Weekly Agri- Commodities Recap: 01-05/07/24
Jul 08, 2024
The week started with wheat prices rebounded over 2%, while corn remained pressured. Saudi Arabia’s GFSA bought 235,000 tons of milling wheat, less than expected. Russian wheat prices fell to $226 per ton FOB. Ukraine’s grain exports rose to 50.8 million metric tons (mmt), but a lower 2024 crop forecast suggests reduced future exports. US export inspections were unimpressive, with corn and soybean conditions holding steady and the winter wheat harvest advancing to 54%.
On Tuesday wheat prices reversed amid a lack of supportive news. Corn initially rallied due to oversold conditions and a USDA flash sale but later gave back gains. The USDA confirmed a corn sale to Colombia, and Jordan canceled its wheat tender due to high prices.
On Wednesday wheat briefly rallied on news of attacks on Russian ports but fell back on improved Russian production forecasts. SovEcon raised their Russian wheat production forecast by 3.4 mmt to 84.1 mmt. Tunisia issued new wheat tenders, and Jordan purchased feed barley. Significant fund selling was noted in MATIF milling wheat.
Thursday showed MATIF milling wheat closed higher in low-volume trading. Tunisia bought 100,000 tons of soft wheat and 50,000 tons of durum wheat. The USDA attaché in China predicted increased corn demand, while the Czech Republic forecasted a 12% drop in wheat production.
The week ended with strong Grains , led by US wheat futures. French wheat conditions deteriorated, with only 58% rated good/excellent. The projected yield drop suggests the smallest crop since 2016. US wheat export sales were robust, reaching a marketing year high. Slowing US job growth hinted at possible Federal Reserve rate cuts.
Weekly Recaps
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Agri- Commodities:
11-15/08/25 Agri
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Grain markets experienced another volatile week as political developments, trade disputes, and bearish USDA data drove sentiment. Early in the week, soybeans surged on speculation that Chinese buying might resume following Donald Trump’s extension of tariff pauses, but corn and wheat failed to follow. Export inspections painted a mixed picture, with corn and soybeans performing well while wheat lagged. The USDA’s August WASDE loomed large over the market, with traders bracing for higher yield estimates.
Freight
Freight Recap:
14/08/25
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Commodities
Agri- Commodities:
04–08/08/25 Agri
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Grain markets swung sharply this week, rebounding midweek before easing, driven by yield outlooks, export data, and geopolitical headlines.
Freight
Freight Recap:
7/08/25
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Port of Callao halted operations after an Evergreen ship lost 50 containers during rough weather. Meanwhile, July's freight data shows the market stuck in a supply-heavy “holding pattern,” with capacity expanding but pricing rising faster — suggesting a slow, uneven recovery in logistics and transportation
