International Grain Future Freight (Nov.6-Nov.10)

Nov 24, 2017

Week 45, 2017 (Nov.6-Nov.10), the International Grain Future Freight (IGF) reported the Panamax forward freight rate of U.S. Gulf-Tianjin route (soybean) from Mar. to May. in 2018, and the trend is shown in the chart below.

The total situation of rainfall in Brazil would be better and the sowing progress of soybean would be accelerated. But the rain in Argentina main soybean production area was a little lower than normal and the sowing progress of soybean would be the same with last year. The market predicted the possibility of the LaNina was increased and the South America soybean which would be the end period of plantation, bloom and filling stage might face the threat of less rainfall

In terms of the shipping market, the future freight rate was stable. From Nov. 6 to Nov.9 (Mon. to Tue.), the FFA was kept at $32.44/ton and decreased slightly on Nov.10 (Fri.). Finally, the IGF was closed at $32.38/ton with a decrease of 0.19% from Nov.3 (the last release day of Week 44).

Source from : Shipping Indices