Agri- Commodities: 16-20/09/24
Sep 23, 2024
Monday, wheat prices fell sharply, erasing Friday’s gains as traders took profits amid easing tensions between Russia and NATO. IKAR raised Russian wheat prices slightly to $216/ton FOB for October shipments. In Canada, wheat production was revised to 34.3 mmt, slightly lower than previous estimates but still up year-over-year.
U.S. weekly export inspections showed solid wheat volumes, but corn and soybean figures underperformed. U.S. corn crop conditions improved to 65% good/excellent, while soybeans dipped to 64%. Harvest progress was ahead of the 5-year average, with 9% of corn and 6% of soybeans harvested.
On Tuesday the wheat prices continued to decline, while oilseeds gained on stronger energy markets. France’s soft wheat crop estimate was lowered to 25.8 mmt, while maize production was increased to 14.4 mmt. Ukraine’s wheat and rapeseed exports were strong, but corn exports lagged.
SovEcon raised Russia’s 2024/25 wheat forecast to 82.9 mmt. Brazil’s first estimates for 2024/25 projected a strong 119.8 mmt corn crop and a record 166.3 mmt soybean crop. Traders awaited the Federal Reserve’s interest rate decision, which added to market uncertainty.
Middle of the week, wheat and corn prices remained flat in a choppy session following the Federal Reserve’s 50 basis point rate cut. France AgriMer reduced soft wheat export forecasts to EU and third countries, reflecting weaker demand. Tunisia tendered for 125k tons of soft wheat and 100k tons of durum.
Non-commercial traders trimmed net short positions in MATIF wheat, while futures prices made minor gains. The Fed’s move suggested further rate cuts could follow as inflation nears target.
On Thursday the wheat futures dropped sharply due to weak U.S. export sales, while grain markets overall closed lower. The International Grains Council cut its global corn production estimate to 1,224 mmt and wheat to 798 mmt for 2024/25.
Tunisia secured 125k tons of soft wheat and 100k tons of durum wheat. U.S. export sales were robust for soybeans (1.76 mmt) but disappointing for wheat (258k tons), pressuring U.S. wheat futures.
End of the week, corn and soybeans eased as the U.S. harvest progressed. Wheat prices on CBOT and MATIF saw minor gains but closed below session highs.
Weather concerns in Argentina and Australia persisted, threatening wheat crop yields. Argentina reported potential area losses, while Western Australia’s wheat yield potential weakened due to dry conditions. Funds trimmed their net short positions in soybeans and wheat, while adding slightly to corn shorts.
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.
