale. Reports say that the IMARPE research cruise will be in August/September with hopes for the next season’s fishing to begin in late October. Estimates for the next quota’s range are from 1.7 million m/t to 2.0 mm/t.
The price for Chile fishmeal in Europe as shown below may not be correct as it does show a big jump from last week. I am unable to confirm the accuracy of the price before Monday.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,725 |
Danish standard fishmeal | 71% protein | 2,085 |
Peru fishmeal | 65% protein | 1,635 |
Chile fishmeal | 66% protein | 1,755!!!!!!! |
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 | 1450/1470 | |
67% protein 150 TVN | 1500/1520 | |
67n% protein 120 TVN | 1600/1620 | 1620/1640 |
67% protein 1000 hist, 120 TVN | 1650/1670 | 1670/1690 |
68% protein 500 hist, 100 TVN | 1730/1750 | 1750/1770 |
Fish oil, crude bulk | 4,800 | 5,000/5,300 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 5,500/6,000 | 6,300/6,500 |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
