Week 23, 2016 (Jun.6-June.8), the International Grain Future Freight (IGF) reported 3 times of the Panamax forward freight rate of US Gulf-Tianjin route (soybean) from Oct. to Dec. in 2016 due to the Dragon-Boat Festival, and the trend is shown in the chart below.

The report of U.S. department of agriculture showed that the progress of soybeans in the main states achieved 83% which is higher than 77% in the last year. And the rate of emergence is 65% which is also higher than 60% in the last year.

In terms of the shipping market, the future freight rate maintained stable. On Jun.6 (Mon.), the IGF got a slight rise of $0.06/ton. And from Jun.7 to Jun.8 (Tue.-Wed.), the rate remained stable and was closed at $25.50/ton with an increase of 0.24% from Jun.3 (the last release day of Week 22).