Hammersmith Reports
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WEEKLY USA GRAIN AND PROTEIN REPORT -- MAY 04, 2024
The push higher in soybeans and meal is seen as related to the flooding in Brazil that could cause serious crop losses and is said to have stopped soymeal production at some facilities. Soybean harvesting is seeing major delays due to the rain and flooding.
Trade reports say that the higher US wheat prices were more related to Russia than to the US with dry weather in Russia causing concern for the wheat crop. Russia’s wheat crop forecast has been reduced by 2.0 mm/t with the forecast of wheat exports down by 1.5 mm/t. The main US wheat areas should see increased (and needed) rainfall over the next few days.
Experts had thought that corn prices could fall the week due to very quick planting in the US but the situation in Brazil with hot, dry weather in some corn areas has helped keep corn prices from dropping. The latest Brazil corn production estimate is said to be the lowest in 7 years. The Argentina corn crop is also having insect infestation problems. Futures experts say that the corn market could be turning bullish.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $29.00 | Down $1.00 | |
$29.00 | Down $1.00 | ||
US Gulf Israel: Panamax m/t | $29.00 | Up $2.00 | |
US Gulf to Egypt: Panamax | $29.00 | Up $2.00 | |
US Gulf Turkey: Panamax m/t | $230.00 | Up $2.00 | |
US Gulf Morocco: Handi | $41.00 | Steady | |
US Gulf Algeria/Tunisia: Handi | $42.00 | Steady | |
$35.00 | Down $1.00 | ||
US Gulf other Med: Handi | $43.00 | 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 | $55.00 | Down $1.00 | |
US Gulf China: Panamax | $54.00 | Down $1.00 | |
US PNW Egypt: Panamax via Panama | $49.00 | Down $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 | Down $2.00 | |
US Lakes – Morocco – 30,000 m/t | $56.00 | Down $2.00 | |
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 | 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 | $35.00 | Steady | |
France/Germany to Yemen: Handi | $66.00 | Steady | |
Argentina to Algeria: Handi | $62.00 | Steady | |
Argentina to China: Panamax | $55.00 | Down $1.00 | |
Argentina to Japan: Panamax | $56.00 | Down $1.00 | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $26.00 | Steady | |
Argentina to Morocco: Handi | $61.00 | Steady | |
Argentina to Libya: Handi | $62.00 | 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 | $62.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $50.00 | Steady | |
Brazil to China: Panamax | $48.00 | Down $1,00 | |
Brazil to Japan: Panamax | $49.00 | Down $1.00 | |
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 | Up $1.00 | |
Australia to Europe: Panamax | $69.00 | Up $1.00 | |
South Africa to Italy -- Handisize | $46.00 | Steady | |
South Africa to Turkey – Handisize | $47.00 | Steady | |
South Africa to Japan – Handisize | $42.00 | Steady | |
South Africa to China -- Handisize | $43.00 | Steady | |
Black Sea freight | |||
Black Sea to China: Panamax | $65 Russia | Ukraine $57 | |
Black Sea to Indonesia: Panamax | $59 Russia | Ukraine $77 | |
Black Sea to Egypt: 40/50,000 | $21 Russia | Ukraine $30 | |
Black Sea to Egypt: 30,000 | $22 Russia | Ukraine $27 | |
Black Sea to Iran: Panamax | $58 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $27 Russia | Ukraine $37 | |
Black Sea to Morocco – Handi | $30 Russia | Ukraine $41 | |
Black Sea to Tunisia/Algeria – Handi | $29 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 | $50 Russia | Ukraine $70 | |
Black Sea to Turkey – Handi | $19 Russia | Ukraine $25 | |
Black Sea to South Africa – Handi | $55 Russia | ||
Russia to Turkey (Izmir)– coaster 5,000 m/t | $37.00 | Down $2.00 | |
Russia to Egypt – coaster 5,000 m/t | $64.00 | Steady | |
Ukraine to Turkey – coaster 5,000 m/t | $65.00 | Steady | |
Ukraine to Egypt – coaster 5,000 m/t | $65.00 | Steady | |
Baltic Dry Index | 1876 | Up 155 | |
Baltic Capesize Index | 2673 | Up 501 | |
Baltic Panamax Index | 1884 | Down 32 | |
Baltic Supramax Index | 1458 | Up 64 | |
Baltic Handisize Index | 729 | Up 7 | |
Global Container Index - Freightos | 2560 | Up 62 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR May 2024/July 2024
Wheat, USA Soft Red Winter, US Gulf | USD 245<<250 Aug | |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 275<<282 Aug | |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 205<<210 Aug | |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 215<<220 Aug | |
Wheat, Romania 12.5 pro | USD 225<<230 Aug | |
Wheat, Superior, France, Rouen | USD 228/231 Spot | |
Wheat, milling, 12.0%, Argentina, Upriver | USD 245<<250 Aug | |
Wheat, feed, Black Sea | USD 190/200 | |
Barley, France, Rouen port | USD 214/218 | |
Barley, feed, Argentina, upriver | USD 205/210 | |
Barley, feed, Black Sea, 30,000+ | USD 180/185 | |
Barley, feed, Australia | USD 240/245 | |
Corn, 2YC FOB NOLA USA | USD 203<<208 Aug | |
Corn, 3YC FOB USA Pacific northwest | USD 230<<235 Aug | |
Corn, FOB Argentina port, upriver | USD 200>>195 Aug | |
Corn, FOB Brazil port | USD 215>>200 Aug | |
Corn, FOB France – Atlantic | USD 222<<230 Aug | |
Corn, FOB Romania | USD 195<<200 Aug | |
Corn, FOB Russia | USD 185<<190 Aug | |
Corn, FOB Ukraine, 30,000+ m/t | USD 185<<190 Aug | |
Sorghum, FOB Argentina port | USD 260/270 | |
Sorghum, FOB Texas | USD 250<<254 Aug | |
Soymeal, 48% protein, FOB NOLA | USD 445>>435 Aug | |
Soymeal, 48% protein, USA, Rotterdam | USD 470>>465 Aug | |
Soymeal, 47% pro, FOB Argentina | USD 430>>425 Aug | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 445/450 | |
Soymeal, 48% protein, FOB Brazil | USD 415<<420 Aug | |
Soybeans, FOB NOLA | USD 465<<470 Aug | |
Soybeans, Argentina, FOB | USD 445<<450 Aug | |
Soybeans, Brazil, FOB | USD 450<<460 Aug | |
Soybeans, Black Sea | USD 450<<460 Aug | |
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 195/205 | |
USA corn coproduct prices were lower this week which is very interesting with soymeal up strongly. One would expect that next week prices should move higher.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Total catch in the North/Central region of Peru is now at 885,000 m/t leaving 1.59 million m/t on the quota. Fishmeal production is estimated at 197,000 m/t with fishoil at just over 25,000 m/t. The overall average juvenile level is at 59%.
MSI Ceres reports this week that as much as 370,000 mt of fishmeal may be sold forward in Peru and they report that Peru export fishmeal prices are steady. However, a shortage of super prime could push prices for better grades upward.
Peru celebrated May Day this week so it was a short week for most everyone but all will be back to normal on Monday.
We are all hoping that the good fishing will continue – perhaps with the juvenile level falling.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,700 |
Danish standard fishmeal | 71% protein | 1,890 |
Peru fishmeal | 65% protein | 1,670 |
Chile fishmeal | 66% protein | 1,700 |
Iceland fishmeal | 71% protein | 1,835 |
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 | 5,000 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 8,500+ | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
