International Grain Future Freight (Apr.24-Apr.28)

May 5, 2017

Week 17, 2017 (Apr.24-Apr.28), the International Grain Future Freight (IGF) reported the Panamax forward freight rate of South America-Tianjin route (soybean) from Jun. to Aug. in 2017, and the trend is shown in the chart below.

The good weather of South America was an advantage for the harvest of soybean. The yield of Brazil soybean created new historical record. And the progress of harvest was completed 95% which was higher than 90% of last year. The raindrop in the middle production area of Argentina stopped and the weather of main production area was good. The harvest of soybean was carried out normally.

In terms of the shipping market, the future freight rate market continued the downward trend this week. From Apr.24 to Apr.25 (Mon. to Tue.), the future freight continued to decrease and then increased on Apr.26 (Wed.). From Apr.27 to Apr.28 (Thu. to Fri.), the future freight rate decreased again and ended at $29.81/ton with a decrease of $0.57/ton or 1.85% from Apr.21 (the last releasing day of Week 16).