International Grain Future Freight (May.2- May.4)

May 9, 2018

Week 18, 2018 (May.02- May.04), the International Grain Future Freight (IGF) reported the Panamax forward freight rate of U.S. Gulf-Tianjin route (soybean) from Oct. to Dec. in 2018, and the trend is shown in the chart below.

Currently, soybean in the United States has entered the sowing time. The US department of Agriculture data shows that American new soybean seeding progress was 5%, 9% lower than that in the same time last year, but the same as the average of nearly five years. In two weeks, the seeding progress is predicted to not be influenced by weather because main soybean production areas are estimated to have little rainful.

In terms of the shipping market, the freight on May.02 (Wed.) was $41.81/ton and kept steady from May.03 (Thur.) to May.04 (Fri.), finally closing at $41.81/ton.