Week 34, 2016 (Aug.22-Aug.26), the International Grain Future Freight (IGF) reported the Panamax forward freight rate of US Gulf-Tianjin route (soybean) from Jan. to Mar. in 2017, and the trend is shown in the chart below:

The U.S. agriculture department increased the prediction of the production of U.S. soybean markedly. And the good rate was 72% which was the same as the previous three weeks and the podding rate was 89% which was higher than the 85% of last year and 85% of the last five year average. The global demand would transfer to the supply of U.S. due to the crop failure of South America soybean.

In terms of the shipping market, the future freight rate was stable at the beginning of this week. The freight rate kept $28.50/ton from Aug.22 (Mon.) to Aug.24 (Wed.). And it decreased continuously. The freight rate finally was closed at $28.25/ton on Aug.26 (Fri.) with a decreased of 0.88% from the Aug.19 (the last releasing day of Week 33).