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Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT -- November 02, 2024
Comparing the end of last week with the close of business on Friday made the week look very calm and I guess that it was. After the Friday market closed, US corn was unchanged on the week, soybeans were down by about USD 2 m/t while soymeal was down by about USD 10 m/t. US winter wheat was up a little – up 2.00 m/t for hard red – while spring wheat too was up by about USD 2 m/t.
Corn had a good week for export with large sales to Mexico and a new shipment loading to Tunisia in NOLA --- haven’t seen US corn to Tunisia in quite a while. The US Grains Council office in Tunis says that more US corn business is expected for Tunisia.
Soybeans too had a good week for new export sales announcements but the US market is being kept from going higher by the very large (and probably record) Brazil soybean crop. Looking at the next few weeks, soybeans could be affected more by the results of the US Presidential election and the future US government attitude towards business with China.
US wheat was also quite steady in the week. There is rain expected in much of the wheat area in the US which should be good for the winter wheat program. The trade reports that wheat futures trading was quite small for the week with most international wheat interest looking at Russia. In general, the US wheat market is bearish for now.
Global Grain in Geneva is just over a week away, looking at the list of registered folks it looks like it will be very well attended again this year. For me, it is a very easy train trip from Avignon to Geneva and I look forward to seeing old friends and business associates.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $21.00 | Down $2.00 | |
$21.00 | Down $2.00 | ||
US Gulf Israel: Panamax m/t | $33.00 | Down $2.00 | |
US Gulf to Egypt: Panamax | $33.00 | Down $2.00 | |
US Gulf Turkey: Panamax m/t | $34.00 | Down $2.00 | |
US Gulf Morocco: Handi | $44.00 | Down $2.00 | |
US Gulf Algeria/Tunisia: Handi | $45.00 | Down $2.00 | |
$37.00 | Steady | ||
US Gulf other Med: Handi | $46.00 | 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 | $43.00 | Down $2.00 | |
US Gulf China: Panamax | $42.00 | Down $2.00 | |
US PNW Egypt: Panamax via Panama | $51.00 | Down $2.00 | |
US PNW South Africa – 40,000 m/t | $65.00 | Steady | |
US PNW Philippines: Panamax | $34.00 | Steady | |
US PNW Japan: Panamax | $23.00 | Steady | |
US PNW China: Panamax | $22.00 | Steady | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $55.00 | Up $1.00 | |
US Lakes – Morocco – 30,000 m/t | $61.00 | 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 | $38.00 | Down $1.00 | |
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 | $41.00 | Down $2.00 | |
Argentina to Japan: Panamax | $42.00 | Down $2.00 | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $32.00 | 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 | $32.00 | Down $2.00 | |
Argentina to Tunisia: Handi | $46.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $40.00 | Steady | |
Brazil to China: Panamax | $36.00 | Down $3.00 | |
Brazil to Japan: Panamax | $37.00 | Down $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 | $43.00 | Steady | |
Australia to Europe: Panamax | $54q.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 | $43.00 | Steady | |
South Africa to China -- Handisize | $43.00 | Steady | |
Black Sea freight | |||
Black Sea to China: Panamax | $52 Russia | Ukraine $50 | |
Black Sea to Indonesia: Panamax | $51 Russia | Ukraine $67 | |
Black Sea to Egypt: 40/50,000 | $19 Russia | Ukraine $28 | |
Black Sea to Egypt: 30,000 | $20 Russia | Ukraine $28 | |
Black Sea to Iran: Panamax | $46 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $30 | |
Black Sea to Morocco – Handi | $31 Russia | Ukraine $41 | |
Black Sea to Tunisia/Algeria – Handi | $32 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 | $46 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 $45 | ||
Russia to Turkey (Izmir)– coaster 5,000 m/t | $34.00 | Down $1.00 | |
Russia to Egypt – coaster 5,000 m/t | $55.00 | Down $5.00 | |
Ukraine to Turkey – coaster 5,000 m/t | No info | | |
Ukraine to Egypt – coaster 5,000 m/t | No info | ||
Baltic Dry Index | 1410 | Down 32 | |
Baltic Capesize Index | 1848 | Down 428 | |
Baltic Panamax Index | 1199 | Down 2 | |
Baltic Supramax Index | 1163 | Down 77 | |
Baltic Handisize Index | 718 | Down 10 | |
Freightos/Baltic Container Index | 3299 | Up 239 | |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR November 2024/January 2025
Wheat, USA Soft Red Winter, US Gulf | USD 255<<260 Feb | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 250<<260 Feb | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<235 Feb | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 235<<240 Feb | |
Wheat, Romania 12.5 pro | USD 235<<240 Feb | |
Wheat, Superior, France | USD 240<<245 Feb | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225<<230 Feb | |
Wheat, feed, Black Sea | USD 225/230 | |
Barley, France, Rouen port | USD 215/220 | |
Barley, feed, Argentina, upriver | USD 205/210 | |
Barley, feed, Black Sea, 30,000+ | USD 210/215 | |
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 205>>195 Feb | |
Corn, FOB Brazil port | USD 220<<215 Feb | |
Corn, FOB France | USD 230/234 Spot | |
Corn, FOB Romania | USD 230<<235 Feb | |
Corn, FOB Russia | USD 215<<220 Feb | |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 Feb | |
Sorghum, FOB Argentina port | USD 255/265 | |
Sorghum, FOB Texas | USD 230<<235 Feb | |
Soymeal, 48% protein, FOB NOLA | USD 370>>360 Feb | |
Soymeal, 48% protein, USA, Rotterdam | USD 395>>385 Feb | |
Soymeal, 47% pro, FOB Argentina | USD 385>>345 Feb | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 405/410 spot | |
Soymeal, 48% protein, FOB Brazil | USD 340>>335 Feb | |
Soybeans, FOB NOLA | USD 410>>405 Feb | |
Soybeans, Argentina, FOB | USD 405>>400 Feb | |
Soybeans, Brazil, FOB | USD 430>>400 Feb | |
Soybeans, Black Sea | USD 415<<425 Feb | |
Corn Gluten Meal, USA FOB NOLA | USD 570/580 | |
Corn Gluten Feed, USA FOB NOLA | USD 215/220 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 225/230 Feb |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing started at 00:00 on November 01 with the quota for North/Central set at 2,510,000 m/t which could yield about 584,000 m/t of fishmeal.
There is still no fishing in the South region with just over 212,000 m/t left on the 251,000 m/t quota. The quota expires on December 31,2024.
All the talk these days is about how well the catch will go --- will it be a really good year like 2020 or a bad year like 2019 --- all we can do is wait to see how the fishing starts off.
No one expects to see much buying/selling happening until we get at least the first week or two of fishing completed.
For now, prices are steady.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,615 |
Danish standard fishmeal | 71% protein | 2,070 |
Peru fishmeal | 65% protein | 1,615 |
Chile fishmeal | 67% protein | 1,615 |
Iceland fishmeal | 71% protein | 2,070 |
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 | 2,800/3,000 | 2,600/2,700 |
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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