FOB Prices and Freight Rate App (Updated 1 June)
Ocean Freight Comments - 1 June 2023 By Jay O'Neil Commodity Consulting It was yet another disappointing and unexpected week for dry bulk vessel owners and shipping news magazines. Most every industry ocean freight article and freight blog has been touting the reasons why ocean freight markets...
Interactive Ocean Freight Rates (Updated 1 June)
Ocean Freight Comments - 1 June 2023 By Jay O'Neil Commodity Consulting It was yet another disappointing and unexpected week for dry bulk vessel owners and shipping news magazines. Most every industry ocean freight article and freight blog has been touting the reasons why ocean freight markets...
Market Commentary: CBOT Firms Heading into Long Weekend on Dry Weather, Short Covering
The CBOT was mostly higher heading into the three-day holiday weekend with dryness and drought concerns for the Corn Belt pushing corn futures higher and helping create spillover support for wheat. Soybeans finally got in on this week’s upside action as well, though the day’s trade...
European Market Analysis
Regional News The European weather is shifting more favorably for crop development over the next week with cooler-than-normal temperatures predicted and rains for the southern portion of the continent. The rains will notably include southern Spain, Italy, the Balkans, and parts of Bulgari...
Perking up Supply
Although coffee futures are edging back up (Arabica hit a peak a month ago), prices are descending in longer dated contracts as Brazil is expected to supply a good crop. The normally higher priced arabica has been getting chased by robusta prices as buyers seek substitution to save costs. World...
Olive Oil Shortage
The price of olive oil has hit over $6,000/MT on a combination of increased demand and a production shortfall in Spain caused by drought, or what some claim is more permanent adverse consequence of climate change. Europe has historically dominated the world’s production of olive oil, prod...
European Market Analysis
Regional News Russian sources indicate the country plans to extend the Black Sea grain export corridor agreement for another 60 days starting 18 May 2023. The EU Parliament has extended duty-free trade with Ukraine for another year starting 6 June 2023. Drought remains a major conce...
WASDE Soybeans
USDA’s estimate for 2023/24 U.S. soybeans is for higher supplies, crush, and ending stocks, and lower exports compared with 2022/23. The soybean crop is projected at 4.51 billion bushels, up 5 percent from last year’s crop mainly on higher yields. Soybean exports are for...
WASDE Wheat
USDA’s estimate for 2023/24 U.S. wheat is reduced stocks. All wheat production is projected at 1,659 million bushels, up modestly from last year on increased harvested area. However, the harvest-to-plant ratio is down from last year with above-average abandonment in Texas, Okl...
European Market Analysis
Regional News The EU Commission has places restrictions on the import of Ukrainian wheat, maize, rapeseed, and sunflower seed into five member states (Bulgaria, Hungary, Poland, Romania, and Slovakia) through 5 June 2023 to ease supply issues and local price depressions. The ruling allows...
European Market Analysis
Regional News U.S. Bank JPMorgan Chase secured a license from the U.S. Office of Foreign Assets Control (OFAC) to process payments from Russian bank Rosselkhozbanka for the export of agricultural products. Through 27 April, 1.368 Mha have been sown to spring cereals in Ukraine, incl...
EPA’s E15 Waiver for 2023 in Effect Today
On 28 April, the Environmental Protection Agency (EPA) granted a waiver for the use of E15 during the 2023 summer driving season, which is 1 June - 15 September. This is under the same regulatory authority as was used in 2022 to address an emergency fuel situation. The Clean Air Ac...
FOB Prices and Freight Rate App (Updated 1 June)
Ocean Freight Comments - 1 June 2023 By Jay O'Neil Commodity Consulting It was yet another disappointing and unexpected week for dry bulk vessel owners and shipping news magazines. Most every industry ocean freight article and freight blog has been touting the reasons why ocean freight markets...
Interactive Ocean Freight Rates (Updated 1 June)
Ocean Freight Comments - 1 June 2023 By Jay O'Neil Commodity Consulting It was yet another disappointing and unexpected week for dry bulk vessel owners and shipping news magazines. Most every industry ocean freight article and freight blog has been touting the reasons why ocean freight markets...
Market Commentary: CBOT Firms Heading into Long Weekend on Dry Weather, Short Covering
The CBOT was mostly higher heading into the three-day holiday weekend with dryness and drought concerns for the Corn Belt pushing corn futures higher and helping create spillover support for wheat. Soybeans finally got in on this week’s upside action as well, though the day’s trade...
European Market Analysis
Regional News The European weather is shifting more favorably for crop development over the next week with cooler-than-normal temperatures predicted and rains for the southern portion of the continent. The rains will notably include southern Spain, Italy, the Balkans, and parts of Bulgari...
Perking up Supply
Although coffee futures are edging back up (Arabica hit a peak a month ago), prices are descending in longer dated contracts as Brazil is expected to supply a good crop. The normally higher priced arabica has been getting chased by robusta prices as buyers seek substitution to save costs. World...
Olive Oil Shortage
The price of olive oil has hit over $6,000/MT on a combination of increased demand and a production shortfall in Spain caused by drought, or what some claim is more permanent adverse consequence of climate change. Europe has historically dominated the world’s production of olive oil, prod...
European Market Analysis
Regional News Russian sources indicate the country plans to extend the Black Sea grain export corridor agreement for another 60 days starting 18 May 2023. The EU Parliament has extended duty-free trade with Ukraine for another year starting 6 June 2023. Drought remains a major conce...
WASDE Soybeans
USDA’s estimate for 2023/24 U.S. soybeans is for higher supplies, crush, and ending stocks, and lower exports compared with 2022/23. The soybean crop is projected at 4.51 billion bushels, up 5 percent from last year’s crop mainly on higher yields. Soybean exports are for...
WASDE Wheat
USDA’s estimate for 2023/24 U.S. wheat is reduced stocks. All wheat production is projected at 1,659 million bushels, up modestly from last year on increased harvested area. However, the harvest-to-plant ratio is down from last year with above-average abandonment in Texas, Okl...
European Market Analysis
Regional News The EU Commission has places restrictions on the import of Ukrainian wheat, maize, rapeseed, and sunflower seed into five member states (Bulgaria, Hungary, Poland, Romania, and Slovakia) through 5 June 2023 to ease supply issues and local price depressions. The ruling allows...
European Market Analysis
Regional News U.S. Bank JPMorgan Chase secured a license from the U.S. Office of Foreign Assets Control (OFAC) to process payments from Russian bank Rosselkhozbanka for the export of agricultural products. Through 27 April, 1.368 Mha have been sown to spring cereals in Ukraine, incl...
EPA’s E15 Waiver for 2023 in Effect Today
On 28 April, the Environmental Protection Agency (EPA) granted a waiver for the use of E15 during the 2023 summer driving season, which is 1 June - 15 September. This is under the same regulatory authority as was used in 2022 to address an emergency fuel situation. The Clean Air Ac...