In Week 18, 2021 (Apr.26 to Apr.30), the trend of the International Grain Future Freight (IGF) that reported the Panamax forward freight rate of South American East Coast-Tianjin route (soybean) from June to August 2021 is shown as follows.
Brazil’s soybean harvest is coming to an end, and the harvest is gradually accelerating. Expectations for high yields are strong. All agencies estimate that Brazil’s soybean production will be more than 133 million tons. Soybean shipments have accelerated significantly, with daily shipments reaching nearly one million tons, and monthly shipments will set a new monthly record high. Soybean harvesting in Argentina is progressing slowly, and the weather in the producing areas will turn dry in the next two weeks, which may accelerate soybean harvesting.
In terms of the transportation market, the forward freight rate continued to increase. From Apr.26 to Apr.27 (Mon.to Tue.), the forward freight rate kept at 48.63 US dollars/ton. On Apr.28 (Wed.), the forward freight rate rose slightly and kept steady from Apr.29 to Apr.30 (Thur.to Fri.), and finally closed at 49.13 US dollars/ton, with a cumulative increase of 1.03% from Apr.23 (the last release day of Week 17).
