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WEEKLY USA GRAIN AND PROTEIN REPORT -- November 09, 2024
I look forward to seeing some of you folks wandering around Global Grain in Geneva next week – I will be wandering there too.
Once again, this was WASDE week – corn prices were up by about USD 6 m/t, soybeans up by about USD 14 m/t, soymeal prices almost unchanged. US wheat prices too were almost unchanged on the week.
Corn’s small rally pushed prices to the highest level in several weeks. The WASDE report had lower yield and production levels for US corn which was the main factor in the price increase. Changes to world production and stocks were minimal.
Soymeal’s crop yield estimates were lower than most had expected while ending stocks were down more than the trade had expected. Overall, it was quite a strong week for soybean prices.
Wheat prices did very little this week and there wasn’t much in the WASDE report to change US prices. It was really a nothing report for US wheat – no excitement at all. Outside of the WASDE US winter wheat still seems to be benefiting from improved rainfall which should limit any moves higher for prices.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $21.00 | Steady | |
$21.00 | Steady | ||
US Gulf Israel: Panamax m/t | $33.00 | Steady | |
US Gulf to Egypt: Panamax | $33.00 | Steady | |
US Gulf Turkey: Panamax m/t | $34.00 | Steady | |
US Gulf Morocco: Handi | $44.00 | Steady | |
US Gulf Algeria/Tunisia: Handi | $45.00 | Steady | |
$37.00 | Steady | ||
US Gulf other Med: Handi | $46.00 | 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 | $43.00 | Steady | |
US Gulf China: Panamax | $42.00 | Steady | |
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 | $25.00 | Up $2.00 | |
US PNW China: Panamax | $24.00 | Up $2.00 | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $55.00 | Steady | |
US Lakes – Morocco – 30,000 m/t | $61.00 | 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 | $38.00 | 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 | $41.00 | Steady | |
Argentina to Japan: Panamax | $42.00 | Steady | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $30.00 | 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 | $30.00 | Down $2.00 | |
Argentina to Tunisia: Handi | $46.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $40.00 | Steady | |
Brazil to China: Panamax | $36.00 | Steady | |
Brazil to Japan: Panamax | $37.00 | Steady | |
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 | $44.00 | Up $1.00 | |
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 | $43.00 | Steady | |
South Africa to China -- Handisize | $43.00 | Steady | |
Black Sea freight | |||
Black Sea to China: Panamax | $48 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 | $45 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $30 | |
Black Sea to Morocco – Handi | $33 Russia | Ukraine $40 | |
Black Sea to Tunisia/Algeria – Handi | $32 Russia | Ukraine $39 | |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $52 | |
Black Sea to Libya – Handi | $31 Russia | Ukraine $40 | |
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 | $32.00 | Down $2.00 | |
Russia to Egypt – coaster 5,000 m/t | $50.00 | Down $5.00 | |
Ukraine to Turkey – coaster 5,000 m/t | No info | | |
Ukraine to Egypt – coaster 5,000 m/t | No info | ||
Baltic Dry Index | 1495 | Up 85 | |
Baltic Capesize Index | 2316 | Up 468 | |
Baltic Panamax Index | 1176 | Down 23 | |
Baltic Supramax Index | 1079 | Down 84 | |
Baltic Handisize Index | 703 | Down 15 | |
Freightos/Baltic Container Index | 3602 | Up 303 | |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR December 2024/February 2025
Wheat, USA Soft Red Winter, US Gulf | USD 255<<260 Mar | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 255<<260 Mar | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 Mar | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 227<<233 Mar | |
Wheat, Romania 12.5 pro | USD 239<<243 Mar | |
Wheat, Superior, France | USD 235<<240 Mar | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 220<<230 Mar | |
Wheat, feed, Black Sea | USD 220/225 | |
Barley, France, Rouen port | USD 220/225 | |
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 213>>207 Mar | |
Corn, 3YC FOB USA Pacific northwest | USD 225<<230 Mar | |
Corn, FOB Argentina port, upriver | USD 210>>205 Mar | |
Corn, FOB Brazil port | USD 225<<235 Mar | |
Corn, FOB France | USD 225/228 Spot | |
Corn, FOB Romania | USD 230<<235 Mar | |
Corn, FOB Russia | USD 210<<215 Mar | |
Corn, FOB Ukraine, 30,000+ m/t | USD 210<<215 Mar | |
Sorghum, FOB Argentina port | USD 255/265 | |
Sorghum, FOB Texas | USD 235<<240 Mar | |
Soymeal, 48% protein, FOB NOLA | USD 365>>360 Mar | |
Soymeal, 48% protein, USA, Rotterdam | USD 390>>385 Mar | |
Soymeal, 47% pro, FOB Argentina | USD 350>>340 Mar | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 405/410 spot | |
Soymeal, 48% protein, FOB Brazil | USD 340>>335 Mar | |
Soybeans, FOB NOLA | USD 420>>415 Mar | |
Soybeans, Argentina, FOB | USD 420>>415 Mar | |
Soybeans, Brazil, FOB | USD 440>>415 Mar | |
Soybeans, Black Sea | USD 415<<425 Mar | |
Corn Gluten Meal, USA FOB NOLA | USD 575/585 | |
Corn Gluten Feed, USA FOB NOLA | USD 215/220 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 225/230 Mar |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
The catch in the first week of the new season is at 247,000 m/t – about 55,000 m/t of fishmeal and 4,400 m/t fishoil, which leaves 2,263,000 on the current quota.
Once again there was no catch reported in the South region of Peru.
Sales of fishmeal for this quota are reported to now be at about 230,000 m/t.
MSI Ceres mentioned this week that container freight rates from Peru to China are up by at least USD 15 m/t starting in December. This will either push up CNF prices or lower FOB prices if the exporters absorb the freight increase. Most sales to China are on a CNF price basis. So, unless there is an escalation clause in the current sales contracts, the shipper will have to bite the bullet on increased freight costs for orders booked.
Buying/selling interest is growing in Peru as everyone looks at the daily catch numbers and decides on the price direction. Most of the buyers are looking for Super Prime or Prime fishmeal, as is the normal pattern. Buyers want to buy the best before it is all sold while sellers are holding firm on price levels --- at least for now.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,610 |
Danish standard fishmeal | 71% protein | 2,060 |
Peru fishmeal | 65% protein | 1,510 |
Chile fishmeal | 67% protein | 1,610 |
Iceland fishmeal | 71% protein | 2,050 |
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 | 1220/1240 | |
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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