Agri- Commodities: 14/10/2024 - 18/10/24
Oct 21, 2024
The week kicked off with lower grain prices across the board in a session devoid of major news. Improved weather conditions in key production regions like Russia and Brazil contributed to the bearish sentiment. U.S. federal holiday delayed key reports like export inspections and crop progress. Ongoing missile attacks on Ukraine's Black Sea infrastructure, which hit a fourth cargo ship, kept geopolitical risks alive. Russian wheat prices continued to rise, now at $230/ton for 12.5% protein wheat, while Saudi Arabia secured 360k tons of wheat for delivery in early 2025.
On Tuesday, Corn and soybeans saw a fourth consecutive day of losses, driven by rapid U.S. harvest progress and beneficial rains in Brazil. Wheat prices also softened, reflecting favorable weather in Russia and the U.S. Plains. Russia's Grain Exporters Union introduced indicative export prices to stabilize the market, while Brazil's crop estimates were slightly lowered for corn and soybeans. France revised its soft wheat production estimate downward, and EU wheat exports showed a modest increase. U.S. export inspections revealed disappointing corn numbers, and favorable weather accelerated harvests, pushing U.S. corn and soybean harvest progress above five-year averages.
Middle of the week, wheat and corn prices finally reversed their downward trend, though soybeans continued to struggle. A key factor was strong U.S. corn sales, particularly to Mexico. FranceAgriMer kept its wheat export forecast stable but revised down ending stocks due to higher feed use. India raised wheat procurement prices to encourage domestic production. A study highlighted the potential negative impact of a U.S.-China trade war on American grain exports, especially soybeans and corn. Additionally, non-commercial participants extended their long positions in rapeseed, which saw a price increase.
On Thursday, grains rebounded, with soybeans breaking a five-day losing streak due to bargain buying. The International Grains Council maintained its corn and wheat production forecasts for the 2024/25 season. Russia’s approval for Kazakh grain transits, while banning imports, added complexity to regional trade flows. Russian wheat exports remained robust, outpacing last year’s figures for the July-October period. Jordan reissued tenders for wheat and barley after cancellations earlier in the week. The EUR/USD hit a multi-month low as the ECB cut interest rates again, adding pressure to dollar-denominated commodity prices.
Wheat ended the week on a weak note, with Chicago wheat prices falling nearly 3% as traders digested the ongoing impact of Russian grain export dominance. Soybeans also erased Thursday's gains, with favorable weather in Brazil easing concerns about crop losses. The Russian Grain Union's initiative to bypass foreign intermediaries in grain sales could reshape global trade flows. Chinese corn imports plunged 81% year-on-year in September, while wheat imports were also sharply lower. U.S. weekly export sales were strong for corn, reaching levels not seen since March 2023, while speculative short covering in CBOT corn and soybeans wound down after a turbulent week of trading.
Weekly Recaps
Freight
Freight Recap:
20/11/25
Nov 20, 2025
The dry bulk market showed a steady but uneven performance, with Handysize activity quiet, Supramax maintaining a firm underlying tone, and Panamax supported by stronger fundamentals in both basins. The Atlantic remained broadly stable, supported by positional tightness in some regions, while the Pacific held steady despite lighter fixing. Period and voyage activity continued across segments, reflecting balanced supply and demand dynamics.
Commodities
Agri- Commodities:
10-14/11/25 Agri
Nov 17, 2025
Grain markets firmed at the start of the week as headlines about a possible end to the U.S. government shutdown lifted CBOT futures, while European wheat lagged and improved EU export competitiveness. Market participants noted that, without fresh supportive catalysts, the rally might prove short-lived. Average trade estimates placed U.S. corn and soybean harvests at 92% and 96% complete, with winter wheat 95% planted and 52% good/excellent, though official USDA data remained unavailable due to the shutdown.
Egypt’s state buyer Mostakbal Misr was reported to have bought around 500k tons of wheat for late December–January delivery, including roughly 200k tons from Russia. Russian 12.5% FOB wheat closed last week at $232/t, slightly up on the week. Brazil’s 25/26 corn crop was forecast by Safras at 143.6 mmt, well above USDA’s September estimate. U.S. export inspections showed solid corn and soybean volumes but cumulative soybean loadings remained 6.4 mmt behind last year.
Freight
Freight Recap:
13/11/25
Nov 13, 2025
The dry bulk market showed a mixed performance, with Handysize activity remaining limited, Supramax maintaining firmer sentiment, and Panamax extending its gains on stronger fundamentals. The Atlantic generally held a positive tone across most segments, while the Pacific remained steady but slower, with Asian Handysize and Supramax markets facing softer enquiry and longer tonnage lists. Period interest persisted in both Supramax and Panamax sectors, supported by balanced fundamentals and improving demand signals.
Commodities
Agri- Commodities:
03-07/11/25 Agri
Nov 10, 2025
Soybeans extended their rally on expectations of accelerating Chinese demand, while rumors of U.S. wheat sales to China lifted Chicago futures. Corn stayed firm after StoneX raised its U.S. yield estimate to 186.0 bu/acre, though many still expect revisions lower in upcoming reports. Harvest progress reached 91% for soybeans and 83% for corn, with winter wheat planting nearly complete at 91%.
Export inspections totaled 965k t of soybeans, 1.67 mmt of corn, and 350k t of wheat—broadly in line with expectations. Despite easing trade tensions, Chinese importers continued booking cheaper Brazilian soybeans, reportedly 20 cargoes for December through mid-2026. Kazakhstan’s agriculture ministry reported a 27.1 mmt total harvest, including 20.3 mmt of wheat, far above USDA’s 16 mmt estimate.
