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WEEKLY USA GRAIN AND PROTEIN REPORT -- October 12, 2024
This week’s WASDE report was a little bearish for most everything which tended to push prices lower after the report on Friday. US corn prices finished the week down by about USD 4 m/t while soybeans dropped by USD 12 m/t and soymeal by close to USD 15 m/t. US wheat prices were actually up on the week with winter wheat up by about USD 4 m/t and spring wheat up by about USD 2 m/t.
The WASDE report showed US corn production higher than most experts predicted but also showed increased corn exports. The estimated average farm price remained steady.
WASDE production and yield numbers for soybeans were lowered slightly. Farmers are reported to be out harvesting soybeans as quickly as they can with harvest pressure pushing prices lower. The increased strength of the US$ is said to also be a factor in soybean/soymeal price weakness as export sales could be affected.
Wheat didn’t have an exciting week in the US --- the WASDE didn’t change much for wheat although US ending stocks were lowered by th WASDE.
According to news reports this was a very high volume futures trading week for corn. soybeans and wheat.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
Marine insurance costs from Ukraine are reported to have increased by 30% in the last few days due to increased Russian attacks on ports and vessels. Cost per ton freight from Ukraine expected to increase by about US$ 1 to 2 m/t.
$24.00 | Steady | ||
$24.00 | Steady | ||
US Gulf Israel: Panamax m/t | $32.00 | Down $2.00 | |
US Gulf to Egypt: Panamax | $34.00 | Down $2.00 | |
US Gulf Turkey: Panamax m/t | $35.00 | Down $2.00 | |
US Gulf Morocco: Handi | $46.00 | Down $2.00 | |
US Gulf Algeria/Tunisia: Handi | $47.00 | Down $2.00 | |
$37.00 | Steady | ||
US Gulf other Med: Handi | $48.00 | Down $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 | $47.00 | Up $1.00 | |
US Gulf China: Panamax | $46.00 | Up $1.00 | |
US PNW Egypt: Panamax via Panama | $54.00 | 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 | $25.00 | Up $1.00 | |
US PNW China: Panamax | $24.00 | Up $1.00 | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $54.00 | Down $1.00 | |
US Lakes – Morocco – 30,000 m/t | $60.00 | Down $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 | $39.00 | 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 | Steady | |
France/Germany to Yemen: Handi | $66.00 | Steady | |
Argentina to Algeria: Handi | $46.00 | Steady | |
Argentina to China: Panamax | $46.00 | Up $2.00 | |
Argentina to Japan: Panamax | $47.00 | Up $2.00 | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $34.00 | Steady | |
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 | $34.00 | Steady | |
Argentina to Tunisia: Handi | $46.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $40.00 | Steady | |
Brazil to China: Panamax | $42.00 | Up $3.00 | |
Brazil to Japan: Panamax | $43.00 | Up $3.00 | |
Brazil to South Korea: Panamax | $48.00 | Steady | |
Brazil to Europe: Panamax | $39.00 | Steady | |
Brazil to Morocco: Handi | $39.00 | 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 | $42.00 | Steady | |
Australia to Europe: Panamax | $52.00 | Steady | |
South Africa to Italy -- Handisize | $46.00 | Steady | |
South Africa to Turkey – Handisize | $47.00 | Steady | |
South Africa to Japan – Handisize | $43.00 | Steady | |
South Africa to China -- Handisize | $44.00 | Steady | |
Black Sea freight | |||
Black Sea to China: Panamax | $50 Russia | Ukraine $50 | |
Black Sea to Indonesia: Panamax | $52 Russia | Ukraine $67 | |
Black Sea to Egypt: 40/50,000 | $18 Russia | Ukraine $28 | |
Black Sea to Egypt: 30,000 | $19 Russia | Ukraine $28 | |
Black Sea to Iran: Panamax | $45 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $34 | |
Black Sea to Morocco – Handi | $32 Russia | Ukraine $41 | |
Black Sea to Tunisia/Algeria – Handi | $31 Russia | Ukraine $40 | |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $52 | |
Black Sea to Libya – Handi | $30 Russia | Ukraine $41 | |
Black Sea to Saudi: Panamax | $47 Russia | Ukraine $70 | |
Black Sea to Turkey – Handi | $18 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 | $39.00 | Down $1.00 | |
Russia to Egypt – coaster 5,000 m/t | $60.00 | Steady | |
Ukraine to Turkey – coaster 5,000 m/t | No info | | |
Ukraine to Egypt – coaster 5,000 m/t | No info | ||
Baltic Dry Index | 1809 | Down 301 | |
Baltic Capesize Index | 2835 | Down 408 | |
Baltic Panamax Index | 1435 | Up 47 | |
Baltic Supramax Index | 1269 | Up 11 | |
Baltic Handisize Index | 718 | Up 6 | |
Freightos Container Index | 3627 | Down 171 | |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR November 2024/January 2025
Wheat, USA Soft Red Winter, US Gulf | USD 268<<276 Feb | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 265<<271 Feb | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 Feb | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 235<<240 Feb | |
Wheat, Romania 12.5 pro | USD 245<<250 Feb | |
Wheat, Superior, France | USD 255<<260 Feb | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<240 Feb | |
Wheat, feed, Black Sea | USD 215/225 | |
Barley, France, Rouen port | USD 225/230 | |
Barley, feed, Argentina, upriver | USD 210/215 | |
Barley, feed, Black Sea, 30,000+ | USD 205/210 | |
Barley, feed, Australia | USD 230/235 | |
Corn, 2YC FOB NOLA USA | USD 205>>200 Feb | |
Corn, 3YC FOB USA Pacific northwest | USD 220<<225 Feb | |
Corn, FOB Argentina port, upriver | USD 210>>205 Feb | |
Corn, FOB Brazil port | USD 210<<215 Feb | |
Corn, FOB France | USD 244/247 Spot | |
Corn, FOB Romania | USD 215<<225 Feb | |
Corn, FOB Russia | USD 215<<225 Feb | |
Corn, FOB Ukraine, 30,000+ m/t | USD 220<<230 Feb | |
Sorghum, FOB Argentina port | USD 250/260 | |
Sorghum, FOB Texas | USD 237<<242 Feb | |
Soymeal, 48% protein, FOB NOLA | USD 395>>385 Feb | |
Soymeal, 48% protein, USA, Rotterdam | USD 420>>410 Feb | |
Soymeal, 47% pro, FOB Argentina | USD 360<<365 Feb | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 450/460 spot | |
Soymeal, 48% protein, FOB Brazil | USD 360<<365 Feb | |
Soybeans, FOB NOLA | USD 410<<415 Feb | |
Soybeans, Argentina, FOB | USD 410<<415 Feb | |
Soybeans, Brazil, FOB | USD 430>>400 Feb | |
Soybeans, Black Sea | USD 415<<425 Feb | |
Corn Gluten Meal, USA FOB NOLA | USD 560/570 | |
Corn Gluten Feed, USA FOB NOLA | USD 210/220 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 215/220 Feb |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
The IMARPE cruise is expected to end late next week. However, spanning has been delayed due to cold water so fishing may not begin until November.
Peru fishmeal prices were steady this week but there was little activity from buyers or sellers. There is the expectation that China will be back with lower bids. Advance sales on the next fishing season remain at about 200,000 m/t. Stocks in China reported to be very good which will either delay new buying or push new bid prices lower.
Lots of speculation and what the next fishing quota will be --- all the way from a low of 1.7 million m/t to 2.5 mm/t.
The next IFFO conference will be held in Lisbon, Portugal on the 21 to 23 October --- all the important folks in the fishmeal industry will be there --- both buyers and sellers.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | No info |
Danish standard fishmeal | 71% protein | 2,130 |
Peru fishmeal | 65% protein | No prices |
Chile fishmeal | 67% protein | 1,660 |
Iceland fishmeal | 71% protein | 2,155 |
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 | 1200/1220 | |
67% protein 150 TVN | 1300/1320 | |
67n% protein 120 TVN | 1350/1370 | 1350/1370 |
67% protein 1000 hist, 120 TVN | 1400/1420 | 1400/1420 |
68% protein 500 hist, 100 TVN | 1450/1470 | 1450/1470 |
Fish oil, crude bulk | 4,000/4,500 | 3,100/3,200 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 4,500/5,000 | 6,300/6,500 |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
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