Weekly Recaps

Explore weekly agri- commodities and freight recaps

December 2024

Freight

Freight Recap:
19/12/24

Dec 12, 2024

Panamax transatlantic activity saw a modest boost as charterers sought coverage ahead of the holiday season, but an oversupply of tonnage in the East Mediterranean kept pressure on rates. Fronthaul routes remained lackluster due to weak demand from the Black Sea and continued ballasting toward Gibraltar, leaving the market constrained.

Commodities

Agri- Commodities:
9-13/12 /24 AGRI

Dec 16, 2024

Monday: US wheat futures began the week on a positive note but struggled to maintain gains as MATIF wheat remained unresponsive. Corn saw slight upward movement, while soybeans softened ahead of Tuesday’s USDA report. The Russian wheat market showed resilience, with FOB prices for 12.5% protein wheat climbing to $228/ton, up $2 from the previous week. Concerns about the poor condition of Russian winter grains were tempered by IKAR analysts suggesting the reality may be less dire. Meanwhile, China’s Politburo announced aggressive economic stimulus measures, signaling a shift in fiscal and monetary policies, but these had minimal impact on grains. U.S. export inspections highlighted weak performance in wheat, with only 227k tons inspected, significantly below the previous week’s 299k tons.

Freight

Freight Recap:
12/12/24

Dec 12, 2024

The Atlantic Panamax market saw mixed developments, with slight improvements in tonnage balance providing some stability. Transatlantic routes showed marginal gains due to steady demand and tighter tonnage lists, while fronthaul trips faced pressure from limited fresh inquiries and competitive rate-cutting among owners. The South American grain season remains slow, but vessel demand is expected to pick up in the coming weeks. Meanwhile, the US grain season has peaked, leading to a notable drop in activity.

Commodities

Agri- Commodities:
2-6/12 /24 AGRI

Dec 02, 2024

Monday began with divergent price directions between European and CBOT futures, driven in part by EUR/USD volatility. European wheat found some support, countering pressure from news of Russia's expanded wheat export agreement with Morocco, which could challenge French exports. In Australia, ABARES raised wheat production forecasts to 31.9 mmt for 2024/25 (+23% y/y), while Russian winter crop conditions revealed alarming statistics, with only 32% rated good/excellent compared to 74% last year. U.S. weekly export inspections showed moderate volumes across soybeans, corn, and wheat but did little to bolster prices as analysts projected a record-breaking Brazilian soybean crop exceeding 170 mmt.

November 2024

Commodities

Agri- Commodities:
25-29/11 /24 AGRI

Dec 02, 2024

Wheat markets started the week on a weak note, with MATIF futures falling over 2% amid net short positioning by funds. The tone was further dampened by the announcement from U.S. President-elect Donald Trump to impose new tariffs, clouding the outlook for global trade. In Russia, Sovecon lowered wheat export forecasts, citing tighter government regulations, predicting exports at just 44.1 mmt for the season. FOB prices for 12.5% protein Russian wheat remained static at $226/ton. Meanwhile, U.S. export inspections for soybeans, corn, and wheat were robust, and winter wheat conditions improved to 55% good/excellent, up from last year’s 50%.

Freight

Freight Recap:
28/11/24

Nov 29, 2024

The Atlantic Panamax market struggled with weak fundamentals, as grain volumes remained low and coal demand softened due to high inventories and mild weather. Mineral cargoes provided limited support, but fronthaul routes were pressured by an oversupply of vessels heading East. Rates continued to decline, with demand insufficient to balance the market. Recovery is unlikely without a significant uptick in grain demand and stronger fundamentals.

Commodities

Agri- Commodities:
18-22/11 /24 AGRI

Nov 25, 2024

Grain markets began the week on strong footing, building on Friday's gains. Wheat prices led early, driven by geopolitical developments, including U.S. approval for Ukraine's use of American weapons for limited strikes in Russia. Soybeans and corn followed suit, both posting gains of over 1%. However, Russian wheat prices remained under pressure, with IKAR reporting a $2 drop to $226/ton for December FOB shipments, well below the recommended price. Meanwhile, export data painted a mixed picture—U.S. wheat inspections lagged expectations, but soybean and corn shipments showed strength, supporting bullish sentiment. Winter wheat conditions in the U.S. also improved to 49% good/excellent (G/E), a notable jump from the previous week.

Freight

Freight Recap:
21/11/24

Nov 21, 2024

The Atlantic Panamax market faced strong headwinds with minimal fresh demand, especially from EC South America and the US Gulf, leading to an oversupply of tonnage and lower rates. Baltic cargo provided limited support, but overall, sentiment remained bearish. Seasonal factors may bring a bounce in February when the Brazilian soybean season begins, but near-term demand remains subdued.

Commodities

Agri- Commodities:
11-15/11 /24 AGRI

Nov 18, 2024

Grain markets began the week under pressure as a strengthening U.S. dollar weighed on dollar-denominated commodities. Corn and soybeans underwent expected corrections following recent gains, while Chicago wheat prices surprised the market by briefly touching 10-week lows. This decline was driven by improving U.S. weather, easing Russian cash prices, and the removal of some geopolitical risk premiums. Russian wheat prices fell, with 12.5% protein wheat quoted at $228/ton FOB, down $4 from last week. Notably, geopolitical tensions appeared to ease as U.S. President-elect Donald Trump encouraged de-escalation in Ukraine during a call with Russian President Vladimir Putin.

Freight

Freight Recap:
14/11/24

Nov 07, 2024

The Panamax market showed signs of stability, especially in the North Atlantic, where demand for transatlantic routes remained steady, mainly supported by US Gulf grain and coal shipments. Reduced tonnage gave owners some leverage, despite limited fronthaul demand. Some Atlantic voyage fixtures achieved higher-than-previous time charter levels, with mixed views on further gains.

Commodities

Agri- Commodities:
4-8/11/24 AGRI

Nov 11, 2024

Grain prices opened the week with mixed movements; only December MATIF futures saw a notable decline, falling 1.5%. In global trade, Egypt’s GASC secured 290,000 tons of wheat from Ukraine, Bulgaria, and Romania at competitive prices, while Russian and French offers struggled to compete. Meanwhile, U.S. corn and soybean harvests approached completion at 91% and 94%, respectively. Winter wheat plantings reached 87%, buoyed by timely rains improving crop conditions. U.S. weekly export inspections saw soybean focus remain steady, although both corn and wheat inspections slowed seasonally. Additionally, OPEC+ extended output cuts, sparking oil price hikes, an indirect factor for agri-commodity inflation.

October 2024

Freight

Freight Recap:
31/10/24

Oct 31, 2024

Atlantic: The Panamax market held a mixed tone this week. North Atlantic grain trades maintained a premium, though overall improvements were limited by static fronthaul activity. East Coast South America faced significant tonnage oversupply, pushing rates lower for November liftings. Without new demand, rates are likely to remain steady or slightly under pressure, especially in the South Atlantic.

Commodities

Agri- Commodities:
21-25/10/24 AGRI

Oct 28, 2024

The week began with mixed performance across grain markets, as corn and soybean prices rose while wheat declined. Corn and soybeans benefited from strong demand for U.S. supplies, evident in large USDA-reported sales, including 628k tons of corn and 380k tons of soybeans to various destinations. Wheat, however, faced pressure from competitive Russian exports; IKAR reported a rise in Russian wheat prices to $234/ton for November shipment. In the field, U.S. harvest progress continued, with 65% of corn and 81% of soybeans harvested, while winter wheat planting was 73% complete. Export inspections surged, aligning with seasonal export patterns, particularly for soybeans and corn.

Freight

Freight Recap:
24/10/24

Oct 24, 2024

The Panamax market started the week slowly, with owners lowering rate expectations due to an oversupply of tonnage, especially in the East Coast South America region. While there was some improvement in Atlantic inquiries, overall sentiment remained negative, as the growing number of ships put downward pressure on rates.

Commodities

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.

Freight

Freight Recap:
17/10/24

Oct 17, 2024

The Panamax market continued to struggle in the Atlantic, with vessels facing difficulties securing employment due to an oversupply of tonnage. Limited cargo volumes, particularly from the US East Coast and Gulf, led to reduced rates. Though there was some support from grain exports, it wasn’t enough to balance the excess availability of ships, especially in the South Atlantic.

Commodities

Agri- Commodities:
7-10/10/24 AGRI

Oct 14, 2024

The week began quietly despite geopolitical tensions in the Black Sea and Middle East, which led to higher wheat prices on CBOT. MATIF milling wheat eased in nearby contracts, while deferred months posted gains. Soybean prices softened due to rapid U.S. harvest progress. Russia's aggressive actions in the Black Sea targeted foreign grain vessels, contributing to rising Russian wheat prices, which hit $223 per ton (12.5% protein) FOB for November shipments. On the global demand front, Saudi Arabia purchased 307k tons of wheat, and Bangladesh issued a tender for 50k tons of milling wheat. Meanwhile, U.S. export inspections revealed a surge in soybean shipments, but wheat and corn inspections declined. Harvest progress showed U.S. farmers prioritizing soybeans over corn.

Freight

Freight Recap:
10/10/24

Oct 10, 2024

The Panamax market saw modest gains this week, with fronthaul rates improving due to strong activity from the US East Coast and Gulf, particularly for coal and grain exports. However, tonnage buildup in the north and weaker demand from South America and Europe kept the overall outlook balanced.

Commodities

Agri- Commodities:
30/09/2024 - 4/10/24

Oct 07, 2024

Corn prices surged on Monday, fueled by tighter-than-expected U.S. ending stocks for 2023/24. Wheat followed with moderate gains, though its stock figures were less supportive. Soybeans, however, slipped as forecasts pointed to wetter conditions in Brazil’s growing regions. A significant factor looming over the week was the strike by dockworkers across U.S. East and Gulf Coast ports, which raised concerns over supply chain disruptions. Meanwhile, U.S. grain stock reports painted a mixed picture: corn stocks were 29% higher year-on-year but missed expectations, while soybean and wheat stock levels were more aligned with projections. Harvest progress showed that U.S. farmers had collected 21% of corn and 26% of soybeans by the end of September.

September 2024

Commodities

Agri- Commodities:
23-27/09/24

Sep 30, 2024

Grain markets began the week with a strong rally, as prices jumped by 2% to 3%, driven by multiple factors. A dry weather forecast for Brazil, coupled with potential Chinese economic stimulus measures, fueled this upward momentum. Adding to the bullish sentiment, the Institute for Agricultural Market Studies (IKAR) reduced its forecast for Russia's wheat production to 81.8 million metric tons (mmt). In the U.S., export inspections for both corn and wheat exceeded expectations, further boosting prices.

Freight

Freight Recap:
26/09/24

Sep 26, 2024

The Atlantic Panamax market remained subdued with limited fresh demand and a wide bid/offer spread, particularly in East Coast South America where October liftings showed divergence. The North Atlantic saw some increase in tonnage availability, keeping rates stable but without significant momentum. Coal cargoes from the US East Coast provided minimal support, while the Baltic and Black Sea regions remained inactive.

Commodities

Agri- Commodities:
16-20/09/24

Sep 23, 2024

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.

Freight

Freight Recap:
19/09/24

Sep 19, 2024

Atlantic: Panamax market saw continued gains, with firmer rates concluded for both trans-Atlantic and fronthaul routes, particularly in the North. The South Atlantic, supported by demand from East Coast South America, also showed strength. Seasonal grain and coal demand in Q4 is still expected to support the market.

Commodities

Agri- Commodities:
09-13/09/24

Sep 16, 2024

CBOT wheat led the gains in a high-volume trading session, closing nearly 3% higher. CBOT wheat is typically the most sensitive to geopolitical tensions in the Black Sea region, which may have contributed to this rally. These tensions could continue to be an important factor in the coming weeks. The Federal Reserve's decision on interest rates is scheduled for Wednesday, but the size of the potential cut remains uncertain.

Freight

Freight Recap:
12/09/24

Sep 12, 2024

Atlantic: The Panamax market saw moderate gains this week, with improved sentiment for short trans-Atlantic trips, particularly for mineral cargoes. In the South Atlantic, earlier vessels continue to face challenges for September dates, but mid-October arrivals show firmer rate discussions. Fronthaul routes saw some positive developments, while the North Atlantic remains pressured by excess tonnage.

Commodities

Agri- Commodities:
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.

Freight

Freight Recap:
05/09/24

Sep 05, 2024

Atlantic: This week, The Panamax market shows potential for improvement as vessels head to the U.S. for the grain season. However, recovery is slow, with an oversupply of tonnage in the North Atlantic and limited demand, particularly for transatlantic routes. The U.S. Gulf offers better prospects for fronthaul routes, but South American volumes remain uncertain in the near term.

August 2024

Commodities

Agri- Commodities:
26-30/08/24

Sep 02, 2024

The week began with a subdued tone as prices for CBOT corn, wheat, and MATIF milling wheat declined, while soybeans managed to close in positive territory. Traders were cautious, considering the upcoming first notice day for September CBOT futures. The European Commission’s Joint Research Centre (JRC MARS) reduced yield projections for EU soft wheat, corn, and barley due to unfavorable weather conditions. Meanwhile, U.S.

Freight

Freight Recap:
29/08/24

Aug 29, 2024

Atlantic: This week, the Panamax market saw continued weakness, with little activity and no significant changes. The Atlantic basin experienced persistent long tonnage lists, leading to further rate declines as new inquiries remained scarce. While there is potential for improvement next month due to the US grain season, increased Indian coal demand, and Brazilian corn shipments, the current market remains subdued.

Commodities

Agri- Commodities:
19-23/08/24

Aug 26, 2024

On Monday, Grain markets opened the week with mixed results. Corn and soybeans recovered from oversold levels, aided by solid U.S. export data and private sales, including 332,000 tons of soybeans to China. However, December MATIF wheat futures fell to new lows due to a stronger Euro and increased Russian wheat exports, which saw prices drop to $218 per ton FOB. Egypt's Supply Minister reaffirmed plans to secure 3.8 million tonnes of wheat by year-end. 

Freight

Freight Recap:
22/08/24

Aug 22, 2024

Atlantic: Tonnage availability in the Atlantic continues to expand, pushing rates down as owners chase diminishing market opportunities. The Continent remains particularly soft, with lower levels of activity leading to further rate erosion. The South Atlantic also weakened, with minimal fresh cargoes reported. Owners are becoming increasingly concerned, considering repositioning options as market sentiment remains bearish.

Commodities

Agri- Commodities:
12-16/08/24

Aug 19, 2024

On Monday, the USDA report projected record yields for U.S. corn and soybeans, exceeding previous highs by 3.2% and 2.6%, respectively. This pressured soybean prices while corn found some support. Average US farm price forecasts were down sharply across the board: corn (-10% y/y), soybeans (-14% y/y), and wheat (-18% y/y). Egypt’s GASC wheat tender fell short, securing only 280,000 tons out of a targeted 3.8 million.

Freight

Freight Recap:
15/08/24

Aug 15, 2024

Atlantic: The Panamax market saw continued rate declines this week, driven by limited demand and cautious sentiment across the Atlantic. The market showed a split between mineral and grain routes. While there was some support for early September South American arrivals, the overall outlook remains weak, with further rate corrections expected.

Commodities

Agri- Commodities:
05-09/08/24

Aug 12, 2024

Monday saw CBOT grain prices hold steady despite broader financial market declines. The weaker dollar offered some support, but significant short positions in corn, soybeans, and wheat likely played a role in the market's resilience. US crop conditions were mixed, with corn ratings slipping to 67% G/E and soybeans improving to 68% G/E. Ukraine's grain exports were faster compared to last year.

Freight

Freight Recap:
08/08/24

Aug 08, 2024

Atlantic: The Panamax market continued its decline this week, moving away from typical seasonal trends. The Atlantic basin saw minimal trans-Atlantic activity, with significant rate corrections anticipated due to low demand and an oversupply of vessels. Charterers held the upper hand, reducing bids and leading to weaker sentiment overall.

Commodities

Agri- Commodities:
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.

Freight

Freight Recap:
01/08/24

Aug 01, 2024

Atlantic: The Panamax market in the Atlantic basin faced significant declines, particularly impacted by an underperforming South American market. Limited activity in the North Atlantic, with few mineral voyage business deals, contributed to a negative sentiment. Rates remained lower than index levels, driven by a lack of visibility and limited fresh inquiries. There was a cautious outlook, with mixed views on market stability and the summer season further adding to the uncertainty.

July 2024

Commodities

Agri- Commodities:
22-26/07/24

Jul 29, 2024

The week started with a wheat market in Central and Northern Europe that paused as harvests began in Germany, Poland, Lithuania, and Latvia, with Baltic countries reporting lower protein levels but higher yields. The Black Sea region sold over 1.6 million metric tons of wheat for August and September shipments. Tunisia announced a tender for 100,000 metric tons of animal feed barley, while Jordan issued tenders for 120,000 metric tons each of barley and wheat.

Freight

Freight Recap:
25/07/24

Jul 25, 2024

Atlantic: The Atlantic Panamax market showed strength with tightening tonnage in the North Atlantic and additional cargoes in the South Atlantic. Notable fixtures included a vessel fixed for a North Coast South America to Skaw-Barcelona trip at a premium rate. The East Coast South America (ECSA) region remained stable, trading around 16,500/17,000 BKI. Although overall activity was subdued, the North Continent saw slight gains, supported by steady demand for Black Sea grain. 

Commodities

Agri- Commodities:
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.

Freight

Freight Recap:
18/07/24

Jul 18, 2024

Atlantic: The Panamax market in the Atlantic region showed mixed activity this week. While there were reports of tight tonnage counts on the Continent/Mediterranean routes leading to slight rate increases, EC South America faced pressure, influencing the market sentiment. Overall, the market maintained a stable outlook with cautious optimism. 

Commodities

Agri- Commodities:
08-12/07/24

Jul 15, 2024

Monday saw a significant downturn for corn, with September futures dropping over 4% to new contract lows, while wheat also closed sharply lower. Funds increased their net short positions in corn by 58.9k contracts, reflecting a lack of concern over crop conditions. USDA’s announcement of a 135.6k-ton corn sale to unknown destinations did little to stem the decline. US weekly export inspections were within expectations, and US corn and soybean condition ratings improved by 1 percentage point each.

Freight

Freight Recap:
11/07/24

Jul 11, 2024

Atlantic: The Panamax market in the Atlantic region demonstrated solid performance this week, driven by increased activity from East Coast South America (ECSA), which continued to absorb global tonnage. This led to tighter tonnage availability in the Continent and West Mediterranean, resulting in improved rate levels for both trans-Atlantic and front haul routes. Several deals for the late July to early August window in ECSA added momentum, with rates steadily improving.

Commodities

Agri- Commodities:
01-05/07/24

Jul 08, 2024

The week started with wheat prices rebounded over 2%, while corn remained pressured. Saudi Arabia’s GFSA bought 235,000 tons of milling wheat, less than expected. Russian wheat prices fell to $226 per ton FOB. Ukraine’s grain exports rose to 50.8 million metric tons (mmt), but a lower 2024 crop forecast suggests reduced future exports. US export inspections were unimpressive, with corn and soybean conditions holding steady and the winter wheat harvest advancing to 54%.

Freight

Freight Recap:
04/07/24

Jul 04, 2024

Atlantic: The Panamax market in the Atlantic faced significant pressure, particularly in the northern regions. Rates continued to decline due to low demand, with shipowners undercutting each other to secure deals. The South American market was sluggish, showing little activity and keeping rates flat. The overall sentiment in the Atlantic remains bearish, with further rate drops anticipated. 

June 2024

Commodities

Agri- Commodities:
24-28/06/24

Jul 01, 2024

The week started with wheat and corn prices continuing to decline, with September corn futures hitting new lows and December MATIF milling wheat testing the 230 Euro level. Lower prices attracted buyers, with major importers in the market. IKAR reported Russian wheat FOB prices for July shipment at $231 per ton, down by $3, and hinted at a possible upgrade in the 82 mmt Russian wheat crop forecast. Egypt's GASC and Algeria were active in the wheat market.

Freight

Freight Recap:
27/06/24

Jun 27, 2024

Atlantic: The Panamax market in the Atlantic remained sluggish, with rates continuing to decline. Limited activity from South America contributed significantly to this decline, as charterers held back. The mineral trade experienced heavily discounted rates, while the grain trade also saw minimal support. A two-tiered market emerged, with mineral trades faring worse. Despite firm fundamentals, such as ton-time growth outpacing fleet growth, the lack of sufficient cargo influx halted any potential recovery. 

Commodities

Agri- Commodities:
17-21/06/24

Jun 24, 2024

The week began with a continued decline in US wheat prices due to harvest pressure and stabilized Russian crop forecasts. The US winter wheat harvest advanced rapidly, reaching 27% completion, significantly higher than expected. The condition of remaining winter wheat fields improved to 49% good/excellent. US spring wheat ratings increased by four percentage points to 76% good/excellent, while US corn and soybean conditions worsened by two percentage points each. 

Freight

Freight Recap:
20/06/24

Jun 20, 2024

Atlantic: The Panamax market in the Atlantic basin faced a continued downturn, lacking substantial activity. South American routes, in particular, saw increased ballaster tonnage, leading to nervous sentiment among charterers who either retracted bids or offered significantly lower rates. Minimal fresh cargo from North America also contributed to the softness, resulting in owners accepting reduced rates to secure employment. Although there was a slight increase in grain and mineral activities towards the end of the week, it was insufficient to boost the market significantly.

Commodities

Agri- Commodities:
10-14/06/24

Jun 17, 2024

Start of the week corn and soybeans closed positively, while wheat prices dropped significantly due to ongoing US harvests and Turkey’s ban on wheat imports. MATIF wheat prices fell by nearly 2%, and US wheat futures by over 3%. The US crop progress report provided some support, with corn planting at 95% and soybean planting at 87%. Analysts debated whether Turkey's demand for wheat is lost or deferred and if potential reductions in the Russian wheat crop could offset the ban's impact. IKAR reported a drop in Russian wheat prices, indicating a potential peak in cash markets.

Freight

Freight Recap:
13/06/24

Jun 13, 2024

Atlantic: The Panamax market in the Atlantic experienced notable optimism this week, especially in the North Atlantic, where tight tonnage availability drove expectations of rising rates. Significant demand for grain and mineral trips from the North Coast of South America and the US Gulf contributed to the bullish sentiment. Meanwhile, the South Atlantic market remained stable yet firm, supported by ample cargo volumes. This steadiness will likely persist, buoyed by consistent demand and limited vessel availability, suggesting a potential rate increase soon.

Commodities

Agri- Commodities:
03-07/06/24

May 31, 2024

Grain markets began the week on a bearish note. Wheat prices struggled to maintain early gains and ultimately closed lower. Corn prices extended their losing streak to six days, pressured by strong U.S. corn ratings and a sharp decline in energy markets. The initial U.S. corn crop ratings came in at an impressive 75% good/excellent (G/E), well above the expected 70%, boosting expectations for a robust harvest.

May 2024

Freight

Freight Recap:
06/06/24

Jun 06, 2024

Atlantic: The Panamax market in the Atlantic remained sluggish, with the North Atlantic continuing to underperform due to limited cargo availability and competition from smaller vessels. Rates saw downward pressure as owners sought to cover positions in a lacklustre market. Despite this, there were slight improvements in the ECSA region, suggesting a potential market floor might be forming. Posidonia in Athens contributed to a quiet start to the week, with minimal new inquiries and a generally subdued market sentiment.

Commodities

Agri- Commodities:
27-31/05/24

May 31, 2024

The week commenced with a bullish sentiment in the wheat market, primarily influenced by revised forecasts for Russian wheat production. IKAR analysts adjusted their estimates downward, predicting the Russian wheat crop to range between 78-84 million metric tons (mmt), a significant decrease from earlier projections of 83.5 mmt. This revision and frost damage affecting up to 2 million hectares of crops catalysed a sharp rise in MATIF wheat futures. Traders swiftly reacted to the new data, anticipating tighter global supply.

Freight

Freight Recap:
23/05/24

May 23, 2024

Atlantic: Activity in the North Atlantic decreased as most recent cargoes were covered, leading to potential downward rate adjustments. The trans-Atlantic market weakened due to a lack of freight, causing fronthaul rates to drift. In the South Atlantic, vessel counts rose, and South American rates picked up for late June arrivals, supported by strong FFA figures. Despite a slow start post-holidays, the East Coast South America (ECSA) showed resilience with stable volumes and decent demand projected from mid-May. Overall market sentiment is firm, with expectations for higher averages in Q3.

Commodities

Agri- Commodities:
29/04-03/05/24

May 06, 2024

Wheat prices underwent a correction on Monday, dropping over 2% primarily due to an improved weather outlook in South Russia. This correction was particularly evident in MATIF and CBOT wheat contracts. However, Kansas wheat prices remained resilient, buoyed by declining Hard Red Winter (HRW) wheat ratings. Russian wheat prices saw a slight increase, with 12.5% protein Russian wheat prices on a FOB basis for May/June shipment rising to $212 per ton. US weekly export inspections met expectations, with soybeans totalling 250k tons, corn 1226k tons, and wheat 481k tons.

April 2024

Freight

Freight Recap:
25/04/24

Apr 25, 2024

Atlantic: Activity decreased in the North Atlantic, with most recent cargoes covered, indicating potential rate adjustments downward. However, the ECSA remained relatively steady with decent demand projected from mid-May. Pacific: Signs of weakening were observed, especially from Indonesia, due to a seasonal dip in coal demand. Despite a stable tonnage count, a lack of bids cast uncertainty on the true market value.

Commodities

Agri- Commodities:
15-19/04/24

Apr 22, 2024

The week began with lower CBOT prices and mixed MATIF milling wheat prices, reflecting a lack of sustained momentum from the previous week. Energy markets sold off amid hopes for de-escalation in the Middle East. Notable events included Egypt's GASC seeking wheat, USDA reporting private corn sales to Mexico, and US weekly export inspections showing strong wheat figures, especially to China.

Freight

Freight Recap:
11/04/24

Apr 11, 2024

Atlantic: The North Atlantic market exhibited signs of weakness despite some indications of stabilization, with rates remaining subdued due to limited fresh demand. However, there were reports of cheap voyage rates for trans-Atlantic business, contributing to further downward pressure on prices. In the South Atlantic, there was a notable increase in front haul demand, leading to firmer levels of trade. Yet, the overall sentiment remained pessimistic, reflected in the $19 drop in the BPI time charter index, closing at $14,680.

Commodities

Agri- Commodities: 
01-05/04/24

Apr 08, 2024

The week began with lower CBOT wheat and corn prices following a rally triggered by the previous Thursday's USDA report. Concerns over Ukrainian exports and Saudi Arabia's increased wheat purchases were notable. US weekly export inspections showed mixed results, with wheat and corn exceeding expectations, while soybeans fell short. Traders awaited EURONEXT's reopening and monitored Russian and Ukrainian export activities closely.

March 2024

Commodities

Agri- Commodities:
25-29/03/24

Apr 01, 2024

On Monday, the May MATIF Milling wheat futures retreated slightly, relinquishing some gains from the previous session. While developments in the Black Sea region continued to influence market sentiment, traders also positioned themselves ahead of important USDA reports scheduled for later in the week. Russia's agricultural watchdog proposed redistributing grain export quotas, potentially impacting exporters like TD RIF. Analysts noted increased prices of Russian wheat, while Jordan cancelled a tender for milling wheat.

Commodities

Agri- Commodities:
18-22/03/24

Mar 25, 2024

The grain markets were marked by significant developments this week, with volatility and uncertainty being the key themes. A series of factors primarily drove these, each playing a crucial role in shaping the market landscape.

Commodities

Agri- Commodities:
04-08/03/24

Mar 11, 2024

The grain markets this week were marked by significant volatility and varied factors driving price movements, and the week kicked off with a rise in grain prices, particularly wheat, which was buoyed by bargain buying despite China's cancellation of SRW wheat orders. This cancellation marked 0.5 million metric tons of abandoned sales since March 7. 

February 2024

Commodities

Agri- Commodities:
26/02-01/03/24

Mar 03, 2024

The grain markets this week were marked by significant volatility and varied factors driving price movements, and the week kicked off with a rise in grain prices, particularly wheat, which was buoyed by bargain buying despite China's cancellation of SRW wheat orders. This cancellation marked 0.5 million metric tons of abandoned sales since March 7. 

Commodities

Agri- Commodities:
19-23/02/24

Feb 25, 2024

The grain market commenced the week on a subdued note, with May MATIF milling wheat prices extending their downward trajectory for the sixth consecutive day amidst a backdrop of low-volume trade and fierce competition for demand. This declining trend, reflective of broader market sentiments, underscored major grain commodities' challenges as they navigated through a complex matrix of global events. 

Commodities

Agri- Commodities:
12-16/02/24

Feb 18, 2024

The grain markets opened the week hesitant, but a swift and chilling wind quickly turned the tide towards bearishness. Various factors drove this week's story, contributing to pessimism and falling prices. At the heart of the storm lay the USDA Outlook Forum, its forecasts for the 2024/2025 season casting a long shadow

Commodities

Agri- Commodities:
05-11/02/24

Feb 11, 2024

February ushered in a wave of bearishness across the grain market. Wheat prices dipped, echoing lower Russian quotes and improved weather forecasts in Argentina, mainly corn and soybeans. Corn followed suit, pressured by expectations of better Argentinean conditions and a downbeat USDA report. Though not faring much better, Soybeans remained relatively stable compared to corn's downward spiral. 

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