FOB Prices and Freight Rates App (Updated 20 November)
Ocean Freight Comments - 15 November 2024By Matt HerringtonDry bulk freight markets were mixed this week with Capes rising while Supramax vessel rates declined yet again. The Capesize sector found support from China’s recent efforts to stockpile coal and iron ore, but this support has not yet t...
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...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONPakistan has decided to allow the importation of GMO soybeans from the U.S. – critics say that this decision was made without proper risk assessment and was only done due to pressure from large industrial companies. Forty...
WASDE Wheat - Nov 2024
WASDE Wheat – USDA’s latest November estimate for the 2024/25 season is for an increase in U.S. wheat ending stocks by 3 million bushels to 815 million, up 17 percent from last year. U.S. wheat exports are unchanged at 825 million bushels. The season-average farm price is lowered $0.10 per bush...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONTunisia will shortly receive a shipment of 33,000 MT of U.S. corn, the first shipment in quite a while. The U.S. Grains Council office in Tunis says that they expect more U.S. corn imports in the coming weeks.Morocco has...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN, MIDDLE EAST, NORTH AFRICA, and AFRICA – MEA REGIONTurkey’s wheat production is seen dropping by 5.5 percent to 20.8 MMT according to Turksat estimates. It also sees barley production down by 11 percent to 8.2 MMT and corn down by 8 percent to 8.3 MMT. Soybean prod...
The Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN, MIDDLE EAST, NORTH AFRICA, AFRICA – MEA REGIONAfrica spends $75 billion every year importing cereals according to the African Development Bank – 50 MMT being wheat – 27 MMT imported by North Africa, 12 MMT by East Africa and 9 MMT by West Africa. Wheat...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Algeria decided to bar French companies from its wheat import tenders due to France’s support for Morocco’s continued sovereignty over the Western Sahara region. All tender participants have been advis...
Cocoa Market Update: Prices Rise as Stocks Fall
At the end of July 2024, WPI published an article looking at the drivers of the cocoa market’s massive rally in 2023 and 2024 and that offered an outlook for MY 2024/25. This article offers a brief update on market conditions and developments that have occurred in the two months since our...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt has a program that it says will reduce wheat imports and cut subsidies on bread. The plan is to blend wheat flour with local corn and sorghum flour. Savings, it is said, could be in the hundreds of millions...
Kenya’s Crop Choices
In yesterday’s WPI Middle East, Mediterranean and Africa Regional analysis report, it was noted that Kenyan farmers are switching from growing maize to growing sweet potatoes. The latter being easier to grow than drought sensitive maize and netting three crops per year. But whether maize...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan’s wheat imports in 2024/25 could drop to almost nothing as a result of the very good harvest in 2024 – up by 3.2 MMT. Wheat production was well above the average at a record level of 31,400 MM...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Bangladesh reports that it will be importing 400,000 MT of wheat immediately with the normal buying approval being shortened from 42 days to 15 days. The change is being made in order to maintain food security. Th...
More Food, and Fewer Children
Few philanthropists are as focused on hunger in Sub-Saharan Africa than Bill Gates. The Bill and Melinda Gates Foundation has spent billions of dollars on the problem. Activists do not like his promotion of GMO’s as a solution, but they are not as focused as he is on human suffering...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s GASC is reported to have arranged a private purchase of 430,000 MT of Russian wheat at a price of $231 CIF. GASC has not confirmed this purchase. Egypt’s wheat imports, on a dollar basis,...
WASDE Wheat
WASDE WHEAT: USDA increased their estimate for 2024/25 global wheat supplies by 1.5 million tons to 1,062.1 million as higher beginning stocks were more than offset by lower production. World wheat trade is raised 1.7 million tons to 216.5 million as higher exports for Australia, Canada,...
Agricultural Trade with Africa
Africa’s population is on a trajectory that could double its size by 2050 to 2.5 billion, or a quarter of the global populace. The West (U.S., EU, Japan) are in a competition with the Axis (China, Russia) for influence over Africa. One way to influence is to actively trade, including in a...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s trade deficit in June dropped by 5.1 percent to $2.87 billion – in dollar terms wheat imports were down by 21.5 percent while corn imports saw a reduction of 28.6 percent. Total for all imports...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Saudi Arabia’s Arabian Mills has set the share issue price range under their upcoming IPO. The IPO is expected to raise about $271 million. The total offering will be for 15.4 million shares, which represent...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Regional Updates Iranian wheat farmers are complaining that the government has not yet paid them for wheat delivered earlier in 2024 and that this is impacting planting for the next wheat crop. Iran’s government bought 11.6...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s recent massive wheat tender did not generate the 3.8 MMT of buying that GASC had planned. Reports say that the long delivery period – to April 2025 – coupled with the requirement for 270...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iraq’s wheat production is estimated by the Iraq Wheat Board to be up by 21 percent to 6.3 MMT resulting in the second consecutive year of wheat self-sufficiency for the government. The Board adds that Iraq...
Interactive Ocean Freight Rates (Updated 9 August)
*** Developer Note ***This app is deprecated as of 13 August 2024 and will no longer be updated. Ocean Freight Comments - 9 August 2024By Matt HerringtonDry-bulk markets continue to chop sideways with gains one week yielding losses the next before gains emerge again. This past week was one...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s Ministry of Supply has increased its selling price of wheat, both local and imported, by about 20 percent. At the same time, the price of government wheat flour has increased by 35 percent. These pri...
FOB Prices and Freight Rates App (Updated 20 November)
Ocean Freight Comments - 15 November 2024By Matt HerringtonDry bulk freight markets were mixed this week with Capes rising while Supramax vessel rates declined yet again. The Capesize sector found support from China’s recent efforts to stockpile coal and iron ore, but this support has not yet t...
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...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONPakistan has decided to allow the importation of GMO soybeans from the U.S. – critics say that this decision was made without proper risk assessment and was only done due to pressure from large industrial companies. Forty...
WASDE Wheat - Nov 2024
WASDE Wheat – USDA’s latest November estimate for the 2024/25 season is for an increase in U.S. wheat ending stocks by 3 million bushels to 815 million, up 17 percent from last year. U.S. wheat exports are unchanged at 825 million bushels. The season-average farm price is lowered $0.10 per bush...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONTunisia will shortly receive a shipment of 33,000 MT of U.S. corn, the first shipment in quite a while. The U.S. Grains Council office in Tunis says that they expect more U.S. corn imports in the coming weeks.Morocco has...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN, MIDDLE EAST, NORTH AFRICA, and AFRICA – MEA REGIONTurkey’s wheat production is seen dropping by 5.5 percent to 20.8 MMT according to Turksat estimates. It also sees barley production down by 11 percent to 8.2 MMT and corn down by 8 percent to 8.3 MMT. Soybean prod...
The Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN, MIDDLE EAST, NORTH AFRICA, AFRICA – MEA REGIONAfrica spends $75 billion every year importing cereals according to the African Development Bank – 50 MMT being wheat – 27 MMT imported by North Africa, 12 MMT by East Africa and 9 MMT by West Africa. Wheat...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Algeria decided to bar French companies from its wheat import tenders due to France’s support for Morocco’s continued sovereignty over the Western Sahara region. All tender participants have been advis...
Cocoa Market Update: Prices Rise as Stocks Fall
At the end of July 2024, WPI published an article looking at the drivers of the cocoa market’s massive rally in 2023 and 2024 and that offered an outlook for MY 2024/25. This article offers a brief update on market conditions and developments that have occurred in the two months since our...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt has a program that it says will reduce wheat imports and cut subsidies on bread. The plan is to blend wheat flour with local corn and sorghum flour. Savings, it is said, could be in the hundreds of millions...
Kenya’s Crop Choices
In yesterday’s WPI Middle East, Mediterranean and Africa Regional analysis report, it was noted that Kenyan farmers are switching from growing maize to growing sweet potatoes. The latter being easier to grow than drought sensitive maize and netting three crops per year. But whether maize...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan’s wheat imports in 2024/25 could drop to almost nothing as a result of the very good harvest in 2024 – up by 3.2 MMT. Wheat production was well above the average at a record level of 31,400 MM...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Bangladesh reports that it will be importing 400,000 MT of wheat immediately with the normal buying approval being shortened from 42 days to 15 days. The change is being made in order to maintain food security. Th...
More Food, and Fewer Children
Few philanthropists are as focused on hunger in Sub-Saharan Africa than Bill Gates. The Bill and Melinda Gates Foundation has spent billions of dollars on the problem. Activists do not like his promotion of GMO’s as a solution, but they are not as focused as he is on human suffering...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s GASC is reported to have arranged a private purchase of 430,000 MT of Russian wheat at a price of $231 CIF. GASC has not confirmed this purchase. Egypt’s wheat imports, on a dollar basis,...
WASDE Wheat
WASDE WHEAT: USDA increased their estimate for 2024/25 global wheat supplies by 1.5 million tons to 1,062.1 million as higher beginning stocks were more than offset by lower production. World wheat trade is raised 1.7 million tons to 216.5 million as higher exports for Australia, Canada,...
Agricultural Trade with Africa
Africa’s population is on a trajectory that could double its size by 2050 to 2.5 billion, or a quarter of the global populace. The West (U.S., EU, Japan) are in a competition with the Axis (China, Russia) for influence over Africa. One way to influence is to actively trade, including in a...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s trade deficit in June dropped by 5.1 percent to $2.87 billion – in dollar terms wheat imports were down by 21.5 percent while corn imports saw a reduction of 28.6 percent. Total for all imports...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Saudi Arabia’s Arabian Mills has set the share issue price range under their upcoming IPO. The IPO is expected to raise about $271 million. The total offering will be for 15.4 million shares, which represent...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Regional Updates Iranian wheat farmers are complaining that the government has not yet paid them for wheat delivered earlier in 2024 and that this is impacting planting for the next wheat crop. Iran’s government bought 11.6...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s recent massive wheat tender did not generate the 3.8 MMT of buying that GASC had planned. Reports say that the long delivery period – to April 2025 – coupled with the requirement for 270...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iraq’s wheat production is estimated by the Iraq Wheat Board to be up by 21 percent to 6.3 MMT resulting in the second consecutive year of wheat self-sufficiency for the government. The Board adds that Iraq...
Interactive Ocean Freight Rates (Updated 9 August)
*** Developer Note ***This app is deprecated as of 13 August 2024 and will no longer be updated. Ocean Freight Comments - 9 August 2024By Matt HerringtonDry-bulk markets continue to chop sideways with gains one week yielding losses the next before gains emerge again. This past week was one...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s Ministry of Supply has increased its selling price of wheat, both local and imported, by about 20 percent. At the same time, the price of government wheat flour has increased by 35 percent. These pri...