Key Takeaways:
World prices are strong; U.S. grower data doesn’t show it. Australia's benchmark finished the 2025/26 season 61 percent higher, while the value of the 2025 U.S. clip fell 7 percent. The U.S. clip is coarser than the wool behind the headlines. Only about 7 percent was finer than 20.5 micron in 2023, and 30 percent was 26 micron or coarser. Using 6 November prices, the U.S. mix is worth roughly three-quarters of what the benchmark implies per clean pound. The missing middle is a scale problem. Only about 9.1 million of the 22.7 million pounds clipped in 2023 needed domestic scouring, while a 2022 Australian feasibility study puts a fine-wool scour breakeven above 17.6 million pounds. Anchor demand is the way in. Military...
Key Takeaways: Dry bulk freight markets were stronger this week, but the rally was uneven and due to divergent dynamics across basins and vessel classes. Panamax markets were broadly higher, but Atlantic grain demand was primarily responsible while Asian activity was subdued. That trend...
Veterans Day offers a moment to pause and recognize the people behind the uniform. To all who have served and the families who have supported them, thank you for your dedication, courage and sacrifice. Markets had plenty of headlines to digest today, and grains offered some encouraging follow-t...
