FOB Prices and Freight Rate App (Updated 16 May)
Ocean Freight Comments - 16 May 2024 By Matt Herrington Dry-bulk freight markets remain choppy and volatile albeit with a generally higher trend. Rates took a step back this week amid weaker cargo demand in the Atlantic and Pacific markets, which created a surplus of ship availability. Time cha...
Interactive Ocean Freight Rates (Updated 16 May)
Ocean Freight Comments - 16 May 2024 By Matt Herrington Dry-bulk freight markets remain choppy and volatile albeit with a generally higher trend. Rates took a step back this week amid weaker cargo demand in the Atlantic and Pacific markets, which created a surplus of ship availability. Time cha...
European Market Analysis
Regional News Frosts in Russia’s central, southern, and Volga regions have halted spring planting efforts, which will likely contribute to lower yield potential this year. Russia has completed spring seeding on 16.9 Mha, or 30.2 percent of the planned area, so far. Some of these are...
WASDE Wheat
USDA’s outlook for 2024/25 U.S. wheat is for larger supplies, increased exports, and higher ending stocks. Supplies are projected to increase six percent from 2023/24. U.S. wheat yield is projected at 48.9 bushels per acre, up 0.3 bushels. 2024/25 ending stocks are eleven percent above la...
Flimsy Arguments; Bien SUR Pesticides
Flimsy Arguments Certain Americans are taking sides with Hamas in Gaza, arguing that it is Israel to blame. In a similar fashion, progressive groups focused on agriculture are calling on Washington to cease its bullying of Mexico on GMO corn. They defend Mexico City for pursuing “food sov...
Black Sea Regional Analysis
Russian Grain Markets: 29 April–3 May 2024 Last week Russia celebrated International Labor Day, and on May 9 will celebrate WWII Victory Day, resulting in a long 10-day holiday for many Russian families, including grain traders. This traditionally slows down trade, however, logistics cont...
European Market Analysis
Regional News Algeria purchased 200 KMT of hard wheat – rumored to originate in France – at $249-250/MT C&F. Turkey issued an international tender for the sale of 100 KMT of durum wheat to be exported – not imported – from the country. The winning bid cam...
Olive Oil Gets Tighter
Olive oil is a niche product, comprising just under one percent of total global vegetable oil production. It is also higher priced, and only becoming more so as production drops. Europe produces around 62 percent of global olive oil and supplies half the world trade. Production is primarily in...
European Market Analysis
Regional News ProZerno forecasts Russia’s 2024 total grain production will hit 135-136 MMT, down from 144.9 MMT in 2023. Wheat production is forecast to fall from 92.8 to 88 MMT this year, with barley production down from 21.1 to 18 MMT. Russia’s corn production should fall fr...
Market Commentary: Wheat Extends Rally; Funds Cover Shorts Amid Widespread Futures Strength
The spring 2024 wheat rally continues as weather threats linger for the U.S., Europe, and the Black Sea. Weather forecasts that offer a challenging outlook for the 2024/25 Northern Hemisphere crop are forcing funds to keep exiting short positions, with the resulting positive technical developme...
Market Commentary: Global Wheat, Oilseed Futures Rally on Weather Threats
Friday’s strength in CBOT and broader global ag commodity futures was simply a foreshadowing of the rallies that would develop on Monday. Heading into the weekend, markets were jittery on perceived weather risks, many of which turned out to be prescient. Over the weekend, parts of the U.S...
European Market Analysis
Regional News Early-morning frosts were reported across Poland down to France as crops are reaching growth stages that are sensitive to cold. It’s too early to say whether the cold snap will dent yields, but the 2024 crop continues to face weather challenges. Tunisia pur...
FOB Prices and Freight Rate App (Updated 16 May)
Ocean Freight Comments - 16 May 2024 By Matt Herrington Dry-bulk freight markets remain choppy and volatile albeit with a generally higher trend. Rates took a step back this week amid weaker cargo demand in the Atlantic and Pacific markets, which created a surplus of ship availability. Time cha...
Interactive Ocean Freight Rates (Updated 16 May)
Ocean Freight Comments - 16 May 2024 By Matt Herrington Dry-bulk freight markets remain choppy and volatile albeit with a generally higher trend. Rates took a step back this week amid weaker cargo demand in the Atlantic and Pacific markets, which created a surplus of ship availability. Time cha...
European Market Analysis
Regional News Frosts in Russia’s central, southern, and Volga regions have halted spring planting efforts, which will likely contribute to lower yield potential this year. Russia has completed spring seeding on 16.9 Mha, or 30.2 percent of the planned area, so far. Some of these are...
WASDE Wheat
USDA’s outlook for 2024/25 U.S. wheat is for larger supplies, increased exports, and higher ending stocks. Supplies are projected to increase six percent from 2023/24. U.S. wheat yield is projected at 48.9 bushels per acre, up 0.3 bushels. 2024/25 ending stocks are eleven percent above la...
Flimsy Arguments; Bien SUR Pesticides
Flimsy Arguments Certain Americans are taking sides with Hamas in Gaza, arguing that it is Israel to blame. In a similar fashion, progressive groups focused on agriculture are calling on Washington to cease its bullying of Mexico on GMO corn. They defend Mexico City for pursuing “food sov...
Black Sea Regional Analysis
Russian Grain Markets: 29 April–3 May 2024 Last week Russia celebrated International Labor Day, and on May 9 will celebrate WWII Victory Day, resulting in a long 10-day holiday for many Russian families, including grain traders. This traditionally slows down trade, however, logistics cont...
European Market Analysis
Regional News Algeria purchased 200 KMT of hard wheat – rumored to originate in France – at $249-250/MT C&F. Turkey issued an international tender for the sale of 100 KMT of durum wheat to be exported – not imported – from the country. The winning bid cam...
Olive Oil Gets Tighter
Olive oil is a niche product, comprising just under one percent of total global vegetable oil production. It is also higher priced, and only becoming more so as production drops. Europe produces around 62 percent of global olive oil and supplies half the world trade. Production is primarily in...
European Market Analysis
Regional News ProZerno forecasts Russia’s 2024 total grain production will hit 135-136 MMT, down from 144.9 MMT in 2023. Wheat production is forecast to fall from 92.8 to 88 MMT this year, with barley production down from 21.1 to 18 MMT. Russia’s corn production should fall fr...
Market Commentary: Wheat Extends Rally; Funds Cover Shorts Amid Widespread Futures Strength
The spring 2024 wheat rally continues as weather threats linger for the U.S., Europe, and the Black Sea. Weather forecasts that offer a challenging outlook for the 2024/25 Northern Hemisphere crop are forcing funds to keep exiting short positions, with the resulting positive technical developme...
Market Commentary: Global Wheat, Oilseed Futures Rally on Weather Threats
Friday’s strength in CBOT and broader global ag commodity futures was simply a foreshadowing of the rallies that would develop on Monday. Heading into the weekend, markets were jittery on perceived weather risks, many of which turned out to be prescient. Over the weekend, parts of the U.S...
European Market Analysis
Regional News Early-morning frosts were reported across Poland down to France as crops are reaching growth stages that are sensitive to cold. It’s too early to say whether the cold snap will dent yields, but the 2024 crop continues to face weather challenges. Tunisia pur...