Week 24, 2016 (Jun.13-Jun.17), the International Grain Future Freight (IGF) reported the Panamax forward freight rate of US Gulf-Tianjin route (soybean) from Oct. to Dec. in 2016, and the trend is shown in the chart below:

The progress of seeding, emergence and growth of U.S. soybean was very smooth. The report of U.S. Department of Agriculture showed that the progress of soybeans in the main states achieved 92% and the rate of good was 74%. The Chief Economist said that the increasing price of soybean probably had encouraged farmers to increase the seeding area of soybean and decrease the area of planting corn. But the growth of the soybean’s seeding area may be not very huge.

In terms of the shipping market, the future freight rate maintained stable. On Jun.14 (Tue.), the IGF got a slight rise of $0.06/ton. Then on Jun.16 (Thu.), the IGF went down to $25.50/ton. And the rate was closed at $25.50/ton on Jun.17 (Fri.) which remained the same to the last week.