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Market Perspectives – July 13, 2023

Contents

  1. Chicago Board of Trade Market News
  2. CBOT December Corn Futures
  3. U.S. Weather/Crop Progress
  4. U.S. Export Statistics
  5. FOB
  6. Distiller’s Dried Grains with Solubles (DDGS)
  7. Country News
  8. Ocean Freight Markets and Spreads
  9. Ocean Freight Comments
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Ocean Freight Comments

Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consulting: Dry-bulk markets finally found support from FFA paper traders. I do not believe this represents a substantial change in market fundamentals nor a big turnaround, but at least the downward slide has been halted. July FFA Panamax markets rose from $7,750/day to $8,400/day. Q3 is priced at $9,516/day and Q4 is slightly higher at $10,650/day. Still not exactly exciting or enough to make vessel owners happy. We will have to see if the optimism can be carried forward into next week.

There are 5 days left until the extended Black Sea Grain Corridor agreement ends and all are hoping that Russia extends it again. The ILWU West Coast Canada port strike is now in its 13th day.