On the third week of 2018(Jan.15 to 19), 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.

The 2017/18 Brazilian soybean harvest has started two weeks ago. Some soybean-growing region of Brazil rained this week which delayed the soybeans harvest. Soybeans harvest completed 1.2% in Mato Grosso state, the number one soybean producing region, while this number was 5.3% in the same period of last year, and the five-year average was 2.9%.

For shipping market, forward freight rate gradually increased this week. From January 15 to January 16 (Mon. to Tue.), forward freight rate continued to rise slightly and steadily from 17th to 18th (Wednesday to Thursday). On January 19 (Fri.), forward freight rate rose again and eventually closed at US$33.06/ton, up 0.95% compared with January 12 (the last release day of Week 2).