Weekly Agri- Commodities Recap: 15-19/07/24
Jul 22, 2024
European wheat futures fell to a three-month low on Monday due to large U.S. and Russian harvest expectations and poor French crop prospects. Chicago wheat prices also dropped following a USDA report on higher U.S. production. Corn futures hit record lows amid favorable Midwest weather. Russia's IKAR raised its wheat crop forecast to 83.2 million metric tons. U.S. crop conditions remained stable, with spring wheat at 77% good/excellent.
On Tuesday, CBOT September corn rose slightly as traders took advantage of low prices. Wheat futures continued to decline, pressured by the Northern Hemisphere harvest and cheap Russian wheat. Egypt's GASC bought 770,000 metric tons of wheat, primarily from Russia. Ukraine exported 2.3 million metric tons of agricultural goods, with significant volumes of corn and wheat.
Wednesday saw modest gains in CBOT corn, though favorable Midwest weather capped increases. Wheat prices stabilized with a weaker dollar, and European wheat futures rose due to strong import demand. Algeria's OAIC purchased 770,000 metric tons of milling wheat. Jordan did not buy barley but plans a new tender. Romania reported drought damage to corn and sunflowers, with less impact on wheat.
On Thursday, Central and Northern European wheat markets paused as harvests began, with lower protein levels but higher yields. The Black Sea region sold 1.6 million metric tons of wheat for August and September. Tunisia announced a tender for 100,000 metric tons of animal feed barley. The International Grains Council raised its global grains production forecast, though stocks are expected to fall.
European wheat futures rose 4% on Friday due to poor French crop conditions. Ukraine's harvest reached 13.8 million metric tons, with significant wheat volumes. Tunisia likely purchased 100,000 metric tons of feed barley. CFTC-CBOT data showed a reduction in wheat speculators' short positions. Russia's IKAR revised its grain harvest forecast down to 128 million tons, with expected drops in barley and corn production.
Weekly Recaps
Freight
Freight Recap:
03/07/25
Jul 03, 2025
The Panamax market held broadly steady this week, though signs of softening began to emerge toward the close, particularly in areas where prompt tonnage began to outpace fresh demand. Across the Atlantic, sentiment remained mixed.
Commodities
Agri- Commodities:
23–27/06/25 Agri
Jun 30, 2025
The week opened with a sharp pullback across grain markets as the geopolitical risk premium evaporated following U.S. President Trump’s announcement of a ceasefire between Iran and Israel. While the truce remained fragile—lacking official confirmation from Israel—market sentiment quickly pivoted back to fundamentals. Pressure mounted as U.S. crop conditions were mixed and EU wheat yield projections were revised higher, particularly in southern and eastern Europe. U.S. export inspections provided little optimism, with soybeans and wheat underperforming, and fund positioning indicated heavy corn selling alongside increased soybean buying.
Freight
Freight Recap:
26/06/25
Jun 19, 2025
The Panamax market continued to show resilience this week, holding around the USD 12,800/day level on the 5TC index. Gains were seen across both basins, driven by steady demand and tightening tonnage in key loading areas.
Commodities
Agri- Commodities:
16–20/06/25 Agri
Jun 23, 2025
Monday opened with wheat and corn giving back gains from the prior session, pressured by generally favorable U.S. crop outlooks. Corn conditions improved to 72% good-to-excellent (G/E), aligning with last year’s level, while soybean ratings declined to 66% G/E. Winter wheat condition unexpectedly slipped, and harvest progress remained significantly delayed. Export inspections showed continued strength for corn, while soybean oil surged on tighter-than-expected NOPA stocks. Geopolitics hovered in the background as Iran signaled a desire to avoid escalation with Israel, while Turkey offered to mediate talks.
