Hammersmith Reports
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WEEKLY USA GRAIN AND PROTEIN REPORT March 23, 2024
US wheat prices were higher due to the action of the EU in approving an import tariff on Russian grains. The new EU tariff pushed European wheat prices up by about USD 8 m/t and had the same effect on US wheat prices. If Russian wheat is priced out if the EU market due to the new tariffs, the domestic demand for EU wheat will increase which could mean reduced EU wheat exports and the possibility of increased US wheat exports.
There was not much in the corn market to affect prices this week although lowered estimates for the Argentina corn crop was bullish but didn’t seem to affect prices. Corn still looks to be a little bearish but could move to bullish depending on the Brazil crop estimates for the later corn crop.
While soybeans were lower there didn’t seem to be much reason for the weakness. Some trade reports suggested that the weakness in soybeans is due to the expectation of higher levels in next week’s Grain Stocks and Planting Intentions report.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $32.00 | Up $5.00 | |
$32.00 | Up $5.00 | ||
US Gulf Israel: Panamax m/t | $28.00 | Up $3.00 | |
US Gulf to Egypt: Panamax | $28.00 | Up $3.00 | |
US Gulf Turkey: Panamax m/t | $29.00 | Up $3.00 | |
US Gulf Morocco: Handi | $40.00 | Steady | |
US Gulf Algeria/Tunisia: Handi | $41.00 | Steady | |
$36.00 | Down $2.00 | ||
US Gulf other Med: Handi | $42.00 | Steady | |
US Gulf South Africa: Handi | $41.00 | Steady | |
US Gulf India : Panamax | $51.00 | New | |
US Gulf to Philippines: Panamax | $52.00 | Steady | |
US Gulf Japan: Panamax | $59.00 | Up $5.00 | |
US Gulf China: Panamax | $58.00 | Up $5.00 | |
US PNW Egypt: Panamax via Panama | $47.00 | Steady | |
US PNW South Africa – 40,000 m/t | $65.00 | Steady | |
US PNW Philippines: Panamax | $35.00 | Down $1.00 | |
US PNW Japan: Panamax | $30.00 | Up $2.00 | |
US PNW China: Panamax | $29.00 | Up $2.00 | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $00.00 | Closed | |
US Lakes – Morocco – 30,000 m/t | $00.00 | Closed | |
France/Germany to Algeria: Handi | $32.00 | Steady | |
France/Germany to China: Panamax | $74.00 | Steady | |
France/Germany to Egypt: Panamax | $34.00 | Steady | |
France/Germany to Iran: Panamax | $42.00 | Steady | |
France/Germany to Jordan | $40.00 | 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 | $59.00 | Up $5.00 | |
Argentina to Japan: Panamax | $60.00 | Up $5.00 | |
Argentina to Egypt: Panamax | $53.00 | Steady | |
Argentina to Europe: Panamax | $29.00 | 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 | Down $1.00 | |
Argentina to South Africa: Panamax | $35.00 | Steady | |
Argentina to Kenya: Handi | $57.00 | Steady | |
Argentina to Spain: Panamax | $29.00 | Steady | |
Argentina to Tunisia: Handi | $62.00 | Steady | |
Brazil to Algeria/Tunisia: Handi | $50.00 | Steady | |
Brazil to China: Panamax | $53.00 | Up $1.00 | |
Brazil to Japan: Panamax | $54.00 | Up $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 | $55.00 | Up $1.00 | |
Australia to Europe: Panamax | $64.00 | Up $1.00 | |
Black Sea freight | |||
Black Sea to China: Panamax | $65 Russia | Ukraine $66 | |
Black Sea to Indonesia: Panamax | $59 Russia | Ukraine $77 | |
Black Sea to Egypt: 40/50,000 | $22 Russia | Ukraine $30 | |
Black Sea to Egypt: 30,000 | $24 Russia | Ukraine $28 | |
Black Sea to Iran: Panamax | $57 Russia | Ukraine $62 | |
Black Sea to Europe: Panamax | $27 Russia | Ukraine $37 | |
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 | $33 Russia | Ukraine $40 | |
Black Sea to Saudi: Panamax | $46 Russia | Ukraine $70 | |
Black Sea to Turkey – Handi | $19 Russia | Ukraine $25 | |
Black Sea to South Africa – Handi | $57.00 | Steady | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $28.00 | Down $2.00 | |
Russia to Egypt – coaster 5,000 m/t | $83.00 | Steady | |
Ukraine to Turkey – coaster 5,000 m/t | $65.00 | Steady | |
Ukraine to Egypt – coaster 5,000 m/t | $65.00 | Down $1.00 | |
Baltic Dry Index | 2196 | Down 178 | |
Baltic Capesize Index | 3482 | Down 537 | |
Baltic Panamax Index | 2365 | Up 131 | |
Baltic Supramax Index | 1383 | Up 57 | |
Baltic Handisize Index | 795 | up 14 | |
Global Container Index - Freightos | 2623 | Down 245 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR April 2024/June 2024
Wheat, USA Soft Red Winter, US Gulf | USD 228<<231 July | X |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 262>>257 July | X |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 192>>185 July | X |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 203>>198 July | X |
Wheat, Romania 12.5 pro | USD 215<<225 July | X |
Wheat, Superior, France, Rouen | USD 218/221 Spot | X |
Wheat, milling, 12.0%, Argentina, Upriver | USD 220<<230 July | X |
Wheat, feed, Black Sea | USD 180/185 | X |
Barley, France, Rouen port | USD 205/210 | X |
Barley, feed, Argentina, upriver | USD 190/195 | X |
Barley, feed, Black Sea, 30,000+ | USD 170/175 | X |
Barley, feed, Australia | USD 235/240 | X |
Corn, 2YC FOB NOLA USA | USD 195<<200 July | X |
Corn, 3YC FOB USA Pacific northwest | USD 219<<225 July | X |
Corn, FOB Argentina port, upriver | USD 192>>187 July | X |
Corn, FOB Brazil port | USD 195<<200 July | x |
Corn, FOB France – Atlantic | USD 212<<217 July | X |
Corn, FOB Romania | USD 192<<197 July | X |
Corn, FOB Russia | USD 175<<180 July | X |
Corn, FOB Ukraine, 30,000+ m/t | USD 172<<178 July | X |
Sorghum, FOB Argentina port | USD 280/290 | x |
Sorghum, FOB Texas | USD 259>>252 June | X |
Soymeal, 48% protein, FOB NOLA | USD 395>>390 July | x |
Soymeal, 48% protein, USA, Rotterdam | USD 425>>420 July | X |
Soymeal, 47% pro, FOB Argentina | USD 385>>380 July | X |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 435/440 | X |
Soymeal, 48% protein, FOB Brazil | USD 375<<380 July | X |
Soybeans, FOB NOLA | USD 460<<465 July | X |
Soybeans, Argentina, FOB | USD 430<<435 July | X |
Soybeans, Brazil, FOB | USD 435>>450 July | X |
Soybeans, Black Sea | USD 430<<440 July | x |
Corn Gluten Meal, USA FOB NOLA | USD 560/570 | x |
Corn Gluten Feed, USA FOB NOLA | USD 210/220 | X |
DDGS corn, 35 profat, USA FOB NOLA | USD 225>>220 July | X |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Little or no catch in the Southern fishing area of Peru. The total now is only 77 m/t against the 251,000 m/t quota. The fishing fleet is now reported to be on hold until after Easter.
Reports say that the current IMARPE research cruise is showing good biomass levels but very high levels of juvenile anchovy.
Fishmeal prices for the next season seem to have weakened a little. There is really very little activity in buying/selling the next season, so prices seem to be just drifting a little with no good reason for any lower prices.
Trade reports continue to be full of comments on the El Nino situation --- mainly because that is about all there is to talk about these days.
Reports are also speculating on the next North Central quota with estimate in a very wide range from 1.5 million m/t to 3.0 mm/t. At this moment it is all just guessing with no facts to work on except the past quotas over a bunch of years. And, the trade reports lean toward early April as the start of the new season – another guess.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,720 |
Danish standard fishmeal | 71% protein | 1,945 |
Peru fishmeal | 65% protein | 1,900 |
Chile fishmeal | 66% protein | 1,920 |
Iceland fishmeal | 71% protein | 1,900 |
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 | 1600/1620 | |
67% protein 150 TVN | 1700/1720 | |
67% protein 120 TVN | 1800/1820 | 1770/1790 |
67% protein 1000 hist, 120 TVN | 1900/1900 | 1870/1890 |
68% protein 500 hist, 100 TVN | 2030/2050 | 2000/2020 |
Fish oil, crude bulk | No prices | No prices |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 12,000+ | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon