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WEEKLY USA GRAIN AND PROTEIN REPORT April 13, 2024
This week was USDA WASDE week and prices didn’t seem to get too excited after the report. Most experts felt that the report was bearish for US grains and oilseeds due to higher than expected carryover stocks of all items.
The USDA made almost no change in world stocks numbers from the last report.
Corn prices were down on the week by about USD 4 to 5 m/t but there didn’t seem to be much reason for lower prices as most experts felt that the WASDE was quite neutral for corn. So, it seems that it was just a little emotion that pushed corn lower as the week ended.
Soybeans had a down week all week with market prices ending up down by more than USD 10 m/t – everyday this week soybeans slipped lower. The WASDE report didn’t make any serious changes to US numbers so the soybean market is just a bearish market with little WASDE effect. Soymeal prices were actually up in the week by about USD 5 m/t.
After the WASDE report all wheat prices dropped lower by USD 3 to 6 m/t, depending on the type. Wheat had looked to want to go higher this week as a result of the drought in the wheat belt but the small bearish changes made by the WASDE seemed to get the market in the mood for lower prices. The general feeling is that US wheat prices should move higher if the lack of rainfall continues.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $26.00 | Down $2.00 | |
$26.00 | Down $2.00 | ||
US Gulf Israel: Panamax m/t | $24.00 | Down $2.00 | |
US Gulf to Egypt: Panamax | $24.00 | Down $2.00 | |
US Gulf Turkey: Panamax m/t | $25.00 | Down $2.00 | |
US Gulf Morocco: Handi | $39.00 | Down $1.00 | |
US Gulf Algeria/Tunisia: Handi | $40.00 | Down $1.00 | |
$36.00 | Steady | ||
US Gulf other Med: Handi | $41.00 | Down $1.00 | |
US Gulf South Africa: Handi | $41.00 | Steady | |
US Gulf India : Panamax | $51.00 | Steady | |
US Gulf to Philippines: Panamax | $52.00 | Steady | |
US Gulf Japan: Panamax | $52.00 | Down $1.00 | |
US Gulf China: Panamax | $51.00 | Down $1.00 | |
US PNW Egypt: Panamax via Panama | $47.00 | Steady | |
US PNW South Africa – 40,000 m/t | $65.00 | Steady | |
US PNW Philippines: Panamax | $34.00 | Down $1.00 | |
US PNW Japan: Panamax | $26.00 | Down $1.00 | |
US PNW China: Panamax | $25.00 | Down $1.00 | |
US East Coast Nigeria: Handisize | $45.00 | Steady | |
US Lakes – Europe – 30,000 m/t | $51.00 | Steady | |
US Lakes – Morocco – 30,000 m/t | $57.00 | Up $1.00 | |
France/Germany to Algeria: Handi | $32.00 | Steady | |
France/Germany to China: Panamax | $73.00 | 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 | $51.00 | Down $1.00 | |
Argentina to Japan: Panamax | $52.00 | 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 | Steady | |
Brazil to Japan: Panamax | $49.00 | Steady | |
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 | $57.00 | Up $1.00 | |
Australia to Europe: Panamax | $66.00 | Up $1.00 | |
South Africa to Italy -- Handisize | $46.00 | New | |
South Africa to Turkey – Handisize | $47.00 | New | |
South Africa to Japan – Handisize | $41.00 | New | |
South Africa to China -- Handisize | $42.00 | New | |
Black Sea freight | |||
Black Sea to China: Panamax | $65 Russia | Ukraine $62 | |
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 | $56 Russia | Ukraine $61 | |
Black Sea to Europe: Panamax | $27 Russia | Ukraine $35 | |
Black Sea to Morocco – Handi | $30 Russia | Ukraine $40 | |
Black Sea to Tunisia/Algeria – Handi | $29 Russia | Ukraine $39 | |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $52 | |
Black Sea to Libya – Handi | $30 Russia | Ukraine $40 | |
Black Sea to Saudi: Panamax | $49 Russia | Ukraine $70 | |
Black Sea to Turkey – Handi | $19 Russia | Ukraine $24 | |
Black Sea to South Africa – Handi | $57.00 | Steady | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $40.00 | Steady | |
Russia to Egypt – coaster 5,000 m/t | $66.00 | Steady | |
Ukraine to Turkey – coaster 5,000 m/t | $65.00 | Steady | |
Ukraine to Egypt – coaster 5,000 m/t | $65.00 | Steady | |
Baltic Dry Index | 1729 | Up 101 | |
Baltic Capesize Index | 2552 | Up 278 | |
Baltic Panamax Index | 1713 | Up 18 | |
Baltic Supramax Index | 1272 | Up 11 | |
Baltic Handisize Index | 722 | Down 13 | |
Global Container Index - Freightos | 2498 | Up 36 | |
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR April 2024/June 2024
Wheat, USA Soft Red Winter, US Gulf | USD 223<<228 July | X |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 252<<256 July | X |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 195>>190 July | x |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 210>>205 July | X |
Wheat, Romania 12.5 pro | USD 215<<220 July | X |
Wheat, Superior, France, Rouen | USD 217/220 Spot | X |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<240 July | X |
Wheat, feed, Black Sea | USD 180/190 | X |
Barley, France, Rouen port | USD 205/210 | |
Barley, feed, Argentina, upriver | USD 185/190 | |
Barley, feed, Black Sea, 30,000+ | USD 180/185 | |
Barley, feed, Australia | USD 235/240 | |
Corn, 2YC FOB NOLA USA | USD 195<<200 July | X |
Corn, 3YC FOB USA Pacific northwest | USD 225<<230 July | X |
Corn, FOB Argentina port, upriver | USD 190>>185 July | X |
Corn, FOB Brazil port | USD 210>>200 July | X |
Corn, FOB France – Atlantic | USD 212<<218 July | X |
Corn, FOB Romania | USD 200<<205 July | X |
Corn, FOB Russia | USD 175<<180 July | X |
Corn, FOB Ukraine, 30,000+ m/t | USD 175<<180 July | X |
Sorghum, FOB Argentina port | USD 270/280 | X |
Sorghum, FOB Texas | USD 257>>250 June | X |
Soymeal, 48% protein, FOB NOLA | USD 400<<405 July | |
Soymeal, 48% protein, USA, Rotterdam | USD 430>>435 July | |
Soymeal, 47% pro, FOB Argentina | USD 390>>380 July | |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 415/420 | |
Soymeal, 48% protein, FOB Brazil | USD 375<<380 July | |
Soybeans, FOB NOLA | USD 450<<455 July | |
Soybeans, Argentina, FOB | USD 430<<435 July | |
Soybeans, Brazil, FOB | USD 430>>445 July | |
Soybeans, Black Sea | USD 425<<430 July | |
Corn Gluten Meal, USA FOB NOLA | USD 540/550 | |
Corn Gluten Feed, USA FOB NOLA | USD 190/200 | |
DDGS corn, 35 profat, USA FOB NOLA | USD 195/200 | |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
So now we have a new fishing quota and a pretty impressive quota it is --- 2,475,000 m/t of catch which should yield about 590,000 m/t of fishmeal. Fishing under the new North/Central quota begins on April 16, 2024.
There doesn’t seem to have been any change in prices after the quota was announced although trade reports say that the Chinese have lowered their bid prices.
Trade reports this week also mentioned that the juvenile level remains very high in some of the fishing areas which will probably mean a good number of mini fishing bans once the catch gets started.
It is expected that not much will happen with prices until we have seen some fishing in order to determine exactly what the fishing conditions are and how the catch is.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,685 |
Danish standard fishmeal | 71% protein | 1,910 |
Peru fishmeal | 65% protein | 1,790 |
Chile fishmeal | 66% protein | 1,840 |
Iceland fishmeal | 71% protein | 1,875 |
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 | 1720/1740 |
67% protein 1000 hist, 120 TVN | 1800/1820 | 1850/1870 |
68% protein 500 hist, 100 TVN | 1900/1920 | 1930/1950 |
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 | 12,000+ | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
