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:
04/12/25
Dec 04, 2025
The dry bulk market saw a generally mixed performance, with Handysize remaining supported in the Atlantic, Supramax showing uneven movement across regions, and Panamax continuing its correction as rising vessel supply weighed on sentiment. Atlantic dynamics were split between firmer US Gulf/US East Coast activity in the smaller segments and softer conditions for Panamax. In the Pacific, muted enquiry and longer lists contributed to a softer tone, especially in NoPac, though isolated strength persisted in Australian coal.
Commodities
Agri- Commodities:
24-28/11/25 Agri
Dec 01, 2025
Wheat opened the week lower after Saudi Arabia’s tender came in sharply priced, while soybeans and corn also finished slightly weaker. Market reaction to the Trump–Xi call remained muted, particularly for soybeans, where repeated political signals have not delivered the expected demand. Saudi Arabia’s GFSA bought 300k tons of wheat for March–April arrival at $257.96–$259.74/t CnF, roughly $5–$5.50 below the previous tender, with February slots skipped. Russian 12.5% protein wheat eased by $1 to $228/t FOB according to IKAR, and MARS reported that winter-cereal sowing in Europe is largely complete under mostly favorable conditions. US winter wheat conditions improved to 48% good/excellent, two points above the five-year average.
USDA confirmed private sales of 123k tons of US soybeans to China, bringing known 25/26 sales to 1.94 mmt, with an additional 0.62 mmt sold to “unknown” since October. Weekly US export inspections showed 799k tons of soybeans, 1,632k tons of corn, and 475k tons of wheat. No soybeans were shipped to China, leaving total inspections well behind last year’s levels.
Freight
Freight Recap:
27/11/25
Nov 27, 2025
The dry bulk market showed a mostly subdued performance, with Handysize and Supramax sentiment remaining soft across both basins and Panamax maintaining a firm, steady tone driven by continued grain activity. The Atlantic saw mixed conditions, with smaller segments facing limited enquiry while Panamax benefitted from solid U.S. Gulf and East Coast support. In the Pacific, Handy/Supra sectors stayed muted, whereas Panamax demand from Indonesia and Japan kept momentum intact despite some easing in Chinese interest.
Commodities
Agri- Commodities:
17-21/11/25 Agri
Nov 24, 2025
The rebound in soybeans and Chicago wheat was even more impressive than Friday’s plunge, driven this time by actual Chinese purchases rather than political promises. US wheat rallied alongside soybeans on talk of Chinese demand, though without confirmation that wheat was included, while MATIF wheat lagged despite a weaker EUR/USD. USDA corrected Friday’s missing flash sales by trimming US soybean sales to China by 100k tons, yet sentiment stayed upbeat on reports that China bought at least 14 US cargoes. NOPA reported a record October crush of 227.65 mbu, suggesting stronger domestic use may offset some export weakness. Weekly inspections showed soybeans at 1,176k tons, corn at 2,054k tons, and wheat at 247k tons; cumulative soybean inspections remain down 7.5 mmt y/y while corn is up 6.7 mmt.
Russian 12.5% wheat FOB for late December fell $3 w/w to $229/t, while Poland reported sabotage on a key rail line used to send aid and weapons to Ukraine. Based on cumulative inspections so far this marketing year, wheat needs to maintain last year’s pace to meet USDA’s export forecast, soybeans need to accelerate, and corn could afford to slow.
