Soybeans Last week was special as China suddenly allowed an unspecified volume of U.S. soybeans to be imported without their recent tariffs. The quota was different than previous ones as it applied to private companies as well as the state-owned COFCO and Sino Grain. China’s purchases were executed CNF from the PNW at 134X-138X – levels that were well below any Brazilin offers. In fact, early last week the Brazilian FOB market was offered at 135X and the CNF market was 235X. Basically, Brazil was $1.00/bushel more expensive than the U.S. PNW. The crush margin for Chinese companies purchasing those cargoes was over $30/MT, meaning the trades were a very good deal for them. Brazil The impact of the tariff-fre...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Dry bulk markets remain mixed with Capesize vessels seeing continued pressure from weaker demand while fixtures and rate strength gradually increases towards the smaller vessel classes. Tanker markets are pulling back from their recent highs as tonnage moves out of the Mid...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
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Illuminating the value of technical research
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