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Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT -- August 24, 2024
Almost no change in corn prices this week with US corn prices finishing the week down by USD 1 m/t. US soybeans ended the week up by about USD 6 m/t with soymeal up by USD 3 m/t. US winter wheat had a tough week dropping about USD 10 m/t with US spring wheat down by almost USD 14 m/t.
The on then off Canadian rail strike did cause some excitement for wheat prices but the quick action by the Canadian government averted the strike for now. US wheat rallied on the strike then dropped lower as the weight of large world wheat supplies continued to push prices down. Wheat futures were at contract lows for some months this week and no one seems to expect prices to move higher.
Soybeans were higher in the US due to a number of announced new-crop export sales with a new sale almost every day. At least for this week the market was more excited by export sales than by possible record crops.
Corn didn’t do much this week but the expected near-record corn crop is putting pressure on corn prices for the new crop. According to recent drought reports, only 7% of the total corn area is considered a drought area but there are some areas with much higher drought levels, up to 63%. Scattered showers are expected for next week.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
$25.00 | Down $1.00 | ||
$25.00 | Down $1.00 | ||
US Gulf Israel: Panamax m/t | $31.00 | Down $1.00 | |
US Gulf to Egypt: Panamax | $31.00 | Down $1.00 | |
US Gulf Turkey: Panamax m/t | $32.00 | Down $1.00 | |
US Gulf Morocco: Handi | $49.00 | Steady | |
US Gulf Algeria/Tunisia: Handi | $50.00 | Steady | |
$38.00 | Steady | ||
US Gulf other Med: Handi | $51.00 | 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 | $50.00 | Down $3.00 | |
US Gulf China: Panamax | $49.00 | Down $3.00 | |
US PNW Egypt: Panamax via Panama | $51.00 | 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 | Down $1.00 | |
US PNW China: Panamax | $26.00 | Down $1.00 | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $55.00 | Down $2.00 | |
US Lakes – Morocco – 30,000 m/t | $61.00 | Down $2.00 | |
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 | $34.00 | Down $2.00 | |
France/Germany to Yemen: Handi | $66.00 | Steady | |
Argentina to Algeria: Handi | $46.00 | Steady | |
Argentina to China: Panamax | $50.00 | Down $3.00 | |
Argentina to Japan: Panamax | $51.00 | Down $3.00 | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $35.00 | Up $1.00 | |
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 | Up $1.00 | |
Argentina to Tunisia: Handi | $46.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $43.00 | Steady | |
Brazil to China: Panamax | $42.00 | Down $1.00 | |
Brazil to Japan: Panamax | $43.00 | 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 | $43.00 | Steady | |
Australia to Europe: Panamax | $54.00 | Steady | |
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 $52 | |
Black Sea to Indonesia: Panamax | $53 Russia | Ukraine $77 | |
Black Sea to Egypt: 40/50,000 | $19 Russia | Ukraine $28 | |
Black Sea to Egypt: 30,000 | $18 Russia | Ukraine $28 | |
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 | $45 Russia | Ukraine $70 | |
Black Sea to Turkey – Handi | $19 Russia | Ukraine $25 | |
Black Sea to South Africa – Handi | $55 Russia | ||
Black Sea to Nigeria – Handi | Ukraine $46 | ||
Russia to Turkey (Izmir)– coaster 5,000 m/t | $27.00 | Steady | |
Russia to Egypt – coaster 5,000 m/t | $45.00 | Up $4.00 | |
Ukraine to Turkey – coaster 5,000 m/t | No info | | |
Ukraine to Egypt – coaster 5,000 m/t | No info | | |
Baltic Dry Index | 1762 | Up 71 | |
Baltic Capesize Index | 2851 | Up 314 | |
Baltic Panamax Index | 1414 | Down 138 | |
Baltic Supramax Index | 1318 | Up 14 | |
Baltic Handisize Index | 753 | Down 1 | |
Global Container Index - Freightos | 5551 | Up 115 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR September 2024/November 2024
Wheat, USA Soft Red Winter, US Gulf | USD 210<<225 Nov | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 235<<250 Nov | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 210<<220 Nov | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 217<<225 Nov | |
Wheat, Romania 12.5 pro | USD 222<<225 Nov | |
Wheat, Superior, France | USD 222<<233 Nov | |
Wheat, milling, 12.0%, Argentina, Upriver | No info | |
Wheat, feed, Black Sea | USD 200/205 | |
Barley, France, Rouen port | USD 190/205 | |
Barley, feed, Argentina, upriver | USD 205/210 | |
Barley, feed, Black Sea, 30,000+ | USD 190/195 | |
Barley, feed, Australia | USD 235/240 | |
Corn, 2YC FOB NOLA USA | USD 180<<185 Nov | |
Corn, 3YC FOB USA Pacific northwest | USD 205<<210 Nov | |
Corn, FOB Argentina port, upriver | USD 185<<190 Nov | |
Corn, FOB Brazil port | USD 190<<195 Nov | |
Corn, FOB France | USD 217/220 Spot | |
Corn, FOB Romania | USD 195>>185 Nov | |
Corn, FOB Russia | USD 200>>180 Nov | |
Corn, FOB Ukraine, 30,000+ m/t | USD 200>>195 Nov | |
Sorghum, FOB Argentina port | USD 250/260 | |
Sorghum, FOB Texas | USD 235<<240 Nov | |
Soymeal, 48% protein, FOB NOLA | USD 390>>375 Nov | |
Soymeal, 48% protein, USA, Rotterdam | USD 420>>405 Nov | |
Soymeal, 47% pro, FOB Argentina | USD 370>>350 Nov | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 420/425 spot | |
Soymeal, 48% protein, FOB Brazil | USD 370>>365 Nov | |
Soybeans, FOB NOLA | USD 385<<390 Nov | |
Soybeans, Argentina, FOB | USD 390<<395 Nov | |
Soybeans, Brazil, FOB | USD 405<<410 Nov | |
Soybeans, Black Sea | USD 420<<430 Nov | |
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 210/220 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
There were no further landings in the South Region of Peru due to continuing very bad weather.
Very, very, very quiet for fishmeal in Peru --- nothing left to sell and no one looking to buy or sell the next fishing season. As mentioned last week the IMARPE Biomass research cruise will begin in late August or early September – for ten days or two weeks.
The new North/Central quota is still expected to be at 1.7 million m/t as mentioned by officials. Trade is hoping that it will actually by 2.0 mm/t.
China’s updated import numbers to the end of July show 1.07 mm/t of imports in 7 months with the main shippers being: Peru 404,000 m/t, Vietnam 116,000 m/t, Chile 107,000 m/t, Russia 91,000 m/t and Thailand at 85,000 m/t. – representing 75% of total imports.
We are all just biding our time until there is some news about the next Peru quota.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,735 |
Danish standard fishmeal | 71% protein | 2,150 |
Peru fishmeal | 65% protein | No prices |
Chile fishmeal | 67% protein | 1,750 |
Iceland fishmeal | 71% protein | 2,185 |
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 | 1580/1600 | 1580/1600 |
67% protein 1000 hist, 120 TVN | 1630/1650 | 1630/1650 |
68% protein 500 hist, 100 TVN | 1700/1720 | 1700/1720 |
Fish oil, crude bulk | 4,800/5,000 | 3,300/3,500 |
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
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