Weekly Agri- Commodities Recap: 29/07-02/08/24
Aug 05, 2024
Monday started with weaker futures markets as Russian wheat production increased while French wheat faced quality issues due to adverse weather. Algeria bought 100,000 tons of barley at around USD 218.80. Russia's central bank raised interest rates to 18%. Net short positions in wheat, corn, and soybeans were reduced.
Tuesday saw wheat futures recover nicely after an early dip, with corn and soybeans also slightly improved. Russian wheat prices hovered around USD 220. The Swiss grain harvest was disappointing, with yields down 30% due to a wet spring, mirroring poor results in France. Tunisia announced a tender for 125,000 metric tons of soft milling wheat and 50,000 tons of durum wheat. USDA export inspections showed strong numbers for soybeans, wheat, and corn.
Wednesday futures markets closed weaker, starting the day in the red. The cash grain market felt weaker with increased offers from the Black Sea region and subdued demand. U.S. corn and wheat looked attractive due to competitive prices. Brazil saw strong movement with farmers bringing soybeans and corn to market, with the corn harvest advancing rapidly. Tunisia acquired 125,000 metric tons of soft milling wheat and 50,000 metric tons of durum wheat.
Thursday saw Chicago corn futures drop below USD 4.00 for the first time in four years. Wheat markets were mixed, while the bean oil share gained. Jordan passed on a barley tender but will issue a new one on August 7. Cash grain markets were quiet, with Russian wheat showing a weaker tone. The French wheat harvest continued to disappoint. Taiwan's MFIG purchased 65,000 metric tons of Brazilian corn, and Ukraine’s 2024 grain forecast was reduced to 71.8 million metric tons due to heatwaves. Friday saw slight short covering in CBOT due to a weaker U.S. dollar, though European prices stayed weak. The USDA reported a private sale of 202,000 tons of soybeans to China for the 2024/2025 marketing year. Funds reduced their net short in corn while increasing their net short in soybeans. Concerns about a potential U.S. recession impacted global markets and currencies, offering some short-term support for CBOT prices. Weather forecasts suggest favorable conditions for harvest progress in France.
Weekly Recaps
Freight
Freight Recap:
18/04/25
Apr 18, 2025
The Atlantic market saw further pressure with rates declining across most routes. Despite some vessel movement toward South America on hopes of stronger grain activity, this has not translated into stronger sentiment. The region remains oversupplied, and charterers continue to dictate terms, keeping offers low and confidence weak.
Commodities
Agri- Commodities:
7/4- 11/4/25 Agri
Apr 15, 2025
Grain markets began the week relatively stable, despite heightened volatility in U.S. financial markets. The threat of escalating trade tensions between the U.S. and China remained a significant concern, as President Trump proposed additional tariffs on Chinese imports. In the grain markets, U.S. export inspections for soybeans and corn were strong, while wheat inspections fell short of expectations.
Freight
Freight Recap:
10/04/25
Apr 10, 2025
Atlantic: The market remained under pressure with falling rates driven by oversupply and limited fresh demand. While some activity was seen out of South America, it wasn’t enough to shift sentiment. Charterers maintained control, and offers remained far apart from bids, especially on transatlantic routes. Overall, market participants remained cautious, with attention also diverted by global financial uncertainty.
Commodities
Agri- Commodities:
31/3- 4/4/25 Agri
Apr 07, 2025
Grain markets kicked off the week digesting the USDA’s planting intentions report, which offered mild support to wheat and modest pressure on corn. However, corn still managed to finish higher for the old crop, while soybeans slipped slightly. Export inspections showed strong performance for corn and solid showings for wheat and soybeans. Winter wheat conditions held steady in Kansas but declined in Texas and Oklahoma. Market attention began shifting toward President Trump’s anticipated tariff announcement, raising questions over potential trade fallout.
