Agri- Commodities: 09-13/09/24
Sep 16, 2024
The week started with subdued trading for wheat and corn, both remaining within narrow ranges, while oilseeds rebounded from Friday’s losses. The U.S. Crop Progress report provided little support for higher prices, leading to slight declines in corn and soybeans. Russian wheat prices eased to $215 per ton, with crop forecasts lowered to 82.2 million metric tons (mmt). U.S. corn harvest progress reached 5%, with conditions dropping to 64% Good/Excellent, while soybeans held steady at 65%. In Canada, wheat stocks fell to 4.58 mmt, lower than last year’s levels.
On Tuesday, soybean prices tumbled over 2% following better-than-expected U.S. crop ratings, while corn saw moderate losses. Wheat, in contrast, remained firm ahead of Wednesday's USDA report. Market expectations suggested slight reductions in U.S. corn yields but no changes for soybeans. Global wheat adjustments were also anticipated, with the EU crop forecast expected to decline by 3-4 mmt.
Middle of the week, grain prices rose across the board, led by wheat on the MATIF exchange, as traders covered short positions amid concerns over Russian crop conditions. Argentina's wheat crop was reported to be struggling, with 30% in poor condition, raising doubts over the country’s 20.5 mmt forecast. Meanwhile, inflation in the U.S. showed signs of easing, increasing the possibility of a Federal Reserve interest rate cut.
On Thursday the wheat prices briefly surged after reports of a missile strike on a grain vessel in the Black Sea, but gains were pared back following a lackluster USDA report. Corn and soybean prices rose slightly. Egypt purchased 430,000 tons of Russian wheat in a private deal, while U.S. export sales showed mixed results, with strong soybean sales but disappointing corn figures. Brazil’s CONAB slightly raised its corn estimate to 115.72 mmt, while maintaining its soybean estimate at 147.38 mmt.
Grain prices closed the week with mixed results. Wheat led gains, closing nearly 3% higher on Black Sea tensions, while oilseed prices declined, pressured by India’s move increase import duties on edible oils. Funds closed short positions aggressively across corn, soybeans, and wheat. Traders now turn their focus to the Federal Reserve’s upcoming interest rate decision, where a modest rate cut is expected to avoid inflation risks.
Weekly Recaps
Commodities
Agri- Commodities:
9-13/6/25 Agri
Jun 16, 2025
Grain markets were pulled in opposing directions throughout Week 24, as favorable crop prospects, geopolitical shocks, and U.S. policy developments generated volatile trading. The week opened with a sharp sell-off in corn and wheat, as improved U.S. crop conditions and benign weather forecasts reinforced expectations of ample supplies. Corn and wheat both fell more than 2% on Monday, effectively wiping out prior gains. U.S. crop ratings surprised to the upside, with corn at 71% good to excellent and soybeans at 68%. Concurrently, stronger forecasts for Russian and Romanian wheat harvests added further pressure, while China’s surging soybean imports – largely sourced from Brazil – highlighted its continued pivot away from U.S. origin.
Freight
Freight Recap:
12/06/25
Jun 12, 2025
The Panamax Atlantic market strengthened further, particularly in the North where limited tonnage availability led owners to raise offers.
Commodities
Agri- Commodities:
2-6/6/25 Agri
Jun 09, 2025
Grain markets opened June on a mixed footing, with wheat futures initially rallying on renewed geopolitical fears following escalations between Ukraine and Russia. However, the rally soon fizzled as U.S. crop progress data turned sentiment more bearish. Spring and winter wheat condition ratings exceeded expectations, with plantings and harvests advancing steadily. Meanwhile, USDA export inspections showed strong corn loadings, but soybeans and wheat lagged.
Freight
Freight Recap:
05/06/25
Jun 05, 2025
The Panamax Atlantic market showed signs of a strong rebound, especially in both the North and South where firmer bids and tightening tonnage contributed to rising sentiment. Fixtures suggested that some charterers may have overplayed their hand, triggering a jump in rates
