Weekly Agri- Commodities Recap: 24-28/06/24
Jul 01, 2024
The week started with wheat and corn prices continuing to decline, with September corn futures hitting new lows and December MATIF milling wheat testing the 230 Euro level. Lower prices attracted buyers, with major importers in the market. IKAR reported Russian wheat FOB prices for July shipment at $231 per ton, down by $3, and hinted at a possible upgrade in the 82 mmt Russian wheat crop forecast. Egypt's GASC and Algeria were active in the wheat market. The EU's JRC MARS lowered its 2024 soft wheat yield projection to 5.86 t/ha, suggesting a 1.2 mmt downward revision, and reduced rapeseed yield estimates slightly. US crop conditions for corn and soybeans fell to 69% and 67% G/E, respectively. The US winter wheat harvest progressed to 40%, with spring wheat conditions dropping to 71% G/E. Funds reduced their net short position in corn but increased shorts in soybeans and Chicago wheat.
Grain prices remained under pressure on Tuesday due to wetter US forecasts and low-priced Russian wheat offers. Jordan purchased 60k tons of milling wheat at $256.35 per ton CnF. GASC booked 470k tons of wheat at an average of $246.61 per ton CnF, with significant price drops in Russian wheat. EU customs data showed soft wheat exports at 29.59 mmt and corn imports at 18.62 mmt. Expectations for Friday's USDA reports included higher June 1 stocks and slight increases in planted areas for corn, soybeans, and wheat.
Wheat prices showed some resilience on Wednesday, with MATIF milling wheat outperforming Kansas and Chicago wheat due to a weaker EUR/USD. Algeria purchased 130k-150k tons of soft wheat for the August/October shipment. Ukraine reported 50.3 mmt of grain exports, surpassing the latest USDA estimate for wheat. Non-commercial participants sold MATIF milling wheat heavily and switched to a net short position in rapeseed.
On Thursday, grain prices were mixed, with wheat closing higher due to supportive news, including international tenders and strong US export sales. Saudi Arabia's GFSA issued a tender for 595k tons of wheat for September-December arrival. US weekly export sales were robust for wheat but disappointing for corn and soybeans. Canadian farmers planted 26.64 million acres of wheat, down by 1.1%, while canola acreage exceeded expectations. The European Commission raised its soft wheat production estimates and exports but reduced corn production estimates. The IGC increased its global corn production forecast but reduced the wheat production forecast.
On Friday, the USDA reports were bearish for corn, briefly sending December futures to their lowest levels since October 2020. Corn stocks were 120 mbu above expectations, suggesting harvest pressure. Soybean stocks aligned with expectations, while wheat stocks exceeded the 700 mbu level. Corn acreage was 1.122 million acres higher than expected, while soybean acreage was 0.653 million acres below expectations. All wheat acreage was reduced by 0.258 million acres. French soft wheat rated good/excellent dropped to 60%. Funds increased their net short positions in corn, soybeans, and Chicago wheat.
Weekly Recaps
Freight
Freight Recap:
20/11/25
Nov 20, 2025
The dry bulk market showed a steady but uneven performance, with Handysize activity quiet, Supramax maintaining a firm underlying tone, and Panamax supported by stronger fundamentals in both basins. The Atlantic remained broadly stable, supported by positional tightness in some regions, while the Pacific held steady despite lighter fixing. Period and voyage activity continued across segments, reflecting balanced supply and demand dynamics.
Commodities
Agri- Commodities:
10-14/11/25 Agri
Nov 17, 2025
Grain markets firmed at the start of the week as headlines about a possible end to the U.S. government shutdown lifted CBOT futures, while European wheat lagged and improved EU export competitiveness. Market participants noted that, without fresh supportive catalysts, the rally might prove short-lived. Average trade estimates placed U.S. corn and soybean harvests at 92% and 96% complete, with winter wheat 95% planted and 52% good/excellent, though official USDA data remained unavailable due to the shutdown.
Egypt’s state buyer Mostakbal Misr was reported to have bought around 500k tons of wheat for late December–January delivery, including roughly 200k tons from Russia. Russian 12.5% FOB wheat closed last week at $232/t, slightly up on the week. Brazil’s 25/26 corn crop was forecast by Safras at 143.6 mmt, well above USDA’s September estimate. U.S. export inspections showed solid corn and soybean volumes but cumulative soybean loadings remained 6.4 mmt behind last year.
Freight
Freight Recap:
13/11/25
Nov 13, 2025
The dry bulk market showed a mixed performance, with Handysize activity remaining limited, Supramax maintaining firmer sentiment, and Panamax extending its gains on stronger fundamentals. The Atlantic generally held a positive tone across most segments, while the Pacific remained steady but slower, with Asian Handysize and Supramax markets facing softer enquiry and longer tonnage lists. Period interest persisted in both Supramax and Panamax sectors, supported by balanced fundamentals and improving demand signals.
Commodities
Agri- Commodities:
03-07/11/25 Agri
Nov 10, 2025
Soybeans extended their rally on expectations of accelerating Chinese demand, while rumors of U.S. wheat sales to China lifted Chicago futures. Corn stayed firm after StoneX raised its U.S. yield estimate to 186.0 bu/acre, though many still expect revisions lower in upcoming reports. Harvest progress reached 91% for soybeans and 83% for corn, with winter wheat planting nearly complete at 91%.
Export inspections totaled 965k t of soybeans, 1.67 mmt of corn, and 350k t of wheat—broadly in line with expectations. Despite easing trade tensions, Chinese importers continued booking cheaper Brazilian soybeans, reportedly 20 cargoes for December through mid-2026. Kazakhstan’s agriculture ministry reported a 27.1 mmt total harvest, including 20.3 mmt of wheat, far above USDA’s 16 mmt estimate.
