International Grain Future Freight (Oct.23-Oct.27)

Nov 10, 2017

Week 43, 2017 (Oct.23-Oct.27), the International Grain Future Freight (IGF) reported the Panamax forward freight rate of U.S. Gulf-Tianjin route (soybean) from Jan. to Mar. in 2018, and the trend is shown in the chart below.

The U.S soybean was in the harvest season and the farmers increased the speed of harvest with the good dry weather. But the data of USDA showed that the harvest progress of soybean was still slower the last year. The harvest rate was 70% and 49% in last week and 74% in last year and the five years average was 73%.

In terms of the shipping market, the future freight rate kept stable on Oct.23 (Mon.). And it decreased continuously from Oct.24 to Oct. 27 (Tue. to Fri.). Finally, the IGF was closed at $42.13/ton with a decrease of 1.75% from Oct.20 (the last release day of Week 42).