Weekly Agri- Commodities Recap: 02-06/09/24
Sep 09, 2024
The grain market began the week with relatively muted activity. MATIF wheat traded within a narrow range and closed unchanged due to low trading volumes, partially influenced by the U.S. holiday. Analysts reported stable Russian wheat prices at $216 per ton (FOB) for mid-September shipments. Meanwhile, Australia’s ABARES revised its wheat production forecast for 2024/25 up to 31.8 million metric tons (mmt), a significant 23% increase from the previous year, while Kazakhstan reported a strong harvest of 6.4 mmt of grain from a quarter of its planted area. USDA estimates suggest potential upward revisions for both countries in the next report.
Tuesday saw renewed energy in CBOT prices, driven by fund short-covering as U.S. stocks and oil fell. U.S. corn ratings held steady at 65% good/excellent, while soybean ratings declined by 2 percentage points, possibly offering price support for soybeans. U.S. wheat exports totaled 578k tons, outperforming expectations, while Jordan secured 60k tons of feed barley and issued a tender for an additional 120k tons of wheat for January-February 2025 delivery.
Wheat was the standout performer mid-week, extending its winning streak with notable gains at both CBOT and Kansas exchanges. Prices broke key technical resistance levels, with non-commercial traders covering short positions. The MATIF milling wheat market also saw some short covering, though to a lesser extent. While oil prices dropped below $70 per barrel on weak demand concerns, particularly from China, U.S. wheat exports remained robust, supporting further market gains.
Thursday marked the end of wheat's rally, as futures gave up some ground. Russian wheat prices remained unaffected by recent market moves, creating a growing disparity with global futures markets. Traders began positioning ahead of the upcoming USDA report. Meanwhile, drought concerns in the U.S. persist, with 52% of winter wheat areas affected, up 5 percentage points from the previous week.
The week ended on a quieter note, with December MATIF wheat closing slightly higher, though grain and oilseed markets faced broader declines of 1-2%, pressured by a strengthening dollar. The UN FAO trimmed its 2024 global cereal production forecast by 2.8 mmt but raised its wheat output estimate to 791.4 mmt, an increase of nearly 3 mmt year-over-year. In the U.S., weekly export sales were strong for corn and soybeans but underwhelming for wheat. Speculative funds continued reducing net short positions across major commodities, though corn and soybean positions remain significantly below the 5-year range.
Weekly Recaps
Freight
Freight Recap:
18/12/25
Dec 18, 2025
The dry bulk market saw a softer overall tone, with Handysize holding largely flat, Supramax weakening across both basins, and Panamax continuing its decline despite some localized Atlantic support. Activity levels remained muted in many regions, with owners increasingly seeking cover ahead of the holiday period. The Atlantic showed mixed signals across segments, while the Pacific faced longer tonnage lists and weaker demand, keeping pressure on rates.
Commodities
Agri- Commodities:
08-12/12/25 Agri
Dec 15, 2025
CBOT markets finished lower ahead of Tuesday’s WASDE, which was widely expected to lack bullish surprises. MATIF wheat was the exception, posting small gains. Russian 12.5% protein wheat FOB for January delivery edged up by $0.5 w/w to $227.5/t, according to IKAR. Geopolitical headlines remained in focus after Ukrainian President Volodymyr Zelenskiy said US-brokered peace talks remain stalled over security guarantees and control of eastern Ukraine, particularly the Donbas.
Freight
Freight Recap:
11/12/25
Dec 11, 2025
The dry bulk market saw a softer overall tone, with Handysize holding largely flat, Supramax weakening across both basins, and Panamax continuing its decline despite some localized Atlantic support. Activity levels remained muted in many regions, with owners increasingly seeking cover ahead of the holiday period. The Atlantic showed mixed signals across segments, while the Pacific faced longer tonnage lists and weaker demand, keeping pressure on rates.
Commodities
Agri- Commodities:
01-05/12/25 Agri
Dec 08, 2025
USDA announced no new flash sales, disappointing soybean markets. Weekly export sales remain delayed and have not yet reached the period covering the US–China trade deal, leaving the true pace of buying uncertain. CBOT corn and wheat eased, while March MATIF wheat posted small gains after finding support at intraday contract lows. ABARES raised Australia’s 2025/26 wheat, barley, and canola output, though the increases were broadly in line with expectations. Algeria’s OAIC issued a soft wheat tender for February shipment, and Russian wheat prices slipped again, with 12.5% FOB for January at $227/t.
