On the second week of 2018(Jan.8 to 12), the International Grain Future Freight (IGF) reported the Panamax forward freight rate of U.S. Gulf-Tianjin route (soybean) from March to May 2018, the trend is shown as figure below.

As the weather did not show extreme changes in the market, many agencies have raised the Brazilian soybean production forecast. United States Department of Agriculture (USDA) also updated the Brazil production in the latest supply and demand report, which expected Brazil's 2017/18 soybean production will be second only to the previous year's record level. With the harvest time coming gradually, the Brazil soybean output situation will become clear.

Regarding to the shipping market, the forward freight rate gradually increased this week. Forward freight rate remained flat on Monday (January 8) and increased by US$ 0.38 / ton on January 9 and remained stable for the ensuing two release days. On January 12 (Fri.), forward freight rate rose slightly again and eventually closed at US$ 32.75 / ton, up 1.35% compared with January 5 (the last release day of Week 1).