FOB Prices and Freight Rates App (Updated 22 January)
Ocean Freight Comments - 17 January 2025By Matt HerringtonIn the past month since WPI last provided our freight market commentary, dry bulk ocean freight rates have not done much at all. The holiday doldrums left markets to drift sideways/lower with slack cargo demand and little other excitemen...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONSyria has been added to Ukraine’s list of countries eligible for assistance under the “Grain from Ukraine” aid program – an initial shipment of 500 MT of wheat flour has been made to Syria by Ukraine.Ukraine expanded its “Grain from Ukra...
WASDE Wheat Jan 2025
USDA’s January estimate is for unchanged U.S. wheat exports of 850 million bushels. Projected 2024/25 ending stocks are raised 3 million bushels to 798 million, up 15 percent from last year. The season-average farm price of wheat is reduced by $0.05 per bushel to $5.55.World trade is 1.7 millio...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt will see the investment of $100 million by China’s New Hope Group in the expansion of its animal feed operations. New Hope currently has five production facilities in Egypt producing 650,000 MT of animal feeds which will be increas...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONTurkey has revised its wheat import rules for flour millers – millers can now import up to 25 percent of their wheat supply, up from 15 percent. The remaining 75 percent must be purchased from TMO, the government’s grain company. The cha...
Cocoa Market Outlook: Futures Overbought but Demand Rationing to Continue
The 2024/25 cocoa market outlook is dominated by production concerns and continuing tightness in global stocks-to-grindings levels. The latter point will likely keep futures and physical prices elevated as the market works to ration demand amid a fourth straight year of weak production from Wes...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt is rumored to be considering further devaluation of its currency against the U.S. dollar. The Egyptian pound has slipped a little in value to 51 to the U.S. dollar, from 48 to the dollar. However, Egypt’s Prime Minister says that t...
Wasde Corn
WASDE Corn: 2024/25 U.S. corn use for ethanol production is increased by 50 million bushels to 5.5 billion. U.S. corn exports are raised 150 million bushels to 2.5 billion. The result is that corn ending stocks are reduced by 200 million bushels to 1.7 billion. The season-average corn price rec...
Wasde Wheat
WASDE Wheat: 2024/25 U.S. wheat exports are raised 25 million bushels to 850 million bushels. U.S. wheat ending stocks are reduced by 20 million bushels to 795 million - which USDA notes is still 14 percent above last year. The season-average farm price is unchanged at $5.60 per bushel.USDA's g...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONAn Egyptian military organization has reportedly taken over the wheat purchasing responsibility of Egypt’s GASC. Mostakbal Misr Agency, an armed forces offshoot, is said to now be fully responsible as the exclusive organi...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONIraq’s grain import requirements for 2024/25 are expected to be lower according to the FAO as a result of the good 2023/24 wheat crop. Wheat imports are seen dropping by 23 percent to about 1.8 MMT. Iraq has also added a...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt’s strategic wheat reserves are at 4.6 months. This is a little lower than usual due to delays in wheat shipments from Russia.Iraq advises that is has sent 50 truckloads of aid to Syria, mainly wheat. The aid will be used to support...
FOB Prices and Freight Rates App (Updated 22 January)
Ocean Freight Comments - 17 January 2025By Matt HerringtonIn the past month since WPI last provided our freight market commentary, dry bulk ocean freight rates have not done much at all. The holiday doldrums left markets to drift sideways/lower with slack cargo demand and little other excitemen...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONSyria has been added to Ukraine’s list of countries eligible for assistance under the “Grain from Ukraine” aid program – an initial shipment of 500 MT of wheat flour has been made to Syria by Ukraine.Ukraine expanded its “Grain from Ukra...
WASDE Wheat Jan 2025
USDA’s January estimate is for unchanged U.S. wheat exports of 850 million bushels. Projected 2024/25 ending stocks are raised 3 million bushels to 798 million, up 15 percent from last year. The season-average farm price of wheat is reduced by $0.05 per bushel to $5.55.World trade is 1.7 millio...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt will see the investment of $100 million by China’s New Hope Group in the expansion of its animal feed operations. New Hope currently has five production facilities in Egypt producing 650,000 MT of animal feeds which will be increas...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONTurkey has revised its wheat import rules for flour millers – millers can now import up to 25 percent of their wheat supply, up from 15 percent. The remaining 75 percent must be purchased from TMO, the government’s grain company. The cha...
Cocoa Market Outlook: Futures Overbought but Demand Rationing to Continue
The 2024/25 cocoa market outlook is dominated by production concerns and continuing tightness in global stocks-to-grindings levels. The latter point will likely keep futures and physical prices elevated as the market works to ration demand amid a fourth straight year of weak production from Wes...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt is rumored to be considering further devaluation of its currency against the U.S. dollar. The Egyptian pound has slipped a little in value to 51 to the U.S. dollar, from 48 to the dollar. However, Egypt’s Prime Minister says that t...
Wasde Corn
WASDE Corn: 2024/25 U.S. corn use for ethanol production is increased by 50 million bushels to 5.5 billion. U.S. corn exports are raised 150 million bushels to 2.5 billion. The result is that corn ending stocks are reduced by 200 million bushels to 1.7 billion. The season-average corn price rec...
Wasde Wheat
WASDE Wheat: 2024/25 U.S. wheat exports are raised 25 million bushels to 850 million bushels. U.S. wheat ending stocks are reduced by 20 million bushels to 795 million - which USDA notes is still 14 percent above last year. The season-average farm price is unchanged at $5.60 per bushel.USDA's g...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONAn Egyptian military organization has reportedly taken over the wheat purchasing responsibility of Egypt’s GASC. Mostakbal Misr Agency, an armed forces offshoot, is said to now be fully responsible as the exclusive organi...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONIraq’s grain import requirements for 2024/25 are expected to be lower according to the FAO as a result of the good 2023/24 wheat crop. Wheat imports are seen dropping by 23 percent to about 1.8 MMT. Iraq has also added a...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt’s strategic wheat reserves are at 4.6 months. This is a little lower than usual due to delays in wheat shipments from Russia.Iraq advises that is has sent 50 truckloads of aid to Syria, mainly wheat. The aid will be used to support...