Agri- Commodities: 14/4- 18/4/25
Apr 22, 2025
Monday Grain markets began the week on a softer note, reversing much of Friday’s gains. Wheat futures—particularly Kansas—fell as forecasts turned wetter across the U.S. Plains, easing drought concerns. Corn prices also slipped slightly after a seven-day rally, likely due to light profit-taking. U.S. winter wheat conditions declined marginally to 47% good/excellent, consistent with expectations but still well below last year’s 55%. Spring wheat planting reached 7%, and corn and soybean planting made early progress, both in line with five-year averages. In Ukraine, spring sowing was delayed by cold weather and snow, though the setback is not seen as critical. However, wheat exports from Ukraine remain slow, casting doubt on reaching the season target. Russian wheat prices eased slightly to $250/ton FOB. Meanwhile, U.S. export inspections showed strong corn and wheat volumes, with soybean numbers stable. China’s soybean imports hit their lowest March level since 2008 due to delays in Brazil’s harvest and tariffs.
Tuesday Tuesday was subdued across grain markets, with prices trending slightly lower in quiet trading. The market awaited results from Algeria’s wheat tender, a potential catalyst for wheat prices. Jordan booked wheat at a marginally lower price, while France revised up its winter wheat area estimate by 40k hectares, increasing production potential by 300k tons. Argentina also raised its upcoming wheat output forecast by over 10%, helped by favorable weather. U.S. private corn sales to Portugal continued the recent uptick in EU demand, while the soybean crush in March was slightly below expectations but still above February’s figures.
Wednesday Grain prices were mixed midweek. CBOT posted gains, while MATIF wheat slipped after it was revealed French wheat was likely excluded from Algeria’s latest purchases. The EUR/USD rose sharply, adding pressure on European grain. Algeria secured up to 630k tons of wheat, while Tunisia, Jordan, and Iran issued fresh tenders, signaling active demand. In France, soft wheat export forecasts were trimmed slightly, though ending stocks were revised down as well. EU wheat exports reached 16.67 mmt, with actual shipments likely closer to 19.4 mmt. India’s wheat reserves hit a three-year high, and speculative traders reduced short positions in MATIF wheat, though futures still slipped. U.S. markets faced broader pressure after Jerome Powell warned that new tariffs could complicate the Fed’s economic goals.
Thursday Markets were quiet ahead of the Easter holiday, with trading volumes thin and price moves modest. Russian wheat output was revised up slightly to 79.7 mmt, while the IGC trimmed its global 2025/26 wheat forecast but raised corn output expectations. Tunisia purchased 75,000 tons of wheat at an average price of $263.89 per ton C&F. U.S. weekly export sales were within expectations across all major grains. The ECB cut interest rates again to combat slow eurozone growth and U.S. tariff pressure, while Trump renewed criticism of Jerome Powell, calling for rate cuts. Despite the noise, currency markets remained relatively calm.
Weekly Recaps
Freight
Freight Recap:
29/05/25
May 29, 2025
The Atlantic market struggled with weak sentiment throughout the week. Following recent holidays, demand remained soft and fresh cargoes were limited, particularly in the North. In the South, while some fixing activity was noted, oversupply of ships continued to weigh heavily on rates. Owners faced increasing pressure as charterers held firm, and some vessels were reported fixing below last done.
Commodities
Agri- Commodities:
19-23/5/25 Agri
May 26, 2025
Grain markets exhibited volatility throughout Week 21, with wheat prices leading a mid-week rally before easing slightly into the weekend. Early in the week, MATIF milling wheat weakened in response to Saudi Arabia’s tender, which confirmed continued preference for competitively priced Black Sea wheat. Meanwhile, CBOT futures found strength, buoyed by a broader risk-on sentiment in financial markets after a brief dip following Moody’s downgrade of the U.S. credit rating. U.S. corn inspections came in strong, and planting progress remained well ahead of the five-year average, though winter wheat conditions unexpectedly declined. On the geopolitical front, markets briefly reacted to the news of prospective ceasefire talks between Ukraine and Russia, although subsequent clarifications tempered expectations.
Freight
Freight Recap:
21/05/25
May 21, 2025
The Handysize segment saw mild gains in most Atlantic regions. The Continent and Mediterranean moved slightly higher, while the US Gulf and South Atlantic markets remained balanced, helped by steady cargo flows and tighter prompt tonnage. Sentiment was stable to slightly firmer across the basin.
Commodities
Agri- Commodities:
12-16/5/25 Agri
May 19, 2025
Monday kicked off with a flurry of major developments. The USDA’s first 2025/26 crop year projections revealed tighter-than-expected corn and soybean ending stocks, lifting those markets, though wheat futures lagged on a more bearish supply outlook. Meanwhile, U.S.-China trade optimism resurfaced after both sides agreed to a 90-day mutual tariff rollback, triggering gains in soybeans and financial markets. U.S. crop planting made notable headway, while winter wheat ratings improved by three points to 54% good to excellent.
