Hammersmith Reports

3 Avenue Marie Gasquet, St Remy de Provence, 13210 France

Phone: +33.6.8068.4564
Email: [email protected]
WWW: hammersmithltd.blogspot.com

WEEKLY USA GRAIN AND PROTEIN REPORT -- JULY 20, 2024

It seemed like a quieter week this week --- corn prices were down by about USD 4 m/t but
soybeans had a down weak too with prices dropping by about USD 10 m/t with soymeal
down by only USD 5 or 6 m/t. Wheat prices were down a little depending on the type.

While US wheat prices did drop on the week, they had a strong Friday as the long term
weather forecast looks hot a dry for the spring wheat areas. Winter wheat is more affected
by international event as the winter wheat season is over in the US.

USA corn prices tried to move higher on the hot/dry weather reports but didn’t have too
much luck as there is also widespread rainfall expected in the Corn Belt and the
temperatures look to be about normal. The USDA export sales report shows good volume of
US corn going to both Spain and Portugal as US corn is once again competitive in export
markets that have depended on Brazil and Ukraine.

Like corn, US soybeans are also very competitive in export markets and as US prices seem
determined to slide lower then US soybeans should remain very competitive. On the
weather side of things --- US weather for soybeans for the next while remains good with
nothing noted that should get farmers worried.

Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.

US Gulf to Europe: Panamax $27.00 Up $2.00

US Gulf to Spain: Panamax m/t $27.00 Up $2.00
US Gulf Israel: Panamax m/t $33.00 Steady
US Gulf to Egypt: Panamax $33.00 Steady
US Gulf Turkey: Panamax m/t $34.00 Steady
US Gulf Morocco: Handi $48.00 Up $2.00
US Gulf Algeria/Tunisia: Handi $49.00 Up $2.00
US Gulf Nigeria: 30,000 m/t $37.00 Up $1.00
US Gulf other Med: Handi $50.00 Up $2.00
US Gulf South Africa: Handi $41.00 Steady
US Gulf India : Panamax $52.00 Steady
US Gulf to Philippines: Panamax $52.00 Steady
US Gulf Japan: Panamax $54.00 Up $3.00
US Gulf China: Panamax $53.00 Up $3.00
US PNW Egypt: Panamax via Panama $51.00 Steady
US PNW South Africa – 40,000 m/t $65.00 Steady
US PNW Philippines: Panamax $34.00 Steady
US PNW Japan: Panamax $28.00 Up $2.00
US PNW China: Panamax $27.00 Up $2.00
US East Coast Nigeria: Handisize $45.00 Steady
US Lakes – Europe – 30,000 m/t $55.00 Up $1.00
US Lakes – Morocco – 30,000 m/t $61.00 Up $1.00

France/Germany to Algeria: Handi $32.00 Steady

France/Germany to China: Panamax $70.00 Steady
France/Germany to Egypt: Panamax $34.00 Steady
France/Germany to Iran: Panamax $40.00 Steady
France/Germany to Jordan $42.00 Steady
France/Germany to Morocco: Handi $31.00 Steady
France/Germany to Saudi Arabia: Panamax $65.00 Steady
France/Germany to Turkey: Handi $36.00 Steady
France/Germany to Yemen: Handi $66.00 Steady

Argentina to Algeria: Handi $46.00 Steady

Argentina to China: Panamax $53.00 Up $3.00
Argentina to Japan: Panamax $4.00 Up $3.00
Argentina to Egypt: Panamax $53.00 Steady
Argentina to Europe: Panamax $37.00 Steady
Argentina to Morocco: Handi $45.00 Steady
Argentina to Libya: Handi $46.00 Steady
Argentina to Jordan: Panamax $55.00 Steady
Argentina to Saudi Arabia: Panamax $63.00 Steady
Argentina to Iran: Panamax $61.00 Steady
Argentina to Indonesia: Panamax $58.00 Steady
Argentina to South Africa: Panamax $35.00 Steady
Argentina to Kenya: Handi $57.00 Steady
Argentina to Spain: Panamax $37.00 Steady
Argentina to Tunisia: Handi $46.00 Steady

Brazil to Algeria/Tunisia: Handi $43.00 Steady

Brazil to China: Panamax $46.00 Steady
Brazil to Japan: Panamax $47.00 Steady
Brazil to South Korea: Panamax $48.00 Steady
Brazil to Europe: Panamax $39.00 Steady
Brazil to Morocco: Handi $42.00 Steady
Brazil to Iran: Panamax $61.00 Steady
Brazil to Saudi Arabia 30/40,000 m/t $64.00 Steady
Brazil to Spain: Panamax $39.00 Steady
Brazil to Turkey/Egypt: Panamax $59.00 Steady

Australia to Saudi: Panamax $65.00 Steady

Australia to Europe: Panamax $74.00 Steady

South Africa to Italy -- Handisize $46.00 Steady

South Africa to Turkey – Handisize $47.00 Steady
South Africa to Japan – Handisize $42.00 Steady
South Africa to China -- Handisize $43.00 Steady

Black Sea freight

Black Sea to China: Panamax $56 Russia Ukraine $54

Black Sea to Indonesia: Panamax $60 Russia Ukraine $77
 Black Sea to Egypt: 40/50,000 $17 Russia Ukraine $26
Black Sea to Egypt: 30,000 $18 Russia Ukraine $27
Black Sea to Iran: Panamax $47 Russia Ukraine $61
Black Sea to Europe: Panamax $26 Russia Ukraine $34
Black Sea to Morocco – Handi $30 Russia Ukraine $41
Black Sea to Tunisia/Algeria – Handi $29 Russia Ukraine $40
Black Sea to Jordan: Panamax $37 Russia Ukraine $52
Black Sea to Libya – Handi $30 Russia Ukraine $41
Black Sea to Saudi: Panamax $47 Russia Ukraine $70
Black Sea to Turkey – Handi $19 Russia Ukraine $26
Black Sea to South Africa – Handi $55 Russia

Russia to Turkey (Izmir)– coaster 5,000 m/t $18.00 Steady

Russia to Egypt – coaster 5,000 m/t $49.00 Steady
Ukraine to Turkey – coaster 5,000 m/t $59.00 Steady
Ukraine to Egypt – coaster 5,000 m/t $41.00 Down $2.00

Baltic Dry Index 1902 Down 95

Baltic Capesize Index 2973 Down 323
Baltic Panamax Index 1714 Up 36
Baltic Supramax Index 1374 Up 10
Baltic Handisize Index 752 Up 11

Global Container Index - Freightos 5050 Down 131

All shipments in bulk grain vessels unless stated otherwise.

(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:

ALL PRICES ARE FOR August 2024/October 2024

Wheat, USA Soft Red Winter, US Gulf USD 216<<231 Oct

Wheat, USA Hard Red Winter 11 protein, US Gulf USD 259<<271 Oct
Wheat, Ukraine 11.5 pro, 30,000+ m/t USD 215<<220 Oct
Wheat, Russia 12.5 pro, 30,000+ m/t USD 220<<225 Oct
Wheat, Romania 12.5 pro USD 230<<235 Oct
Wheat, Superior, France, Rouen USD 235<<240 Oct
Wheat, milling, 12.0%, Argentina, Upriver USD 265>>255 Oct
Wheat, feed, Black Sea USD 200/210

Barley, France, Rouen port USD 205/210

Barley, feed, Argentina, upriver USD 220/225
Barley, feed, Black Sea, 30,000+ USD 185/190
Barley, feed, Australia USD 245/250

Corn, 2YC FOB NOLA USA USD 185<<190 Oct

Corn, 3YC FOB USA Pacific northwest USD 210<<215 Oct
Corn, FOB Argentina port, upriver USD 180<<185 Oct
Corn, FOB Brazil port USD 190<<200 Oct
Corn, FOB France – Atlantic USD 231-234 Spot
 Corn, FOB Romania USD 195>>190 Oct
Corn, FOB Russia USD 195>>190 Oct
Corn, FOB Ukraine, 30,000+ m/t USD 195>>190 Oct
Sorghum, FOB Argentina port USD 260/270
Sorghum, FOB Texas USD 235<<240 Oct

Soymeal, 48% protein, FOB NOLA USD 400>>375 Oct

Soymeal, 48% protein, USA, Rotterdam USD 430>>435 Oct
Soymeal, 47% pro, FOB Argentina USD 365>>360 Oct
Soymeal, 48% protein, Brazil, Rotterdam – spot USD 420/425
Soymeal, 48% protein, FOB Brazil USD 360>>355 Oct

Soybeans, FOB NOLA USD 430>>410 Oct

Soybeans, Argentina, FOB USD 415<<420 Oct
Soybeans, Brazil, FOB USD 430<<435 Oct
Soybeans, Black Sea USD 450>>425 Oct

Corn Gluten Meal, USA FOB NOLA USD 550/560

Corn Gluten Feed, USA FOB NOLA USD 200/210
DDGS corn, 35 profat, USA FOB NOLA USD 205/215

SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:

Southern Peru fishing is now up to 27,800 m/t (6,200 m/t fishmeal) with just over 223,000 m/t left
on the quota to December 31.

Not much going on in the fishmeal market in Peru with so little available for sale. Estimates for
presales for the next fishing season remain at about 560,000 m/t. Prices are mainly steady with no
new business being done. The Super Prime premium is reported to have dropped a little but with
nothing to sell this really means nothing.

According to scientific reports there is very little chance of a serious El Nino or La Nina event in 2024.
However, there could be a weak La Nina near the end o f the year into 2025. No serious effect on the
biomass or fishing is anticipated.

Peru will be closed on July 28 and 29 for the Independence Day holidays. Peru got its independence
from Spain in 1821.

European fishmeal prices – FOB North German port.

Type Protein % Price per

m/t USD
Standard Herring 64% protein 1,735
Danish standard fishmeal 71% protein 2,060
Peru fishmeal 65% protein 1,640
Chile fishmeal 66% protein 1,670
Iceland fishmeal 71% protein 2,065

ALL PRICES SHOWN ARE IN CONTAINER, ON VESSEL, AT ORIGIN --- US DOLLARS

Minimum shipment of 200 m/t for fishmeal
 Specification Price per m/t FOB Price per m/t
Vessel Peru port Chile port

65% protein standard steam 1500/1520

67% protein 150 TVN 1550/1570
67n% protein 120 TVN 1600/1620 1620/1640
67% protein 1000 hist, 120 TVN 1650/1670 1670/1690
68% protein 500 hist, 100 TVN 1770/1790 1750/1770

Fish oil, crude bulk 5,500 5,000/5,300

Fish oil, crude drums No prices No prices
Fish oil, flexi tank No prices No prices
Fish oil, Omega 3: 28%EPA/DHA 6,000/6,300 6,300/6,500

INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine

The information contained herein is based on sources that we believe to be dependable, but we do not represent
that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation
of an offer to buy. All references to prices are subject to change without notice. Any opinions expressed herein
are solely those of the author.

Copyright © 2024 Wayne S. Bacon