Hammersmith Reports
3 Avenue Marie Gasquet, St Remy de Provence, 13210 France
Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT -- MAY 18, 2024
US corn prices finished the week almost unchanged. Reports say that pressure was put on prices by good weather reports. Seems that there will be good rainfall in much of the corn belt. However, longer term weather looks quite wet – perhaps too wet. However, corn planting seems to be coming along just fine so far but there is concern that total corn plantings may not reach the USDA forecasted number.
All US wheat prices were higher overall again this week with US winter wheat up by about USD 5 m/t with spring wheat up by about USD 4 m/t. Wheat had been up even higher during the week but good crop reports from Kansas pushed prices lower on Friday as things looked better than had been expected. The estimates from Kansas look to be higher than the five-year crop average.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $29.00 | Steady | |
$29.00 | Steady | ||
US Gulf Israel: Panamax m/t | $27.00 | Down $1.00 | |
US Gulf to Egypt: Panamax | $27.00 | Down $1.00 | |
US Gulf Turkey: Panamax m/t | $28.00 | Down $1.00 | |
US Gulf Morocco: Handi | $38.00 | Up $1.00 | |
US Gulf Algeria/Tunisia: Handi | $39.00 | Up $1.00 | |
$33.00 | Steady | ||
US Gulf other Med: Handi | $40.00 | 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 | Down $1.00 | |
US Gulf China: Panamax | $53.00 | Down $1.00 | |
US PNW Egypt: Panamax via Panama | $51.00 | 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 | $28.00 | Down $1.00 | |
US PNW China: Panamax | $27.00 | Down $1.00 | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $50.00 | Steady | |
US Lakes – Morocco – 30,000 m/t | $56.00 | Steady | |
France/Germany to Algeria: Handi | $32.00 | Steady | |
France/Germany to China: Panamax | $72.00 | Steady | |
France/Germany to Egypt: Panamax | $34.00 | Steady | |
France/Germany to Iran: Panamax | $41.00 | 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 | $35.00 | Steady | |
France/Germany to Yemen: Handi | $66.00 | Steady | |
Argentina to Algeria: Handi | $43.00 | Steady | |
Argentina to China: Panamax | $54.00 | Down $1.00 | |
Argentina to Japan: Panamax | $55.00 | Down $1.00 | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $26.00 | Steady | |
Argentina to Morocco: Handi | $42.00 | Steady | |
Argentina to Libya: Handi | $44.00 | 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 | $26.00 | Steady | |
Argentina to Tunisia: Handi | $43.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $50.00 | Steady | |
Brazil to China: Panamax | $48.00 | Down $2,00 | |
Brazil to Japan: Panamax | $49.00 | Down $2.00 | |
Brazil to South Korea: Panamax | $48.00 | Steady | |
Brazil to Europe: Panamax | $39.00 | Steady | |
Brazil to Morocco: Handi | $49.00 | 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 | $60.00 | Steady | |
Australia to Europe: Panamax | $69.00 | 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 | $60 Russia | Ukraine $55 | |
Black Sea to Indonesia: Panamax | $59 Russia | Ukraine $77 | |
Black Sea to Egypt: 40/50,000 | $18 Russia | Ukraine $30 | |
Black Sea to Egypt: 30,000 | $21 Russia | Ukraine $27 | |
Black Sea to Iran: Panamax | $49 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $37 | |
Black Sea to Morocco – Handi | $29 Russia | Ukraine $41 | |
Black Sea to Tunisia/Algeria – Handi | $28 Russia | Ukraine $40 | |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $52 | |
Black Sea to Libya – Handi | $29 Russia | Ukraine $41 | |
Black Sea to Saudi: Panamax | $50 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 | $31.00 | Down $1.00 | |
Russia to Egypt – coaster 5,000 m/t | $56.00 | Down $1.00 | |
Ukraine to Turkey – coaster 5,000 m/t | $60.00 | Steady | |
Ukraine to Egypt – coaster 5,000 m/t | $60.00 | Down $2.00 | |
Baltic Dry Index | 1844 | Down 285 | |
Baltic Capesize Index | 2675 | Down 617 | |
Baltic Panamax Index | 1825 | Down 59 | |
Baltic Supramax Index | 1405 | Down 80 | |
Baltic Handisize Index | 690 | Down 13 | |
Global Container Index - Freightos | 3107 | Up 230 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR May 2024/July 2024
Wheat, USA Soft Red Winter, US Gulf | USD 255<<260 Aug | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 275<<280 Aug | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 Aug | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 240<<245 Aug | |
Wheat, Romania 12.5 pro | USD 255<<260 Aug | |
Wheat, Superior, France, Rouen | USD 254<<260 Aug | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 290>>280 Aug | |
Wheat, feed, Black Sea | USD 200/210 | |
Barley, France, Rouen port | USD 240/243 | |
Barley, feed, Argentina, upriver | USD 220/215 | |
Barley, feed, Black Sea, 30,000+ | USD 185/190 | |
Barley, feed, Australia | USD 255/260 | |
Corn, 2YC FOB NOLA USA | USD 195<<200 Aug | |
Corn, 3YC FOB USA Pacific northwest | USD 220<<225 Aug | |
Corn, FOB Argentina port, upriver | USD 195>>190 Aug | |
Corn, FOB Brazil port | USD 205>>200 Aug | |
Corn, FOB France – Atlantic | USD 241<<252 Aug | |
Corn, FOB Romania | USD 210<<215 Aug | |
Corn, FOB Russia | USD 200<<205 Aug | |
Corn, FOB Ukraine, 30,000+ m/t | USD 195<<200 Aug | |
Sorghum, FOB Argentina port | USD 260/270 | |
Sorghum, FOB Texas | USD 253<<255 Aug | |
Soymeal, 48% protein, FOB NOLA | USD 440>>430 Sep | |
Soymeal, 48% protein, USA, Rotterdam | USD 470>>460 Sep | |
Soymeal, 47% pro, FOB Argentina | USD 420>>410 Sep | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 475/480 | |
Soymeal, 48% protein, FOB Brazil | USD 430>>410 Sep | |
Soybeans, FOB NOLA | USD 470>>465 Sep | |
Soybeans, Argentina, FOB | USD 455>>450 Sep | |
Soybeans, Brazil, FOB | USD 470>>465 Sep | |
Soybeans, Black Sea | USD 450<<455 Sep | |
Corn Gluten Meal, USA FOB NOLA | USD 530/540 | |
Corn Gluten Feed, USA FOB NOLA | USD 200/210 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 205/215 | |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
I was asked this week why I have coverage on Peru fishmeal every week when it is really an all China use product. My answer was that it is the business I first started in back in the 80’s when everyone used fishmeal in feed rations. Ah but how times have changed for fishmeal, as feed producers found lower cost alternate protein/amino acid sources to fishmeal. I guess that I haven’t changed as much as the market and I still report on fishmeal.
The catch is now up to 1.65 million m/t with an estimated 368,000 m/t of fishmeal and 51,000 m/t of fishoil produced --- based on 22.2% fishmeal yield and 3.1% fishoil yield. 820,000 m/t to go to full quota.
The mini bans in Peru look to be accomplishing what was wanted as the juvenile level in the week’s catch is down to about 26% which lowers the average on the season to 49%. The weekly catch has dropped due to the mini bans but is still between 45,000 and 50,000 m/t per day.
Trade reports say that new business has slacked off due to a lack of supply for super prime and prime fishmeal. Experts think that prices for both super prime and prime should move higher. Total export sales to date are said to be bumping on 400,000 m/t.
More trade people seem to feel that the entire quota will be landed now that the juvenile level has dropped off --- only time will tell --- but the government can step in anytime and stop fishing if it feels that the juvenile situation is not controlled. All we can do is wait with fingers crossed.
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 | 1,895 |
Peru fishmeal | 65% protein | 1,660 |
Chile fishmeal | 66% protein | 1,690 |
Iceland fishmeal | 71% protein | 1,850 |
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 | 1550/1570 | |
67% protein 150 TVN | 1620/1640 | |
67% protein 120 TVN | 1700/1720 | 1700/1720 |
67% protein 1000 hist, 120 TVN | 1750/1770 | 1750/1770 |
68% protein 500 hist, 100 TVN | 1800/1820 | 1800/1820 |
Fish oil, crude bulk | No prices | 5,100 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 8,000/8,500 | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
