FOB Prices and Freight Rate App (Updated 19 April)
Ocean Freight Comments - 19 April 2024 By Matt Herrington Spot dry-bulk freight markets remain weak amid dull April demand but rates are improving for May and June with improved interest in booking cargoes. Chinese demand for iron ore and coal has improved and bolstered capesize rates while gra...
Interactive Ocean Freight Rates (Updated 19 April)
Ocean Freight Comments - 19 April 2024 By Matt Herrington Spot dry-bulk freight markets remain weak amid dull April demand but rates are improving for May and June with improved interest in booking cargoes. Chinese demand for iron ore and coal has improved and bolstered capesize rates while gra...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s Ministry of Supply expects to receive 3.5 MMT of local wheat during the 2024 harvest that begins in April. In 2023, about 4 MMT was received by the government. Egypt has increased the purchase price...
Black Sea Regional Analysis
Russian Grain Markets: 26 February–1 March 2024 Russian grain markets remained bearish following the global trend exports are the key driver. For several weeks in a row, Russian pea prices have climbed higher and higher and as long as there is no export duty for peas, this commodity will...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION BRICS membership increased on 1 January 2024 to include Egypt, Iran, Saudi Arabia, UAE, and Ethiopia in addition to existing members: Brazil, Russia, India, China, and South Africa. Further expansion is expected i...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Red Sea and Arabian Sea shipments in transit are being attacked by forces said to be from Yemen or Somalia. Attackers say that they are only attacking vessels with some relationship with Israel. Both Zim lines and...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Algeria’s wheat crop, according to the recent FAO report, will be down by 500,000 MT to 2.5 MMT due to drought which will see wheat imports increase to 9 MMT. Barley production will be the same as 2022 at 1...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan reports outbreaks of Fall Armyworms on maize crops in some areas of the country. The government says that the crops are now too mature for normal pesticide sprays. Pakistan could face a shortage of up to...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt and India are discussing a possible arrangement for the trade of Egyptian fertilizer for Indian wheat – an arrangement that could benefit both countries. Egypt is the world’s fifth largest export...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan’s wheat harvest of 27.5 MMT this year is still about 2.6 MMT short of the country’s consumption. Some imports have been made but there is still concern that there will be wheat/wheat flour sho...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Morocco’s National Federation of Millers has advised that current wheat stocks will cover up to five months of cosumption and added that the current duty-free wheat imports through September will increase th...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Turkey reports it will allow the export of both corn and durum wheat this year due to the bumper crop for both grains. Exports licenses have already been issued for durum wheat with corn licenses pending. Accordin...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Morocco’s Forafric Global has bought 90 percent of Societe Industrielle de Minoterie Du Sud which is a Moroccan soft wheat miller. This acquisition will add 300 MT per day of milling capacity to Forafric. Mo...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt is facing continued daily power cuts as the very high temperatures have increased electricity demand. Egypt does have sufficient electricity production but the reduction in fuel to the plants has caused gene...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Afghanistan will receive another 20,000 MT of wheat from India in a new donation to help overcome the humanitarian crisis in Afghanistan. India previously donated 40,000 MT of wheat. Wheat will be delivered throug...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Tunisian President Kais Saied said that efforts must be made to insure the adequate supply of grain and feed to all areas of the country. He added that all imports of grain and fodder must be controlled by the gov...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Afghanistan is facing a severe infestation of Moroccan locusts in the expected biggest outbreak in 20 years. Up to 25 percent of the current wheat crop, as much as 1.2 MMT, is said to be at risk. The locusts are e...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Morocco’s Ministry of Agriculture said that 2023 cereals production should increase by 62 percent compared to the low drought affected crop of 2022. Total production is seen at 5.5 MMT up from 3.4 MMT. Soft...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan flour millers in Sindh Province are “alleging” that the government is not releasing wheat even after full payment has been made by millers. 500,000 bags of wheat were supposed to have been rel...
Mississippi River: From Drought to Flood
According to the National Weather Service (NWS), the water level on the upper Mississippi River is expected to reach its highest since 2001. The NWS weather forecast station at La Crosse, Wisconsin, reports that “the chance for a top five flood on record is high at all sites.” Snow...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION The Arab world is celebrating the end of Ramadan holiday. Businesses, banks, and government offices will be closed. Egypt’s holidays are longer due to Sinai Liberation Day holiday. Egypt says it will spend $...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt is expected to have to devalue its currency again according to Societe Generale bank. It says that by the end of the next quarter about 10 percent will have to be devalued in order to meet foreign exchange p...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Saudi Arabia received a 60,000 MT barley shipment from Australia financed by a joint arrangement between Salic Group and Mansour Al-Mosaid Company and the Saudi Agricultural Development Fund. This is being done un...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egyptian government officials said the “dollar crisis” has now been corrected and that foreign payments are being made by banks and delayed goods are clearing customs. Extra efforts have been made to r...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Jordan recently received very good rainfalls which the Ag Ministry says brought long awaited relief to farmers. Pastures should also be much better this year, which will be very beneficial to the dairy industry. T...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Sri Lanka will benefit from a program by Thailand and the United Nations to supply quality maize seed to help with increasing food security – the maize will be used in the livestock industry when harvested...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s COP27 conference has set a new “123 Pledge” program that is directed at reducing food waste in production, handling, retail and consumer levels. Fourteen percent of food is said to be los...
Transportation Workaround
A third of U.S. grain and oilseed exports move through New Orleans and nearly 40 percent if one includes the Texas Gulf ports. Another 15 percent moves out the PNW to Asia. But what happens when the Mississippi dries up? In older literature, USDA’s Agricultural Marketing Service does not...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iran and Pakistan are expected to benefit from Azerbaijan lifting its export ban on grains. Talks with both countries are planned for next week to discuss shipping logistics and additional export opportunities. Pa...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iran’s government increased the purchase price of local wheat, to the equivalent of $430 MT. The government says that more than 7 MMT of local wheat has been purchased from farmers. The Iran Ag Ministry says...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Sri Lanka’s Minister of Trade says there is no reason for wheat flour prices to increase as the local supply is good and more milling wheat is expected from Dubai and Turkey. Sri Lanka is forecast, by USDA-F...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Bangladesh semi-official reports say that a wheat import agreement for 500,000 MT is about to be signed with Russia, some reports say the agreement is for 350,000 MT. The government-to-government business is to be...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Lebanon officially rejected the first shipment of 26,000 MT of corn from the Ukraine on the M/V Razoni and further reports advise that the vessel will now discharge in Syria after a stop in Turkey. Ukraine will no...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION MEA region barley buyers are looking more to French barley as supplies from the Black Sea are not available. Saudi Arabia and Iran are major barley buyers in France as are Tunisia and several African nations. Most...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Lebanon is scheduled to receive the first shipment of wheat from Ukraine’s Odessa port – the M/V Razani is reported to have sailed from Odessa with about 26,000 MT of wheat. The vessel will stop in Ist...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Middle Eastern and African buyers of Black Sea grains are looking with anticipation to the freeing up of grain/oilseed shipments from the Ukraine and Russia, as was agreed and signed last week. However, experts sa...
FOB Prices and Freight Rate App (Updated 19 April)
Ocean Freight Comments - 19 April 2024 By Matt Herrington Spot dry-bulk freight markets remain weak amid dull April demand but rates are improving for May and June with improved interest in booking cargoes. Chinese demand for iron ore and coal has improved and bolstered capesize rates while gra...
Interactive Ocean Freight Rates (Updated 19 April)
Ocean Freight Comments - 19 April 2024 By Matt Herrington Spot dry-bulk freight markets remain weak amid dull April demand but rates are improving for May and June with improved interest in booking cargoes. Chinese demand for iron ore and coal has improved and bolstered capesize rates while gra...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s Ministry of Supply expects to receive 3.5 MMT of local wheat during the 2024 harvest that begins in April. In 2023, about 4 MMT was received by the government. Egypt has increased the purchase price...
Black Sea Regional Analysis
Russian Grain Markets: 26 February–1 March 2024 Russian grain markets remained bearish following the global trend exports are the key driver. For several weeks in a row, Russian pea prices have climbed higher and higher and as long as there is no export duty for peas, this commodity will...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION BRICS membership increased on 1 January 2024 to include Egypt, Iran, Saudi Arabia, UAE, and Ethiopia in addition to existing members: Brazil, Russia, India, China, and South Africa. Further expansion is expected i...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Red Sea and Arabian Sea shipments in transit are being attacked by forces said to be from Yemen or Somalia. Attackers say that they are only attacking vessels with some relationship with Israel. Both Zim lines and...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Algeria’s wheat crop, according to the recent FAO report, will be down by 500,000 MT to 2.5 MMT due to drought which will see wheat imports increase to 9 MMT. Barley production will be the same as 2022 at 1...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan reports outbreaks of Fall Armyworms on maize crops in some areas of the country. The government says that the crops are now too mature for normal pesticide sprays. Pakistan could face a shortage of up to...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt and India are discussing a possible arrangement for the trade of Egyptian fertilizer for Indian wheat – an arrangement that could benefit both countries. Egypt is the world’s fifth largest export...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan’s wheat harvest of 27.5 MMT this year is still about 2.6 MMT short of the country’s consumption. Some imports have been made but there is still concern that there will be wheat/wheat flour sho...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Morocco’s National Federation of Millers has advised that current wheat stocks will cover up to five months of cosumption and added that the current duty-free wheat imports through September will increase th...
Middle East, Mediterranean and Africa Regional
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Turkey reports it will allow the export of both corn and durum wheat this year due to the bumper crop for both grains. Exports licenses have already been issued for durum wheat with corn licenses pending. Accordin...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Morocco’s Forafric Global has bought 90 percent of Societe Industrielle de Minoterie Du Sud which is a Moroccan soft wheat miller. This acquisition will add 300 MT per day of milling capacity to Forafric. Mo...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt is facing continued daily power cuts as the very high temperatures have increased electricity demand. Egypt does have sufficient electricity production but the reduction in fuel to the plants has caused gene...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Afghanistan will receive another 20,000 MT of wheat from India in a new donation to help overcome the humanitarian crisis in Afghanistan. India previously donated 40,000 MT of wheat. Wheat will be delivered throug...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Tunisian President Kais Saied said that efforts must be made to insure the adequate supply of grain and feed to all areas of the country. He added that all imports of grain and fodder must be controlled by the gov...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Afghanistan is facing a severe infestation of Moroccan locusts in the expected biggest outbreak in 20 years. Up to 25 percent of the current wheat crop, as much as 1.2 MMT, is said to be at risk. The locusts are e...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Morocco’s Ministry of Agriculture said that 2023 cereals production should increase by 62 percent compared to the low drought affected crop of 2022. Total production is seen at 5.5 MMT up from 3.4 MMT. Soft...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan flour millers in Sindh Province are “alleging” that the government is not releasing wheat even after full payment has been made by millers. 500,000 bags of wheat were supposed to have been rel...
Mississippi River: From Drought to Flood
According to the National Weather Service (NWS), the water level on the upper Mississippi River is expected to reach its highest since 2001. The NWS weather forecast station at La Crosse, Wisconsin, reports that “the chance for a top five flood on record is high at all sites.” Snow...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION The Arab world is celebrating the end of Ramadan holiday. Businesses, banks, and government offices will be closed. Egypt’s holidays are longer due to Sinai Liberation Day holiday. Egypt says it will spend $...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt is expected to have to devalue its currency again according to Societe Generale bank. It says that by the end of the next quarter about 10 percent will have to be devalued in order to meet foreign exchange p...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Saudi Arabia received a 60,000 MT barley shipment from Australia financed by a joint arrangement between Salic Group and Mansour Al-Mosaid Company and the Saudi Agricultural Development Fund. This is being done un...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egyptian government officials said the “dollar crisis” has now been corrected and that foreign payments are being made by banks and delayed goods are clearing customs. Extra efforts have been made to r...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Jordan recently received very good rainfalls which the Ag Ministry says brought long awaited relief to farmers. Pastures should also be much better this year, which will be very beneficial to the dairy industry. T...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Sri Lanka will benefit from a program by Thailand and the United Nations to supply quality maize seed to help with increasing food security – the maize will be used in the livestock industry when harvested...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s COP27 conference has set a new “123 Pledge” program that is directed at reducing food waste in production, handling, retail and consumer levels. Fourteen percent of food is said to be los...
Transportation Workaround
A third of U.S. grain and oilseed exports move through New Orleans and nearly 40 percent if one includes the Texas Gulf ports. Another 15 percent moves out the PNW to Asia. But what happens when the Mississippi dries up? In older literature, USDA’s Agricultural Marketing Service does not...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iran and Pakistan are expected to benefit from Azerbaijan lifting its export ban on grains. Talks with both countries are planned for next week to discuss shipping logistics and additional export opportunities. Pa...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iran’s government increased the purchase price of local wheat, to the equivalent of $430 MT. The government says that more than 7 MMT of local wheat has been purchased from farmers. The Iran Ag Ministry says...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Sri Lanka’s Minister of Trade says there is no reason for wheat flour prices to increase as the local supply is good and more milling wheat is expected from Dubai and Turkey. Sri Lanka is forecast, by USDA-F...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Bangladesh semi-official reports say that a wheat import agreement for 500,000 MT is about to be signed with Russia, some reports say the agreement is for 350,000 MT. The government-to-government business is to be...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Lebanon officially rejected the first shipment of 26,000 MT of corn from the Ukraine on the M/V Razoni and further reports advise that the vessel will now discharge in Syria after a stop in Turkey. Ukraine will no...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION MEA region barley buyers are looking more to French barley as supplies from the Black Sea are not available. Saudi Arabia and Iran are major barley buyers in France as are Tunisia and several African nations. Most...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Lebanon is scheduled to receive the first shipment of wheat from Ukraine’s Odessa port – the M/V Razani is reported to have sailed from Odessa with about 26,000 MT of wheat. The vessel will stop in Ist...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Middle Eastern and African buyers of Black Sea grains are looking with anticipation to the freeing up of grain/oilseed shipments from the Ukraine and Russia, as was agreed and signed last week. However, experts sa...