Milling Wheat The Black Sea market remained stable for the old crop positions last week. However, it was firmer for the new crop despite the ruble’s weakness, most probably due to the uncertainty regarding the size of its output. The spread (inverse) between those two crops is eroding and now at only about $7 after being approximately $15 two weeks ago. It remains generally dry over a major part of southern Russia. The wheat will be under stress with the yield potential deteriorating significantly if those areas do not receive rains in the next two weeks. The EU reported that 249,000 MT were exported last week, bringing the total to 16.6 MMT versus 21.3 MMT at the same time a year ago. The weaker EUR is making this origin more compe...
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...
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