Actualité du Transport Maritime

Jan 06 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 22% to $2,617/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 12% to $3,757/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 9% to $3,000/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 21% to $4,844/FEU.

- The US operation in Caracas over the weekend, which facilitated the US military’s capture of Venezuela’s President Maduro, included strikes on the city’s La Guaira container port and a nearby military base. 
- La Guaira is Venezuela’s second largest container port, and tits closure will disrupt operations and cause delays for importers and exporters who normally rely on La Guaira. Even before the US action, there were reports of some tranship volumes shifting away from Venezuela due to the growing instability. But the larger Port of Cabello is only about 60 miles to the west, and as Venezuela overall is a small market for container trade – with handling capacity of around a million TEU per year – impacts from the strike on La Guaira are unlikely to be felt beyond Venezuela.
- In trade war developments, the US delayed its planned January 1st tariff increase on lumber products including furniture, for one year. The Department of Commerce also stepped back from plans for a sharp tariff hike on Italian pasta imports. These deescalations may partially be motivated by cost of living concerns that are putting some pressure on the White House. These responses add more uncertainty as to how the administration – whose stated intention is to quickly reinstate tariffs by other means – may react if the Supreme Court decision invalidates its IEEPA-based, country-specific tariffs introduced last year.
- In ocean freight, start of year GRIs pushed Asia - Europe rates up 9% to the $3,000/FEU mark last week, and Asia - Mediterranean prices up more than 20% to $4,800/FEU, reflecting 23% and 45% climbs since mid-December, respectively.
- These hikes – pushing Mediterranean rates even with their peak season 2025 high and Europe prices to their highest since late August – reflect growing pre-Lunar New Year demand on these lanes, even as carriers add capacity to service these volumes. These rate levels are well above long term pre-LNY norms, but even with Red Sea diversions continuing and volumes likely stronger than last year, Asia - Europe prices remain 40% lower than last year, likely an effect of a growing fleet.
- Transpacific container rates, which started climbing in mid-December, continued their ascent last week via January 1st GRIs. Prices to the West Coast increased 22% to $2,617/FEU, and are more than 30% higher than in mid-December. East Coast rates climbed 12% to $3,757/FEU and are up 20% in less than a month. 
- That prices haven’t retreated at all from December increases – like they had following several GRI attempts in Q4 – suggests that LNY demand is picking up and supporting prices on these lanes too. Even if demand has started to pick up, volumes are projected to be 10% lower than last year, likely contributing, along with capacity growth, to significantly lower year on year rate levels for these lanes. 

Jan 06 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices decreased 1% to $6.18/kg.
- China - N. Europe weekly prices decreased 2% to $3.44/kg. 
- N. Europe - N. America weekly prices decreased 7% to $2.00/kg.

- In air cargo, ex-China rates eased to $6.18/kg to the US and $3.44/kg to Europe – down from peak season highs of $8.00/kg and $4.00/kg – as post-peak demand slows. Prices out of South East Asia are likewise cooling, with rates to the US down to $4.28/kg last week from a mid-December high of $5.80/kg, and prices to Europe sliding to $2.90/kg from a peak of $4.00/kg. 

Jan 06 - Ukraine farm exports fall 8.4% in December, traders union says
Ukrainian exports of key agricultural commodities fell to 3.28 million metric tons in December from 3.58 million tons in November, mostly due to smaller shipments of wheat and soybeans, traders union UGA said on Monday. Ukraine is a large European grower and exporter of corn, wheat, barley and oilseeds.

Jan 06 - Brazil's soy exports hit record in 2025, data from shipping agency Cargonave shows
Soybean shipments from Brazil, the world's largest producer and exporter of the oilseed, hit a record of 108.68 million metric tons in 2025, data from shipping agency Cargonave published on Monday showed. The figure represents an 11.7% climb from 2024, and comes after a record soy harvest in Brazil last year, as well as extensive purchases from China, which avoided buying the oilseed from the United States for much of the year due to a dispute over tariffs.

Jan 05 - Indonesia sees rice output up 32.5% y/y in December-February period
Indonesia expects a 32.5% yearly increase in rice output in the three-month period up to February 2026, with production reaching 6.23 million metric tons, according to a forecast by the statistics bureau released. The bureau also revised its 2025 rice production outlook down slightly to 34.71 million tons, compared with a previous projection of 34.79 million tons.

Jan 05 - Indonesia's November Sumatra robusta coffee bean exports at 34,102 metric tons
Indonesia's Sumatra robusta coffee bean exports were 34,101.7 metric tons in November, a 61% increase from the same month a year ago, local trade office data showed. On a monthly basis, shipments fell more than 6% from 36,455.8 tons exported in October.

REUTERS TECHNICAL ANALYSIS Q1 OUTLOOK 2026 - WANG TAO

Brent crude, WTI, and palm oil may retest the supports that they failed to break in May. Spot gold could peak within the $4,995–$5,387 range, marking the end of its extended bull run. LME copper and aluminum remain bullish. Soybeans are likely to stay capped below $11.07¼. Corn and wheat are diverging, with corn poised to rise while wheat trends lower. Coffee is expected to decline further, whereas cocoa may see additional upside. The U.S. dollar index could retest resistance near 101. To read the full report, click here

Dec 30 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 1% to $2,145/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 10% to $3,364/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 1% to $2,742/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 4% to $4,004/FEU.

- Ocean rates on the major East-West lanes trended up to close the year. Asia - Europe prices increased 1% last week to $2,742/FEU but are 12% higher than mid-month and are up to levels last seen at the tail end of peak season. Asia - Mediterranean rates climbed 4% to reach the $4,000/FEU mark for the first time since early July, with prices 20% higher than during the first half of the month.
- Current rate levels are supported by an early start to pre-Lunar New Year demand on these lanes as shippers face longer lead times due to Red Sea diversions. As such, prices are likely to stay elevated or continue climbing as we get closer to the holiday.
- Periodic GRIs since October have generally been less successful in keeping rates elevated for very long on transpacific lanes than they’ve been for Asia - Europe trades. Price hikes since mid-December have pushed West Coast rates up 9% to $2,145/FEU and raised prices to the East Coast 15% to $3,364/FEU. But rates will be under upward pressure when transpacific pre-LNY demand picks up, and prices increased to start both 2024 and 2025. The holiday begins later than usual – February 17th – this year, which could mean another rate slide in the near term before demand increases. But if volumes do start to rise to start the new year, rate levels should keep climbing too. 
- Despite transpacific ocean import contractions and an overall dip in US ocean imports due to the trade war this year, ex-Asia volume strength to Europe, Africa and LATAM – as China diversified trading partners – saw global volumes grow 4% through early Q4. 
- S&P projects US ocean imports will fall again, by 2%, in 2026, making 2025-2026 – after the 2008-2009 financial crisis years and the 2022 - 2023 unwind from the pandemic – the third instance of consecutive years of US container import contraction over the last two decades. Like this year, observers like BIMCO expect global volumes will continue to grow nonetheless.

Dec 30 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices decreased 16% to $6.26/kg.
- China - N. Europe weekly prices decreased 5% to $3.52/kg.
- N. Europe - N. America weekly prices decreased 14% to $2.16/kg.

- Freightos Air Index shows air cargo rates fading post peak season. China-US prices fell 16% to about $6.25/kg, its lowest level since early November. South East Asia - US rates fell 19% to $4.60/kg and transatlantic prices dropped 14% to $2.16/kg. China - Europe prices slid 5% to $3.52/kg and SEA - Europe rates decreased more than 20% to $3.12/kg.
- IATA estimates that – after sharp, e-commerce-driven, 11% growth in 2024 – 2025 global air volumes will be 3.1% stronger than last year. IATA also expects this year’s resilience to stretch into 2026 in the form of 2.6% annual growth. Opinions differ as to whether cargo capacity growth will outpace volume growth next year or not, making rate projections for next year difficult as well. 

Dec 25 - the administration of the seaports of Ukraine reported the resumption of the port of Yuzhny.

Earlier, the port was suspended to deal with the consequences of the shelling of infrastructure.

Dec 25 - CChartering Handysize FFA Curve versus Handysize 7C Index (Baltic Exchange) / Spot Freight Market

Final year-end report reveals a clear structural divergence between the FFA curve and the Handysize market index, when benchmarked against the HS1 and HS3 routes. The FFA curve remains in steep backwardation (Dec ~$14.6k vs. Jan/Q1 ~$11.5–11.7k). In contrast, HS1 spot rates have corrected materially downward since the October peak, now trading below $10k and continuing to weaken. This effectively aligns HS1 with — and in some instances pushes it below — January FFA levels. This shift indicates that prompt regional demand and tonnage availability in the HS1 basin have already priced in the current soft market conditions.

HS3, however, remains materially higher (~$20k), though it is also trending lower from recent peaks near $24k/day. This strength reflects route-specific cargo support rather than broad market strength, raising the question of whether the broader market is becoming oversold.

Consequently, the remaining price risk appears concentrated in the FFA market, particularly the January/Q1 contract, which continues to show a significant divergence from index/physical realities. The probability now favors further adjustment in the forward curve, with spot rates and Jan/Q1 contracts converging toward an equilibrium level... suggesting caution in maintaining large backwardation positions.

Foward Freight Agreements (FFA) - Handysize
	24-Dec	spread	23-Dec	spread	22-Dec	spread	19-Dec	spread
dec/25	14 550		14 550		14 550		14 550
jan/26	11 675	2 875	11 700	2 850	11 450	3 100	10 850	3 700
q1 26	11 500	3 050	11 500	3 050	11 350	3 200	10 700	3 850
q2 26	12 250	2 300	12 250	2 300	12 750	1 800	12 050	2 500
Baltic Exchnage Index - Handysize 7C curve
	24-Dec	spread	23-Dec	spread	22-Dec	spread	19-Dec
hs1_38	9 464	(179)	9 643	(93)	9 736	(50)	9 786
hs2_38	11 529	(157)	11 686	(78)	11 764	(107)	11 871
hs3_38	19 975	(325)	20 300	(239)	20 539	(255)	20 794
hs4_38	20 317	(233)	20 550	(286)	20 836	(428)	21 264
Physical / Spot Freight Market - week 52
Ultramax versus Handy			Week 52			Week 51
			Handysize	Ultramax	Spread	Handysize	Ultramax	Spread
ECSA/MED-CONT			19 000,00	24 000,00	5 000,00	20 500,00	24 000,00	3 500,00
ECSA/PG-SPORE			18 000,00	16000+600k		19 000,00	16250+625k
ECSA/WCSA-WCCA			24 000,00	26 000,00	2 000,00	26 000,00	26 000,00	-
ECSA/WEST AFRICA			20 000,00	23 000,00	3 000,00	22 000,00	23 000,00	1 000,00
Average (AVG)			20 250,00	23 500,00	4 000,00	21 875,00	23 500,00	2 250,00
US GULF/MED-CONT			17 000,00	23 000,00	6 000,00	19 500,00	26 000,00	6 500,00
US GULF/ECSA			16 000,00	21 500,00	5 500,00	17 000,00	21 000,00	4 000,00
US GULF/PG-SPORE			16 000,00	21 500,00	5 500,00	18 000,00	25 000,00	7 000,00
US GULF/WEST AFRICA			19 500,00	24 000,00	4 500,00	20 500,00	30 000,00	9 500,00
Average			17 125,00	22 500,00	5 375,00	18 750,00	25 500,00	6 750,00

Dec 24 - NITRO SHIPPING Freight report for Grains

AZOV SEA & BLACK SEA: Freight levels have seen a slight decline compared to the last week; however, the Azov Sea market remains relatively stable. Charterers are securing bookings for January and are attempting to push freight rates even lower. Icebreaker navigation is set to begin on December 25th, at Azov, Rostov, and Taganrog, although the current mild weather means that significant ice formation has not yet occurred.

FAR EAST: The market remains steady.

CASPIAN SEA: The downward trend of recent weeks continues, and the market is under severe stress. The market is in a correction phase due to free tonnage and a lack of firm cargoes. Commodity prices are falling day by day, forcing exporters to lower freight rates. The duration of the current trend is still difficult to predict.

BALTIC SEA: The Baltic Sea market is on holiday this week, and shipowners are trying to secure bookings for January. As is often the case, there aren't many cargoes available for that month yet.

Dec 24 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 8% to $2,127/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) decreased 3% to $3,069/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 11% to $2,707/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 15% to $3,850/FEU.

- Transpacific ocean rates continued their Q4 trend of ups and downs last week with West Coast prices climbing 8% and $200 to $2,100/FEU as carriers increase blanked sailings during this low demand period to try and introduce – and hold on to, at least partially – General Rate Increases every two weeks. 
- East Coast rates dipped 3% last week, but daily rates this week are up $300 to more than $3,350/FEU. As has been the case since mid-October, rates may retreat again somewhat in the near term. But a more sustained increase could be coming as we get closer to Lunar New Year. Even with the rises and falls though, carriers have succeeded in overall residual gains that have kept prices above year lows set in early October. 
- More disciplined capacity management on the Asia - Europe lanes have kept rates climbing for much of Q4. But reports of increasing demand as Europe’s importers get an early start on pre-LNY orders now has volume strength supporting the latest GRIs too, with some carriers even restoring some announced blankings. Asia - N. Europe prices rose 11% to more than $2,700/FEU last week, and rates to the Mediterranean increased 15% to $3,850/FEU, with daily rates already above $4,000/FEU – both back to levels last seen this past summer.
- This early start – also seen last year – is likely due to continued Red Sea diversions that, for shippers who don’t stock up enough inventory before the holiday, will mean a much longer than usual post-LNY wait to receive goods. 
- But there are more signs that carriers are taking cautious steps toward resuming Red Sea transits. Maersk sent a vessel through the Bab el-Mandeb Strait late last week for the first time in more than two years, and stated that a few more sailings will follow as they test the feasibility of a full scale return. ONE also joined the group of carriers offering some Red Sea services, though through a charter slot agreement with regional carriers. Insurance premiums for Red Sea transits have fallen somewhat, but shipper concerns over exposure to risk and insurance costs are still a barrier to return, even when some carriers, like Hapag-Lloyd, are ready for a Red Sea trial run.
- When Red Sea traffic does resume it will cause worse and significant vessel bunching and congestion at European hubs, and likely drive equipment shortages at Far East origin ports as carriers seek to shorten vessel time spent at berth. The shift back will be disruptive and cause delays and rate increases whenever it occurs, though the effect would be weaker if the return is in the low demand, spring months post-LNY and pre-peak season, and stronger if it coincides with peak season demand increases.
- Once that congestion unwinds though, the Red Sea return will increase the amount of capacity available in an already oversupplied market. New vessel deliveries will decrease in 2026 compared to 2025, but the impact of the increase in supply on rates – even if Red Sea diversions continue – will likely be significant nonetheless, with higher levels of newbuild deliveries set for 2027 and 2028.

Dec 24 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices decreased 7% to $7.47/kg.
- China - N. Europe weekly prices increased 6% to $3.71/kg.
- N. Europe - N. America weekly prices fell 1% to $2.51/kg.

- The Freightos Air Index shows China - US rates have started to come down from year highs as peak season comes to end, with prices falling 7% to $7.47/kg last week and daily rates down to about $6.50/kg. South East Asia - N. America rates are also starting to fall after climbing more than 20% to about $6.00/kg since mid-October. Overall transpacific traffic has proved resilient despite significant China-US volume drops following de minimis changes – and shifts of Chinese e-commerce tonnage to alternative markets – as electronics volumes out of SEA, especially Vietnam, and Taiwan have grown due to tariff introductions.
- China - Europe daily rates are at $3.86/kg, about level with earlier in the month and well below the $5.00/kg mark seen a year ago, with SEA - Europe prices at a year high of $4.15/kg, with daily rates easing. 

Dec 20 - Season’s Greetings from all of us at the C3 !

We're sending our best wishes to everyone in the commodities community and beyond.

Dear business partner, (customers , contributors and distributors )

Thank you for the trustful cooperation in 2025. Have a peaceful Christmas and a prosperous and healthy 2026.

Our office will be closed Dec 24 - 26 and Dec 31 - Jan 1

During 2025 year end period, a lot of our sources will cease their contributions, due to the Christmas and New Year's holidays. Their regular schedule will resume early January, 2026. 

We wish everyone a very Merry Christmas, a safe and happy Holiday Season and a Happy New Year !

Dec 19 - China's Sinograin sells 33% of soybeans in Friday auction, Mysteel says
China's state stockpiler, Sinograin, sold 179,702 metric tons of imported soybeans, or 32.66% of the total offered, in its third auction this month as it prepares for U.S. imports, according to data from consultancy Mysteel. The average transaction price for soybeans from the 2022 and 2023 crops was 3,750.83 yuan per metric ton, with deliveries scheduled from January through late May, Mysteel reported.

Dec 19 - India to tackle sugar surplus with higher exports, ethanol diversion
India aims to shield sugarcane farmers from income losses by managing surplus supplies through exports and diverting more sugar for ethanol production, a senior government official said on Thursday. Higher exports from the world's second-largest sugar producer could pressure benchmark New York and London futures which are hovering near five-year lows. 

Dec 18 - China cancels purchase of US white wheat, USDA says
Exporters cancelled sales of 132,000 metric tons of U.S. white wheat to China, the U.S. Department of Agriculture said on Wednesday, as world supplies were ample. U.S. farmers and traders have closely watched China's demand for American agricultural goods since President Donald Trump and Chinese leader Xi Jinping struck a trade truce in late October. 

Dec 18 - South Korea's MFG buys estimated 268,000 tons corn in tender, traders say
South Korean importer Major Feedmill Group bought an estimated 268,000 metric tons of animal feed corn in an international tender on Wednesday, European traders said. The corn was bought in four consignments for 2026 arrival in South Korea and was expected to be sourced optionally from the United States, South America or South Africa. 

Dec 17 - NITRO SHIPPING Freight Report for Grains.

AZOV SEA & BLACK SEA: The Azov Sea market continues to decline due to a decrease in grain sales contracts and reduced demand for tonnage. Shipowners are
attempting to secure vessel charters for January, while charterers are pushing freight rates lower. There have been no indications of ice formation in the Azov Sea yet, so there are currently no ice restrictions in place. Ice dues will begin to be collected on 11th of December.

FAR EAST: The market remains stable this week.

CASPIAN SEA: The Caspian market remains under strong pressure. Falling cargo prices and a growing surplus of available vessels are worsening the imbalance and continue to push freight rates down.

BALTIC SEA: The market remains strong, with robust demand for tonnage coming from the Baltic region. Additionally, there is significant activity in the Continent market. Charterers need to offer competitive rates to secure fixes.

Dec 17 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) decreased 6% to $1,964/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) increased 8% to $3,150/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 1% to $2,449/FEU.
' Asia-Mediterranean prices (FBX13 Weekly) decreased 1% to $3,342/FEU.

- Despite growing signs of ocean freight overcapacity, container rates on Asia - Europe lanes have maintained their increases from recent GRIs. 
Asia - Mediterranean rates were level last week at $3,342/FEU after climbing 15% to start the month for its fourth consecutive successful GRI since mid-October, before which prices dipped to a year low of about $2,000/FEU. 

- Asia - N. Europe prices were stable last week at $2,449/FEU, and level with rates set in early November, but still well above its mid-October nadir of $1,700/FEU. For most of the last two months rates on these lanes have climbed bi-monthly via capacity reductions as demand eased. But carriers and forwarders are now reporting an uptick in demand as some shippers are getting an early start to pre-Lunar New Year ordering – a trend also seen in Asia - Europe rate behavior in 2023 and 2024 when December prices climbed sharply, possibly in response to Red Sea-driven longer lead times.
- Carriers are now increasing capacity to meet demand, with some planning mid-month Asia - Europe and Mediterranean GRIs to the $4,200/FEU and $4,750/FEU levels respectively. Through October, year to date Asia - Europe volumes were up 8.6% according to CTS. December demand is likely stronger than last year as well, with some speculating that some shippers are expecting a return to the Red Sea soon and are therefore building inventory buffers now in expectation of disruptions. But even with both Red Sea diversions still in place and volume growth, spot rates have consistently been lower than last year. Current Asia - N. Europe rates are down 54% compared to last December, pointing to capacity growth as an important factor to current price levels. 
On the transpacific meanwhile, even with capacity reductions – and additional blanked sailings announced for the coming weeks – carriers are having difficulty getting the series of recent GRIs to stick. Last week West Coast rates retreated 6% from a start of the month GRI bump, to $1,963/FEU. Prices to the East Coast increased 8% to $3,150/FEU this week, but are down 15% from a month ago. Even with these ups and downs, though, carriers have succeeded in keeping rates above October lows of $1,400/FEU and $3,000/FEU respectively, likely with benefits of higher rates for short periods in between the dips. 
- Slumping Q4 demand, in addition to growing fleets, is an important factor to rate levels, making planned mid-month GRIs unlikely to hold, and a more sustained rate rebound more likely only as we get closer to LNY. There are some indications that part of current demand levels is due to some US manufacturers pausing imports in the hopes that a Supreme Court decision invalidating IEEPA tariffs will come soon and result in lowered duties. Though the White House maintains that if IEEPA is struck down, it is ready to quickly restore tariffs by other means, some speculate that the administration – under growing pressure from cost of living concerns – could use a court decision against them as a tariff off-ramp.
Watch our recent 2025 Freight Year in Review and 2026 Lookahead webinar here.
- But even with seasonal increases in demand in 2026 – and following an estimated 1.4% decline for 2025 year total US ocean imports – S&P projects year totals in 2026 will fall 2% before a 6% rebound in 2027.
- And slumping demand next year will coincide with capacity that will continue to grow. Though most of the new vessels are large and used on the main east-west trades, these new deliveries are also having knock-on effects on secondary lanes, like regional and feeder markets. As these new large vessels are introduced, older large vessels are being shifted to secondary lanes increasing capacity on these lanes, but also leading to an aging smaller-vessel fleet, which could set up a shortage of right-sized ships for these lanes even as total capacity grows. 
- Capacity levels will be even higher once Red Sea diversions end. But regardless of when carriers feel ready to resume traffic through the Suez, vessels won’t be able to return until vessel and cargo insurers also agree that the risk of attack has dropped sufficiently. Some experts suggest insurers will need at least another 60-90 days of quiet before considering a Red Sea return.
- In other geopolitical developments, Mexico announced significant upcoming tariffs on many goods from countries with which they do not have trade agreements, including China. This step would be a blow to China, as Chinese exports to and investment in Mexico have grown sharply over the last few years. But despite this year’s trade war, China has shown export growth driven by diversification of trade partners.

Dec 17 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 5% to $8.01/kg.
- China - N. Europe weekly prices decreased 4% to $3.50/kg.
- N. Europe - N. America weekly prices increased 2% to $2.53/kg.

- In air cargo too, global volumes have grown from trade diversification even as changes to de minimis rules in N. America – including Mexico – have meant fewer e-commerce volumes entering those markets by air. 
- But even on the transpacific, air demand has rebounded, if not fully recovered from the de minimis cancellations, both from some e-commerce recovery but also from significant general cargo growth from Vietnam as well as from China. IATA estimates that – after sharp e-commerce-driven 11% growth in 2024 – 2025 global air volumes will be 3.1% stronger than last year and that in 2026 demand will grow by 2.6%. 
As air peak season enters its final week Freightos Air Index China-US rates climbed to a year high of more than $8.00/kg, stretching past last year’s $7.30/kg peak, with South East Asia - US prices up to $5.50/kg from $5.00/kg in October. China - Europe rates dipped to $3.50/kg last week as capacity, following the fast growth in volumes, has shifted to this lane.

Dec 17 - Kazakhstan exported 3.4 million tons of grain from September 1 to December 17
Kazakhstan, the largest grain producer in Central Asia, exported 3.4 million metric tons of new-crop grain from September 1 to December 17, the agriculture vice-minister said. Kazakhstan, which traditionally supplies grain to neighbouring Central Asian countries as well as Iran, Azerbaijan and Afghanistan, has an export potential of 13 million metric tons, Azat Sultanov said. 

Dec 17 - South Korea’s MFG tenders for up to 210,000 tons corn, traders say
South Korea's Major Feedmill Group has issued an international tender to purchase up to 210,000 metric tons of animal feed corn, European traders said. The corn is sought in three consignments of 55,000 to 70,000 tons for arrival in South Korea in March and April 2026.

Dec 16 - Ukraine says higher freight tariffs are inevitable
Ukraine will be unable to avoid increasing freight tariffs as its transport system is targeted by constant Russian attacks, a deputy economy minister was quoted as saying on Monday of measures strongly opposed by the industrial and farming sectors. Multiple industry associations have said that state railway company Ukrzaliznytsia's plans to increase freight tariffs by 27% from January 1 would make many businesses unprofitable. 

Dec 16 - Indonesia auctions around 629,000 metric tons of bauxite stockpiles, energy ministry says
Indonesia is auctioning around 629,000 metric tons of bauxite stockpiles seized by the government, which could potentially earn the state about 200 billion rupiah ($11.98 million), an energy ministry official said. Indonesian authorities have been cracking down this year on plantations and mines accused of operating illegally. 

Dec 15 - How the US freight rail industry got dirtier than coal power plants
BNSF Railway, one of the crown jewels of Warren Buffett’s sprawling Berkshire Hathaway conglomerate, calls itself an environmental leader in the U.S. rail industry with the cleanest locomotive fleet in North America. “When you see our orange locomotives’ and freight cars’ steel wheels moving on steel rails, think green,” BNSF says in its latest sustainability overview. 

Dec 15 - Russia attacks two Ukrainian ports, damaging three Turkish-owned vessels
Russia attacked two Ukrainian ports on Friday, damaging three Turkish-owned vessels including a ship carrying food supplies, Ukrainian officials and one ship owner said, days after Moscow threatened to cut "Ukraine off from the sea". Last week, Russian President Vladimir Putin vowed retaliation against Kyiv's maritime drone attacks on Moscow's "shadow fleet" tankers thought to be used to export oil, which Kyiv says is Russia's main source of funding for its almost four-year-old war. 

Dec 12 - Sinograin plans second soybean auction as China prepares for US arrivals
China's state stockpiler Sinograin will auction another half a million metric tons of soybeans next week, its second such sale in as many weeks, as it moves to make room for U.S. arrivals amid ample domestic supplies. At the auction scheduled for 0530 GMT on Tuesday, Sinograin will offer 513,900 tons of imported soybeans produced between 2022 and 2024, the National Grain Trade Center said in a notice published. 

Dec 12 - Jordan tenders to buy 120,000 metric tons feed barley, traders say
Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for submission of price offers in the tender is December 17. 

Dec 11 - NITRO SHIPPING Freight Report for Grains 

AZOV SEA & BLACK SEA: The Azov sea market has reached a degree of stability this week. To minimize work during the extended Russian holiday period from December 31 to January 11, market participants are opting to secure arrangements in advance. As is typical during the holidays, longer voyages are preferred. There is a noticeable increase in demand for 3'k vessels and charterers are paying higher money compared to 5'k vessels (2-4 usd pmt higher compared to 5'k size).

BALTIC SEA: The Baltic sea market is firm with high demand for tonnage. Charterers are paying up to fix.

CASPIAN SEA: The negative trend continues: the Caspian freight market remains under significant pressure. Demand from Iran remains weak. At the same time, available tonnage is growing, reinforcing the downward trend and continuing to push rates down.

FAR EAST: The market is stable this weak, owners prefer to perform long voyages due to upcoming holidays in Russia.

Dec 11 - Taiwan’s MFIG buys about 65,000 tons corn from US, traders say
Taiwan's MFIG purchasing group bought about 65,000 metric tons of animal feed corn expected to be sourced from the United States in an international tender, European traders said. The yellow corn was purchased at an estimated premium of 202.79 U.S. cents a bushel cost and freight included over the Chicago May 2026 corn contract, they said. 

Dec 11 - South Korea’s MFG buys 65,000 metric tons feed wheat, traders say
South Korea's Major Feedmill Group purchased around 65,000 metric tons of animal feed wheat in a private deal on Wednesday without issuing an international tender, European traders said. One consignment was purchased at an estimated $260.50 a ton cost and freight included plus a $1.50 a ton surcharge for additional port unloading.

Dec 10 - Brazil coffee exports drop 27.1% in November, recovery forecast on US tariff rollback
Brazil's green coffee exports fell 27.1% in November from a year ago, totaling 3.28 million 60-kilogram bags (132.3 lbs), industry group Cecafe said in a statement on Tuesday, adding that export numbers should improve from December after U.S. tariffs were removed from some Brazilian goods. In the 11th month of the year, exports of arabica coffee declined 18.3% year-on-year to 3.03 million bags. 

Dec 10 - Taiwan’s MFIG tenders to buy up to 65,000 metric tons of corn
Taiwan's MFIG purchasing group has issued an international tender to buy up to 65,000 metric tons of animal feed corn which can be sourced from the U.S., Argentina, Brazil or South Africa, European traders said. The deadline for submission of price offers in the tender is Thursday, December 11, they said. 

Dec 10 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 22% to $2,096/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 2% to $2,930/FEU.
- Asia-N. Europe prices (FBX11 Weekly) stayed level at $2,464/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 15% to $3,367/FEU.

- The past week has offered more signs of encouragement for a container market return to the Red Sea. In addition to the Houthis’ release of crew members held in Yemen since a vessel attack in July, CMA CGM and its Ocean Alliance announced some of their services – escorted by French naval vessels – will now transit the Suez Canal for all backhaul voyages, with another also sailing headhaul via the Red Sea. 
- None of these developments make a Red Sea rebound imminent however, and a full return could still be quite a ways off. But the eventual return of container traffic to the Red Sea will ultimately release a surge of capacity back into a market already struggling with oversupply. 
Transpacific container rates to the West Coast hit a low for the year of about $1,400/FEU in early October. Since then, carriers have sought to reduce capacity and introduce GRIs, resulting in a (relatively slow-moving) rollercoaster for prices on these lanes as supply-driven rates rise, retreat and repeat. 
- Carriers were able to push West Coast rates up in mid-October and again to start November, resulting in an early-November climb to about $3,000/FEU only to see prices fall to $1,700/FEU by the end of the month. But prices ticked up again to start December – despite volumes projected to be the lowest of the year – with rates to the West Coast up 22% last week to $2,100/FEU. Some carriers are introducing smaller, incremental increases on a weekly basis as opposed to the more typical bi-monthly GRIs in the hopes that the market will accept smaller price bumps more easily than sharper increases. This trend may be reflected in daily rates for this week up another $100/FEU to $2,200/FEU to the West Coast and to more than $3,000/FEU to the East Coast, though once again this month there is skepticism that these prices will hold. 
- Despite some observers expecting the US market to enter a restocking cycle that would spur ocean volume growth next year, others are less optimistic. The NRF anticipates retailer expectations for negative trade war impacts on consumer behavior will result in double-digit percentage year on year ocean import volume declines through April of next year, with demand lower than 2024 levels as well.
- Trade war frontloading is partly to blame for lower US ocean import volumes now, and for the sharply negative year on year comparisons for those expecting weak volumes for Q1 2026. Europe’s ocean imports meanwhile – especially as China has shifted focus away from the US and toward other markets including Europe – have been stronger and more consistent than N. America’s. CTS data shows total ocean imports to Europe eased 2% in month-on-month October, but were still 1% higher than a year ago. Asia - Europe volumes fell 3% year over year in October for the first annual decrease since February. 
Despite easing, slow-season volumes, carriers have had more success propping up Asia-Europe rates in Q4 than they have on the transpacific partly due to more aggressive blanked sailings as these lanes enter the home stretch of their annual ocean contract negotiation period. 
- GRIs starting mid-October have pushed Asia - Europe rates up 40% to $2,463/FEU through last week, though prices have been level since late November. Asia - Mediterranean rates are up 56% to $3,366/FEU including a $500/FEU bump to start December. Some carriers have announced additional GRIs for mid-December, aiming to push N. Europe rates to $3,500/FEU and Mediterranean prices to $4,200/FEU or higher.

Dec 10 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 18% to $7.63/kg.
- China - N. Europe weekly prices decreased 12% to $3.64/kg. 
- N. Europe - N. America weekly prices increased 2% to $2.48/kg.

- As the air cargo market enters its final peak season weeks, Freightos Air Index data suggests transpacific demand strength. China - US rates climbed from around $5.30/kg in mid-October to $6.50/kg to close November, and are now pushing past the $7.50/kg mark – above last year’s $7.30/kg peak – during the end-of-season rush. 
- Demand is likely stronger on Asia - Europe lanes as China’s e-commerce export focus has also shifted to Europe. But the parallel shift of capacity away from the transpacific and to Asia-Europe lanes – also a factor in the current, higher transpacific rates – has kept Asia - Europe prices from spiking. China - Europe rates eased 12% to $3.64/kg last week and are about on par with a year ago. 
- The EU and the UK have announced plans to close their de minimis exemptions within the next few years, with several countries planning handling fees for low value imports even before the rule change. US de minimis closures initially led to a sharp decrease in China-US e-comm air cargo volumes. And though volumes remain below April levels, some reports show much of that e-comm demand has returned to the China-US air market as e-commerce platforms have adapted to the new rules. 

Dec 09 - Brazil court recommends two-stage auction of mega Santos port terminal in blow to Maersk 
Brazil's Federal Audit Court on Monday voted six to three to recommend that operators of existing container terminals at the Santos port be barred from participating in the first phase of bidding for a planned mega terminal, citing concerns over market concentration. The decision deals a blow to companies such as Danish shipping group Maersk, MSC and others already operating container terminals in Latin America's largest port, as these companies will only be able to enter a second phase of the auction if the first does not attract valid bids. 

Dec 09 - South Korea’s KFA tenders for up to 136,000 tons corn, traders say
South Korea’s Korea Feed Association has issued an international tender to purchase up to 136,000 metric tons of animal feed corn, European traders said on Monday. The deadline for submission of price offers in the tender is Tuesday, December 9. 

Dec 08 - China’s copper imports decline in November amid surging prices
China’s copper imports fell in November for a second consecutive month, official data showed, as rising prices of the metal blunted appetite for shipments. Imports dropped 2.51% to 427,000 metric tons in November from 438,000 tons the previous month, the data from the General Administration of Customs showed. 

Dec 08 - Uganda October coffee shipments up 38% from last year, agriculture ministry says
Uganda's coffee exports in October surged 38% year-on-year, boosted by a good harvest in the country's central and eastern regions, a report by the Ministry of Agriculture said. The East African country shipped 685,720 60-kg bags compared with 496,820 bags in the same month last year, the report seen by Reuters showed.

Dec 05 - War insurance costs spike for ship owners as Black Sea threats grow, sources say
War insurance costs for ships sailing to the Black Sea have spiked again, with insurers reviewing policies daily as the conflict in Ukraine spills into sea lanes, five shipping and insurance sources said on Thursday. The Black Sea is crucial for the shipment of grain, oil and oil products. 

Dec 05 - Jordan tenders to buy 120,000 metric tons feed barley, traders say
Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for submission of price offers in the tender is December 10. 

Dec 04 - NITRO SHIPPING Weekly Freight Report For Grains

AZOV SEA & BLACK SEA: Azov sea market is getting weaker further this week. Rates for 5/7'k vessels are dropping down while 3'k vessels still maintain levels of mid 40's usd pmt fiost to Marmara sea from Rostov in prompt. Market players expect the market to drop down further during December. Owners are trying to fix in advance on the falling market to secure higher freight levels now. Also owners show interest to long leg voyages at the end of December to avoid inactive January market. 

BALTIC SEA: Baltic sea and Continent markets are firm with high demand for tonnage. Owners have plenty options to choose from and thus are shooting high levels. 3'k flax seeds fixed from Liepaja to Ghent at eur 36 pmt fiost for prompt dates.

CASPIAN SEA: Caspian Basin freight market remains under pronounced pressure. Weak demand from Iran, coupled with declining barley and corn prices, has dampened exporters’ activity. Altogether — including the growing availability of free tonnage — this reinforces the downward trend and drives freight rates even lower.

FAR EAST: The market is remain stable this week.

Dec 04 - Algeria buys 810,000 to 900,000 metric tons milling wheat in tender, traders say
Algeria’s state grains agency OAIC has bought about 810,000 to around 900,000 metric tons of milling wheat in an international tender which closed on Wednesday, European traders said. There was still a wide range of tonnage estimates on Wednesday evening, but traders said about 10 trading companies made sales in the tender, indicating a substantial purchase above initial estimates.

Dec 04 - Turkey says 'very scary' attacks on Russia-linked tankers threaten Black Sea safety
Turkish Foreign Minister Hakan Fidan on Wednesday said the "very scary" attacks of recent days on Russia-linked tankers in the Black Sea threatened the safety of all in the region and showed the reach of the war in Ukraine was expanding. The strikes within Turkey's exclusive economic zone violate navigational safety and are impacting commerce, he said, adding Turkey, Romania and Bulgaria, which also border the Black Sea, were looking at measures to boost security. 

Dec 04 - Weekly Ocean rates - Freightos Baltic Index
- Asia-US West Coast prices (FBX01 Weekly) decreased 10% to $$1,715/FEU.
- Asia-US East Coast prices (FBX03 Weekly) decreased 17% to $2,863/FEU.
- Asia-N. Europe prices (FBX11 Weekly) stayed level at $2,467/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) decreased 2% to $2,930/FEU.

- Last week, statements by the Suez Canal Authority indicated that Maersk’s return to the Red Sea was imminent. Maersk quickly denied they had set a date, and now it appears all the excitement may have been mostly a misunderstanding, though there are signs that Maersk is at least dipping some toes back to the lane through third parties. So a Red Sea rebound may not be coming as soon as it seemed a few days ago, but a return is likely still closer than it has been for the last two years. The resumption, whenever it occurs, will cause congestion at European hubs – where congested ports are leading some carriers to already adjust port call plans – during the transition back before releasing significant amounts of capacity back into rotation and adding downward pressure on rates once schedules normalize. 

- Even before a Red Sea reset, there are already signs of growing overcapacity in the market. This fleet growth even with Red Sea diversions still in place has meant lower container rates year on year for most of 2025.
- Transpacific rates fell further to close November, with West Coast rates down 10% to $1,715/FEU and East Coast rates easing 17% to $2,863/FEU. These dips brought transpacific prices within a couple hundred dollars of year lows after climbing on mid-October and early November GRIs Demand is estimated to be at its lowest since early 2023, but supply side growth is also contributing to lower rates. Daily rates this week are trending up though, which could signal another GRI attempt to start December.
- More aggressive capacity management on Asia - Europe lanes are likely responsible for carriers succeeding to maintain October and November GRIs on these trades. Prices were level last week at about $2,500/FEU to Europe and $2,900/FEU to the Mediterranean. Daily rates to the Mediterranean are up to about the $3,400/FEU level so far this week suggesting a GRI push, though prices to Europe have stayed about level. New EU emissions surcharges will mean higher costs to carriers on these lanes that will start to be passed on to customers in January. 
- Severe storms in South East Asia last week disrupted ocean and air freight operations in countries including Sri Lanka, Thailand, Vietnam and Malaysia. Of these, Sri Lanka may have been the hardest hit, with delays reported at the Port of Colombo as services restart. 
- Also late last week, Airbus grounded 6,000 of its A320s for a critical software update with a hardware fix needed for about 1,000 of these aircraft. Most vessels were updated and returned to service over the weekend, with no significant delays reported yet. FedEx and UPS have grounded their MD11s following a deadly crash, and though FedEx anticipated a rapid inspection process, aircraft are taking longer than expected to get back in the air.
The US cancelled its de minimis exemptions over the summer driving a significant reshuffle of e-commerce air cargo volumes and capacity over the last few months. The EU has committed to revoking its de minimis rules by 2028, though it may do so as early as next year. The UK has now also decided to terminate the exception. But with a later target date of 2029, there is concern that an even stronger surge of e-comm goods could enter the country once de minimis to the other major markets close. 

Dec 04 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices stayed level at $6.49/kg.
- China - N. Europe weekly prices increased 4% to $4.14/kg.
- N. Europe - N. America weekly prices increased 5% to $2.44/kg.

- Freightos Air Index rates to Europe climbed 4% to $4.14/kg out of China last week and were about level at $3.67/kg out of South East Asia. China - N. America prices were level at $6.50/kg last week but show signs of increases this week as peak season enters its home stretch. SEA - N. America rates are at about $5.50/kg so far this week.

Dec 03 - More US soybean shipments to China due to load through mid-December
Shipments of U.S. crops to China are accelerating after a tense tariff war had stalled trade for months, with at least six bulk cargo vessels scheduled to load with soybeans at Gulf Coast terminals through mid-December, according to a shipping schedule seen by Reuters on Tuesday. A seventh U.S. soybean cargo was loaded over the past weekend and is already en route to China, the first such shipment since May. 

Dec 03 - Group in Thailand tendering to buy up to 240,000 metric tons feed wheat, traders say
A group of importers in Thailand has issued an international tender to purchase up to 240,000 metric tons of animal feed wheat, European traders said on Tuesday. The deadline for submission of price offers is Wednesday, December 3, with 2026 shipment sought. 

Dec 02 - China issues first batch of streamlined rare earth export licenses, source says
At least three Chinese rare earth magnet makers have secured licenses enabling them to accelerate exports to some customers, a source familiar with the matter said, fulfilling a key outcome of the summit between Presidents Donald Trump and Xi Jinping. China began designing a new rare earth licensing regime centered around so-called "general licenses" following the late October meeting between Trump and Xi that eased trade tensions between the two countries, Reuters reported in early November. 

Dec 02 - Algeria issues tender to buy nominal 50,000 tons soft milling wheat, traders say
Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said. The tender sought a nominal 50,000 metric tons, but Algeria often buys considerably more in its tenders than the nominal volume sought. 

Dec 01 - India weighs Mongolian coking coal imports despite transport hurdles, source says
India is assessing the viability of importing coking coal from Mongolia despite transport bottlenecks, a source with direct knowledge of the matter said, as New Delhi seeks to diversify supplies of the key steelmaking ingredient. India relies on imports for about 85% of its coking coal needs, with more than half sourced from Australia. 

Dec 01 - India-Canada trade deal could guarantee some Canadian pulse sales, envoy says
India's government is considering guaranteeing Canada ongoing pulse crop sales so its farmers keep growing the vital protein source, Indian High Commissioner to Canada Dinesh Patnaik said during a visit to Saskatchewan. The leaders of India and Canada have agreed to restart negotiations for a comprehensive trade deal as diplomatic relations thaw under Canada's Prime Minister Mark Carney.

Nov 28 - Brazil agriculture ministry says China banned five soy exporters
The Brazilian agriculture ministry has been notified by Chinese authorities that five Brazilian soy exporters have been banned from shipping the grain to the Asian country, it said on Thursday. On Wednesday, Brazilian newspaper Folha de Sao Paulo reported that China had stopped 69,000 metric tons of Brazilian soybeans from entering its territory after finding wheat treated with pesticides in the hold of the ship transporting the cargo. 

Nov 28 - Tunisia buys estimated 75,000 metric tons barley in tender seeking up to 125,000 tons, traders say
Tunisia's state grains agency is believed to have purchased about 75,000 metric tons of animal feed barley in an international tender on Thursday seeking up to 125,000 tons, European traders said. The barley was said to have been bought in three 25,000 ton consignments, two at $268.42 and $269.42 a ton cost and freight included from trading house Aston and one at $269.58 a ton c&f from Soufflet. 

Nov 27 - Barley exports from Russia to Egypt at a historic high this year, export agency says
Russia exported a record volume of barley to Egypt in January to October this year of more than 32,000 tons, Russia's state agriculture export agency Agroexport said on Wednesday. The bulk of the shipments, worth a total of almost $8 million, took place in October. 
 

Nov 27 - South Korea flour mills buy estimated 131,300 tons of US and Canadian milling wheat, traders say
A group of South Korean flour mills bought an estimated 131,300 metric tons of milling wheat to be sourced from the United States and Canada in an international tender on Wednesday, European traders said. The purchase involved 91,300 tons sourced from the United States, believed to have been sold by United Grain Corporation in two consignments. 

Nov 27 - NITRO SHIPPING Freight Report for Grains

AZOV SEA & BLACK SEA: Azov sea market is unstable and is hard to predict these days. General tendency is that is has been dropping down for several weeks in a row and now seems to be sliding down slowly further. Some charterers are aiming usd 40 pmt fios bss 5'k wheat ex Rostov to Marmara for the middle of December shipment but that's seems to be not achievable yet as market is closer to mid 40's usd pmt fios from Rostov. USD/RUB exchange rate does not support trade and does not allow much margin for traders considering high domestic prices and rising railway transport costs. 

BALTIC SEA: Baltic sea market is rising significantly this week with high demand observied for tonnage. Charteres are ready to pay to secure vessels as we are getting closer to Christmas. Charterers have to make sure cargo arrives before the holidays to avoid delays and demurrages.

CASPIAN SEA: The Caspian Basin market remains under pressure. Low demand from Iran and falling grain prices continue to exert downward pressure on the freight rates, forcing exporters to confirm deals at rates below last week's levels.

FAR EAST: The Far East is experiencing a strengthening market, driven by a shortage of available tonnage in the basin, which is creating favorable conditions for rate growth.

Nov 26 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) decreased 32% to $1,903/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) decreased 8% to $3,443/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 1% to $2,457/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 6% to $2,998/FEU.

- Despite higher tariffs since early this year, US retail sales have proved resilient and are expected to grow through the holiday season. The solidifying tariff landscape is nonetheless facing destabilizing forces like recent China-Japan tensions, and the US Supreme Court’s pending decision on the legality of Trump’s IEEPA-based tariffs. 
- But the White House is signalling it is already taking steps to ensure that a SCOTUS loss will not open a low tariff window. So, if consumer spending remains strong, and the status quo of the trade war holds up, the US could enter a restocking cycle in 2026 as frontloaded inventories wind down. This restocking could mean stronger freight demand than some have anticipated for next year.
- On the freight supply side though, there is more and more discussion of container traffic’s coming return to the Red Sea as the fragile Israel-Hamas ceasefire remains in effect. And while most carriers are not offering a timeline, ZIM’s CEO recently stated that a return in the near future is increasingly likely. 
- The shift of most of the 30% of global container volumes that normally transit the Suez Canal away from the Red Sea and around the Cape of Good Hope almost exactly two years ago added seven to ten days and thousands of miles to Asia - Europe journeys and to some Asia - N. America sailings as well. 
The return of container traffic to the shorter Suez route will result in the sudden early arrival of these ships, which will mean significant vessel bunching and congestion at already persistently congested European hubs. This congestion will cause delays and absorb capacity which could push container rates up on the affected lanes, and possibly beyond. 
- Carriers have plans for a gradual phase in of the transition back to the Red Sea, with smaller vessels starting to transit first. This approach would still cause vessel bunching, but would be aimed at minimizing the impact of the reset as much as possible. 
But some carriers are skeptical that an orderly phase-in will happen, as they expect pressure from customers who will want a return to the shorter route as quickly as possible. Analysis from Sea Intelligence suggests that the more gradual the transition, the less disruptive it will be, while the faster it is the more disruptive it will be, and the more pressure it will put on freight rates during the up to two months it will take for schedules to return to normal. 
- Ocean expert Lars Jensen also notes that a return during the lead up to Lunar New Year would coincide with an increase in demand, and would put more pressure on ports and rates than if the transition takes place post-LNY when demand is typically weak.
- The capacity absorbed through Red Sea diversions pushed East-West rates up to highs of $8,000 - $10,000/FEU in 2024 and set a highly elevated floor of $3,000 - $5,000/FEU during low demand periods that year. But even with Red Sea diversions still in place this year, rates on these lanes have consistently been significantly lower than last year, with prices on some lanes reaching 2023 levels for a span in early October.
The transition back to the Suez Canal – be it more or less chaotic – will ultimately release more than two million TEU of container capacity back into the market. This surge will put even more downward pressure on rates and increase the challenge of effectively managing capacity for carriers seeking to keep vessels full and rates profitable. 
- The current overcapacity on the East-West lanes is the main reason that carriers’ November transpacific GRIs which had pushed West Coast rates up by $1,000/FEU this month to about $3,000/FEU have now fizzled. 
- Asia - N. America West Coast prices fell 32% last week to $1,900/FEU with daily rates this week down another $100 so far, but prices remain above the $1,400/FEU low for the year hit in early October. Last week’s vessel fire at the Port of LA does not seem to have had an impact on prices as operations have quickly recovered. Rates to the East Coast fell 8% to $3,400/FEU last week but are at $3,000/FEU so far this week, about even with levels in early October before these set of GRI introductions.
- Meanwhile, October and November’s GRIs on Asia-Europe lanes have stuck, with rates to Europe and the Mediterranean both 40% higher than in early October at $2,500/FEU and $3,000/FEU respectively. These rate gains may be surviving on aggressive blanked sailings on these lanes. 
Carriers are planning additional GRIs for December aiming for the $3k-$4k/FEU level as they continue to reduce capacity – with an announced labor strike in Belgium likely to help absorb some supply – but there are signs that these increases may not take.

Nov 26 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices decreased 2% to $6.50/kg.
- China - N. Europe weekly prices decreased 1% to $3.97/kg.
- N. Europe - N. America weekly prices increased 1% to $2.33/kg.

- In air cargo, peak season demand is driving rates up and should keep doing so for the next couple weeks. Freightos Air Index data show ex-China rates remaining strong at about $6.50/kg to N. America and $4.00/kg to Europe last week. Demand out of S. East Asia has grown significantly during this year’s trade war, with rates also elevated on these lanes at $5.40/kg to the US and $3.50/kg to Europe.

Nov 26 - Wet grain, Russian attacks on railways hit Ukrainian corn exports, union says
High grain moisture content and logistical woes caused by Russian attacks have slashed Ukraine's corn exports from Black Sea ports in November and may do so again in December, farmers' union UAC said on Tuesday. This year, however, harvesting was significantly delayed by rains in most regions, and the harvested corn was saturated and required additional drying. 

Nov 26 - South Korea’s FLC tenders to buy up to 138,000 tons corn, traders say
South Korea's Feed Leaders Committee has issued an international tender to purchase up to 138,000 metric tons of animal feed corn, European traders said on Tuesday. The deadline for submission of price offers in the tender is also Tuesday, November 25.

Nov 25 - Three vessels bound for US Gulf Coast terminals to load soybeans, sorghum for China
Two cargo vessels were headed for grain port terminals near New Orleans on Monday to load with the first U.S. soybean shipments to China since May, according to a shipping schedule seen by Reuters. A third vessel was en route to a Texas Gulf Coast grain terminal to be loaded with China-bound U.S. sorghum in the coming days in what will be the first American shipment of the feed grain to China since mid-March, the shipping schedule showed. 

Nov 25 - Saudi Arabia buys 300,000 metric tons of wheat in tender, GFSA says
Saudi Arabia's main state wheat buying agency, the General Food Security Authority (GFSA), said on Monday it has purchased 300,000 metric tons of wheat in a tender. The purchase involved hard wheat with 12.5% protein content for arrival in Saudi Arabia in February and April 2026, the agency said. 

Nov 24 - EU to urge US to apply more of the July trade deal, including cutting steel tariffs
European Union ministers are set to urge top U.S. trade officials to apply more of the July EU-US trade deal, such as by cutting U.S. tariffs on EU steel and removing them for EU goods such as wine and spirits. U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer will meet EU ministers responsible for trade on their first trips to Brussels since taking office. 

Nov 24 - Western Australia heads for record grain harvest as GIWA raises production estimates
The Grain Industry Association of Western Australia on Friday raised estimated 2025/26 wheat production by 420,000 metric tons, cementing expectations for a large Australian harvest that will put downward pressure on global prices. With crops already being reaped, GIWA in a monthly report also raised its forecasts for Western Australian barley production by 200,000 tons and canola production by 480,000 tons.

Nov 21 - China's zinc exports soar in October amid LME squeeze
China's zinc exports surged in October as domestic smelters turned to overseas markets amid a dramatic squeeze on the London Metal Exchange and weak demand at home. China exported 8,519 metric tons of refined zinc last month, China's official customs data showed on Thursday, up 243.8% from 2,478 tons in September. 

Nov 21 - South Korea’s MFG/Cargill Agri Purina tenders for 140,000 tons corn
South Korea's Major Feedmill Group and its partner company Cargill Agri Purina have issued an international tender to purchase up to 140,000 metric tons of animal feed corn, European traders said on Thursday. It can be sourced from South America or South Africa only. The corn is sought in two consignments of 55,000 to 70,000 tons, both for arrival in South Korea in April, 2026.

Nov 20 - ‘This is a structural goods recession’: U.S. freight market is starting to roll over as Chinese trade plummets, Lori Ann LaRocco, CNBC

Key Points:

- Mario Cordero, CEO of the Port of Long Beach, the nation’s second-busiest port after Los Angeles, says the record year in freight container volume triggered by President Trump’s tariffs has given way to an accelerating decline in Chinese imports.

- Real-time container tracking data shows ocean freight bound for the U.S. is decreasing and volumes throughout the supply chain are under pressure. “This isn’t just a seasonal dip or temporary correction,” said Kyle Henderson, CEO of freight data tracker Vizion. “This is a structural goods recession.”

- The latest U.S. Census trade data, released on Wednesday after a long delay caused by the government shutdown, showed a significant import decline.

It’s been a record year at Port of Long Beach, but the trade surge is over

The impact of President Donald Trump’s tariffs continues to rip through the logistics and transportation sectors, with major ports experiencing a steep drop in imports after records were set earlier this year, and volumes throughout the supply chain rolling over.

For the first time in 2025, rates for van, flatbed, and refrigerated loads in October were all lower on both a month-over-month and year-over-year basis, according to the DAT Truckload Volume Index.

“Freight volumes in the third quarter and October reflect what we’re seeing in the broader goods economy, with shippers drawing on inventory built up earlier in the year to reduce their exposure to tariffs and weak consumer demand,” said Ken Adamo, DAT chief of Analytics. “As a result, the traditional peak holiday shipping season looks virtually non-existent this year,” Adamo said.

Van truckloads were down 3% compared to September, and 11% year over year. Refrigerated truckloads were down 2% month over month, and 7% year over year. Flatbed truckloads were down 4% month over month and 3% year over year. The reduced level of dry van and temp-controlled loads that are moving now through the supply chain are goods moving from distribution centers to retailers. The causes of the trade decline range from weakness in housing and manufacturing to energy costs, and shippers pulling forward imports earlier in the year and building inventories to reduce tariff impacts.

The latest U.S. Census Bureau data, released Wednesday after a more than month-long delay due to the government shutdown, showed a significant decline in imports in the month of August after additional tariffs went into place, $18.4 billion less than the level of July imports. The import drop contributed to a 23%-plus decline in the nation’s trade deficit, according to Census.

Recent freight container tracker data shared by the nation’s second-busiest port, the Port of Long Beach, shows that Trump’s tariffs will continue to chip away at ocean freight heading to the U.S.

“You’re looking at the 16 percent decrease in Chinese imports coming to the United States,” said Mario Cordero, CEO of the Port of Long Beach. “The decrease is across the board,” Cordero said.

The Port of Los Angeles also recorded a dip in container volumes in October.

Electronics, furniture, and toys have been identified in this freight pullback, while U.S. grain exports have also been hit by trade policy, with China increasing its purchase of soybeans from Brazil during the trade war. As part of an easing of trade tensions, China did recently commit to buying more U.S. soybeans.

The decrease in containers follows a period of trade frontloading during which retailers and manufacturers brought in freight early as they attempted to navigate multiple tariff deadlines and rate changes, leading to big jumps in port traffic. Global containers to the West Coast are up 10% year-over-year, according to Vizion. Containers from China to the U.S. West Coast are also up 4.6% year-over-year, with the trade route the most popular for Chinese goods coming to the U.S. because it has the shortest travel time.

East Coast ports, including Houston, have seen a modest 2 percent increase year over year in container volumes. China containers, however, are down 12 percent.

“The good news is we’re still in the black,” Cordero said. While he said a fourth quarter decline was expected, what comes next is pivotal. “It remains to be seen, the resilience of the American consumer and their spending activity, and the next two months will be really telling about the diminishment of that growth,” he said.

“We are now forecasting nearly a 16.6 percent year-over-year decline for U.S. imports in December, after a 12% decline in Q3,” said Ben Tracy, vice president of strategic business development at real-time container tracking platform, Vizion. “There is no bounce back in sight,” Tracy said.

Retailers and manufacturers have put a pause on robust freight orders because of fears of a consumer pullback due to food and consumer product inflation. The picture from retail earnings this week has been mixed, with downbeat reports from Home Depot and Target but strong results from Walmart, which said more consumers are focused on value, and more of it sales are coming from upper-income shoppers.

“For the first time since March 2023, we’re seeing monthly import volumes consistently fall below 2 million TEUs — this isn’t just a seasonal dip or temporary correction,” said Kyle Henderson, CEO of Vizion. “The data shows this is a structural goods recession driven by the convergence of tariff uncertainty, frozen housing markets, and a fundamental shift in consumer spending away from physical goods,” he said.

“When furniture imports collapse 33 percent and toy imports — which historically surge 40-50 percent ahead of the holidays — barely rise 17 percent that tells you retailers are betting on the weakest consumer season in years,” he said.

Vizion data is showing container utilization has dropped from 100 percent to 91 percent.

“Along with spot rates at two-year lows, and we’re staring down a decade of overcapacity. This isn’t a volume blip — it’s a major reset of freight demand fundamentals,” Henderson said. “The freight market is already feeling the pain,” he added.

Containers set to arrive at U.S. ports in December 2025 are 2.19 million twenty-foot-equivalent units vs. 2.62 million TEUs last December, according to Vizion, with the volume loss of over 430,000 TEUs causing a knock-on effect throughout the supply chain.

In addition to the railroad, trucks, and warehouses, which generate revenue from the movement and storage of freight, port labor is also impacted.

Less freight means a reduced need for daily longshoremen to move the containers.

“Labor is absolutely concerned,” said Mario Cordero, CEO of the Port of Long Beach. “It goes back again to job decreases, job anxiety. ... When you have reduced volume, you’re going to have an impact on the jobs in the supply chain, certainly on the docks here at the Port of Long Beach,” he said.

The International Longshoremen’s Association, the port labor responsible for the movement of freight, receives a yearly container bonus on the amount of freight moved.

In addition to the China tariffs, tariffs on India have collapsed the freight market servicing this trade, according to Vizion. The Global Trade Research Initiative reported a massive 37.5% drop in overall Indian export value to the U.S. between May and September 2025. India’s exports have a 50% tariff.

Nov 20 - Ukraine will not limit wheat exports in 2025/26, says deputy minister
Brazilian soymeal exports in November are estimated at 2.68 million metric tons, a roughly 200,000-ton rise compared to last week's forecast, putting Brazil on track to hit a monthly record for shipments. According to data from grain exporters group Anec on Wednesday, the previous monthly record was set in October of last year, when Brazil exported 2.46 million tons of soymeal, which is mainly used as animal feed and is mainly destined for importers in Europe and Asia.

Nov 20 - Brazil soymeal exports to hit record in November, Anec data shows
Brazilian soymeal exports in November are estimated at 2.68 million metric tons, a roughly 200,000-ton rise compared to last week's forecast, putting Brazil on track to hit a monthly record for shipments. According to data from grain exporters group Anec on Wednesday, the previous monthly record was set in October of last year, when Brazil exported 2.46 million tons of soymeal, which is mainly used as animal feed and is mainly destined for importers in Europe and Asia.

Nov 19 - China receives first shipment of Argentine soybean meal since 2019 import approval
A cargo of Argentine soybean meal has cleared Chinese customs, two China-based traders said, marking the first such shipment since Beijing approved such imports in 2019 and signalling a new trade channel with the world's top soymeal exporter. The ship Sumatra, carrying 30,000 metric tons of Argentine soybean meal, departed Argentina in September and arrived at Nansha port in southern Guangdong province in late October, according to maritime agency NABSA and LSEG ship-tracking data.

Nov 19 - EU wheat exports back on track after French data delays
EU soft wheat exports, which had been lagging due to missing French data, are now matching last year's volume, European Commission data showed on Tuesday. Since the start of the 2025/26 season in July, EU soft wheat exports had reached 9.05 million metric tons by November 16, compared with 9.09 million at the same point last year.

Nov 18 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 6% to $2,793/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) increased 6% to $3,734/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 1% to $2,480/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) were level at $2,827/FEU.

- The Trump administration – with the Supreme Court decision on the validity of its many IEEPA-based tariffs looming – announced additional tariff exemptions last week, focusing on agricultural products not produced in the US but also including beef, as the White House seeks ways to address cost of living concerns. The administration also announced frameworks for trade agreements with several South American countries and Switzerland. 
- Since October, container carriers have been contending with downward pressure on rates from both the seasonal lull in demand and growing capacity on the major East-West trades. Nonetheless, driven by significant steps to reduce capacity, they succeeded in pushing through mid-October GRIs that rescued rates from two-year lows, and pushed prices up again with November 1st rate increases.
- But as we pass November’s midway point, transpacific rates have started to decrease sharply.  Prices to the West Coast fell 6% last week, but daily rates so far this week have slipped more than 20% to about $2,100/FEU, erasing the November gains and, for now, back at about their mid-October GRI bump level. 
East Coast daily prices have also fallen by more than 20% so far this week to about $3,000/FEU, back to pre-October GRI levels. Some carriers have December GRIs planned, but they may reconsider given this week’s sharp retreat.
- Asia - Europe and Mediterranean prices meanwhile, are proving stickier, with rates about level last week and into this week at $2,480/FEU and $2,827/FEU respectively. This stability may reflect more aggressive blanked sailing campaigns for these lanes during the current tendering season, with some carriers announcing additional GRIs to push prices up to the $3k - $4k/FEU level soon or to start December. 

Nov 18 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 5% to $6.60/kg.
- China - N. Europe weekly prices increased 2% to $4.01/kg.
- N. Europe - N. America weekly increased 6% to $2.31/kg.

- In air cargo, the end of the US government shutdown has meant the restart of air operations that had been hampered by a drop in available air traffic controllers. The slowdown mostly impacted domestic cargo, and the ramp up is expected to take a few days.
- The US’s cancellation of its de minimis exemptions this year was a significant driver of a sharp drop in air cargo volumes to the US – especially in the months immediately following the rule change – and a shift of Chinese e-commerce volumes to other markets, especially Europe.  The European Union voted last week to close its de minimis exemption by 2028, but will explore ways to collect duties on low-value goods as early as next year.
- The shift in volumes has been accompanied by a shift in capacity, which has kept the air cargo spot market relatively stable and in line with seasonal demand changes. Freightos Air Index China - US rates increased 5% last week to $6.60/kg, up from less than $5.00/kg in early October and at its highest sustained level this year as peak season demand grows. Last year, rates hit a high of $7.30/kg in mid-December.
- China - Europe prices increased 2% to $4.01/kg last week, up from about the $3.50/kg level held pre-Golden Week. Transatlantic rates increased 6% to $2.31/kg last week, up from $1.70/kg in mid-October and to its highest since March. Rates for this lane were at $2.60/kg a year ago.

Nov 18 - China snaps up US soybeans after pledge to Trump, but at high price, traders say
China bought at least 14 cargoes of U.S. soybeans on Monday, two traders with knowledge of the deals said, its largest purchase since at least January and the most significant since a summit between President Donald Trump and President Xi Jinping in October. China is buying U.S. soybeans to meet the pledges it made to Washington at the trade summit in Busan, South Korea, even though the cargoes are priced higher than rival Brazilian offers, two Asia-based traders said.
 

Nov 18 - Russian grain exports via Baltic Sea jump 30% in 2025, data shows
Russia's grain exports from its Baltic Sea terminals have increased by 30% this year, with nearly half going to African countries, data from the Federal Centre for Agriculture Products Safety Evaluation showed on Monday. Russia, the world's leading wheat exporter, is expanding its Baltic Sea ports to diversify its agricultural exports and reduce dependence on Black Sea routes, where shipping infrastructure has been targeted in attacks by Ukraine.

Nov 18 - Voyage Freight Matrix – ETS Fuel EU costs by 2026 (SOFRERAO)
- Emissions Trading System (ETS) to include maritime shipping in 2024 sofrerao reajuste in Janeiro 2024, where large vessels calling at EU ports are now required to purchase CO2 emission allowances for their pollution.

- Shipping companies must surrender these allowances for each tonne of reported CO2, following a phase-in schedule: 40% of their verified emissions for 2024, 70% for 2025, and 100% from 2026. This policy ensures the maritime sector contributes to the EU's climate goals.

- With the upcoming inclusion of new taxes in 2026, the voyage freight below illustrates the cost impact, comparing current freight rates with those projected from January for major European ports that import meal shipments. (from 70% to 100%).

Voyage Freight Matrix – ETS Fuel EU costs by 2026

40.000/10 SBM in Bulk 53/54 cbft                           today spot    january 26
40.000/10 – San Lorenzo, Argentina     

- to Lisbon , Portugal  8000/4000 sshex                   usd 55.10    usd 55.70
- to Piraeus, Greece  8000/4000 sshex                     usd 62.20    usd 63.10
- to Trieste, Italy  8000/4000 sshex                          usd 63.30    usd 64.10
- to Barcelona, Spain  8000/4000 sshex                   usd 59.40    usd 60.00
- to Izmir, Turkey  8000/4000 sshex                         usd 62.40    usd 63.10
- to Constanza, Romenia  8000/4000 sshex               usd 64.10    usd 64.90
- to Aarhus, Denmark 8000/4000 sshex                   usd 63.10    usd 63.90
- to Koper, Slovenia 8000/4000 sshex                      usd 62.90    usd 63.70
- to La Rochelle, France 8000/4000 sshex                 usd 59.20    usd 59.90
-  to Cork (Ringaskiddy), Ireland 8000/4000 sshex    usd 59.70    usd 60.30

40.000/10 SBM in Bulk 53/54 cbft                           today spot    january 26
40.000/10 – Paranagua, Brazil           

- to Lisbon , Portugal  8000/4000 sshex                   usd 43.80    usd 44.20
- to Piraeus, Greece  8000/4000 sshex                     usd 49.70    usd 50.20
- to Trieste, Italy  8000/4000 sshex                         usd 50.80    usd 51.40
-  to Barcelona, Spain  8000/4000 sshex                  usd 48.00    usd 47.60
- to Izmir, Turkey  8000/4000 sshex                        usd 49.90    usd 50.40
- to Constanza, Romenia  8000/4000 sshex             usd 51.40    usd 52.00
- to Aarhus, Denmark 8000/4000 sshex                  usd 50.90    usd 51.50
- to Koper, Slovenia 8000/4000 sshex                      usd 50.30    usd 50.90
- to la Rochelle, France 8000/4000 sshex                 usd 47.20    usd 47.60
- to Cork (Ringaskiddy), Ireland 8000/4000 sshex    usd 47.30    usd 47.80

Nov 17 - Egypt targets 5 million tons of local wheat next year, seeking self-sufficiency
Egypt has targeted procurement of five million metric tons of local wheat next season as it moves away from being one of the world's top wheat importers to self-sufficiency, the supply ministry said on Sunday. Egypt typically imports about 10 million tons a year, with the state buyer obtaining roughly half of that for the country's bread subsidy programme on which 70 million people rely.

Nov 17 - Importers in Thailand bought about 74,000 tons soybeans, 63,000 tons soymeal
A group of importers in Thailand this week purchased about 74,000 metric tons of soybeans and 63,000 tons of soymeal in an international tender, European traders said on Friday. They can be sourced from optional origins. The soybeans were purchased at an estimated premium of 95 cents a bushel cost and freight included over the July 2026 soybean contract for 2026 shipment between May to June, traders said.

Nov 17 - Russia's Novorossiysk port resumes oil loadings after Ukrainian attack
Russia's Novorossiysk port resumed oil loadings on Sunday after a two-day suspension triggered by a Ukrainian missile and drone attack, two industry sources said and LSEG data showed. Novorossiysk and a neighbouring Caspian Pipeline Consortium terminal temporarily suspended oil exports - equivalent to 2.2 million barrels per day, or 2% of global supply - on Friday. Global oil prices rallied by more than 2% on supply fears after the attack.

Nov 14 - Delayed payments and broken deals put Egypt’s state grains buyer under scrutiny
Mounting trade tensions that earlier this year led to a drop in Egypt's wheat imports have triggered a shake-up at the country's new state grains buyer, as a newly appointed leader moves to restore credibility, according to trade and industry sources.For decades, Egypt ran a transparent tender system to secure supplies for a bread subsidy programme that feeds tens of millions of people and is a cornerstone of social stability. 

Nov 14 - Brazil to reap record soy crop in 2025/2026, increase exports
Brazil's Conab said the country will reap a record soybean crop of 177.6 million tons in the 2025/2026 harvest year, according to data released on Thursday. The world's largest soy producer and exporter is also expected to ship an unprecedented 112.1 million tons to China and other nations, up 5.11% from the previous crop year, the Conab crop agency added. 

Nov 13 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The Azov sea market dropped a bit over the week again. Owners are showing their open positions for prompt dates and are ready to fix for end November dates.

BALTIC SEA: The Baltic sea market is firming up further with higher demand for vessels.

FAR EAST: The market remains stably weak.

CASPIAN SEA: Freight rates in the Caspian Sea continue to fall this week due to a combination of weak Iranian importer demand and an increasing oversupply of tonnage, which is heightening competitive pressures. However, difficult weather conditions and possible vessels' congestions could alter the current market and become a local factor supporting rates. Export activity from Aktau is also weak, due to current prices.

Nov 13 - South Korea’s NOFI buys estimated 75,000 tons of feed wheat in tender, traders say
Leading South Korean animal feed maker Nonghyup Feed Inc purchased about 75,000 metric tons of animal feed wheat in an international tender on Wednesday, European traders said. The wheat was bought in two consignments for arrival in South Korea around February 15.

Nov 13 - China's soybean glut could defeat US export hopes after trade thaw
China is grappling with a glut of soybeans after months of record imports, curbing prospects for U.S. exports despite a recent trade truce that Washington said includes a pledge by Beijing to resume heavy purchases. Traders and analysts warn that vast stockpiles at ports and in state reserves, coupled with weak crush margins, limit Beijing's appetite for further purchases.

Nov 12 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 48% to $2,958/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) decreased 3% to $3,513/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 9% to $2,492/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 24% to $2,837/FEU.

- The US Supreme Court heard arguments last week in the appeal of lower court decisions that invalidated President Trump’s use of the International Emergency Economic Powers Act to impose fentanyl-related and reciprocal tariffs this year.
- Questions and comments made by justices during the hearing gave the impression that the court is likely to rule against the administration. While there’s speculation that a decision could come as soon as the end of the year, the court has until the end of its term in June to issue a ruling. 
Striking down this use of IEEPA could potentially open a low-tariff window for arriving goods from many countries. But the White House will certainly be motivated to close that window quickly and re-establish duties using other more-recognized legal paths for country-specific tariffs. These options include a trade law empowering the president to apply immediate 15% country-specific tariffs for 150 days which the administration could use as a first step to restoring tariffs through other means.
- East-West ocean rates increased significantly on most lanes via November 1st General Rate Increases last week. Transpacific prices to the West Coast climbed 48% and $1,000/FEU to about $3,000/FEU, but daily rates so far this week are trending down slightly and rates to the East Coast remained about even with October levels. 
- There are reports indicating prices could fall back to their late October levels soon, which were themselves pushed up from year lows hit in early October via GRIs. Some carriers are announcing additional blanked sailings for the transpacific this month in moves to at least keep rates from backsliding to recent lows.
- The current low demand period poses a challenge to carrier GRI ambitions. The latest National Retail Federation US ocean import report estimates October volumes sagged to about even with the previous lows for the year hit in May and June when US tariffs on China were at 145%. The report also projects that demand will ease further in November and December with double digit monthly decreases compared to last year as tariff frontloading has meant declining volumes since mid-August.
- US ocean imports are expected to rebound during the lead up to Lunar New Year in January and early February, but these months are also projected to be down significantly year on year due to comparisons with Q1 2025 when frontloading began.
- Asia - Europe rates climbed 9% to about $2,500/FEU last week with prices to the Mediterranean up 24% to $2,837/FEU on November GRIs. Some carriers have announced mid-month GRIs aiming to increase rates to the $3k/FEU mark for Asia-Europe as the long-term contract tendering season gets underway for this lane.
- But in addition to the low demand challenge, carriers are also contending with continued fleet growth and climbing overcapacity. While Red Sea diversions last year were enough to keep rates well above long term norms, the monthly global rate benchmark has been lower year on year since March even as volumes have grown overall in 2025. A container traffic return to the Red Sea will, after a transition period, exacerbate the supply surplus. Reports this week of Houthis declaring an end to Red Sea attacks and carriers meeting with Suez Canal officials may mean the return to the Suez is getting closer.
In air cargo, the US government shutdown – which could end soon – has led to a shortage of air traffic controllers and the phase in of a 10% reduction in flights in the US which is disrupting domestic passenger travel and bellyhold air cargo operations along with it.
- But as domestic freighters and international flights – which account for the bulk of the US air cargo market – are spared for now, the overall impact on air cargo should be minimal. Once the shutdown ends, airlines are expected to be able to restart their full flight schedules within 12-36 hours. Despite the delays, Freightos Air Index intra-North America rates have stayed stable at about $1.60/kg.
- Changes to the US de minimis rules back in May meant a sharp initial drop in China-US e-commerce air cargo volumes, though recent data shows a gradual rebound in volumes since then as e-comm platforms adjust to the new rules – though not back to levels when de minimis was available. 

Nov 12 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 4% to $6.30/kg.
- China - N. Europe weekly prices decreased 6% to  $3.92/kg.
- N. Europe - N. America weekly increased 9% to $2.18/kg.

- Asia - Europe e-commerce air cargo volumes have shown nearly uninterrupted growth throughout the year as China’s e-commerce giants shifted focus to US alternatives, especially markets where de minimis exceptions are still in place. But there have been multiple signs of opposition to the flood of low cost goods entering these markets, including in the EU. Just this week France announced increased inspections of all e-commerce imports which is leading to backlogs at CDG.
But as has been the case since May, capacity shifts have meant that despite year on year volume declines transpacific rates remain elevated even if moderately below 2024 levels. China-US rates increased 4% to $6.30/kg last week on some likely peak season demand bump though prices were at about $7.00/kg last year. Likewise, despite volume growth, China-Europe rates which were at $3.92/kg last week, are about on par with prices in 2024.

Nov 12 - China's COFCO seals billion-dollar Brazilian soybean, palm oil deals
State trader COFCO's oilseed unit said on Monday it has signed agreements to purchase Brazilian soybeans, soybean oil, palm oil and other agricultural products, with a total volume of nearly 20 million tons worth over $10 billion. The contracts with traders including ADM, Bunge, Cargill and Louis Dreyfus were signed last week at the China International Import Expo in Shanghai, COFCO Oils & Oilseeds said in a statement on its official WeChat account.

Nov 12 - Algeria bought wheat in tender for shipment to 2 ports, traders say
Algeria’s state grains agency OAIC is believed to have bought milling wheat in an international tender on Tuesday which sought limited shipment to two ports only, European traders said. The volume was initially unclear. The requirement in the tender to unload the wheat only in the ports of Mostaganem and/or Tenes in two port tenders from the OAIC generally signals that a relatively small purchase will be made, traders said.

Nov 11 - Brazilian plants cleared to export sorghum, distillers grains to China
Brazil has received its first approvals to export sorghum and dried distillers grains (DDG) to China, the Brazilian Agriculture Ministry said on Monday. China gave the green light for 10 Brazilian plants to export sorghum, while five were cleared to ship corn-based DDG and DDG with solubles (DDGS), which are used as animal feed, to the Asian country, the ministry said in a statement.

Nov 11 - China suspends port fees on US-linked ships for a year
China suspended for one year port fees levied on U.S.-linked vessels, its transport ministry said on Monday, after Washington announced a similar pause on punitive actions against China's shipping and shipbuilding sectors. The reciprocated pauses were in line with agreements reached by U.S. President Donald Trump and Chinese President Xi Jinping during a summit in South Korea last month.

Nov 10 - Algeria tenders to buy nominal 50,000 tons feed barley for shipment to 2 ports
Algeria's state grains agency OAIC has issued an international tender to buy a nominal 50,000 metric tons of animal feed barley to be sourced from optional origins, European traders said on Sunday. The requirement for shipment to two ports only generally indicates a small purchase is planned, traders said.

Nov 10 - South Korean milling group buys about 50,000 tons US wheat
A South Korean flour mill group bought an estimated 50,000 metric tons of milling wheat to be sourced from the United States in an international tender on Friday, European traders said. The purchase involved several different wheat types and was all bought on a free on board (FOB) basis. The tender sought shipment in 2026 between January 15 and February 15.

Nov 07 - Malawi activates grain export restrictions as 4 million people face hunger
Malawi is enforcing maize export restrictions to protect stocks of the staple grain, the trade ministry said on Thursday, after the government forecast that a fifth of the population faces hunger following a below-average harvest. The controls are under a 2018 law that restricts the import and export of goods, including maize, the ministry said in a statement.  

Nov 07 - South Korea’s FLC buys about 60,000 tons feed wheat, traders say
South Korea's Feed Leaders Committee purchased around 60,000 metric tons of animal feed wheat in an international tender seeking up to 130,000 tons on Thursday, European traders said. The wheat was believed to have been purchased at an estimated $263.00 a ton cost and freight included plus a $1.25 a ton surcharge for additional port unloading. 

Nov 06 - US sorghum shipment heads to China after leaders' meeting, grains council chairman says
A shipment of sorghum has been sent from the United States to China since last week, Mark Wilson, chairman of the U.S. Grains and BioProducts Council, said, the first known cargo following the recent meeting between the two countries' leaders. "I know after the meeting, one shipment of sorghum has been loaded and is coming over," Wilson told Reuters on the sidelines of the China International Import Expo in Shanghai, adding that he did not know the size of the shipment.

Nov 06 - Russia considers doubling grain export quota in 2026, lobby group says
The Russian government is considering a grain export quota of 20 million metric tons for the second half of the marketing season, from February 15 to June 30, 2026, according to a draft document published by the Russian Grain Union lobby group on Wednesday. Last year, the quota was set at 10.6 million tons and applied only to wheat and meslin.

Nov 06 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The Azov sea market is in turmoil this week. After 2 holiday days in Russia, the market today is trying to "find itself". There are open vessels for prompt dates and they are willing to fix above usd 50 pmt ex Rostov bss 5'k wbp (sf abt 54") to Marmara. Owners in Yeisk are quoting rates between usd 47-49 pmt foist and charterers are targeting rates below usd 50 pmt fiost ex Rostov and mid 40's usd pmt fiost ex Yeisk in prompt.

BALTIC SEA: The Baltic sea market is firming up. More cargoes appear for export out of the basin.

CASPIAN SEA: This week, the Caspian Sea market continues to exhibit the downward trend it established earlier. Demand from Iranian importers remains weak. The amount of available tonnage has increased, which has intensified competition among shipowners.

FAR EAST: The market is weak due to low export activity.

Nov 06 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) decreased 1% to $1,999/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 4% to $3,628/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 1% to $2,284/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 1% to $2,297/FEU.

- Last week’s Trump-Xi meeting in South Korea resulted in an interim US-China trade agreement that marks a significant deescalation from the tensions of the last few weeks. The deal will have the US reduce fentanyl-related tariffs on China by ten percentage points and extend the tariff truce for one year, putting the overall baseline tariff on all exports from China at 20% and back to levels last set in March. The US will also postpone its USTR port call fees on China-linked vessels for one year starting November 10th. 
- In exchange, China will work to restrict fentanyl-related chemical flows and will roll back restrictions introduced this year, including controls on rare earth mineral exports, a pause in US soybean purchases and port call fees for US-linked vessels.
For the container market, the port call fee pauses will mostly mean a sense of relief for Chinese carriers who were facing significant costs if these surcharges had remained in place. Operators of US-linked container vessels calling in China will welcome the pause too, though these represent a much smaller slice of the market. It is possible non-Chinese carriers will keep some of their adjustments to deployments of China-built vessels in place just in case the restrictions are restored on short notice.
- The China-US deescalation may be unlikely to spur a sudden surge in transpacific freight demand. About two thirds of all exports from China to the US face tariffs of up to about 25% put in place during the first Trump administration. With these coming on top of the now 20% tariff baseline on all Chinese exports, tariffs on China are still significantly higher than on other countries. Importers diversifying their sourcing will probably continue to do so. There’s also already been significant frontloading including an early peak season on the transpacific, and November and December are in any case typically slow months for this market.
- Even with the agreement things remain far from certain. The US Supreme Court will start hearing arguments today in the case challenging Trump’s use of IEEPA for most of the tariffs introduced this year, with a ruling possibly coming as late as the end of the court’s term in June. A decision striking down those tariffs could spur a significant shot of at least short term uncertainty and volatility for freight. But as the White House continues to roll out sectoral tariffs using other areas of trade law, and as there are alternative, more recognized, paths for country-specific tariffs, it is unlikely that the ruling will mean that US trade barriers disappear for long.
- But last week’s agreement – along with the other US deals with Far East countries announced recently – does mean that supply chain stakeholders have more certainty and stability regarding the tariff landscape at the moment, and possibly for the next twelve months, than at any point so far in 2025. This albeit tenuous stability could mean that for 2026 we won’t see the frontloading and start and stop ocean volumes that we saw this year, suggesting a return to seasonality for freight markets, even if tariffs mean higher costs to importers.
- Container rates were stable last week, but despite the seasonal demand lull November 1st GRIs have pushed prices up on several lanes – at least for now. 
Daily rates for transpacific containers to the West Coast have jumped $1,000/FEU to $2,962/FEU so far this week and back to levels last seen in July. But there are already reports that carriers are offering much lower rates, and prices to the East Coast have already fallen about $100/FEU this week, suggesting that rate increases on this lane did not take at all. 
- Asia - Europe daily prices are up about $300/FEU to $2,500/FEU and rates to the Mediterranean are up $500 to about $2,800/FEU. Carriers will likely only succeed in maintaining these price increases or in keeping rates from slipping back to lows hit in mid-October, if they are able to adjust and keep capacity level with likely easing demand via blanked sailings. Even with stronger year on year volumes and persistent congestion at European hubs, current Asia- Europe rates are more than 40% lower than a year ago suggesting capacity growth is responsible for overall downward pressure on rates even as Red Sea diversions continue. 

Nov 06 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 7% to $6.03/kg.
- China - N. Europe weekly prices increased 6% to  $4.18/kg. 
- N. Europe - N. America weekly increased 8% to $2/kg.

- China - US Freightos Air Index air cargo rates have climbed 15% since mid-October to about $6.00/kg, with daily rates above $6.23/kg so far this week despite volumes likely lower than last year and skepticism that there will be much of a peak season. Prices are still below the $7.00/kg level this time last year even with less transpacific capacity than a year ago. But rising rates do suggest the start of some peak season demand bump. Transatlantic rates increased 8% to $2.00/kg last week to their highest level since April.
- Prices from China to Europe are up 7% since mid-October to about $4.20/kg and are 5% higher than last year as trade war impacts have meant growing demand on this lane as transpacific volumes decrease. Significant increases in capacity to these alternative lanes are likely responsible for rates nonetheless about on par with a year ago. 

Nov 05 - Matson has paid $6.4 million in port fees to China since levies started in October
U.S. ocean shipping company Matson has paid $6.4 million in port fees to China since they were implemented on October 14, CEO Matt Cox said. President Donald Trump and President Xi Jinping last week agreed to put those tit-for-tat levies on pause for 12 months, starting on November 10.  

Nov 05 - EU 2025/26 soft wheat exports jump as French data retrieved
European Union soft wheat exports so far this season as reported by the European Commission jumped by almost 1.8 million metric tons last week as the figures incorporated a chunk of missing data for top EU wheat producer France. The Commission's tally for EU soft wheat exports since the start of the 2025/26 season in July was 8.03 million tons as of November 2, compared with 6.25 million the previous week.

Nov 04 - Argentina's agro export revenues plunge in October after September surge
Exports from Argentina's agricultural sector brought in $1.12 billion in October, the country's CIARA-CEC grains processors and exporters' chamber said, a 56% drop when compared to the same month a year earlier. The sharp decline follows a revenue jump in September, when President Javier Milei's administration temporarily suspended export taxes on grains and by-products to boost dollar inflow and strengthen central bank reserves amid market turbulence.  

Nov 04 - Kazakhstan exported 2 million tons of grain from September 1 to October 31
Kazakhstan, the largest grain producer in Central Asia, exported 2 million metric tons of new-crop grain from September 1 to October 31, the agriculture ministry said. As of October 28, Kazakhstan had harvested 26.9 million tons of new-crop grain.

Nov 03 - Russia's non-GMO soybeans exports to China safe despite Trump-Xi trade deal, source says
Russia’s non-genetically modified soybean exports to China are safe, a Russian government source told Reuters on Saturday, despite a deal between China and the United States concluded by U.S. President Donald Trump and Chinese President Xi Jinping. Russia ranked a distant fifth among the largest soybean exporters to China in 2024, but its shipments consist exclusively of non-genetically modified soybeans, used in the production of foods such as tofu, soy milk, and soy sauce. 

Nov 03 - Iran's SLAL tenders for 120,000 tons each corn and soymeal, traders say
Iranian state-owned animal feed importer SLAL has issued international tenders to purchase up to 120,000 metric tons of animal feed corn and 120,000 tons of soymeal, European traders said. The deadline for submission of price offers in the tenders is Tuesday, November 4, they said. Shipment for both the corn and soymeal is sought in January and February 2026. 

Oct 31 - Payments clear for delayed wheat cargoes at Egyptian ports
Several shipments of wheat that had been delayed for weeks at Egyptian ports due to payment issues have now been cleared to unload after the problems were resolved, Egypt's state grain-buyer Mostakbal Misr told Reuters on Thursday. Around eight vessels carrying roughly 200,000 metric tons of wheat had been stranded since early October due to delays in clearing the letters of credit, traders had said. 

Oct 31 - South Korean mills tender for 40,300 tons wheat from Canada
A group of South Korean flour mills has issued a tender to buy an estimated 40,300 metric tons of milling wheat sourced from Canada only, European traders said on Thursday. The deadline for submissions of price offers in the tender is Friday, October 31.

Oct 30 - Uganda September coffee exports surge 59% on bumper crop
Uganda's September coffee exports jumped 59% year-on-year, boosted by a copious crop in parts of the East African nation, the agriculture ministry said on Wednesday. In September, Africa's largest coffee exporter shipped 844,949 60-kg bags of the beans, compared with 532,212 bags exported in the same period last year, the ministry said in a report.

Oct 30 - China lifts partial ban on iron ore buys from Australia's Hancock, sources say
China's state buyer has allowed its steel mills to resume buying a type of iron ore from Australia's Hancock Prospecting after barring such sales during a year-plus negotiation dispute, three sources with direct knowledge of the matter said. China Mineral Resources Group (CMRG) told steelmakers last month that they could again buy MB fines, a type of iron ore, from Hancock, lifting a ban that had not previously been reported.

Oct 30 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The Azov Sea market continues to decline this week. The two-day break in Turkey on October 28th and 29th has significantly contributed to the drop in prices. Charterers are pausing with fixing and looking for offers below 50 usd pmt fiost ex Azov/Rostov to Marmara bss 3/5'k wheat. It is likely that the market will experience further declines in the near term..

BALTIC SEA: The Baltic Sea market is strengthening, particularly with a notable increase in fertilizer exports from Russia.

CASPIAN SEA: The Caspian market is softening this week amid weak demand from Iran. At the beginning of November, charterers from Astrakhan ports are targeting rates closer to the lower 60’s usd pmt fiost, while Kamyshin levels are around 80 usd pmt fiost. Tonnage availability has increased noticeably, further pressuring the market. Aktau remains stagnant with limited activity.

FAR EAST: The market is firm due to lack of free tonnage.

Oct 29 - South Africa's Kumba hauls more iron ore to port as rail performance improves
South Africa's Kumba Iron Ore on Tuesday reported a 12% increase in mineral railed to port in the September quarter on the back of improvements in freight rail performance, boosting quarterly sales volumes by 7%. The Anglo American unit delivered 10.2 million metric tons to Saldanha port in the quarter, compared to 9.1 million metric tons during the same period last year.

Oct 29 - EU 2025/26 soft wheat exports down 21% by October 26
European Union soft wheat exports since the start of the 2025/26 season in July had reached 6.25 million metric tons by October 26, compared with 5.87 million the previous week, and down 21% on a year earlier, European Commission data showed on Tuesday. A breakdown of this season's volumes showed Romania was still the largest EU soft wheat exporter with 2.55 million tons exported so far, followed by France with 1.03 million tons, Lithuania with 841,878 tons, Germany with 584,543 tons, and Latvia with 494,722 tons.

Oct 29 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 20% to $2,027/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 14% to $3,500/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 15% to $2,267/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 6% to $2,278/FEU.

- Expectations are high that a significant deescalation of China-US trade tensions – possibly featuring tariff levels below the baseline set back in May – is possible in the coming days. High level US-China meetings in Malaysia over the weekend reportedly brought the two sides closer on many issues after weeks of growing pressure. This sign of progress has generated optimism that the upcoming Trump-Xi meeting in S. Korea could result in, among other changes, an extension of tariff levels in place since the May truce – if not a reduction to a lower US baseline duties on China if fentanyl-related tariffs are adjusted – and a reconsideration of the recently introduced port call fees. 
Other trade progress during President Trump’s Far East visit included announced deals with Malaysia and Cambodia, and frameworks for agreements with Vietnam and Thailand. All of these agreements feature about a 20% US tariff baseline for exports from these countries, coupled with reductions or exemptions for various types of goods in exchange for lowered trade barriers to US exports and commitments for purchases from and investment in the US. The past week also saw the president call off negotiations with Canada and state he will increase tariffs on Canadian exports by 10%.
- In ocean freight, the USTR port call fees could have cost Chinese container vessels as much as $42M to dock at US ports last week. And though there have been few reports of US container ships impacted at China’s ports yet, fees for US vessels docking in China are reportedly leading to a significant number of bulk vessels waiting – possibly for a rule change – off the coast.
- Despite the current lull in demand, East-West container rates have for the most part sustained their mid-October GRI gains supported mostly by significant increases in blanked sailings. 
- Transpacific and Asia-N. Europe rates increased 15% to 20% last week to about $2,000/FEU to the West Coast, $3,500/FEU to the East Coast and $2,270/FEU to Europe. Rates have stayed about level so far this week on these lanes, with Asia - Mediterranean prices easing about $100/FEU. 
- These increases push prices back to about mid-September levels on these trades, when rates likewise rebounded briefly on GRIs. Prices are now well above October 2023 levels after approaching parity with pre-Red Sea crisis rates a couple weeks ago. To start November, some carriers may introduce additional GRIs whose success may likewise depend on effective capacity management. 

Oct 29 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 6% to $5.64/kg.
- China - N. Europe weekly prices stayed level at $3.97/kg.
- N. Europe - N. America weekly increased 4% to $1.85/kg.

- China - US Freightos Air Index air cargo rates have climbed 10% in the last two weeks to $5.64/kg – their highest sustained level since March – possibly driven by Trump’s Nov. 1st 100% tariff threat. Some experts are skeptical there will be much of an air peak season this year due to trade war frontloading and impacts on e-commerce volumes. But if climbing rates do signal the start of the seasonal rush, it is muted compared to a year ago when prices were already at about $7.00/kg. South East Asia - N. America rates have climbed 3% in the last few weeks to $5.14/kg. Transatlantic rates have increased 9% to $1.85/kg, their highest level since June.
- China - Europe prices are up 7% over the last month to about the $4.00/kg level and on par with last year despite reports of significant year on year volume increases on this lane, while SEA-Europe rates are up 13% to $3.55/kg. 

Oct 28 - China's ravenous appetite for iron ore remains as steel output slips: Russell
China's imports of iron ore are on track for another robust month in October, following on from September's record arrivals, with the strength standing in stark contrast to weak steel output. October imports are forecast to reach 113.06 million metric tons by commodity analysts Kpler, a figure that if matched by official data would be second only to the all-time high of 116.33 million in September

Oct 28 - Russian wheat export little changed, analysts raise export estimates for October
Russian wheat export prices changed little last week, with analysts continuing to raise their forecasts for October shipments. The price for Russian wheat with 12.5% protein content for free-on-board (FOB) delivery at the start of December was at $230.50 a metric ton at the end of last week, down $0.50 from the previous week, said Dmitry Rylko, head of the IKAR consultancy.

Oct 27 - Congo's cobalt producers still waiting for export approvals, sources say
Cobalt producers in the Democratic Republic of Congo are still waiting for government approval to resume exports under a quota system introduced on October 16 that was expected to restart shipments immediately, four industry sources told Reuters. 

Oct 27 - Russia extends export duties on sunflower seeds, sunflower oil and meal until August 2028
Russia, one of the world's major exporters of sunflower oil, said on Friday it has extended export duties on sunflower seeds, sunflower oil and meal for another two seasons to encourage domestic processing.

Oct 24 - Indonesia may allow copper miner Amman Mineral to export copper concentrate
Indonesia may allow copper miner Amman Mineral International to export copper concentrate, the country's energy ministry official said, after banning concentrate exports last year. Indonesia banned exports of copper concentrate and other raw minerals from mid-2023 to boost the domestic metal processing industry, but Amman was permitted to continue exporting until December last year, when it was expected to commission a new smelter. 

Oct 24 - Algerian wheat buy in tender on Wednesday around 600,000 tons, traders say
Algeria’s state grains agency OAIC is believed to have purchased around 600,000 metric tons of milling wheat in an international tender which closed on Wednesday, European traders said on Thursday. This was at the higher end of trader estimates of the purchase on Wednesday evening, which ranged from 500,000 to 600,000 tons. 

Oct 23 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The freight market in the Azov Sea experienced a slight decline over the past week. There are an increasing number of open positions in the market, actively seeking profitable cargoes. Charterers have reduced their freight rate expectations, resulting in more vessels seeking employment.

BALTIC SEA: The Baltic Sea market is strengthening. An increase in cargo shipments from Russian ports is driving market rates higher. There is strong demand for vessels between the Baltic region and the Mediterranean Sea.

FAR EAST: The market has strengthened slightly in recent weeks due to lack of free tonnage.

CASPIAN SEA: This week, the market is showing signs of moderate cooling compared to the previous period. There has been an increase in the number of available tonnage, creating a more competitive environment among shipowners. Freight rates on routes from Astrakhan and Kamyshin have shown a slight decline. The decline in rates is due to both an increase in tonnage and a slight weakening of shippers' activity. Overall, the market remains stable, but the trend towards a slight correction in rates may continue if the current balance of supply and demand is maintained

Oct 23 - Zimbabwe eases grain imports restrictions after downgrading harvest
Zimbabwe is now allowing millers to import maize, two months after it announced a ban, following an official downward revision of the country's 2024/25 harvest. The southern African country has struggled to produce enough of the staple grain since 2000 due to droughts and disruption to commercial agriculture following the seizure of highly productive farms, most owned by white Zimbabwean farmers after colonists forcibly took them from Black people early in the 20th century.

Oct 23 - Algeria buys milling wheat in tender, traders say
Algeria’s state grains agency OAIC has bought milling wheat in an international tender which closed on Wednesday, European traders said. Purchases were all reported at around $258.50 a metric ton, cost and freight included, they said.

Oct 22 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 18% to $1,687/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) increased 2% to $3,071/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 13% to $1,975/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 1% to $2,147/FEU.

US Treasury Secretary Scott Bessent is set to meet with China’s Vice Premier He Lifeng this week in Malaysia following the sharp increase in trade tensions between the countries and just ahead of the planned Trump-Xi meeting in S. Korea at the end of the month. 

The White House expressed optimism that the US and China will deescalate from recent steps which included China increasing export controls on rare earth metals and President Trump threatening 100% tariffs on Chinese exports starting November 1st. Reports this week also indicate that the US and India are nearing a trade deal that would reduce the US’s current 50% tariffs on Indian exports to around 15%. 

In other trade war developments, President Trump signed a proclamation that will impose 10%-25% tariffs on heavy trucks and parts starting November 1st. Alongside this tariff expansion though, the new law also increased tariff offsets for automakers. This move follows an order last month which included a long list of tariff exemptions and authorized some federal agencies to issue tariff exemptions independently.

The past week also saw examples of geopolitical drama directly relevant to the ocean freight market. A US threat to sanction – including via port call fees – countries that vote for an IMO net zero framework may have contributed to the vote being postponed until next year. 
And though there are no reports of vessels paying USTR port call fees yet – only one China-built vessel is scheduled to arrive at the Port of Los Angeles this week – a US-flagged container ship was charged $1.7m to dock in Shanghai as China’s reciprocal fees also went into effect. Like on the transpacific eastbound, carriers are shifting their deployment of liable vessels to other lanes to avoid the surcharges at China’s ports.

The 145% US tariffs on Chinese goods from early April to mid-May drove a sharp drop in China-US ocean volumes, and a November 1st 100% tariff would likely do the same. But with frontloading to date and November a slow month for ocean freight, there would likely be a smaller volume drop compared to April-May.
Despite reports of lagging demand as the US container market moves further into an early slow season, carrier mid-month GRI introductions, likely helped by tighter capacity reductions, are pushing Asia - N. America rates up. Transpacific prices to the West Coast increased 18% last week from a year to date low of about $1,400/FEU the week before to about $1,700/FEU, with daily rates this week above the $2,000/FEU mark so far. Daily rates to the East Coast of $3,357/FEU are more than $300/FEU higher than a week ago.

Asia - Europe prices climbed 13% last week to about $2,000/FEU on October GRIs as well, with daily rates this week approaching $2,300/FEU. Daily rates to the Mediterranean are also at about $2,300/FEU for a $200/FEU increase compared to the last couple weeks. Price increases on Europe lanes may be partially supported by port congestion made worse by labor disruptions in both Rotterdam and Antwerp last week – though the parties have now settled the Rotterdam dispute and paused Antwerp strikes for at least the next ten days.
These rate increases have pushed prices back to about September levels. But rates climbing during low-demand periods for both Asia-Europe and the transpacific has many observers skeptical that prices will remain elevated, though carriers will attempt November GRIs as well.

Oct 22 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices stayed level at $5.34/kg.
- China - N. Europe weekly prices increased 1% to $3.97/kg.
- N. Europe - N. America weekly increased 5% to $1.78/kg.

Air cargo on the other hand is about to enter the typical East-West peak season period. There are reports that President Trump’s November 1st tariff threat is sparking some frontloading out of China. But Freightos Air Index China-US rates remained level last week at $5.34/kg and are at about $5.40/kg so far this week, possibly reflecting a quick addition of capacity to the lane as more demand materialized.
Continued Asia - Europe volume growth driven by Chinese B2C e-commerce is also being accompanied by capacity growth, keeping China - Europe rates about level with last year, with prices stable at about the $4.00/kg level last week and this. 
A massive fire at Bangladesh’s Dhaka airport over the weekend destroyed the airport’s cargo center, suspending flights and causing a major setback for the region’s garment trade during its peak season. Flights resumed by Sunday night, with air cargo rates so far unaffected. 

Oct 22 - No new US soy sales to China, nothing being loaded, say US soy groups
There are no new sales of United States' soybeans to China and nothing is expected to be loaded in coming weeks, according to information from U.S. soy industry groups American Soybean Association and the U.S. Soybean Export Council. Harvested soybeans are not moving to export hubs, and instead going to storage, representatives for the two U.S. soy industry groups told reporters on the sidelines of a conference in Des Moines, Iowa, on Tuesday.

Oct 22 - South Korea bought estimated 157,717 tons of rice from China and US
South Korea's state-backed Agro-Fisheries & Food Trade Corp purchased an estimated 157,717 metric tons of rice to be sourced from China and the U.S. in an international tender which closed on September 30, European traders said on Tuesday. The corporation often takes several weeks to award purchases in tenders. A notice of award was sent on October 20, traders said.

Oct 21 - China imports record amount of Mongolian coal in September
China's imports of Mongolian coal reached a record monthly high in September, customs data showed on Monday, as Beijing's efforts to tackle overcapacity pushed up domestic prices and sent traders looking for cheaper supply. Mongolia shipped 9.29 million metric tons of coal to China in September, according to China's General Administration of Customs.  

Oct 21 - Russian wheat export prices rise, analysts raise export estimates for October
Russian wheat export prices climbed last week amid a stronger rouble and sustained demand from importers, while analysts raised their export estimates for October. The price for Russian wheat with 12.5% protein content for free-on-board delivery at the end of November or the start of December was at $231 a metric ton at the end of last week, up $2 from the previous week, said Dmitry Rylko, head of the IKAR consultancy.

Oct 20 - China imports no US soybeans in September for first time in seven years
China imported no soybeans from the U.S. in September, the first time since November 2018 that shipments fell to zero, while South American shipments surged from a year earlier, as buyers shunned American cargoes during the ongoing trade dispute between the world's two largest economies. Imports last month from the U.S. fell to zero from 1.7 million metric tons a year earlier, data from China's General Administration of Customs showed. 

Oct 20 - Fall in China's exports of rare earth magnets stokes supply chain fears
China's exports of rare earth magnets fell in September, reigniting fears that the world's top supplier could wield its dominance over a component key for U.S. defence firms and makers of items from cars to smartphones as leverage in trade talks. In April and May, Beijing squeezed global automakers with export curbs on a range of rare earths items and related magnets, while negotiators faced off over triple-digit U.S. tariffs on goods from the world's second-largest economy. 

Oct 17 - Algeria buys about 400,000 tons durum wheat in tender, traders say
Algeria’s state grains agency OAIC is believed to have purchased about 400,000 metric tons of durum wheat in an international tender which closed on Wednesday, European traders said on Thursday. The tender sought a nominal 50,000 metric tons but Algeria frequently purchases more than the volumes initially sought.

Oct 17 - Egypt's state agency bought two French wheat cargoes on Wednesday, sources say
Egypt's state grains buyer Future of Egypt bought two French wheat cargoes on Wednesday, the latest in a series of purchases from France, two sources familiar with the matter said. The cargoes were sold at an estimated price of $240 per metric ton on a free-on-board basis with payment via 270-day letters of credit, one of the sources told Reuters.

Oct 16 - US Service Fees: Rules, Amounts, and Application (Source : SKULD )
Below is a summary of the USTR Section 301 rules that have come into effect in the United States. Although the regulations are clear and effective as of October 14, 2025, many interpretative details remain to be clarified.

Effective Date  Service fees will become payable starting October 14, 2025, for Chinese operators and Chinese-linked vessels.
Who Pays  The vessel operator is responsible for paying the fee through the U.S. Treasury’s Pay.gov platform.
Annex I – Chinese Operators / Owners   Applies if the operator or owner is a Chinese entity or under Chinese jurisdiction or control. This annex takes precedence.
Annex II – Vessels Built in China  If a vessel was built in China and is not subject to Annex I, it may be liable for the fee under Annex II.
Fee Amount (Annex II)  Proposed rates vary by year and measurement unit: for example, USD 18 per net ton or USD 120 per container, subject to future adjustments.
Annex II Exemptions  Certain conditions exempt a vessel, such as: arriving in ballast or empty, or meeting specific tonnage limits (e.g., DWT = 55,000 t or bulk-cargo capacity = 80,000 t).
Charge Frequency Limit  For Annex I and II, the fee may be applied no more than five times per vessel per year.
Non-Cumulative Application Fees are not cumulative — a vessel cannot be charged under both Annex I and Annex II. Annex I takes priority.
Applied per “String”   The fee is charged per service string — that is, for the specific route/service the vessel operates — and collected at the first U.S. port of entry.
Entry Fee Proposals  Proposals include a fee of up to USD 1.5 million for Chinese vessels entering U.S. ports, or alternatively USD 1,000 per net ton of cargo capacity.
Exemptions and Adjustments  Proposed exemptions include U.S.-flag vessels, vessels under specific maritime security programs, or vessels on short-sea routes (< 2,000 nautical miles).

Oct 16 - NITRO SHIPPING Freight Report For Grains
AZOV SEA & BLACK SEA: The Azov sea market retained its positions after weakening last week. Some Turkish buyers dropped prices which pushed freight down a bit. But in general freight levels discussed in the low-mid 50's usd pmt fiost ex Rostov to Marmara bss 3'k wheat for prompt dates. There is demand for tonnage so most likely market levels will remain close to current levels.

BALTIC SEA: There aren't many cargoes available, but the vessels are still in operation. The market is gradually showing signs of improvement.

CASPIAN SEA: The freight market this week is showing stable activity under moderate pressure on rates. While key routes maintain steady demand, an increase in tonnage supply is limiting potential rate growth. The week started sluggishly, creating a sense that the market had reached a plateau. However, an increase in corn shipment inquiries bolstered the market and contributed to a moderate upward trend. The most notable trend is a sharp rise in rates for cargo from the Middle Volga river ports. Shipowners are pushing freight rates higher in anticipation of the imminent closure of the river navigation season.

FAR EAST: The market is stable these days.

Oct 16 - Russia resumes wheat supplies to Indonesia, state agriculture watchdog says
Russia, the world's top wheat exporter, resumed shipments to Indonesia in October, the state agriculture watchdog said on Wednesday, after a pause since January due to negotiations between the two countries over access for Russian grains. The watchdog said that Indonesia's Quarantine Agency agreed in August to extend safety certificates for Russian grains, paving the way for the supply of 52,000 metric tons of wheat in October.

Oct 16 - South Korean mills buy about 50,000 tons wheat from the US
A group of South Korean flour mills bought an estimated 50,000 metric tons of milling wheat to be sourced from the United States in an international tender on Wednesday, European traders said. It was believed that no purchase was made of 45,000 tons of Canadian-origin wheat also sought. The U.S. purchase involved several different wheat types and was all bought on a free on board basis.

Oct 15 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 8% to $1,431/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 8% to $3,015/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 9% to $1,747/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 4% to $2,131/FEU.

- Reported progress in US-China negotiations last month had some hopeful that the USTR would reduce or cancel its planned port call fees before the October 14th roll out date. Instead, the past week has featured a flurry of trade tension escalations between the world’s two largest economies.
In addition to tit for tat fees on US-linked vessels making China port calls starting October 14th, China announced new restrictions on rare earth metal exports with some taking effect immediately and others starting December 1st. 
- President Trump responded by threatening to cancel his late-month summit with Chinese leader Xi Jinping in S. Korea and to introduce 100% tariffs on all Chinese exports to the US starting November 1st – though the 145% tariff pause that the White House extended back in August will in any case expire on November 10th. The US administration also threatened, among other sanctions, to introduce port call fees or bar entry to vessels flagged in countries that vote for the International Maritime Organization’s net zero framework at the IMO’s meeting this week.
- In terms of immediate impact, as some Chinese carriers have stated that the USTR fees will not impact their schedules or lead to surcharges for customers, and most other carriers have reduced the number of liable vessels making US calls, the fees may be unlikely to impact eastbound transpacific freight rates, operations or capacity much for now. And as Clarkson’s Research estimates that China’s port fees would impact only about 5% of port calls, and most impacted carriers will likely adjust vessel deployments to minimize exposure, these fees are unlikely to cause much of an impact.
- In any event, the biggest driver of freight rates at the moment is growing container vessel capacity. 
The first stage of the Israel-Hamas ceasefire has increased anticipation of a container traffic return to the Red Sea which, after some period of schedule disruptions and congestion, would release a significant amount of capacity back into the market. CULines and other carriers are already increasing services through the Suez Canal. Most carriers however, will not resume transiting the Red Sea until after a significant period of demonstrated stability and security.
- But in the meantime, ocean rates have already fallen to their lowest levels since just before the start of the Red Sea crisis in late 2023. Transpacific rates dipped another 8% last week to about $1,400/FEU to the West Coast and $3,000/FEU to the East Coast. Current US import volumes estimated to be at their lowest since mid-2023 due to trade war frontloading earlier in the year – and projected to continue declining through December – are contributing, along with supply growth, to the strong downward pressure on transpacific container prices. 
- But Asia - Europe demand is likely stronger than last year. And despite volume strength and persistent congestion recently worsened by labor disruptions at some key ports, container rates slipped 9% to $1,747/FEU last week and are also back to 2023 levels, pointing to capacity growth as a key driver of current rate behavior.
Carriers will introduce GRIs of about $1,000/FEU for Asia-Europe services in November, with some announcing increases for Asia - N. America as well, in an attempt to push rates up ahead of Asia - Europe contracting season. Significant capacity reductions in October however have so far not succeeded in slowing the rate slide.

Oct 15 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 19% to $5.33/kg.
- China - N. Europe weekly prices fell 3% to $3.92/kg.
- N. Europe - N. America weekly fell 1% to $1.7/kg.

- For air cargo, President Trump’s November 1st China tariff threat may be driving some recent increase in rates, though the government shutdown is also reportedly causing some congestion in the US and this time last year peak season demand had already started to pick up. Freightos Air Index China - US prices increased 19% last week back to mid-September levels of about $5.30/kg, though rates were approaching the $7.00/kg a year ago.
- China - Europe prices fell 3% to $3.92/kg, but remain 5% higher than a month ago and about level with last October. The labor disruptions in Belgium impacting ocean freight are also causing air delays, especially to passenger flights, though so far cargo rates remain unaffected.

Oct 15 - EU 2025/26 soft wheat exports down 23% by October 12
European Union soft wheat exports since the start of the 2025/26 season in July were down 23% year on year at October 12, partly reflecting incomplete figures for top EU producer France, European Commission data showed on Tuesday. EU soft wheat exports had reached 5.51 million metric tons, compared with 4.96 million the previous week and 7.12 million by the same week last year.

Oct 15 - Jordan buys about 60,000 tons of wheat in tender, traders say
Jordan's state grains buyer purchased about 60,000 metric tons of hard milling wheat to be sourced from optional origins in an international tender on Tuesday, traders said. It was believed to have been bought from trading house CHS at an estimated $262.50 a ton cost and freight included for shipment in the second half of February 2026, they said.

Oct 14 - US, China to roll out tit-for-tat port fees, threatening more turmoil at sea
The United States and China on Tuesday will begin charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil, making the high seas a key front in the trade war between the world's two largest economies. China said it had started to collect the special charges on U.S.-owned, operated, built, or flagged vessels but clarified that Chinese-built ships would be exempted from the levies.

Oct 14 - France tries to plug wheat export gap as Algeria, China stay away
France is heading for its biggest wheat stockpile in two decades as a collapse in demand from Algeria and China narrows export options, despite merchants profiting from slow Russian shipments to grab sales to Egypt and Asia, analysts said. The lack of French exports to Algeria and China in the past year due to diplomatic tensions with Algiers and Beijing cutting overall imports, means the European Union's biggest wheat producer now faces a surplus of 4 million metric tons annually.

Oct 13 - Congo to revoke cobalt quotas for companies that fail to export full volume
The Democratic Republic of Congo will revoke cobalt export quotas from companies that fail to export allocated volumes, breach environmental or tax rules, or transfer quotas to third parties, its mining regulator said in a statement on Saturday. The new rules would take effect on October 16, it said.

Oct 13 - Tunisia's state grains agency is believed to have purchased about 100,000 metric tons of soft wheat to be sourced from optional origins in an international tender on Friday, European traders said. It was all purchased at an estimated $254.58 a ton cost and freight included from trading house Bunge, they said.

Oct 10 - Egypt state buyer makes rare Kazakhstan wheat purchase
Egypt's state grains buyer has purchased wheat from Kazakhstan for the first time in at least 15 years, according to one person familiar with the matter and port data, marking a rare shift in sourcing as the country seeks to diversify its imports. Future of Egypt bought two cargoes of Kazakh wheat — one of around 11,000 metric tons and another of around 21,000 tons — which arrived at Egyptian ports around mid-September, port data showed.

Oct 10 - Tunisia tenders to buy 100,000 metric tons soft milling wheat, traders say
Tunisia's state grains agency has issued an international tender to purchase an estimated 100,000 metric tons of soft milling wheat, European traders said on Thursday. The wheat can be sourced from optional origins. The deadline for submission of price offers is Friday, October 10, they said.

Oct 09 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: This week, the Azov Sea market is in turmoil. After a month of continuous freight rate increases, the market has finally paused and begun to lose momentum. Some charterers are opting to hold back rather than fix contracts, contributing to a further cooling of the market. Nonetheless, there remains a demand for vessels from the Azov Sea. Given the current unpredictability in the region, some Turkish buyers have shifted their focus to grains of Ukrainian origin. Charterers are ready to pay 52 usd pmt fiost bss 3/5'k wheat ex Rostov to Marmara for prompt dates.

BALTIC SEA: The Baltic Sea market experienced an upswing over the past week. We noted an increased demand for tonnage, with charterers willing to pay more to secure suitable vessels. Additionally, several vessels are positioning themselves toward the Mediterranean, where the market remains strong.

CASPIAN SEA: The shortage of free tonnage in the Caspian Sea is continuing, which is keeping freight rates high. In the main ports, there are very few free vessels, but demand is still strong. Bad weather and storms are causing delays and reducing the number of available ships even more. At the same time, river freight rates have reached new record highs. This is because exporters are planning to move large amounts of cargo from the river. It is expected that the market will stay under pressure in the coming weeks, with high prices and a continued lack of ships.

FAR EAST: The market is weak, with low activity, Chinese owners are on national holidays.

Oct 09 - Brazil's soybean exports to hit record as US out of market, Chinese demand strong
Brazil's soybean exports are expected to reach 102.2 million tons through end-October, surpassing annual volumes for the whole of 2024 and 2023, reflecting the absence of U.S. competitors serving Chinese importers, grain exporter group Anec data showed on Wednesday. The previous record for soy shipments from Brazil, the largest global producer and exporter, was set in 2023 at 101.3 million tons, according to Anec figures.

Oct 09 - Congo to tie cobalt export quotas to three-year company data, sources say
The Democratic Republic of Congo will allocate annual cobalt export quotas based on companies' production and shipment data for the previous three years, three sources familiar with the matter told Reuters, in a major policy shift intended to curb supply from the world's top producer. The quota system, set to take effect on October 16, replaces a months-long export suspension that disrupted supply chains and rattled electric vehicle manufacturers, particularly in leading consumer China.

Oct 08 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 16% to $1,554/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 18% to $3,260/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 9% to $1,925/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) decreased 6% to $2,217/FEU.

- President Trump announced plans for new Section 232-based sectoral tariffs late last month on certain types of furniture imports, pharmaceuticals and trucks to go into effect in October. These moves may be part of White House preparations for the possibility that the Supreme Court will strike down the International Emergency Economic Powers Act-based tariffs which make up the lion’s share of the Trump duties introduced since the beginning of the year. 
- The pharmaceutical tariff plan has since been postponed, and duties on heavy trucks are now slated to start only in November. Furniture tariffs, the most significant of these sectors for ocean freight, are set to take effect on October 14th.
- USTR port call fees for Chinese carriers and vessels are scheduled to start October 14th as well. Non-Chinese carriers are making additional, last-minute adjustments to their vessel deployments to minimize their exposure to the fees. Chinese carriers COSCO and OOCL, meanwhile, have made few changes and COSCO has advised customers not to expect service disruptions or surcharges due to the fees. As such, it seems unlikely shippers will experience much of an impact once the new law takes effect. 
- As the roll out date approaches, the Chinese government announced a change to its maritime laws that allow it to apply retaliatory fees or bar port and crucial data access to vessels from countries that take discriminatory actions against Chinese vessels or carriers. American carriers, like Matson, and US flagged vessels make up a modest share of transpacific volumes, so this kind of response may not have an outsized impact, but does represent an escalation as the deadline approaches. 
- In the meantime, ocean container spot rates have continued to slide. With Golden Week behind us and peak season over for both the transpacific and Asia - Europe trades, a demand lull is likely to take hold on these lanes until the lead up to Lunar New Year some time in January.
- Transpacific rates fell 16% to the West Coast last week to a possibly loss-making $1,554/FEU, and prices slid 18% to the East Coast to $3,260/FEU. Asia - Europe rates fell 9% to less than $2,000/FEU and Asia - Mediterranean prices fell 6% to $2,217/FEU – with all these lanes at least 60% lower than this time last year and at or near their lowest levels since just before the start of the Red Sea crisis almost two years ago.
- That rates are falling to this degree while Red Sea diversions are still in place suggests that capacity growth is a big factor in lower rates across the industry, with the eventual end of the war in Gaza primed to release even more capacity back into the market. 
- Some carriers are aiming to increase Asia - Europe rates moderately on mid-October GRIs. But the success of these increases – or at least a stop to the rate slide here and on the transpacific – will likely depend on carriers removing sufficient levels of capacity through blanked sailings and service suspensions announced through end of the year.

Oct 08 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices fell 13% to $4.48/kg.
- China - N. Europe weekly prices fell 9% to $4.06/kg.
- N. Europe - N. America weekly stayed level at $1.74/kg.

- The US government shutdown has not impacted ocean freight so far, though there have been reports of delays and disruptions to US air cargo flows. The recent typhoon in the Far East likewise did not have a major impact on China-US air cargo rates, with Freightos Air Index prices for the lane down 13% last week to about $4.50/kg suggesting no significant ocean to air shift. Rates are significantly lower than this time last year when prices were nearing the $7.00/kg mark, possibly reflecting the impact of the decrease in e-commerce volumes on this lane.
- Asia - Europe prices slide 9% week on week to $4.06/kg after climbing to $4.45/kg – a high for the year – just before Golden Week. Some typhoon-driven ocean to air shift may be helping keep rates above the $3.50 - $3.70/kg range held for most of July and August. That prices have been just above or even with H2 rates last year despite significant demand growth on this lane likely points to capacity shifts to this lane as the market adjusts to mostly trade-war driven changes to volume flows. 

Oct 08 - Bangladesh approves US wheat imports, hoping to ease trade tensions
Bangladesh has approved the purchase of about 220,000 metric tons of U.S. wheat under a government-to-government deal aimed at easing trade tensions with Washington after import tariffs were imposed by U.S. President Donald Trump’s administration. The Cabinet Committee on Government Purchase cleared the deal on Tuesday, officials said. The wheat, priced at $308 per ton, will be supplied through Agrocorp International, a Singapore-based trading house authorized by U.S. Wheat Associates, according to official documents.

Oct 08 - EU 2025/26 soft wheat exports down 25% by October 5
European Union soft wheat exports since the start of the 2025/26 season in July had reached 4.96 million metric tons by October 5, compared to 4.37 million the previous week, and down 25% on a year earlier, European Commission data showed on Tuesday. A breakdown of this season's volumes showed Romania was still the largest EU soft wheat exporter with 2.26 million tons exported so far, followed by Lithuania with 0.75 million tons, France with 0.45 million tons, Germany with 0.44 million tons, and Latvia with 0.37 million tons.

Oct 07 - Ukraine approves mechanism for duty-free rapeseed, soybeans exports
Ukraine has approved new documentation to accompany exports of rapeseed and soybeans that are exempt from a new duty, the government's website said, after confusion about the levy halted shipments of oilseeds for the past month. Parliament passed a bill in July imposing the 10% duty on exports of the two oilseed crops, with the aim of increasing domestic processing volumes and boosting revenue for a state budget strained by the war with Russia.

Oct 07 - Russia's top agriculture official blames low global grain prices for export slowdown
Low global prices for grains, Russia's main agricultural commodity, have caused a sharp fall in exports in recent months, Deputy Prime Minister Dmitry Patrushev, who oversees agriculture, told President Vladimir Putin on Monday. Wheat exports in Russia, the world's largest wheat exporter, fell by about 30% year-on-year in August and by 10% in September, according to data compiled by Sovecon consultancy, despite forecasts pointing to a good harvest this year.

Oct 06 - India allows exports of de-oiled rice bran after two-year ban
India on Friday lifted its ban on exports of de-oiled rice bran with immediate effect, ending restrictions that had been in place for more than two years, the government said. Before the ban was imposed in July 2023, India exported 500,000 metric tons of de-oiled rice bran per year, worth about 10 billion rupees, mainly to Vietnam, Thailand, and other Asian countries.

Oct 06 - Vietnam Sept rice exports down 41.3% y/y at 483,000 T
India on Friday lifted its ban on exports of de-oiled rice bran with immediate effect, ending restrictions that had been in place for more than two years, the government said. Before the ban was imposed in July 2023, India exported 500,000 metric tons of de-oiled rice bran per year, worth about 10 billion rupees, mainly to Vietnam, Thailand, and other Asian countries.

Oct 03 - Ukraine readies duty-free export mechanism for rapeseed, soybeans, says deputy minister
Ukraine's government has developed though not yet launched a mechanism for duty-free exports of rapeseed and soybeans that have been halted due to confusion over documentation, the deputy economy minister was quoted on Thursday as saying. Parliament passed a bill in July imposing the duty on exports of the two oilseed crops with the aim of increasing domestic processing volumes and boosting revenue for a state budget strained by the war with Russia.

Oct 03 - Saudi Arabia issues wheat tender seeking 420,000 tons
Saudi Arabia has issued a tender to purchase 420,000 metric tons of hard milling wheat, the General Food Security Authority said on Thursday. The delivery of the wheat, which should have 12.5% protein content, is scheduled for December through January, GFSA said in a statement.

Oct 02 - EU to cut steel import quotas, hike tariffs to 50%
The European Commission will propose cutting steel import quotas by nearly half and hiking duties on volumes above those levels to 50% in line with tariffs imposed by the U.S. and Canada, two sources briefed on details told Reuters on Wednesday. The measures will be part of a new package for the steel sector due to be unveiled on October 7.

Oct 02 - Jordan buys 60,000 tons of feed barley in tender, traders say
Jordan's state grain buyer purchased about 60,000 metric tons of animal feed barley on Wednesday in an international tender seeking up to 120,000 tons, European traders said. The barley was said to have been bought from trading house Louis Dreyfus at an estimated $259.65 a ton, cost and freight included, for shipment in the second half of December, the traders said.

Oct 01 - NITRO SHIPPING FREIGHT REPORT FOR GRAINS

AZOV SEA & BLACK SEA: The Azov Sea market is experiencing an upward trend this week. Charterers are struggling to reach agreements with shipowners, who prefer to hold off on finalizing deals until closer to the opening dates. As rates have the potential to increase by several dollars each day, charterers are attempting to secure forward cargoes in advance whenever possible. Inclement weather, characterized by eastern winds in the region, is causing vessels to remain in ports, awaiting higher water levels before they can depart. This situation has led to a shortage of available tonnage, and freight rates may continue to rise in the short term. Meanwhile, both the Black Sea and Mediterranean Sea markets are remaining robust and are also on the rise.

FAR EAST: The market is stable.

CASPIAN SEA: The shipping market in the Caspian Sea continues to experience a shortage of vessels, which leads to an increase in freight rates. The limited number of available vessels amid high demand is exacerbated by adverse weather conditions, including storms, which cause delays and reduced tonnage. The situation is expected to remain stable in the coming weeks, with high prices and a shortage of vessels continuing.

BALTIC SEA: The Baltic Sea market is gradually becoming more active, although there hasn't been much change in the coaster size category. Demand for Handy+ vessels remains strong, with a firm interest in tonnage.

MARKET INFORMATION
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Oct 01 - Ukraine rapeseed exports fall 59% in September, farm union says
Ukraine's rapeseed exports in September fell by nearly 59% to 201,000 metric tons due to confusion over customs documents after the introduction of a 10% export duty on rapeseed and soybeans, the country's major farmers' union said on Tuesday. Ukraine, a leading exporter of rapeseed and soybeans, mostly to Europe, exported 486,000 tons of rapeseed in August and analysts say the duty, which was imposed on September 4, could create short-term price volatility.

Oct 01 - Taiwan tenders for estimated 80,550 tons wheat of US origin
The Taiwan Flour Millers' Association has issued an international tender to purchase an estimated 80,550 metric tons of grade 1 milling wheat to be sourced from the United States, European traders said on Wednesday. The deadline for submission of price offers in the tender is Thursday, October 2.

Sep 30 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 15% to $1,853/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 16% to $3,967/FEU.
- Asia-N. Europe prices (FBX11 Weekly) fell 4% to $2,115/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) decreased 3% to $2,352/FEU.

Sep 30 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices fell 6% to  $5.13/kg.
- China - N. Europe weekly prices increased 19% to $4.45/kg.
- N. Europe - N. America weekly prices fell 2% to $1.74/kg.

Sep 30 - Russian wheat export prices continue to rise on import demand
Russian wheat export prices rose for a second week in a row, responding to increased demand from importers while shipments accelerated, analysts said. The price for Russian wheat with 12.5% protein content for free-on-board delivery in November was $230 a metric ton at the end of last week, up $2 from the previous week, said Dmitry Rylko, head of the IKAR consultancy.

Sep 30 - Pakistan buys 80,000 tons sugar, seeks 100,000 tons more
Pakistan's state agency the Trading Corporation of Pakistan issued a tender to purchase 100,000 metric tons of white refined sugar and is believed to have bought 80,000 tons in a tender that closed last week, European traders said on Monday. The deadline for price offers in the new international tender is October 6, with sugar arrival in Pakistan sought around November 15.

Sep 29 - China buys most of 40 Argentina soy cargoes this week for Nov-Dec, traders say
Around 40 Argentine soybean cargoes were registered for export in November and December during this week's export tax suspension, mostly headed to China, two traders told Reuters, in purchases that directly eat into the prime U.S. marketing season. A total of 2.66 million tons of soybeans were registered for November and December, accounting for more than 50% of the 5.1 million tons of total volume booked for all months cited by Argentine officials during the tax-free window, the two Asian traders said on Friday.

Sep 29 - Brazil coffee exports to US to fall further if tariffs stay, Cecafe president says
Brazil coffee exports to the United States will decline further if U.S. tariffs remain in place, Marcio Ferreira, the head of exporter group Cecafe said, adding the industry was pleased by warming relations between the leaders of the two countries. U.S. President Donald Trump imposed a 50% tariff on Brazilian coffee and other goods, which came into effect in early August, amid tensions between his administration and the government of Brazilian President Luiz Inacio Lula da Silva.

Sep 26 - Argentina soy exports at 7-year high after tax pause fuels trading 'frenzy'
Argentina's declared soy exports for the 2024/25 season hit a seven-year high after a brief pause in export taxes triggered a trading frenzy, which should continue to boost the market as many exporters declared sales before buying the goods. Argentina is set to export 10.5 million metric tons of soybeans from this season's harvest, according to government data, ahead of the previous record of 10.1 million achieved in 2018/19. Available official records go back to 2017/18.

Sep 26 - Russia plans to raise grain export revenues in 2026 amid budget shortfalls
Russia, the world's largest wheat exporter, plans to nearly double state budget revenues from export taxes on grains, including wheat, in 2026, finance ministry documents showed on Thursday. The duty has become a major irritant for Russian farmers, who argue that it makes growing and exporting wheat less profitable, and blame it, among other factors, for a 20% slowdown in exports in September.

Sep 25 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 5% to $2,185/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 2% to $3,426/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 15% to $2,196/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 15% to $2,421/FEU.

- Typhoon Ragasa caused significant damage in areas of Taiwan and the Philippines as it passed through the South China Sea early this week before making landfall in China’s Guangdong province on Wednesday. Ragasa, now a tropical storm, is traveling along the coast toward Vietnam. The typhoon closed all container ports and airports in Hong Kong and southern China since Monday, with some reopening Thursday. Hapag-Lloyd expects the damage and backlog to create delays of several days at the major ports in the region, with vessels at Yantian possibly held up by as much as a week.
- The delays could be particularly disruptive for shippers still trying to move orders ahead of the Golden Week holiday in China starting October 1st. But, as many Asia - Europe shippers have likely already moved peak season goods, and with transpacific peak season pulled forward by tariff deadlines, the lull in demand expected in October could minimize the extent to which disruptions from the typhoon will be felt on the major tradelanes.
- Transpacific container rates to the East Coast ticked up 2% last week to $3,426/FEU, but prices fell 5% to $2,185/FEU to the West Coast. Daily prices to the West Coast have slipped below $1,900/FEU so far this week.
- Asia-Europe and Mediterranean spot rates continued their nearly uninterrupted since mid-July decline last week, with prices falling 15% on both lanes to $2,196/FEU to Europe and $2,421/FEU to the Mediterranean. The decline pushed rates on both lanes to their lowest levels since December of 2023. Rates continue to slide despite reports that enough capacity has been removed to reach a supply-demand balance, leading some to suggest that a price war is now contributing to falling rates on these lanes.
For all ex-China lanes though, congestion at Far East ports due to the typhoon – together with an increase in blanked sailings for October – could help carriers stabilize rates as demand likely continues to slide into Q4.
- In trade war developments, President Trump and Chinese leader Xi Jinping held a call earlier this week. The conversation focussed on reaching a TikTok resolution but, according to the White House, also made progress on trade issues, with the US-China tariff status quo set to expire in November. 
 -The USTR is set to start applying port call fees for Chinese carriers and China-made vessels on October 14th. Chinese carrier COSCO has announced it does not anticipate disruptions to its transpacific services and will not introduce surcharges due to the new fees, with other carriers, like Maersk, also stating they do not plan to introduce fees due to the new rule. Meanwhile, the US’s 50% tariffs on Brazil have led to reports of sharp decreases in Brazil-US container volumes.

Sep 25 - Air rates - Freightos Air index

- China - N. America weekly prices increased 4% to  $5.44/kg.
- China - N. Europe weekly prices increased 2% to $3.72/kg.
- N. Europe - N. America weekly prices increased 3% to $1.77/kg.

- In air cargo, Typhoon Ragasa caused thousands of flight cancellations out of airports in the affected regions, including Hong Kong, though some flights are expected to resume today. Disruptions to ocean logistics could cause some short term shift to air. 
- More broadly, the industry continues to feel impacts from trade war-driven shifts in sourcing and demand. Some reports, for example, show that as China-US volumes have declined, Vietnam-US capacity has doubled. Asia-Europe lanes have also seen volume growth as some manufacturers explore a “US+1” strategy, with carriers likewise shifting capacity to where demand is growing.
- With these capacity shifts between lanes accompanying changes in demand, Freightos Air Index data show China-Europe rates of $3.72/kg have been about stable since mid-July and about even with last year. An uptick so far this week to about $4.00/kg could reflect some increased air demand due to a border closure in Poland that is disrupting China-Europe rail. China-N. America prices increased 4% last week to $5.44/kg, though last year prices were at about $5.80/kg.

Sep 25 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The Azov sea market is firm this week with high demand for vessels still in force. Owners are eager to get higher money. Weather is unstable in the region and Kerch bridge is often closed for passage.

BALTIC SEA: More cargoes appear on the market, but freight levels are still not rising significantly.

FAR EAST: The market remains stable, with minor fluctuations.

CASPIAN SEA: The Caspian sea market continues to face a shortage of vessels, which is driving freight rates up. This is especially noticeable in the ports of Astrakhan, Makhachkala, and Aktau, where the number of available vessels is at a minimum and demand remains high. This is creating additional challenges for exporters. The situation is getting worse by storms and worsening weather conditions in the Caspian Sea, causing delays and further reducing available tonnage. Many sailings are being delayed, which continues to push freight rates higher and intensifies competition for available space. It is expected that the situation will remain the same in the coming weeks, with the market staying under pressure, high prices, and a continued shortage of vessels.

Sep 25 - Argentina reapplies export taxes on grains and by-products
Argentina has reapplied temporarily suspended export taxes on grains and their by-products, as well as beef and poultry, after reaching a sales cap of $7 billion, Argentina's ARCA fiscal agency said on Wednesday in a post on social media. On Monday, the government issued a decree suspending export taxes on soy, corn, wheat and their by-products, including biodiesel, aiming to accelerate sales abroad and secure much-needed dollars to stabilize the flagging peso currency.

Sep 25 - Brazil importing more Argentina wheat after export tax exemption
Brazilian imports of Argentine wheat are poised to increase following a measure by President Javier Milei's government to suspendexport taxes on grains and byproducts, according to analysts and industry sources. Argentina is Brazil's biggest wheat supplier, as its own harvest does not cover domestic demand.

Sep 24 - EU 2025/26 soft wheat exports down 33%, French data still lacking
European Union soft wheat exports since the start of the 2025/26 season on July 1 are down 33% from a year earlier, with incomplete figures for top EU producer France again contributing to the drop, European Commission data showed on Tuesday. EU soft wheat exports so far this season had reached 4.12 million metric tons by September 21. 

Sep 24 - EU 2025/26 soybean imports down 4% by September 21, rapeseed down 35%
European Union soybean imports for the 2025/26 season, which began in July, had reached 2.86 million metric tons by September 21, down 4% from the same period a year earlier, according to data published by the European Commission on Tuesday. EU rapeseed imports in the same period totalled 0.79 million tons, down 35% year on year. Meanwhile, EU soymeal imports fell by 4% to 4.01 million tons and EU palm oil imports were at 0.60 million tons, down 25% from a year earlier.

Sep 23 - China buys Argentine soybeans after tax drop, leaving US farmers sidelined
Chinese buyers booked at least 10 cargoes of Argentine soybeans after Buenos Aires on Monday scrapped grain export taxes, three traders said on Tuesday, dealing another setback to U.S. farmers already shut out of their top market and hit by low prices. Argentina's temporary tax move boosts the competitiveness of its soybeans, prompting traders to secure cargoes for fourth-quarter inventories in China, a period usually dominated by U.S. shipments but now clouded by Washington's trade war with Beijing.

Sep 23 - Russian wheat export prices rise, bad weather at ports hampers shipments
Russian wheat export prices rose last week in response to news of a large Iranian purchase and against a backdrop of limited supply, as bad weather at ports hampered shipments, analysts said. The price for Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in the second half of October was $228 per metric ton at the end of last week, up $3 from the previous week, said Dmitry Rylko, head of the IKAR consultancy.

Sep 22 - Argentina grains, byproducts exports could hit record in 25/26 season, exchange says
Argentina's exports of grains and their byproducts could hit a record 105.1 million metric tons in the 2025/26 season, the Rosario grains exchange said on Friday. That would top the 101.6 million tons of exports logged in the previous season as well as the record 104.1 million tons in the 2018/19 season, according to the exchange.

Sep 22 - Algeria tenders to buy nominal 50,000 tons soft milling wheat, traders say
Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Sunday. The tender sought a nominal 50,000 metric tons but Algeria often buys considerably more in its tenders than the nominal volume sought.

Sep 19 - Iran's wheat purchase in August was larger than thought, traders say
Iranian state agency the Government Trading Corporation is believed to have made a large purchase of Russian-origin wheat in its international tender in August, traders said on Monday. "The Iranian purchase looks to have been very much bigger than originally thought but the actual total is still a matter of debate with great disagreement in the market," one European trader said.

Sep 19 - Jordan tenders to buy 120,000 metric tons feed barley, traders say
Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for submission of price offers in the tender is September 24.

Sep 18 - Ukraine's customs starts clearing rapeseed, soybean shipments after pause, analyst says
Ukraine's customs has started clearing rapeseed and soybean shipments with the new 10% export duty, though only in small batches, analyst ASAP Agri said on Wednesday. Oilseed exports were blocked for about two weeks owing to confusion over customs documents.

Sep 18 - French wheat export forecast raised but high stocks hang over market
Farm office FranceAgriMer on Wednesday raised its forecast for French soft wheat exports in 2025/26 after early-season shipments to Egypt and Asia, but said market sentiment remained gloomy with wheat stocks still expected at a 21-year high. France, the EU's biggest grain producer, is widely expected to see a jump in exports this season, as harvest output recovers from a dire 2024, but not by enough to absorb a hefty surplus.

Sep 17 - Russia's seaborne grain exports fell 16.4% in August
Russia's seaborne grain exports fell to 5.3 million metric tons in August down 16.4% compared to the same month of 2024, according to shipping data from industry sources released on Tuesday. Seaborne exports accounted for about 90% of Russia's total grain exports last season.

Sep 17 - Export confusion stalls Ukraine's rapeseed trade for second week
Rapeseed exports from Ukraine remain blocked for a second week owing to confusion over customs documents after the introduction of a 10% duty on rapeseed and soybean exports, Ukrainian farm unions said on Tuesday. Ukraine is a leading exporter of rapeseed and soybeans, mostly to Europe, and the duty could create short-term price volatility.

Sep 17 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 7% to $2,309/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 4% to $3,368/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 2% to $2,585/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 4% to $2,833/FEU.

- The latest round of China-US trade talks got underway in Madrid this week, with progress on a Tik Tok deal possibly a good sign for broader trade discussions.
The Trump administration extended 30% baseline tariffs on all imports from China for another 90-days a month ago in order to encourage further negotiations. And though the move has not led to a significant surge of transpacific container volumes since, it may have slowed the rate of declining demand.
- Frontloaded volumes that arrived ahead of tariff deadlines set for April and again for July and August have come at the expense of the typical strength of H2 US container imports relative to the first half of the year most years. The latest National Retail Federation US ocean import volume report estimates that H2 volumes will be down 10% year on year, with October imports 13% lower than a year ago and November and December volumes 20% lower.
 
- The latest estimate for September import volumes, however, are 16% higher than the NRF’s September projections made at the beginning of August – just before the 90-day China tariff extension announcement – suggesting some positive impact on imports from the sustained 30% US tariffs on China.
- Transpacific container rates to the West Coast increased slightly last week to $2,309/FEU, and are 34% higher than prices at the end of August. Rates to the East Coast climbed 4% last week to $3,368/FEU and have increased 24% so far this month. Prices climbed on early month General Rate Increases and were supported by some increase in demand ahead of the approaching Golden Week holiday in China and an increase in blanked sailings – and may have been helped by some volume increase due to the 30% China tariff extension. 
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- Not everyone is convinced that the October 14th USTR port call fees on China-made vessels and operators will materialize, as the issue may be part of the ongoing US-China negotiations. But carriers are making moves to minimize their exposure nonetheless. And these adjustments may have also put some temporary upward pressure on rates as vessels and services were being shuffled.
- Carriers will attempt additional mid-month GRIs for transpacific services this week, and though carriers are also increasing blanked sailings for the rest of September and October, demand trends have many observers anticipating rates will fall. 
- Asia-Europe container rates climbed 2% last week to $2,585/FEU, while prices to the Mediterranean dipped 4% to $2,833/FEU. Rates on both lanes have fallen about $200/FEU so far this week, signalling the coming end of this year’s peak season as Golden Week nears. Despite volume increases compared to last year though, rates significantly lower than the $5,000+/FEU prices seen last September reflect the effects of growing capacity on these lanes. 
- Steep US tariffs on imports from India are leading to reports of falling India-US air cargo demand as some shippers pause or cancel orders. 

Sep 17 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices fell 1% to $5.24/kg.
- China - N. Europe weekly prices increased 3% to $3.64/kg.
- N. Europe - N. America weekly prices stayed level at $1.72/kg.

Freightos Air Index South Asia - N. America rates have fallen 13% since July to $4.18/kg while prices to Europe have dipped only 2% to $2.92/kg. Ex-China rates were stable overall last week with prices to the US easing 1% to $5.24/kg, and rates to Europe ticking up 3% to $3.64/kg. 

Sep 16 - Asia millers buy more US wheat on competitive prices, Black Sea delays
Flour millers in Asia have ramped up imports of U.S. wheat in recent weeks, driven by competitive prices from American suppliers and delays in shipments from the Black Sea, according to grain traders at an international conference. Indonesian importers have finalised deals for around 500,000 tons, while buyers in Bangladesh secured about 250,000 tons and millers in Sri Lanka acquired around 100,000 tons, two grain traders said on the sidelines of the event in Jakarta.

Sep 16 - US agency tenders to buy bismuth for defense stockpiles
The U.S. Defense Logistics Agency is planning to buy more than five million pounds of bismuth metal over the next five years to secure supplies of the material last held in the national stockpile nearly three decades ago. Bismuth metal has numerous applications in metallurgy and defense, according to the agency, including in some ammunition, due to its ability to mimic lead.

Sep 15 - Russia hikes wheat export duty three-fold despite slow exports 
Russia, the world's largest wheat exporter, increased the wheat export duty almost threefold to 495.9 roubles per metric ton starting on September 17, the Agriculture Ministry said on Friday, despite a decline in exports. The ministry did not provide a reason for the increase, but duties typically decrease during the slow summer export season and begin to rise in autumn as exports become more active. At its peak in December last year, the duty reached 4,768 roubles per ton.

Sep 15 - India poised to export sugar in new season due to ample stocks
India, the world's second biggest sugar producer, will have sufficient surplus stocks of the commodity to allow exports in the season beginning October 1, a senior government official said on Friday. Exports by India could weigh on global prices, but would help the Indian government support local sugar prices and ensure farmers receive the guaranteed minimum price for their cane from sugar mills.

Sep 12 - Ukraine cuts wheat and corn minimum prices for exports in September
Ukraine has revised down its minimum export prices for wheat and corn, the economy ministry said on Thursday. In December, Ukraine banned exports of key agricultural products, including grains, at prices below those set by the ministry.

Sep 12 - South Korean groups buy about 130,000 tons of corn, traders say
South Korean buyers Major Feedmill Group (MFG) and Cargill Agri Purina purchased a total of about 130,000 metric tons of animal feed corn in an international tender on Thursday, European traders said. MFG was believed to have purchased about 63,000 tons at an estimated outright price of $232.10 a ton cost and freight plus a surcharge of $1.25 a ton for additional port unloading. The seller was believed to be trading house Agrex. 

Sep 11 - Pakistan buys sorghum grain from US after floods, traders say
Buyers in Pakistan are believed to have bought about five shipments of the grain sorghum from the United States after serious floods damaged Pakistan’s crops, European traders said on Wednesday. The precise tonnage was unclear but trader estimates were about 240,000 to 300,000 metric tons. Shipments were said to be between October and December.

Sep 11 - Jordan issues tender for up to 120,000 tons wheat, traders say
Jordan's state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins, European traders said on Wednesday. The deadline for submission of price offers in the tender is September 16.

Sep 11 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The recent depreciation of the Ruble has created a more favorable trading environment, enabling charterers to offer higher rates for vessel charters. Shipowners are quickly responding to this shift, consistently presenting elevated freight rates for available vessels. Last week, several vessels scheduled to open in September were secured while the market was still uncertain, and the remaining open positions are now commanding higher rates. The trend is more vivid for 3'k size grain parcels rather than 5'k. There is potential for further increases in freight rates in the coming weeks.

BALTIC SEA: The Baltic Sea market remains relatively weak. While there are occasional shipments of grains and fertilizers, prices are still reflecting summer levels and show little signs of increasing.

CASPIAN SEA: Freight rates for river shipments continue their steady upward trend, much like we've seen over the past month. Interestingly, this growth persists despite increased export activity out of Aktau, where cargo flows became strong and stable. In Astrakhan, the market has held firm in the low 40’s usd pmt fiost, showing little movement. That stability seems to reflect a competitive fleet presence and only moderate demand on this route. Makhachkala, by contrast, is quietly gaining strength. Rates there are inching upward, driven by growing export volumes. Across the region, one theme stands out: a noticeable shortage of available tonnage. With fewer ships in play, charterers are feeling the pressure — and rates are responding accordingly.

FAR EAST: The market is stable, without any significant changes

Sep 10 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 25% to $2,163/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 20% to $3,241/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 11% to $2,540/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 3% to $2,949/FEU.

- The Trump administration will appeal a trade court ruling that struck down the president’s IEEPA-based tariffs to the Supreme Court, which has agreed to expedite the proceedings. The court will hear arguments in November, with a decision possible before the end of the year. A potential White House loss on appeal is adding uncertainty to a somewhat firming tariff landscape, and could have significant implications for US importers, including refunds for tariffs already paid. 
- President Trump signed an executive order last week putting 15% tariffs – including on automotive goods – on Japanese exports into effect retroactive to early August after several weeks of negotiations on the details of the agreement in principle announced in July.
- But the White House is still struggling to implement several other announced agreements. The US and South Korea are trying to bridge a gap regarding investment commitments. And European Union members are objecting to recent expansions of the global US tariffs on metals which would push duties above the 15% mark for many important EU exports. Another late-week executive order however, exempted a list of items including certain metals from the country-specific tariffs, creating some optimism that similar exemptions will enable negotiators to finalize these agreements.
- In ocean freight, USTR port call fees on Chinese carriers and vessels built in China will go into effect on October 14th. Carriers are already making adjustments to minimize their exposure to the rule fees, with Chinese operators to face the biggest challenges, and the overall impact on operations and container rates to the US remaining to be seen.
Transpacific container rates climbed more than 20% or about $400 - $500/FEU last week on start of September GRIs following weeks of decline. These increases pushed rates to $2,163/FEU for the West Coast and $3,240/FEU to the East Coast, with West Coast prices continuing to tick up so far this week. These increases still put prices at about a third of their levels a year ago, but may hold for now on some bump in demand in the lead up to Golden Week – though overall container demand into the US is trending down – and increases in canceled services and blanked sailings. 
- Even as transpacific volumes sag though, global container demand has continued to grow, with global bookings up 5% annually in July. Part of that growth came from a 10% year on year bump in Asia - Europe volumes. Peak season demand likely peaked on this lane in July and early August, with Asia - Europe rates falling again last week, decreasing 11% to $2,540/FEU. 
Asia - Europe prices have decreased 25% in the last month and 67% compared to last year. But even with significantly stronger volumes than in 2024 during the July peak, rate highs that month were still 60% lower than a year prior, likely due mostly to capacity growth.

Sep 10 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices were level at $5.30/kg.
- China - N. Europe weekly prices fell 4% to $3.55/kg.
- N. Europe - N. America weekly prices increased 3% to $1.72/kg.

- IATA’s latest air cargo volume data show that, despite the US changes to de minimis, global volumes continue to grow as demand shifts to and is growing on other lanes. Global volumes increased by 5% year on year in July, including 13% growth for Asia - Europe CTKs even as Asia - N. America volumes dipped for a third consecutive month. The US’s August total cancellation of de minimis could have some moderate further impact on US-bound volumes, with more countries considering changes to their de minimis rules as well. 
- Even with overall growth, the Freightos Air Index global benchmark rate was 4% lower than a year ago in July, with the current global rate 7% lower year on year. Shifts in capacity have minimized rate volatility for many lanes, with China - US rates at $5.30/kg to close last week, and China - Europe prices easing slightly to $3.55/kg. Last year prices were also stable in September before starting to climb with some early peak season pressure in October.

Sep 10 - Bunge to finish loading first export of Argentine soybean meal destined for China
U.S. grains trading group Bunge would finish loading 30,000 metric tons of Argentine soybean meal destined for China on Wednesday, the maritime agency NABSA said on Tuesday, marking the first such soymeal cargo. Bunge had previously dispatched a shipment of soybean meal to China in July. However, last month the company ended up diverting the sale to Vietnam for "commercial reasons."

Sep 10 - Russian wheat export prices continue to decline
Russian wheat export prices continued to decline last week while domestic rouble prices stayed flat after a three-week decline as farmers had different strategies with some accelerating selling of wheat and others withholding to get better prices. The price for Russian wheat with 12.5% protein content for free-on-board delivery in late September-early October was $228 a metric ton at the end of last week, down $2 from the previous week, said Dmitry Rylko, head of the IKAR consultancy. 

Sep 09 - Confusion over documents halts Ukrainian rapeseed, soybeans exports, union says
The introduction of a 10% duty on Ukrainian rapeseed and soybean exports has virtually halted Ukrainian exports due to a lack of clear government procedure on the documents needed for shipment, the country's largest farmers union UAC said on Monday. Ukraine is a major exporter of rapeseed and soybeans, mostly to European countries. The duty might create short-term price volatility, although traders expect the government to intervene before there are longer-term implications.

Sep 09 - Pakistan gets offers in 100,000 tons white sugar tender, traders say
The lowest price offered in the international tender from Pakistan to buy 100,000 metric tons of sugar on Monday was believed to be $545 a metric ton cost and freight included, European traders said in initial assessments. Offers in the tender from the state trading agency Trading Corporation of Pakistan are still being considered and no purchase has yet been reported, they said. 

Sep 08 - China soybean imports rise to record high for August
China's soybean imports rose to theirhighest-ever level for the month of August, a Reuters calculation of customs data showed on Monday, as buyers snapped up large volumes from South America amid ongoing Sino-U.S. trade tensions. The world's top soybean buyer brought in 12.28 million metric tons in August, data from the General Administration of Customs showed, up 1.2% from 12.14 million tons a year earlier.

Sep 08 - China's August coal imports hit 8-month high, still below year-ago levels
China's coal imports hit an eight-month high in August, customs data showed on Monday, supported by higher domestic prices, although volumes remained below the levels seen a year earlier. The country imported 42.74 million metric tons of coal last month, the highest level since December, but still down about 7% from August 2024 levels, according to the General Administration of Customs.

Sep 05 - Zimbabwe to start blueberry exports to China after breakthrough agreement
Zimbabwe can start exporting blueberries to China after it agreed a protocol on phytosanitary standards, an industry body said on Thursday. The agreement was concluded during Zimbabwean President Emmerson Mnangagwa's visit to China this week, where he met President Xi Jinping during commemorations to mark 80 years since Japan's defeat at the end of World War Two.

Sep 05 - Colombia coffee output up 19% in August on delayed harvest
Colombia's output of washed arabica coffee grew 19% year-on-year in August to 1.24 million 60-kg (132-pound) bags, the National Coffee Federation said on Thursday. The high production is due to Colombia's harvest being delayed from the first half of the year to the second because of persistent rains, federation head German Bahamon said on X.

Sep 04 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: This week, there has been a noticeable decrease in cargo activity in the Azov Sea market, yet shipowners continue to seek rates above usd 40 pmt fiost from Rostov / Azov. Charterers say they cannot make sales with freight levels above usd 40 pmt fiost to Marmara and pushing market down closer to mid 30's usd pmt fiost in pompt. The freight market is expected to decline further until it aligns with the commodity market. Meanwhile, the Handy / Supra / Panamax market in the Black Sea is rapidly rising due to a strong influx of cargo orders and a shortage of available tonnage in the region, forcing charterers to pay higher rates to secure vessels on their desired dates.

BALTIC SEA: The Baltic sea market is rising in Handy / Supra size with more well paying cargos emerging.

CASPIAN SEA: This week, the market continues to strengthen steadily in all directions. A shortage of fleet on river routes persists, driving freight rates higher amid growing demand. In Astrakhan, the situation remains tense despite stabilized channel navigation. Makhachkala is operating at full capacity, with cargo turnover continuing to rise. The start of new crop shipments from Kazakhstan is also having a significant impact on overall market activity.

FAR EAST: The situation in the basin is unchanged.

Sep 04 - Tunisia buys estimated 125,000 tons of soft wheat in tender
Tunisia's state grains agency is believed to have purchased about 125,000 metric tons of soft wheat to be sourced from optional origins in an international tender on Wednesday, European traders said. It was purchased in five 25,000 ton consignments with the lowest price estimated at $255.86 a ton cost and freight included.

Sep 04 - Germany’s 2025 grains crop up sharply despite late summer rain, farm ministry says
Germany's winter wheat harvest will rise by 26.3% this year to 22.45 million metric tons despite late summer rain falling on crops just before they were gathered, the German agriculture ministry said on Wednesday. Germany's total 2025 grains crop of all types is forecast to rise 14.8% on the year to some 44.73 million metric tons, it said in its harvest report.

Sep 03 - Ukraine boosts wheat exports in August, sees high sales in September, producers' union says
Ukraine, which has almost completed its 2025 wheat harvest, increased wheat exports to 1.89 million metric tons in August and may ship abroad at least 1.7 million tons in September, the country's largest farm producers union UAC said on Tuesday. Wheat exports totalled 732,800 tons in July, it said.

Sep 03 - EU soft wheat exports down 44% in July-August as French data gap weighs
European Union soft wheat exports in the first two months of the 2025/26 season were down 44% from a year earlier, with the lag amplified by a lack of any figures for top EU producer France, European Commission data showed on Tuesday. EU soft wheat exports since the start of the season on July 1 had reached 2.57 million metric tons by August 31. That compared with 2.18 million tons a week earlier but 4.60 million a year ago, the data showed.

Sep 02 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 1% to $1,725/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 1% to $2,708/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 7% to $2,841/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 2% to $3,033/FEU.

- A US federal appeals court last week upheld a US Court of International Trade decision from earlier this year that deemed the president’s use of the International Emergency Economic Powers Act (IEEPA) to introduce tariffs illegal. 
- President Trump had relied on IEEPA for tariffs aimed at addressing illegal fentanyl imports from Canada, Mexico and China, and for the long list of country-specific reciprocal tariffs first announced in April. The decision sets an October 14th deadline for the administration to appeal to the Supreme Court and allows these IEEPA-based tariffs to remain in effect until the appeals process is exhausted. A final ruling by the Supreme Court would likely only come some time well into next year, meaning there are no immediate implications for supply chains, just more uncertainty.
- If the Supreme Court upholds the decision, it is possible that payments already made for these tariffs would have to be refunded. But the administration has already employed more established trade acts for its sectoral tariffs, like those on steel and aluminum, automotive goods and copper, with expansions on the list of included items and tariffs on other sectors like pharmaceuticals, semiconductors and lumber possibly coming soon. 
- So striking down the IEEPA tariffs would be a significant change to the tariff landscape, but if they are removed expectations are that the administration would work to expand tariffs other ways like by increasing the use of trade laws leveraged so far as well as via other trade acts at its disposal. 
- In the meantime, some countries still without trade deals with the US, like Mexico facing a November tariff deadline, and India, for whom 50% tariffs went into effect last week, continue to take steps aimed at reaching agreements. But some countries that have arrived at deals in principle – like Japan and EU members – are not yet trading under the terms of those agreements as the details continue to be hashed out.
- In ocean freight, transpacific container rates were stable last week at about $1,700/FEU and $2,700/FEU to the west and east coasts respectively. Daily rates to start this week though jumped up $400 - $500/FEU on both lanes, possibly reflecting carrier attempts at introducing September GRIs. Demand, space and rate trends of the last few weeks suggest it will be difficult for carriers to push these rate bumps through, though more blanked sailings are being announced as Golden Week approaches. 
- Even if successful though, those higher rate levels would be well below the West Coast peak season level of $7,000 - $8,000/FEU seen last year. Those rates would also still be lower than at any point last year, with the slow season low for the year at about $3,000/FEU in April 2024. These year on year comparisons, with Red Sea diversions still in place, likely point to growing overcapacity already putting downward pressure on rates.
- Asia - N. Europe rates continue to ease from their elevated peak season level of about $3,400/FEU held in July and into August. Rates decreased 7% to $2,841/FEU last week, with Asia - Mediterranean prices dipping 2% to about $3,000/FEU. Carriers are expected to increase blanked sailings for these lanes as well. That these rates are also beneath the year lows for 2024 when Red Sea diversions were attributed with causing the highly elevated price baseline, likewise suggests fleet growth is contributing to overall lower rates year on year, even as carriers continue to order more ships.

Sep 02 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices fell 5% to $5.30/kg.
- China - N. Europe weekly prices increased 5% to $3.70/kg.
- N. Europe - N. America weekly prices fell 3% to $1.67/kg.

- In air cargo, the recent US tariff increases on India are leading to reports of some demand and capacity increases out of neighboring Bangladesh. The trade war has also driven a big increase in air cargo volumes, especially electronics, out of Vietnam, with resulting increases in capacity not only to the US but to Europe as well. 
The US ended the de minimis exemption for imports from all countries last week, after closing it to just China back in May. The full closure will likely further impact importers who relied on the exception and contribute to higher prices for many e-commerce shoppers. But in terms of US bound air cargo, the lion’s share of impact from de minimis changes has likely already been felt with the China suspension. 
- According to USCBP, in 2024 three quarters of de minimis entries to the US were from China and since the exemption was closed to Chinese imports in May, daily de minimis entries have dropped by about 85%. The two next biggest countries of origin for de minimis entries to the US are Canada and Mexico, which mostly rely on road transport. 
- There are reports of significant drops – some up to 50% – in China-US e-commerce air cargo shipments since May. But at the same time, the big Chinese e-comm platforms have shifted some of their focus – and air cargo capacity – to other markets, especially Europe where e-comm imports have doubled in value in the same period. This shift may mean, globally, air cargo may not have felt a sharp slowdown and may not feel much of an impact from US de minimis closing completely since China played such an outsized role. 
Even with these trade war-driven volume shifts, the quick, parallel shifts of capacity seem to have kept air cargo rates relatively stable. 
- Freightos Air Index China - Europe rates increased 5% to $3.70/kg last week, with prices to N. America down 5% to about $5.30/kg – both within the general price ranges seen since the spring. Rates from South East Asia to N. America were at $4.63/kg last week, down from $4.82/kg the previous week but at around the average since May. Prices from SEA to Europe are at $3.70/kg, up from about $2.70/kg in mid-July, and back to levels seen in June, possibly reflecting capacity adjustments on this lane.

Sep 02 - Russian wheat export prices continue to decline amid weak demand
Russian wheat export prices continued to decline last week amid more active arrivals of the new harvest and sluggish export purchases, analysts said. The price for Russian wheat with 12.5% protein content for free-on-board delivery in late September-early October was $230 a metric ton at the end of last week, down $5 from the previous week, said Dmitry Rylko, head of the IKAR consultancy.

Sep 02 - Australia set for above average wheat harvest on improved growing conditions – ABARES
Australia's wheat output is projected to drop 1% this year to 33.8 million metric tons, although the production is poised to be 22% above the 10-year average on the back of largely crop-friendly growing conditions, the agriculture ministry said. Barley and canola output are expected to rise with production of both crops likely to be above average, the Australian Bureau of Agricultural and Resource Economics and Sciences said in a quarterly crop report.

Sep 01 - Trump demand for Japan to buy more US rice snagged trade talks, Nikkei says
A Trump administration request that Japan buy more U.S. rice caused this week's snag in bilateral trade talks as Tokyo "strongly objected" to the condition, the Nikkei newspaper reported on Saturday. Japan's top tariff negotiator abruptly cancelled a U.S. trip on Thursday over unspecified "points that need to be discussed at the administrative level", the top government spokesperson said, as the two sides try to hammer out details of a July agreement on a reduced 15% tariff on U.S. imports from Japan.

Sep 01 - South Korea’s NOFI bought about 60,000 tons soymeal, traders say
Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) purchased around 60,000 metric tons of soymeal expected to be sourced from South America in a private deal on Thursday without issuing an international tender, European traders said on Friday. It was bought at an estimated outright price of $348.58 a ton cost and freight (c&f) included. The price included a surcharge for unloading at a second port but there is an additional $2.50 a ton surcharge for unloading in a third port.

Aug 29 - South Korea’s MFG buys about 60,000 tons soymeal, traders say
South Korea’s Major Feedmill Group purchased around 60,000 metric tons of soymeal in an international tender on Thursday, European traders said. The purchase was expected to be sourced from South America, although the tender sought optional origin supplies from either South America, the United States or China.

Aug 29 - Jordan tenders to buy 120,000 tons feed barley, traders say
Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for submission of price offers in the tender is September 3.

Aug 28 - India extends cotton import duty exemption amid US tariff pressure
India has extended an import duty exemption on cotton by three months, until the end of December, a government order showed, as New Delhi seeks to support the local garment industry that has been hit by hefty U.S. tariffs. The world's second-biggest cotton producer had earlier announced an exemption on cotton imports from an 11% duty until September-end and has now extended that to December 31.

Aug 28 - Taiwan's MFIG buys about 65,000 tons corn from US, traders say
Taiwan's MFIG purchasing group bought about 65,000 metric tons of animal feed corn expected to be sourced from the United States in an international tender on Wednesday, European traders said. The yellow corn was purchased at an estimated premium of 177.00 U.S. cents a bushel cost and freight included over the Chicago March 2026 corn contract, they said. 

Aug 27 - Malaysia makes contingency plans for agriculture exports under EU deforestation rules
Malaysia has contingency plans in place to remain competitive in European markets as it works to avoid being classified as a "standard risk" country under the European Union's new deforestation rules, the commodities ministry said on Tuesday. If Malaysia fails to acquire "low risk" status, engagement sessions will be conducted with all industries that export agricommodity products to Europe to ensure they comply with EU requirements, the Ministry said in a parliamentary reply. 

Aug 27 - Jordan buys estimated 60,000 tons of wheat in tender, traders say
Jordan's state grains buyer purchased about 60,000 metric tons of hard milling wheat to be sourced from optional origins in an international tender on Tuesday, traders said. It was believed to have been bought from trading house Cargill at an estimated $267.50 a ton cost and freight included for shipment in the first half of October, they said.

Aug 27 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 10% to $1,744/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 21% to $2,733/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 6% to $3,071/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 1% to $3,091/FEU.

- Even as the tariff landscape on the country level seems to be solidifying, trade probes on specific goods like pharmaceuticals, semiconductors, and lumber – including furniture – requested by President Trump earlier in the year are now concluded or nearing completion, and could mean additional sectoral tariffs soon. 
For some countries that have reached trade agreements with the US, tariffs meant to be reduced or removed on many types of goods are still being collected as implementation conditions still need to be fulfilled or details of the deals are still being hammered out. These implementation lags mean it will take longer to see if the tariff changes impact freight volumes and rates.
- China is sending a top trade negotiator to Washington following the recently-announced 90-day extension of 30% baseline US tariffs on Chinese exports first rolled out in May. Though there are some reports of some increase in China-US ocean demand since the extension announcement, overall volumes and rates – helped on by growing capacity levels – continue to trend downward. 
- Transpacific container arrivals likely peaked in July, as many peak season shipments were pulled forward to beat the August China-US tariff expiration date. Asia - N. America spot rates have fallen 60% - 70% in an almost uninterrupted slide since that early rush. Rates to the West Coast decreased 10% to $1,744/FEU last week – the lowest level for this lane since December 2023. East Coast prices fell 21% to $2,733/FEU for a 34% slide so far in August.
- Transatlantic rates were level at $2,284/FEU last week, and though not much freight impact is expected from the recent US - EU trade deal, auto tariff reductions have yet to take effect, and so far alcohol exports will not be exempted. In other trade related developments, carriers are continuing to adjust services and shift vessels to minimize exposure to US port call fees for Chinese vessels and operators that will start in mid-October. 
- Peak season volume strength may have peaked for Asia - Europe lanes as extended lead times from Red Sea diversions mean goods must be moved before the end of September. Even with strong demand and port congestion carriers have struggled to push rates up or keep them from falling through much of this year’s peak season. 
Asia - N. Europe spot prices fell 6% last week to about $3,100/FEU and back to levels seen in late June. Asia - Mediterranean rates eased 1% to $3,100/FEU as well, the lowest level since late May for this trade. Prices on these lanes are 60% lower than last year, with transpacific prices 70% lower, reflecting growing overcapacity in the container market even as the new vessel orderbook size recently hit a new record.
- The US will end de minimis exemptions for all low value imports starting this Thursday. A lack of clarity as to how new tariff rules for low-value postal parcels will apply is leading several European post services to suspend handling some shipments for now.
- The White House suspended de minimis eligibility just for Chinese imports back in early May, leading to reports of as much as a 50% drop in B2C e-commerce shipments to the US from China since then. But nonetheless, overall Chinese e-commerce export volumes have continued to grow, as Chinese platforms shift their focus to other markets, especially Europe where e-commerce imports have doubled by value during this same period. The growth of e-commerce volumes from China to Europe and the UK is intensifying local opposition to competition from these types of imports, with calls for an ending of de minimis exceptions in these countries as well.

Aug 27 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 2% to $5.57/kg.
- China - N. Europe weekly prices stayed level at $3.52/kg.
- N. Europe - N. America weekly prices fell 1% to $1.72/kg.

Even with these reports of e-commerce shipment drops from China to the US and increases to Europe, air cargo rates have been stable overall, likely reflecting a significant shift of freighter capacity between markets. Freightos Air Index China - Europe rates were level at $3.52/kg last week and prices to N. America increased 2% to $5.57/kg. 

Aug 26 - Strong supply and harvest forecast push down Russian wheat export prices, analysts say
Russian wheat export prices fell last week amid a seasonal peak in supply and optimistic harvest forecasts. The price for Russian wheat with 12.5% protein content for free-on-board delivery in the second half of September was $235 a metric ton at the end of last week, down $3.50 from the previous week, said Dmitry Rylko, head of the IKAR consultancy. 

Aug 26 - Zimbabwe brings back maize import ban after bumper harvest
Zimbabwe has brought back a ban on maize imports to boost local farmers, and has grown enough of its own this year to supply its millers after a bumper harvest, a senior agriculture ministry official said on Monday. Improved rainfall boosted output and reversed a sharp decline last year when an El Nino-induced drought forced the country to rely on imports, including genetically modified maize.

Aug 25 - China's seaborne thermal coal imports jump as India's stumble: Russell
China's imports of seaborne thermal coal are poised to climb to the most this year in August while those of fellow top buyer India slump to a 3-1/2-year low. The diverging trends in the world's two biggest importers of the fuel - used mainly to generate electricity - largely reflect the interplay in their domestic markets of coal production and the rising deployment of renewable energy.

Aug 25 - South Korea bought 45,200 tons of rice from Vietnam and Thailand
South Korea’s state-backed Agro-Fisheries & Food Trade Corp. purchased an estimated 45,200 metric tons of rice to be sourced from the United States in an international tender that closed on August 8, European traders said on Friday. The purchase mainly involved non-glutinous brewers milled rice, with about 30,000 tons to be sourced from Vietnam and the rest from Thailand.

Aug 22 - Taiwan buys estimated 90,200 tons wheat of US-origin, traders say
The Taiwan Flour Millers' Association purchased an estimated 90,200 metric tons of milling wheat to be sourced from the United States in a tender on Thursday, European traders said. The purchase involved various wheat types bought in two consignments for shipment from the U.S. Pacific Northwest coast.

Aug 22 - Jordan tenders to buy 120,000 metric tons of feed barley, traders say
Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for submission of price offers in the tender is August 27.

Aug 21 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The Azov market continues to show a growth trend. Although many vessels are still held up at Kerch for security inspections, the gap between the freight rates offered by charterers and those demanded by shipowners is widening. Owners' target freights sometimes may be as much as 10 usd pmt fiost higher than what charterers can pay. As a result, some traders are either pausing or reducing their export volumes because they are unable to keep up with the swiftly increasing freight rates. Contrary to earlier expectations, market participants anticipate that freight levels may continue to rise in the near future.

BALTIC SEA: The coaster market is gradually attempting to rebound, while larger tonnage is experiencing an upward trend in the Baltic region. There has been a significant number of fertilizer shipments originating from Russian Baltic ports, which are commanding attractive rates.

CASPIAN SEA: The Caspian freight market remains stable with a slight upward trend due to balanced supply and demand. Cargo volumes from Astrakhan are low, but this is offset by vessel congestion in Iran and at Amirabad roads, which limits available tonnage. Domestically, active shipments of new barley crops along the Volga support steady fleet utilization. In Makhachkala, prolonged rains have caused vessel delays and limited tonnage availability. Export demand from Aktau is gradually increasing. First grain shipments from Kazakhstan are expected by late August, which may boost market activity.

FAR EAST: The basin remains stable, with slow activity of exporters.

Aug 21 - Bunge diverts Argentina's first soy meal shipment set for China
Agricultural export firm Bunge told Reuters on Wednesday it had diverted a shipment of Argentine soybean meal that was destined for China to another destination "for commercial reasons," after reports this was due to quality concerns. The shipment had been set to mark Argentina's first soy meal cargo to China since Beijing approved imports in 2019.

Aug 21 - Peru's gold exports to China through June overtake all 2024
Peru's gold exports to China surged in the first half of 2025 to surpass shipments from all of last year, according to government data released in August. Global appetite for gold is rising amid trade tensions between the U.S. and China. Prices for the metal, a safe haven asset whose value typically rises in times of turmoil, hit record levels last year.

Aug 20 - New rules slow shipments from major Russian grain export port
Russian grain exports via the Black Sea port Kavkaz, which accounted for almost a quarter of all seaborne exports last season, have been significantly hampered this month due to new ship entry and inspection requirements, industry sources said. Foreign vessels require permission from port authorities and approval of Russia's FSB security service to enter the country's ports, according to a decree in July by President Vladimir Putin.

Aug 20 - China July soybean arrivals from Brazil rise 13.9%, data shows
China's soybean imports from Brazil rose 13.9% in July from a year earlier, customs data showed on Wednesday, while supplies from the United States fell 11.5%. The world's top soybean buyer imported 10.39 million metric tons of the oilseed from Brazil last month, or 89% of the total imports, compared with 9.12 million tons a year earlier, data from the General Administration of Customs showed.

Aug 19 - China buys first Australian canola cargo since 2020, traders say
Chinese state-run trading firm COFCO has booked a cargo of about 50,000 metric tons of new-crop Australian canola, two traders told Reuters, just days after Beijing imposed temporary levies on top supplier Canada. The purchase would mark China's first imports from Australia since 2020 when Australia, the world's second-largest canola exporter, was locked out of the Chinese market, largely due to phytosanitary restrictions aimed at preventing the spread of fungal plant disease.

Aug 19 - Egypt agrees to buy at least 200,000 tons of French wheat, state buyer says
Egypt's state grains buyer Future of Egypt has agreed to buy at least 200,000 metric tons of French wheat in recent private deals with exporters, plus several 30,000-ton cargoes of wheat from Ukraine and Romania, it told Reuters on Monday. The North African nation is one of the world's top wheat importers. On average, state agencies bring in about 5 million tons of its total wheat imports of more than 12 million tons. 

Aug 18 - Russian ports reduced grain transshipment by nearly 55% in 2025 (APK-Inform)
In January-July of the current year, Russian seaports reduced grain transshipment volumes by 54.5% compared to the same period last year - to 19.7 million tons. This was reported by the Association of Russian Sea Commercial Ports.

A decrease is also recorded in the transshipment of liquid food cargoes, which is estimated at 15.1% - down to 3.2 million tons.

At the same time, the transshipment volumes of mineral fertilizers increased by 8.3% during the reporting period, reaching 27.1 million tons.

Overall, in the first 7 months of 2025, Russian seaports reduced cargo turnover by 4.6% compared to the result in January-July of the previous year - to 498.8 million tons.

Aug 18 - Uganda targets higher exports with first large-scale gold mine
Uganda has inaugurated its first large-scale gold mine, a $250 million Chinese-owned project in the country's east that will also refine the bullion to 99.9% purity, according to a statement from the president's office. The landlocked east African country, which has a variety of minerals including copper, cobalt and iron ore, wants to expand its mining industry and position itself as a major gold producer and exporter.

Aug 18 - Ukraine harvests 24.8 million metric tons of grain for 2025 crop so far
Ukrainian farmers had threshed a total of 24.8 million metric tons of various grains from the new 2025 harvest as of August 14, the Economy Ministry said on Friday. The ministry gave no comparative data. The Farm Ministry said last year that farmers had harvested about 28.5 million tons of grain as of August 16, 2024.

Aug 15 - Importers struggle to resell Canadian canola meal caught in China tariff crossfire
Importers are struggling to resell several cargoes of Canadian canola meal that arrived in China after Beijing imposed hefty import tariffs on the protein-rich ingredient, three trade sources said. Up to 400,000 metric tons of canola meal, used mainly in animal feed, is sitting in secure warehouses near Chinese ports, with importers facing a 100% duty if they release the cargoes for sale in the domestic market.

Aug 15 - Brazil crop agency raises total corn, export forecasts
Brazilian farmers are expected to harvest 137 million metric tons of corn in 2024/25, crop agency Conab said on Thursday after raising its estimate for second-corn production by 5 million tons to 109.6 million tons. Conab also increased its Brazilian corn export forecast to 40 million tons from 36 million tons, given the country's abundant supplies this season.

Aug 14 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) went down 10% to $2,119/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 10% to $3,572/FEU.
- Asia-N. Europe prices (FBX11 Weekly) went down 3% to $3,327/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 4% to $3,144/FEU.

- US reciprocal tariffs on a long list of trading partners – including EU countries, Japan and S. Korea – went into effect last week. The administration has also extended its status quo 30% baseline tariff for all imports from China for another 90 days ending November 10th, together adding some stability in terms of tariff expectations at least into Q4 for most long haul ocean importers to the US.
- Escalating US-India tensions over President Trump’s opposition to India’s purchases of Russian oil meanwhile, led the president to introduce 25% tariffs on India’s exports and sign an executive order that will raise duties to 50% if an agreement isn’t reached before August 27th. 
In terms of ocean freight, this escalation is already leading to a drop in export orders and container demand out of India as many shippers opt to wait until the tariff dust settles.
- The US tariff clarity for European exports – especially the reduction of auto parts tariffs from 25% to 15% – may be driving some increase in transatlantic container demand as spot rates climbed 15% last week to $2,220/FEU after holding steady at the $1,900/FEU level since early May.
Transpacific ocean rates fell 10% to both coasts last week to $2,119/FEU to the West Coast and $3,572/FEU to the East Coast. Daily rates to both coasts have stayed level since the US tariff extension for Chinese imports. 
- The 30% China tariff extension may spur some peak season volume and container rate increases in the coming weeks that would not have materialized if the US had instead raised tariffs on China on August 12th. Overall though, tariff-driven frontloading by shippers in the lead up to the April and July/August tariff deadlines is likely to mean muted ocean volumes through the end of the year, with the next significant demand bump only coming ahead of next year’s Lunar New Year. 
The latest National Retail Federation US ocean volume report shows that container imports climbed to 2.2 million TEU in April, and estimates that volumes peaked at 2.3 million TEU in July, and will stay elevated at 2.2 million in August before falling sharply through the end of the year. 
- While US container imports typically increase in the second half of the year, these projections have H2 volumes down 8% compared to the first half of the year, and 14% lower than the second half of last year, with anticipation that totals for September through December will be 20% lower than in 2024. 
For the year, 2025 totals are projected to be 6% lower than last year. These projections were released before the US-China tariff extension, but even so, frontloading to date as reflected in these data is still likely to mean that the rest of the year will take this general path and mean minimal if any upward pressure on rates for the rest of the year as well. 
- Asia - N. Europe container rates dipped 3% to about $3,300/FEU last week to just below their level in early July despite reports of reasonable peak season volume strength and persistent port congestion. Asia - Mediterranean prices fell 4% to $3,144/FEU making eight consecutive weeks of declines. Rate behavior on these lanes – with prices 60% lower than a year ago even as Red Sea diversions continue – suggest overcapacity is already impacting container rate levels across lanes.

Aug 14 - Air rates - Freightos Air index

- China - N. America weekly prices increased 11% to $5.16/kg.
- China - N. Europe weekly prices fell 1% to $3.68/kg.
- N. Europe - N. America weekly prices increased 1% to $1.76/kg.

- For air cargo, the US-China tariff extension could mean some air cargo frontloading in late October and early November if no agreement is in place by then as the November 10th expiration would kick in just as the typical air cargo peak season would normally begin. US tariff decisions on semiconductors and pharmaceuticals are expected soon, and depending on the details, could have implications for air cargo volume timing and levels for these sectors as well.
- Tariff deadlines may have contributed to the moderate increase in global air cargo volumes in July, though capacity shifts away from lanes with easing demand and to trades with increasing volumes have kept rates stable overall but lower compared to last year. 
- Freightos Air Index China-US rates rebounded to $5.16/kg last week, but remain below the $5.30/kg level mostly held since mid-June, and were at about the $5.80/kg level a year ago. China - Europe prices were stable at about $3.70/kg last week compared to $3.80/kg last year. South East Asia - Europe rates climbed to $3.68/kg last week after dipping to about $2.60/kg in mid-July, and are about even year on year, with SEA - US prices of $4.83/kg 17% lower than last August. 

Aug 14 - US losing out on China soybean sales as Brazil fills key supply period
U.S. soybean exporters risk missing out on billions of dollars worth of sales to China this year as trade talks drag on and buyers in the top oilseed importer lock in cargoes from Brazil for shipment during the key U.S. marketing season, according to traders. Chinese importers have finished booking soybean cargoes for September, taking around 8 million metric tons, all from South America, three traders told Reuters.

Aug 14 - Russia's seaborne grain exports fell 40.6% in July
Russia's seaborne grain exports fell by 40.6% year-on-year in July to 2.7 million metric tons, according to shipping data from industry sources released on Wednesday. Exports via Black Sea terminals, which normally account for around 90% of all seaborne grain shipments, decreased by 45.5% year-on-year to 2.3 million tons in July.

Aug 13 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: A lot of vessels were stuck at Kerch strait due to bad weather and latest security regulations. It is tough to comply with present security measures and maintain regular passage of vessels through Kerch strait. According to market experts, there are at least several hundred vessels waiting for security checks and clearance in Kerch. All these delays coupled with rising markets in the East Mediterranean region result in continuous rising of freight ex Azov sea ports. Transshipment trade at Kavkaz is suffering heavily from this delay. Recent fixtures from Rostov to Marmara are reported to be in the range 32-35 usd pmt fiost bss usual 3'k wheat.

BALTIC SEA: The Baltic Sea market remains stable, showing slight signs of improvement as certain grains and fertilizers become available.

FAR EAST: The basin remains stable as usual, exporters are waiting for a new crop of grains.

CASPIAN SEA: The freight market of the Caspian region continues to show positive dynamics. Rates remain stable or show an upward trend against a background of balanced supply and demand. Cargo volumes from Astrakhan remain low, but this is poorly felt on the market. The reason is the large number of ships stuck unloading in Iran and at the Amirabad port roadstead, which temporarily reduces the supply of tonnage in the region and maintains a balance. The active shipment of new barley crops continues along the Volga, which ensures stable cargo flow and supports the loading of the fleet on domestic routes. In the port of Makhachkala, there is difficulty in handling the fleet - due to prolonged rains, a queue of ships has formed, which also affects the availability of tonnage. Export demand from Aktau is gradually starting to form. It is expected that by the end of August, the first shipments of a new grain crop from Kazakhstan will begin, which will revive the market in this direction.

Aug 13 - China slaps temporary duties on Canadian canola
China announced preliminary anti-dumping duties on Canadian canola imports on Tuesday, escalating a year-long trade dispute that began with Ottawa's imposition of tariffs on Chinese electric vehicle imports last August. The provisional rate will be set at 75.8%, effective from Thursday, the Ministry of Commerce said in a statement.

Aug 13 - Vietnam food association urges trade ministry to challenge Philippine rice import suspension
The Vietnam Food Association has asked the country's trade ministry to challenge a move by the Philippines to suspend rice imports for two months, two sources told Reuters, with traders saying it will harm local production. The Philippines, Vietnam's biggest rice buyer, said last week that it would suspend rice imports for 60 days starting from September 1 in an effort to protect local farmers impacted by falling prices during the harvest season. 

Aug 12 - LME stocks saw large inflows of Chinese copper, Indian aluminium in July
The available stocks in warehouses registered with the London Metal Exchange saw massive inflows of China-made copper and India-made aluminium in July, which reduced the share of the Russian origin of both metals, LME data showed on Monday. Chinese smelters delivered copper to the LME stocks in July, sources with knowledge of the matter previously told Reuters, to ease tightness in the LME system, prompted by potential U.S. import tariffs. Washington then decided to exclude copper metal from its tariffs on copper products.

Aug 12 - South Korea's MFG tenders for up to 70,000 tons corn
South Korea's Major Feedmill Group has issued an international tender to purchase up to 70,000 metric tons of animal feed corn, European traders said on Monday. The corn is sought in one consignment of 55,000 to 70,000 tons sourced from the United States, South America or South Africa for arrival in South Korea around December 8, with the seller free to set the tonnage offered inside this range.

Aug 11 - Trump hopes China will quickly quadruple its US soybean orders
U.S. President Donald Trump said on Sunday that he hoped China would quadruple its soybean orders from the U.S, adding that it was also "a way of substantially reducing" Beijing's trade deficit with Washington. China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the U.S. and most of the remainder from Brazil.

Aug 11 - Indian alloy steel producers file anti-dumping plea against Chinese steel, executive says
The Indian alloy steel producers' association has filed an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters. India, the world's second-biggest producer of crude steel, has the capacity to make around 18 million to 20 million metric tons per annum of alloy steel, which is used in the auto, defence and aerospace sectors.

Aug 08 - Ukraine to ship 300,000 tons barley to China by Aug. 20, farmers union says
Ukraine exported 250,000 metric tons of its barley to China in July and is likely to export another 250,000 to 300,000 tons in August, farming union UAC said on Thursday. UAC has said the total volume of barley contracted for export for July-August reached 770,000 tons.

Aug 08 - Tunisia buys estimated 75,000 T soft wheat in tender, traders say
Tunisia's state grains agency purchased about 75,000 metric tons of soft wheat to be sourced from optional origins in an international tender on Thursday, European traders said. The wheat was purchased in three 25,000 ton consignments.

Aug 07 - China soybean imports hit record July high on strong Brazil exports, US trade uncertainties
China's soybean imports rose to the highest ever for the month of July, a Reuters calculation of customs data showed, driven by strong Brazilian exports and ongoing China-U.S. trade uncertainties that have raised supply concerns. The world's largest soybean consumer brought in 11.67 million metric tons in July, data from the General Administration of Customs showed, up 18.5% from 9.85 million tons a year earlier, and above analysts' expectations of 10.48 million tons.

Aug 07 - Russia boosts grain exports with crops from parts of Ukraine it controls
Luhansk, one of four regions of Ukraine that Russia has claimed as its own since going to war in 2022, expects to double its wheat harvest this year and send some for export, local officials say. The rapid rise in production reflects the regions' growing role in Russia's agriculture sector and shows how the world's largest wheat exporter is incorporating them into its strategy.

Aug 06 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The Azov Sea market has demonstrated significant volatility in recent weeks. Rates increased on 1-2 usd pmt fiost on daily basis and now charterers pay usd 30 pmt fiost ex Rostov to Marmara bss 3'k corn for August dates. The market is thriving with an abundance of cargo offers, and shipowners are primarily holding out until closer to the spot opening to achieve higher freight rates. Some traders believe the current freight rates for completed fixtures are not backed by sales contracts; nonetheless, the market trend continues to climb.

BALTIC SEA: This week, the Baltic basin remains subdued, particularly for coastersized vessels. With limited cargo availability, owners are having to lower freight rates to secure bookings. In contrast, handy and larger vessels are experiencing higher demand.

CASPIAN SEA: The freight market in the Caspian region continues to demonstrate a steady strengthening trend. This is especially noticeable in cargo flows from the Volga river ports, where the demand for tonnage significantly exceeds the available supply. The new barley harvest has started to ship, and exporters are looking to secure tonnage in advance amid ongoing uncertainty over fleet availability. Against a backdrop of strong demand and limited vessel supply, freight rates from river ports continue to show steady growth. Given the ongoing pressure from vessel congestion, inspections, and the seasonal peak in grain shipments, the freight market is likely to continue its upward trend.

FAR EAST: The basin remains weak, due to low activity of the exporters

Aug 06 - Philippines to suspend rice imports for 60 days from September
The Philippines, among the world's largest buyers of rice, will suspend rice imports for 60 days from September 1 to protect local farmers impacted by falling prices during the harvest season, the government said on Wednesday. President Ferdinand Marcos Jr ordered the suspension, Communications Secretary Dave Gomez told reporters, adding tariff increases on imported rice had been ruled out for now.

Aug 06 - South Korea’s MFG buys 65,000 T feed wheat from United States
South Korea's Major Feedmill Group purchased around 65,000 metric tons of animal feed wheat to be sourced from the United States in a private deal on Tuesday without issuing an international tender, European traders said. One consignment was purchased at an estimated $261.75 a ton cost and freight included  plus a $1.25 a ton surcharge for additional port unloading.

Aug 05 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) stayed level at $2,342/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 4% to $3,950/FEU.
- Asia-N. Europe prices (FBX11 Weekly) stayed level at $3,431/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) fell 4% to $3,263/FEU.

- President Trump signed an executive order last week hours before the August 1st tariff deadline, that will put the administration’s reciprocal tariffs for exports from a long list of countries into effect for all goods not loaded before August 7th.
- For most countries, the order raises tariffs to about the 15% to 20% level also set in most of the negotiated trade deals – including a US agreement with South Korea that Trump announced last week – so far. Some countries like Switzerland and India, however, will face tariffs at higher levels, and continue to try and negotiate.
- Other trade war developments include Trump granting Mexico a 90-day extension of its August 1st deadline, after which 30% tariffs on Mexico’s exports would be introduced, as negotiations continue. While in a separate executive order, the president increased tariffs on Canada from 25% to 35% for all non-USMCA exports as US-Canada tensions have increased. 
The US 30% baseline tariff for China is still set to expire August 12th, and though talks last week resulted in optimism that the sides would agree to extend the status quo for another 90 days, there has been no official announcement yet. 
- Finally, Trump signed a proclamation based on a Section 232 investigation into US copper imports that raised copper tariffs to 50% on August 1st, though the determination exempts refined copper from the duty. The administration’s requested Section 232 probe into semiconductors is expected to conclude in the next two weeks, and the president has also talked about implementing tariffs on pharmaceuticals through this law, though these may be farther off.
- For freight markets last week’s dramatic announcements do not appear to have had much immediate impact. A few months ago, many shippers rushed to get goods loaded between the April 2nd tariff announcement and the April 9th load-by deadline. This time around there does not seem to be much last-minute rush ahead of August 7th, possibly because frontloading to beat the original July deadline and shippers tiring of tariff-driven whiplash made this window much less urgent. 
- For ocean freight, transpacific container rates to the West Coast were level at about $2,300/FEU for the third straight week last week, with daily rates since August 1st actually dipping by about $100. Prices to the East Coast fell 4% to $3,950/FEU, for the sixth consecutive week on week decrease, and have likewise continued to ease since the executive order. Transatlantic rates were level at about $1,900/FEU. 
- Freightos Terminal custom port pair data likewise show sample rates to Long Beach from specific origins facing tariff increases like Vietnam and India have been about level since the 1st. One exception were prices from Indonesia, facing 19% tariffs on August 7th, which increased a moderate 8% since the announcement.
Though a 90-day tariff extension for China could lead to some transpacific ocean demand rebound, here too frontloading to date likely means that the peak for the transpacific ocean peak season this year would still remain behind us.
- Asia - N. Europe container rates were stable last week at about $3,400/FEU and have been at about this level since early July despite reports of a relatively strong peak season and ongoing congestion. Asia - Mediterranean prices fell 4% to $3,263/FEU last week marking seven straight weeks of declines and dipping below Asia - N. Europe levels for the first time since November. 

Aug 05 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices fell 13% to $4.63/kg.
- China - N. Europe weekly prices stayed level at $3.71/kg.
- N. Europe - N. America weekly prices fell 1% to $1.75/kg.

- Air cargo markets, like ocean, show little sign of any last minute push to load goods before the August 7th tariff deadline. Freightos Air Index data shows rates have gone unchanged out of most regions to the US, though prices from S. Korea to N. America have increased 11% and from LATAM 7% compared to just before the executive order.
Last week’s presidential actions included an executive order that will close the US’s de minimis exemption to goods from all origins on August 29th. The de minimis exemption has been one key to the surge of B2C e-commerce goods entering the US mostly via air cargo for the past two years. 
- The US suspended de minimis just for China starting in May, leading to a significant drop – but not collapse – of air volumes on this lane. The majority of de minimis packages entering the US in the last two years were from China, but closing the exemption for all origins on Aug 29th could mean an additional challenge for air carriers servicing the US, and for consumers and small business importers who’ve relied on this exemption. 

Aug 05 - Ivory Coast vows to find new cocoa buyers if Trump imposes tariffs
Ivory Coast will look for new markets for its cocoa, away from the United States, if the administration of President Donald Trump goes through with its threat to impose 15% tariffs from Thursday, two officials said. The West African nation would have alternatives to consider in a fiercely competitive sector, one of the officials, from the agriculture ministry, added. "The United States is doing the opposite of what it should be doing," the official said.

Aug 05 - Russian wheat export prices edge down in latest week
Russian wheat export prices fell last week, tracking a decline in global prices on expectations that markets will be well supplied this year as harvesting in major producing countries advance. The price for new crop Russian wheat with 12.5% protein content for free-on-board delivery in the second half of August was $236 per metric ton at the end of last week, down $3 from the previous week, said Dmitry Rylko, head of IKAR consultancy. 

Aug 04 - Trump's 50% Brazil coffee tariff expected to rejig trade, send more beans to China
The Trump administration's steep import tariff on Brazilian coffee looks set to reshuffle trade routes for beans from the world's top grower and exporter, benefiting China and incentivizing traders to look for indirect routes into the U.S. The possible rerouting of the massive volume Brazil usually sends to the U.S., similar to the entire production of high-quality coffee grower Ethiopia, could benefit a major Trump rival: China.

Aug 04 - China buys more Argentine soymeal as feedmakers seize on cheaper prices, sources say
A Chinese buyer has signed a deal this week to import 30,000 metric tons of Argentine soymeal, as feed producers move to lock in cheaper supplies from South America, two trade sources told Reuters on Friday. The cargo, priced at $345 per metric ton, including freight, is scheduled for shipment between September and October, the sources said.

Aug 01 - Brazil sees 35.9% of exports to US facing steeper tariff, pushes reversal for coffee
Brazil estimates that 35.9% of its exports to the U.S. by value will be hit by a steep 50% tariff under a new executive order by Donald Trump's administration, Vice President Geraldo Alckmin said on Thursday, emphasizing efforts to reverse the levies on key goods such as coffee. The estimate confirms earlier reporting by Reuters, with sources saying 44.6% of local products will be subject to the preexisting 10% tariff, while the remaining 19.5% will fall under tariffs the U.S. applies globally, ranging from 25% to 50%.

Aug 01 - Turkey provisionally buys 225,000 T feed barley in tender
Barley kernels are displayed with farmer miniatures in this illustration picture taken June 20, 2023. Turkey's state grain board TMO has provisionally bought an estimated 225,000 metric tons of animal feed barley in an international tender on Thursday, European traders said. The barley was sought for shipment between August 8-29 in a series of consignments to different ports. Supplies already imported to Turkey and stored in customs-bonded warehouses could also be offered, traders said.

Jul 31 - South Korea’s NOFI buys estimated 195,000 tons of corn, traders say
Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) bought an estimated 195,000 metric tons of animal feed corn in an international tender seeking up to 207,000 tons on Wednesday, European traders said. The corn was purchased in three consignments of 65,000 tons each and can be sourced from worldwide origins.

Jul 31 - Taiwan’s MFIG buys about 65,000 T corn from United States
Taiwan's MFIG purchasing group bought about 65,000 metric tons of animal feed corn expected to be sourced from the United States in an international tender on Wednesday, European traders said. The yellow corn was purchased at an estimated premium of 186.60 U.S. cents a bushel cost and freight (c&f) included over the Chicago December 2025 corn contract CZ25, they said.

Jul 31 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The Azov Sea market remains stable and relatively balanced. Charterers do not pay more than 25-26 usd pmt fiost bss 3/5'k wheat ex Rostov to Marmara even though there are many cargos on the market to be shipped. Some charterers are attempting to secure vessels for future dates in August to maintain current freight rates. Market participants expect prices to rise slowly over the coming weeks. Recent security inspections implemented for vessels entering Russian ports are still in the process of being established, and their impact on the freight market has yet to be determined. Nevertheless, for certain vessels, this may lead to higher DA and freight rates accordingly.

BALTIC SEA: The coaster-size market in the Baltic Sea continues to be sluggish, with owners needing to wait for suitable cargoes on the spot market. In contrast, there is increased demand for handy-sized and larger vessels, leading to a rise in rates. The freight market in this region is being significantly impacted by new security regulations, which have resulted in a marked increase in DA for certain Russian Baltic ports.

CASPIAN SEA: The market continues to demonstrate a strengthening trend following a minor correction observed last week. This week, shipment activity has increased from the Volga River ports, with a noticeable uptick in both cabotage shipments towards Rostov and Astrakhan, as well as direct sailings to Iranian ports. At the same time, minor congestion has been reported at the port of Amirabad and in the Astrakhan roadstead, largely due to newly introduced regulatory requirements for vessels arriving at Russian Federation ports. As a result, demand for tonnage remains consistently strong. The limited availability of vessels continues to support freight rates, which remain firm with a moderate upward tendency.

FAR EAST: The basin situation is stable more and less

Jul 30 - Tsunami waves reach Hawaii after huge quake rattles Russia's Far East

    8.8 magnitude quake hits near city of Petropavlovsk-Kamchatsky
    Tsunami of 3-5 metres recorded in Kamchatka Peninsula
    Warnings issued for Japan, Hawaii, US West Coast and other Pacific nations
    Largest quake in region since 1952, Russian science academy says

- A powerful magnitude 8.8 earthquake off Russia's Far Eastern Kamchatka Peninsula triggered tsunami waves of up to 5 metres (16 feet) nearby and sparked evacuation orders as far away as Hawaii and across the Pacific on Wednesday.
The shallow earthquake damaged buildings and injured several people in the remote Russian region, while much of Japan's eastern seaboard - devastated by a 9.0 magnitude earthquake and tsunami in 2011 - was ordered to evacuate.

- A resident in the city of Petropavlovsk-Kamchatsky said the shaking went on for several minutes.
"I decided to leave the building," said Yaroslav, 25. "It felt like the walls could collapse any moment. The shaking lasted continuously for at least 3 minutes."

- Tsunami waves struck parts of Kamchatka, partially flooding the port and a fish processing plant in the town of Severo-Kurilsk and sweeping vessels from their moorings, regional officials and Russia's emergency ministry said.
"Today's earthquake was serious and the strongest in decades of tremors," Kamchatka Governor Vladimir Solodov said in a video posted on the Telegram messaging app. Russian scientists said it was the most powerful to hit the region since 1952.
In Hawaii, waves of up to 1.7 metres (5.5 feet) impacted the islands before the Pacific Tsunami Warning Center reduced its warning level for the state around 0850 GMT, saying no major tsunami was expected.
Coastal residents were earlier told to get to high ground or the fourth floor or above of buildings, and the U.S. Coast Guard ordered ships out of harbours.
Flights out of Honolulu airport resumed later, the transportation department said, while the main airport in Maui remained closed with passengers sheltering in the terminal.
Tsunami waves of nearly half a metre were observed as far as California, with smaller ones reaching Canada's province of British Columbia.

WARNINGS ACROSS THE PACIFIC
The U.S. Geological Survey said the earthquake was shallow at a depth of 19.3 km (12 miles), and centred 119 km (74 miles) east-southeast of Petropavlovsk-Kamchatsky, a city of 165,000.
Tsunami alarms sounded in coastal towns across Japan's Pacific coast and evacuation orders were issued for tens of thousands of people.
Workers evacuated the stricken Fukushima nuclear plant, where a meltdown following the 2011 tsunami caused a radioactive disaster, operator TEPCO said.

Jul 30 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) stayed level at $2,334/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 7% to $4,113/FEU. 
- Asia-North Europe prices (FBX11 Weekly) fell 4% to $3,419/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) fell 5% to $3,399/FEU.

- With the US’s August 1st reciprocal tariff pause expiration date days away, the White House has announced a series of last minute deals with several of its major trade partners including the EU and Japan.
- The agreement with the European Union will feature a 15% baseline US tariff on most EU exports – up from the current 10%, but down from the recently threatened 30% level. This rate will apply to automotive exports from the EU as well, which, along with all global automotive exports to the US, have faced 25% duties on vehicles and parts since April and May respectively. The pact may also include a quota-based reduction in US steel and aluminum export tariffs for the EU.
The deal also has the EU committing to significant energy purchases from and investments in the US, and to zero or very low tariffs on most US exports. These terms should start taking effect on August 1st once a joint statement is finalized, though full details and a legally binding text will take more time.
The US-Japan deal similarly sets US tariffs at 15%, including for automotive exports, with Japanese commitments for investment in the US. President Trump has also said that the US has agreements with Vietnam at a 20% tariff rate and with Indonesia and the Philippines at 19%. Including the earlier deal with the UK, the US now has agreements or tentative deals with countries accounting for about 30% of total 2024 US goods imports by value. 
- The degree of progress on deals with the US’s three largest trade partners – Canada, Mexico and China which make up another 41% of total goods imports according to US Census data – still varies. 
- Talks with Mexico and Canada – both facing August 1st 30% tariff threats – are ongoing. US and China officials are meeting in Stockholm this week ahead of an August 12th tariff deadline, and talks are expected to result in an additional 90-day extension of the trade status quo following recent progress and deescalation of tensions. US tariffs on China have been set at a 30% baseline since mid-May, with the effective rate much higher for many types of goods already facing first Trump administration tariffs. 
From a freight perspective, this year’s tumultuous mix of tariff announcements, pauses and deadlines, has disrupted typical seasonal demand and rate trends as many shippers rushed to frontload goods ahead of these deadlines or, for importers from China, paused activity when duties were sky high. The pull forward was mostly to hedge against the threat of tariffs higher than the interim 10% if negotiations failed. But the last few weeks suggest that even with deals, the US is seeking a tariff range of about 15% to 20%. 
- Though importers and exporters will not be happy about the tariff increases these deals entail for most goods on these lanes, they’ll likely welcome the certainty and clarity that the agreements provide. Those with inventories elevated from frontloading may not return to typical booking patterns until necessary. After that point though, freight seasonality should return, with those higher tariff costs eventually felt by consumers.
- Transatlantic ocean freight volumes were about level with 2024 through April, though automotive tariffs that went into effect in April may have driven the 7% year on year drop that month. And tariffs on auto parts introduced in May could also explain why there did not seem to be much frontloading on the lane when reciprocal tariffs were paused from April through July. 
- This week’s deal reduces automotive tariffs for EU exports by 10% and could spur some moderate rebound in volumes on this lane. The agreement’s 15% tariff level means most EU exports – though the status of wine and spirits remain unclear – are facing a 5% increase in duties compared to levels since April, and so it is unlikely to spur any sharp near term rebound. Transatlantic ocean container rates have been level at about $1,900/FEU since May.
For transpacific ocean freight, the US’s reduction of tariffs on China from 145% to 30% in mid-May triggered an early and brief peak season surge. Asia - US West Coast rates hit a peak of $6,000/FEU by mid-June but by mid-July had fallen back to April and early May levels of about $2,300/FEU. Prices have remained unchanged since as carriers have removed capacity to meet lower volume levels, making it unlikely carriers will implement planned August GRIs. 
- Another 90-day extension of the 30% baseline tariff would run through the end of the typical peak season period. This development could spur some shippers who rushed to move goods in May and June or others who were waiting for more clarity to resume peak season bookings, which could push demand and rates up somewhat. But with the significant frontloading to date, the peak of peak season is still likely behind us. 
- Asia - N. Europe container rates dipped 4% last week to $3,419/FEU, about level with the start of the month but still 45% higher than at the end of May on peak season demand and persistent congestion at several of Europe’s major container hubs. This volume strength and congestion that could get worse as peak season containers continue to arrive could support PSSs of about $500/FEU planned for August by some carriers. Even so, rates that have about leveled off to Europe, and Asia - Mediterranean prices that by last week had fallen 30% from a mid-June high to $3,400/FEU – with rates for both lanes more than 55% lower than a year ago – suggest fleet growth and resulting overcapacity may already be impacting rate trends.

Jul 30 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 3% to $5.31/kg.
- China - N. Europe weekly prices increased 11% to $3.72/kg.
- N. Europe - N. America weekly prices stayed level at $1.77/kg.

Air cargo volumes out of Japan or the EU to the US could see some bump from the lower tariffs on auto parts. Overall though – as there wasn’t much last minute front loading by air ahead of the deadlines and for most trades tariffs are now higher than a week ago – the air cargo markets, like ocean freight, may not be shaken up much by the recent trade developments. 
Freightos Air Index data shows China-US rates increased 3% to $5.31/kg, about level with rates in May and June. Transatlantic prices were unchanged at $1.77/kg and China - Europe rates climbed 11% to $3.72/kg, back to levels seen in June, possibly on some moderate bump ahead of the tariff deadline. 

Jul 30 - EU 2025/26 soft wheat exports down 64% by July 27
European Union soft wheat exports since the start of the 2025/26 season in July had reached 803,256 metric tons by July 27, compared to 508,766 tons the previous week, and down 64% on a year earlier, European Commission data showed on Tuesday. However, the Commission said grain export data for France, traditionally the bloc's largest grain exporter, was not complete since the beginning of the calendar year 2024, while it added that export data for Bulgaria and Ireland were not complete since the beginning of marketing year 2024/25.

Jul 30 - South Korea’s FLC buys about 132,000 metric tons corn, traders say
South Korea's Feed Leaders Committee (FLC) purchased about 132,000 metric tons of animal feed corn to be sourced from optional worldwide origins in an international tender on Tuesday, European traders said. This was above the 69,000 tons originally sought in the tender for November arrival in South Korea, with two consignments purchased.

Jul 29 - Grain loading on Ukraine’s railway network decreased 2.3 times in July (APK-Inform)
In the first 24 days of July, 658.8 thousand tons of grain were loaded on Ukraine’s railway network, which is 2.3 times less than the figure for the same period last year. This information was provided by the Deputy Director of the department of transportation technology and commercial operations of JSC “Ukrzaliznytsia”, Valerii Tkachev, reports Rail.insider.

“The average daily volume of loading this month is 28.6 thousand tons, which is 2.5 times less than in July 2024,” he added.

Vegetable oil loading also decreased. During the reporting period, the volume amounted to 72.9 thousand tons, which is 25.8% less than last year.

As for meals and cakes, their loading in July reached 155.4 thousand tons. This is 2.1% less than in the corresponding period last year.

Jul 29 - Argentina to resume soy exports once tax cut official, chamber says
Argentina's grains sector is set to resume its exports of soybeans and their byproducts once the government formalizes a tax cut it announced over the weekend, the country's CIARA-CEC grains processing trade association said on Monday. Exports in the world's top supplier of soy-based oil and meal came to a standstill on July 1 when a temporary tax reduction came to an end, CIARA-CEC President Gustavo Idigoras told Reuters.

Jul 28 - South Korean mills buy 85,200 T wheat from the U.S., traders say
South Korean flour mills bought an estimated 85,200 metric tons of milling wheat to be sourced from the United States on Friday, European traders said. It was believed to have been bought by two groups. One group bought 50,000 tons in an international tender for shipment between August 15 and September 15 while another group also bought 35,200 tons for shipment between September 20 and October 20.

Jul 28 - Argentina lowers export taxes on meat and grain,  Milei says
Argentine President Javier Milei announced on Saturday a reduction in export taxes on poultry and beef, soybeans and derivatives, corn, sorghum and sunflowers, a measure requested by the southern country's agricultural sector. Milei stated that the announced reductions will be permanent and "result in a 20% reduction in export taxes for grain supply chains; and a 26% reduction in export taxes for livestock and meat."

Jul 25 - USDA incorrectly reports sale of US corn to China
The U.S. Department of Agriculture on Thursday incorrectly reported a sale of U.S. corn to China when the buyer was actually South Korea, the agency said. The USDA initially said in a daily reporting system that exporters sold 135,000 metric tons of U.S. corn to China for delivery in the marketing year that starts on September 1. 

Jul 25 - EU starts surveillance of scrap metal trade as supplies decline
The European Commission has started monitoring imports and exports of scrap metal including steel, aluminium and copper after stark industry warnings of shortages and the risk of smelter shutdowns, it said. EU smelters have been struggling for some time to secure supplies of scrap metal, a major input and an integral part of the EU's push to reduce carbon emissions. 

Jul 24 - Chinese buyers ink second bulk soymeal deal with Argentina, sources say
A Chinese buyer has signed a deal this week to import 30,000 metric tons of Argentine soymeal, as animal feed producers ramp up purchases to take advantage of softer prices in the South American market, three trade sources told Reuters. This marks the second such deal since Beijing approved Argentine soymeal imports in 2019, following the initial purchase by Chinese buyers in June.

Jul 24 - Ivory Coast 2024/25 cocoa beans and products exports up 1.3% as of June 30
Exports of cocoa beans and semi-finished products at ports in top grower Ivory Coast had reached 1.508 million metric tons by June 30 since the start of the season on Oct. 1, up 1.3% from 1.489 million tons in the same period last season, data from the Coffee and Cocoa Council (CCC) showed on Wednesday. Data from the regulator also showed that 808,954 tons of cocoa beans and semi-finished products were exported from Abidjan and San Pedro ports between January 1 and June 30, down 10% from 899,585 tons in the same period of the previous season.

Jul 23 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: This week, the Azov Sea market has halted its upward trend. Delays in harvesting have led to a backlog in cargo supply. Ship owners need to recalibrate their expectations based on the rates offered by charterers. Additionally, there has been a decrease in the number of cargoes secured for forward dates in August. Market participants anticipate that freight rates will likely stay at their current levels for the foreseeable future.

BALTIC SEA: The Baltic sea market remains to be very weak. Owners are looking for employment. Some even have to stay in spot for several days to find suitable cargoes.

CASPIAN SEA: This week, the Caspian freight market is showing reduced activity. A decrease in cargo flow from Astrakhan has led to rate adjustments. At the same time, against the backdrop of reports about the start of the harvesting campaign in Russia, a consistently high demand for barley exports from the Volga river ports is expected. Kazakhstan exports, currently in a waiting mode for the new harvest. Grain deliveries have been temporarily suspended, but with the entry of the fresh harvest to the market in August-September, an increase in export activity is expected.

FAR EAST: The market is stable low due to low activity of exporters.

Jul 23 - Rain raises Rhine river levels in Germany, but ships still only part loaded
Rain has raised water levels on the river Rhine in Germany, but most of the river is still too shallow for cargo vessels to sail fully loaded, commodity traders said. Dry weather and a heatwave in June and July meant the river became too shallow for vessels to sail at full capacity. 

Jul 23 - EU 2025/26 soft wheat exports down 71% by July 20
European Union soft wheat exports since the start of the 2025/26 season on July 1 reached 508,766 metric tons by July 20, compared to 245,718 tons the previous week, though were down 71% on a year earlier, European Commission data showed on Tuesday. A breakdown of this season's volumes showed Romania was the largest EU soft wheat exporter with 296,855 tons exported by July 20, followed by Germany with 87,000 tons, Poland with 54,476 tons and Bulgaria with 34,675 tons. 

Jul 22 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 2% to $2,325/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 10% to $4,411/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 2% to $3,572/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 6% to $3,568/FEU.

The Trump administration’s August expiration dates for current tariff levels on many countries are rapidly approaching with little progress in trade negotiations in the last couple weeks and escalating US tensions with Mexico and the European Union. That the US reportedly intends to apply higher tariffs on transhipped goods from many countries – taking aim at the current level of China’s contributions to finished goods exported by other nations – may be another factor complicating trade talks.
The window to ship containers that will arrive before August – even with the early July extension of the tariff expiration to August 1st – is now closed. In a recent conversation with Freightos, Steve Nguyen, Vice Director at forwarder Ring Vietnam, remarked that “demand out of Vietnam had been strong in April and May but rates and space availability had started to ease by mid-June by which point a majority of frontloading had already taken place.”
And most signs likewise indicate that this year’s transpacific ocean peak season overall was early, brief and muted by frontloading earlier in the year by some shippers and by a wait and see approach being taken by others. Robert Khachatryan, CEO of forwarder FreightRight, shared that this paralysis may be particularly true for “small and mid-size importers who can’t easily absorb 25% to 40% tariff hikes.” These factors mean that June saw the peak season high for ocean bookings out of the Far East, and that July will be the peak for container arrivals to the US.
Ocean rates reflect these trends as well. Mid-month July transpacific GRIs planned by many carriers did not materialize as demand eased since late June. Transpacific spot rates to the West Coast are down 60% from the $6,000/FEU high reached in mid-June to an average of $2,325/FEU last week. This rate level is about even with West Coast prices maintained in April and early May when US tariffs of 145% on Chinese goods triggered a sharp drop in demand, and are 70% lower than a year ago. The latest daily rates to the East Coast of about $4,100/FEU are 40% lower than their $7,100/FEU June peak. This price is still 20% higher than in April, but 57% lower than last July. Carriers are announcing significant blanked sailings for the remainder of July and for August in hopes of stabilizing sliding rates.
For Asia - Europe ocean trade, peak season demand has pushed rates up more than 50% since May to an average of $3,572/FEU last week. But even with strong demand and persistent congestion at several major European ports causing carriers to omit port calls in places like Antwerp, these rates are 60% lower than a year ago when Red Sea diversion drains on capacity were attributed with putting strong upward pressure on rates.
Asia - Mediterranean prices of $3,568/FEU are up 20% since May on peak season demand, but have already come down by 25% from a high in mid-June – likely another indication of growing overcapacity in the market, even as Red Sea diversions continue. This rate slide puts prices to the Mediterranean, which are typically higher than Asia - Europe rates, on par with prices to Europe for the first time since January. Some carriers will nonetheless introduce Asia - Europe PSSs in August, possibly hoping capacity reductions will help rates rebound. 

Jul 22 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 19% to $5.17/kg.
- China - N. Europe weekly prices stayed level at $3.35/kg.
- N. Europe - N. America weekly prices fell 1% to $1.77/kg.

In air cargo, the recent weeks following the US reciprocal tariff deadline extension haven’t seen any surge in demand or much upward pressure on inbound US cargo rates from countries granted more time for trade talks. Likewise, as the August 12th expiration of the current US tariffs on China nears, China-US air cargo trends have stayed level as well.
Compared to rate levels just before the July 9th tariff deadline, Freightos Air Index air cargo rates from South East Asia to the US have remained stable at $4.84/kg. China-US prices have dipped 7% to $5.17/kg, rates out of South Asia are down 4% to $4.55/kg and transatlantic prices are down 2% to $1.77/kg.
This rate stability suggests there hasn’t been a major push to move goods by air before the deadline yet. And though it is possible there will be some bump as August approaches, it seems that, overall, shippers aren’t frontloading ahead of the August 1st deadline either in expectations that trade deals will materialize, anticipation that further extensions could be granted, or as a result of a lot of frontloading already executed during the 90-day pauses.

Jul 22 - US sanctions could cause chaos on Latam farms run on Russian fertilizers
Latin American farmers are in for a rough ride if the U.S. slaps secondary sanctions on buyers of Russian exports, such as the fertilizers essential for cash crops from Mexican avocados to Brazilian soybeans and corn. For farm powerhouse Brazil, which covered about a third of its fertilizer demand with $3.7 billion of imports from Russia last year, there is virtually no alternative to fill the gap if those flows are halted, experts and industry players said.

Jul 22 - Russia may export 53-55 mln tons of grain in 2025-2026 season, Interfax cites minister
Russian Agriculture Minister Oksana Lut said Russian grain exports may reach 53-55 million metric tons in 2025-2026 season, the Interfax news agency reported. She added that the ministry maintained the forecast for the grain crop at not less than 135 million tons, including 88-90 million tons of wheat in 2025.

Jul 21 - France faces another tough wheat export year despite better crop
France could struggle to sell a much bigger wheat crop expected this year as export options for the European Union's top wheat producer have narrowed due to less demand from Algeria and China as well as strong competition from cheaper Black Sea grain. Sparse overseas demand could lead France to stock hefty amounts of wheat or offload more crop in livestock feed markets. Either outcome could keep prices below production costs, a trend that has fuelled farmer protests in the past year. 

Jul 21 - China's June soybean imports from Brazil climb 9% from the prior year
China's soybean imports from Brazil in June climbed by 9.2% from a year earlier, customs data showed on Sunday, driven by a strong harvest and the ongoing Sino-U.S. trade war, while supplies from the United States rose 21%. The world's biggest soybean buyer imported 10.62 million metric tons of the oilseed from Brazil last month, or 86.6% of the total imports, compared with 9.72 million tons a year earlier, data from the General Administration of Customs showed. 

Jul 18 - Port of Odesa switches to euro-based tariffs

The State Enterprise "Odesa sea commercial port" has announced a transition to calculating port fleet service fees in euros, USM reports, citing an official letter from the enterprise.

The port explained that this decision aligns with "Ukraine's aspiration for European integration and the need to harmonize with the EU’s economic and legal standards." In particular, it refers to fulfilling the conditions of the EU–Ukraine Association Agreement, adapting to European standards, and aligning macroeconomic policies.

It is also noted that most EU regulations and directives related to the economy, infrastructure, and transport use the euro as the base currency. Ukraine’s main trading partners are in the EU, and a significant share of export-import operations is carried out in euros. Additionally, this move is expected to reduce currency risks and facilitate attracting investments from EU countries.

Jul 18 - Russia targets Southeast Asian markets for grain exports
Russia is targeting large markets in Vietnam, Indonesia, Malaysia, the Philippines and Bangladesh for grain exports in the new marketing season that began on July 1, Ilya Ilyushin, head of state export agency Agroexport, said on Thursday. Russia, the world's largest wheat exporter, is seeking to diversify agricultural exports beyond traditional buyers such as Egypt and Turkey, which bans imports periodically to support domestic producers. Last season Russia boosted wheat supplies to Vietnam fourfold.

Jul 18 - Argentina mining exports to top $5 billion in 2025 despite lithium struggles, industry body says
Argentina's mining exports will exceed $5 billion in 2025 as rising gold prices more than offset the decline in lithium prices, said the president of the Argentine Chamber of Mining Companies, up from $4.6 billion in 2024. In an interview with Reuters, Roberto Cacciola said gold and silver production, Argentina's main mining exports, will remain stable or decline slightly in 2025 due to the maturation of mining projects, but rising prices will make up for the lower volumes.

Jul 17 - Australia nears breakthrough canola deal with China, sources say
Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade. China, the world's largest canola importer, sources nearly all of its imports from Canada but those supplies could be limited by an anti-dumping probe Beijing is conducting.

Jul 17 - Tin shipments from Myanmar's Wa State due to resume, tin group says
Tin shipments from Myanmar's Wa State are expected to resume in coming months after a nearly two-year-old ban, the International Tin Association said on Wednesday. Speculation by traders this week that mining would resume has weighed on tin prices, which touched a three-week low on Wednesday. 

Jul 16 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 24% to $2,369/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) fell 5% to $4,888/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 4% to $3,509/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 4% to $3,802/FEU.

It looks like tariffs are finally starting to show up in US consumer prices, with inflation rising 2.7% in June (AP). Importers have spent the last five years learning to frontload shipments wherever possible (lessons learned from COVID, the Evergiven, wars, trade wars and bad weather), which may have delayed the blow. But that buffer’s now run out...and things may escalate. The EU is prepping retaliatory tariffs on $84 billion in US goods (WSJ), just as the US plans to hit both the EU and Mexico with 30% duties starting August 1 (Reuters).

Even with ongoing Suez Canal disruptions, falling demand has kept ocean rates under pressure. A weak peak season has driven spot prices down fast. Asia–US West Coast rates dropped 24% last week to $2,369/FEU, while East Coast prices slid 5% to $4,888/FEU. Asia–Mediterranean prices dipped 4% to $3,802/FEU, though Asia–Northern Europe bucked the trend, climbing 4% to $3,509/FEU. Carriers are reacting quickly—transpacific capacity has already been cut by nearly a quarter (Kuehne+Nagel).

These low prices persist despite near-total rerouting around the Suez. In related news, the rescue operation for crew from the Eternity (Lloyd’s List)—attacked by Houthi forces last week—has concluded. Of 25 crew members, ten were recovered from the sea, while six were reportedly taken hostage.

Further east, signs of a post-conflict rebuild are emerging. Syria just signed an $800 million deal with UAE-based DP World to redevelop Tartous port (Maritime Gateway). This follows major infrastructure pacts like a 30-year CMA CGM agreement for Latakia and a $7 billion energy deal, in part supported by eased US sanctions that create space for investment.

Jul 16 - Air rates - Freightos Air index

- China - N. America weekly prices fell 22% to $4.34/kg.
- China - N. Europe weekly prices stayed level at $3.35/kg.
- N. Europe - N. America weekly prices fell 1% to $1.79/kg.

In air cargo, weak demand continues to weigh on rates. China–North America prices dropped 22% to $4.34/kg, while China–North Europe held steady at $3.35/kg. Rates from Northern Europe to North America fell 1% to $1.79/kg. Still, confidence seems high in the long term—Qatar Airways announced a landmark order for up to 210 Boeing widebodies, with options for 50 more (Boeing).

Jul 16 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The Azov sea market retains a rising trend. Freight levels are slowly rising. There is demand for tonnage from the Russian River and charterers are paying well to secure tonnage in advance. 3'/5'k grains (sf up to 48') ex Rostov to Marmara can be fixed at low-mid 20's usd pmt fiost for promt dates.

BALTIC SEA: The Baltic sea market is weak.

CASPIAN SEA: The market is stable and continues to strengthen in the last weeks. Demand continues to actively form, despite the expectation of a new harvest, grain is actively being exported from river ports, which contributes to the overall strengthening of the market.

FAR EAST: The market remains stable.

Jul 16 - Traders rush to land Brazilian coffee in the US before Trump's 50% tariff
Commodities traders are racing against time to unload as much Brazilian coffee as possible in the United States before Trump's new 50% tariff on Brazilian products is implemented on August 1, they said on Tuesday. Newly released data showed U.S. consumer prices rose in June as the cost of the Trump administration's tariffs began to be passed on, including to cups of coffee.

Jul 16 - Algeria buys about 1 million T wheat in tender, traders say
Algerian state grains agency OAIC has bought about 1 million metric tons of milling wheat in an international tender which closed on Tuesday, European traders said. Several estimates of the purchase late on Tuesday evening were around 1.05 to 1.08 million tons, with volumes bought in Algerian tenders generally difficult to precisely assess.

July 15 - Russia's seaborne grain exports drop 25% in 2024/25 due to export quotas
Russia's seaborne grain exports fell by 25.4% in the recently ended 2024-2025 season to around 46 million metric tons, shipping data from industry sources released on Monday showed. Russia, the world's leading wheat exporter, delivered grain to global markets at record volumes early in the 2024/25 marketing season, which ran from July 1, 2024 to June 30, 2025. 

July 15 - Russian wheat export prices rise on slow arrival of new crop, quality concerns
Russian wheat export prices rose last week amid the slow arrival of the new crop and low yields in the southern part of the country, while export shipments accelerated slightly, analysts said. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in August was $229 per metric ton at the end of last week, up $4 from the previous week's prices, said Dmitry Rylko, head of the IKAR consultancy.

Jul 14 - China soybean imports hit record June high on strong Brazil shipments
China's soybean imports hit the highest level ever for the month of June, a Reuters calculation of customs data showed, driven by a surge in shipments from top supplier Brazil. The world's largest soybean buyer brought in 12.26 million metric tons in June, up 10.35% from 11.11 million tons a year earlier.

Jul 14 - China's rare earth exports jump in June in sign of trade war relief
China's rare earths exports rose 32% in June from the month before, customs data showed, in a potential sign that agreements reached last month to free up the flow of the metals are bearing fruit. The U.S. and China reached a series of agreements in June to get rare earths flowing again after export controls imposed by Beijing in April during the height of its trade war with Washington shuttered some car factories around the world.

Jul 11 - Russia orders measures to boost agriculture exports after wheat sales fall in July
The Russian government on Thursday ordered measures to boost agriculture exports after international sales of wheat fell to their lowest since 2008, while traders are saying the new crop has been slow to come to the Black Sea terminals. The Sovecon consultancy estimates July wheat exports at 2.0 million-2.5 million tons, compared with 3.67 million tons in July last year. 

Jul 11 - Ivory Coast has sold 850,000 tons of 2025/26 cocoa export contracts, sources say
Ivory Coast's Coffee and Cocoa Council regulator has sold 850,000 metric tons of cocoa export contracts for the coming 2025/26 season, one month ahead of its target, two sources at the CCC told Reuters on Thursday. The sales, which cover export contracts for the October-to-March main harvest in the world's leading producer, put the CCC well on track to reach its eventual target of 1.3 million tons, the sources said, despite concerns about crop development. 

Jul 10 - Cereal exports at France's Rouen hub down 40% in 2024/25
Cereal shipments from Rouen port, France's main grain export hub, fell 40% in the 2024/25 season that ended on June 30, following a poor French harvest, the port's operator said on Wednesday. About 5.2 million metric tons of cereal were loaded at Rouen in 2024/25, compared with 8.7 million tons in 2023/24, led by shipments to Morocco and Portugal, the port operator Haropa Port said in a statement.

Jul 10 - India's iron ore pellet makers seek curbs on Iranian imports via Oman
India's iron ore pellet makers have urged the government to curb a surge in imports routed through Oman, which they say originate from Iran despite U.S. sanctions, warning that the cheaper supplies could hurt the local industry, sources and an analyst said. India, the world's third-largest iron ore producer, has imported 800,000 metric tons of pellets so far this year, whereas imports were negligible between 2021 and 2024, Lalit Ladkat, an analyst with London-based CRU Group, told Reuters.

Jul 09 - Ukrainian Weekly Freight Market Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
For the first week of July, the volume of agricultural exports by road amounted to 62.7 thousand tons, which almost corresponds to the indicator for the same period in June. The dynamics of supplies through the border posts was multidirectional.
In particular, in the Hungarian and Moldovan directions, there was a decrease of 17.9% and 7.4% - up to 6 thousand tons and 9.9 thousand tons, respectively. At the same time, export volumes through Slovak, Romanian and Polish items increased: by 19.7% - to 3.3 thousand tons, by 6.4% - to 14.1 thousand tons and by 3.4% - to 29.4 thousand tons.
The leaders of exports for the corresponding period were sunflower oil (6.6 thousand tons), and poultry meat (4.7 thousand tons).
The beginning of July was marked by a significant decrease in the cost of transportation in European directions, prices for domestic transportation remain stable.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @75-115€
· Ternopil region - center. Bulgaria @55-75€
· Cherkasy region. - Pd. Romania @55-75€

- RAILWAY LOGISTICS
As of 03.07, the situation at the Western border crossings remained stable - changes in the volume of transmission of wagons with grain were minimal. At the Polish, Hungarian and Slovak borders, there was a slight decrease in the previous week - within 0.1-0.3 weight/day, up to 12.2, 24.3 and 15.2 weight/day, respectively. In the Romanian direction, the situation has not changed - the average daily transmission remained at 7.6 scales/day.
During the transition between the old and the new season, export activity remained low, which is typical for this time. This led to a decrease in the volume of rail transport towards the ports of Greater Odessa and Izmail and a slowdown in the work of port logistics.
The average daily unloading of wagons in the ports of Bolshaya Odessa decreased by 253 weights / day - up to 347 weights / day. At the same time, the number of cars going to these ports was reduced: within a week they were less by 662 units - up to 1016 cars. To the port of Izmail were going 19 cars, the average daily discharge rate was 1 weight/day.
Rates for rail transportation retain their level.

- WATER LOGISTICS
Freight rates in early July remained unchanged. Trading activity is limited due to low grain supply. Despite the months-long stability of freight rates and low trading activity, market participants expect to revive in the coming weeks due to the intensification of the collecting campaign, which can help to increase the volume of transportation and support rates.

Jul 09 - China's soymeal market remains elusive for Argentina despite first cargo
Argentina's grains hub town of San Lorenzo, on the banks of the Paraná River, is readying to send a key cargo to China: the first ever shipment of some 30,000 tons of soymeal from the world's largest exporter of the animal feed. The shipment, reported by Reuters on Monday, has stirred excitement in the sector. It would link for the first time the world's top supplier with the top consumer, which crushes almost all its own meal for its huge hog herd and imports very little.

Jul 09 - Brazil faces challenging corn export season as it harvests bumper crop
Brazil's corn exports are set to face new challenges this year as the shipping season starts with possible logistics issues, China making fewer purchases and strong competition expected from the United States, analysts told Reuters. Corn exports for 2024/25 are set to increase in volume, they said, but could face bottlenecks as they will have to compete for space in ports if China's demand for Brazil's record soybean crop remains firm in the second half of 2025.

Jul 08 - Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 8% to $3,124/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) fell 16% to $5,159/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 14% to $3,384/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) fell 6% to $3,967/FEU. 

- President Trump signed an executive order on Monday extending the pause of the White House’s reciprocal tariff roll outs for a long list of US trading partners from July 9th to August 1st. Trump also sent letters to the governments of fourteen countries communicating the extension and specifying the tariff rate that will go into effect in a few weeks. These tariff levels were generally similar to those announced in April, though rates for Cambodia and Laos were significantly lower. The extensions allow more time for negotiations that could lower or avoid these tariff increases, as so far the White House has only signed an agreement with the UK, announced a tentative trade framework with Vietnam, and is reportedly making progress with several trade partners including the EU, Japan, Cambodia, Indonesia and Thailand.

- For ocean freight, this development could mean that importers from the impacted countries will resume shipping activities that they may have been planning to pause if tariff hikes materialized this week. But the short runway until August and the volumes that many of these shippers have already frontloaded will likely mute the extent of any rest-of-July bump. 
The executive order makes clear that these changes do not apply to China, for whom current US tariff levels expire on August 11th.  The president has said that the US signed a trade deal with China and the Commerce Secretary elaborated that the agreement will see China resuming its rare earth metals trade with the US and the US taking down countermeasures, though other details of the agreement – including tariff levels – remain unclear. 

- In terms of ocean freight, since the trade war heat up in April, the major swings in US ocean import volumes and container rates have all centered around US policies for trade with China, with a much more limited impact from tariff changes for other countries.
Though the April pause on reciprocal tariffs spurred frontloading of goods from many countries, including several in South East Asia, the concurrent US tariff hike on China to 145% saw US ocean imports slump overall in April and May. Likewise, transpacific container rates remained level – and likely would have decreased without the significant blanked sailings carriers implemented in April and May – in this stretch despite increased volumes out of SEA. But volumes rebounded sharply and container rates spiked by thousands of dollars per FEU following the US reducing its tariff on China to 30% in mid-May.
So this relatively brief tariff pause extension to August 1st for countries besides China is unlikely to significantly alter the current trends in the US-bound container market, which has been facing easing volumes and falling rates since demand and prices peaked in mid-June.

- Transpacific spot rates to the West Coast fell 8% last week to $3,124/FEU. Daily rates so far this week are at $2,390/FEU, 60% lower than the $6,000/FEU mark hit just three weeks ago, 70% lower than this time last year and about back to the low for the year rate level seen from March through mid-May. 
Daily rates to the East Coast are down to $4,900/FEU for a 30% drop since mid-June. East Coast rates remain about $1,500/FEU above their March to May level, likely a result of fewer capacity additions to this lane, as shippers facing tariff deadlines have preferred the quicker West Coast route.
- Prices are dropping as demand eases from the initial post China-US de-escalation bump since the window to ship goods that will arrive in the US before August 12th is now about closed. But carriers have also increased transpacific capacity – especially to the West Coast – to a record level, which is now surpassing demand and contributing to the downward pressure on rates as well.  With these forces combining to push rates down, carriers have canceled planned July GRIs and are suspending or reducing many PSSs too. Some carriers are already starting to remove capacity in attempts to stop the rate deterioration.

- Start of July GRIs were partially successful on the Asia - N. Europe lane, where rates increased 14% to $3,384/FEU last week, have climbed another $200 so far this week and are 50% higher than at the end of May. Prices are climbing on relatively strong peak season demand and are being helped by persistent congestion at several of Europe’s container hubs even as carriers take steps to adjust. But despite reasonable demand, congestion and continued Red Sea diversions – the major driver for elevated rates since early last year – prices are still well below the $8,500/FEU peak season high reached this time last year. 

- One important factor to lower year on year rate levels is continued fleet growth and the record scheduled capacity on this lane as well. There are reports that carriers will increase blankings on this lane and reduce scheduled capacity in August – an unusual step during peak season. Likewise, overcapacity is being blamed for July GRIs failing on the Asia-Mediterranean lane, and scheduled capacity is set to increase in August. Despite reports of strong demand, Asia - Mediterranean rates have fallen almost 20% since mid-June, though they remain 30% higher than at the end of May.

Jul 08 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 5% to $5.57/kg.
- China - N. Europe weekly prices fell 3% to $3.35/kg.
- N. Europe - N. America weekly prices increased 1% to $1.80/kg.

Similarly in air cargo, as some e-commerce volumes have exited the market capacity may now overall be exceeding demand, with the Freightos Air Index global benchmark about 7% lower than it was a year ago.  The US’s suspension of de minimis exemption eligibility for Chinese exports introduced in May was a big driver of easing volumes on the transpacific – and possibly globally – in the last two months. The tax bill that the US congress passed last week includes a law that will cancel the de minimis exemption for all US imports starting in July 2027.

- In the meantime FAX China - US rates ticked up to $5.57/kg last week, about on par with last July as capacity on the lane has decreased but stabilized. China - Europe prices are down 12% in the last month to $3.35/kg, and may reflect reports of capacity increases on the lane as freighters have been shifted from the transpacific to other lanes like this one.

Jul 08 - Bunge charters first Argentine soy meal cargo to China
U.S. grains trading group Bunge has chartered 30,000 metric tons of Argentine soybean meal cargo destined for China, data seen by Reuters on Monday showed, marking the first such soymeal cargo since Beijing approved Argentine imports in 2019. The shipment is seen as a test case for China, which currently imports hardly any soybean meal. If successful, it could potentially nudge open what has been a largely closed market.

Jul 08 - Iron ore stays calm amid China uncertainty, US tariff turmoil: Russell
Iron ore prices have been a model of stability in recent months despite the increasing clouds over the outlook for the key steel raw material. The lack of volatility in iron ore prices so far in 2025 comes despite the ongoing uncertainty over the tariff policies of U.S. President Donald Trump, and what impact these will have on global trade and economic growth.

Jul 07 - China approves Ethiopian soymeal imports to diversify supply
China has approved the import of soybean meal from Ethiopia, a Chinese customs statement showed, as part of efforts to broaden its protein sources amid a trade war between Beijing and Washington. Effective July 3, Ethiopian soymeal that meets China's phytosanitary standards and is free of pests will be allowed into the country, the statement said.

Jul 07 - EU to cut Ukrainian wheat, sugar imports by 70-80% under new quotas
European Union will cut imports of Ukrainian wheat and sugar by up to 80% to address the concerns of its farmers, according to quotas announced on Friday, that are likely to drive Ukraine growers to sell more to markets in Asia and Africa. In a show of solidarity following the start of the Ukraine war in 2022, the EU opened up its food markets and temporarily waived duties and quotas.

Jul 04 - REUTERS TECHNICAL ANALYSIS Q3 OUTLOOK 2025 - WANG TAO

In the third quarter,  Brent and U.S. crude may fall to $71.33 and $55.30 respectively. Palm oil, corn, soybeans, wheat and coffee are set to test key supports, while gold may revisit $3,120. Aluminium and cocoa may face resistance, with copper targeting $10,219. The dollar index could drop to 95. To read the full report, click here

Jul 04 - Ukraine to start wheat export in mid-July, farm union says
Ukraine will start exporting wheat from the 2025 harvest in mid-July and its export prices could rise by $20 to $30 per metric ton later this year, reflecting a global shortage of supply, a producers' union UAC said on Thursday. The Ukrainian farm ministry said last week that farmers from southern regions had already started the 2025 harvest, threshing the first 22,400 metric tons.

Jul 04 - Freight shipping on Mosel river in Germany blocked after accident
Freight shipping on the river Mosel in west Germany has been blocked to shipping after an accident involving a passenger ship that damaged a lock, authorities said on Thursday. The river, known as the Moselle in France, is an important transit route for grains and rapeseed between Germany and France. 

Jul 03 - Protesters block Peru copper route used by large miners
A protest by informal miners in Peru is blocking parts of a key copper corridor used by major miners MMG, Glencore and Hudbay, leaders of the action and an industry source said on Wednesday. The demonstrators at the blockade in the Chumbivilcas province of the Cusco region are pushing Peru's government to extend a deadline to regularize informal mining operations, said Luis Huaman, one of the protest leaders. 

Jul 03 - Tunisia tenders to buy about 25,000 T of feed corn, traders say
Tunisian state agency ONF has issued an international tender to purchase around 25,000 metric tons of animal feed corn, European traders said on Wednesday. The corn can be sourced from optional origins. The deadline for submission of price offers is Thursday, July 3, they said.

Jul 02 - NITRO Shipping Freight Report for Grains

AZOV SEA & BLACK SEA: The Azov sea market is showing a bit of activity this week. Charterers prefer to cover their forward July shipment in advance to secure freight risks. Harvest is delayed due to rains in the south of Russia so the new grain season will start with respite. Market players do not expect a record crop this year at the moment.

BALTIC SEA: The Baltic basin is still weak this week.

CASPIAN SEA: The freight market is showing a steady strengthening. Exporters are actively making inquiries, which is leading to an increase in demand for tonnage. Shipments from river ports are also increasing, which is contributing to additional pressure on the market. Demand exceeds supply in some directions, which is putting pressure on rates and supporting the upward trend.

FAR EAST: The market continues to remain stably low.

Jul 02 - Ukrainian Weekly Freight Market Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
In June, exports of agricultural products from Ukraine by road amounted to 262.7 thousand tons, which is 19% less than in May. At all checkpoints, a decrease in agricultural exports was observed.
On the Hungarian and Romanian borders recorded the largest reduction - by 35.8% and 33.6% - to 24.9 thousand tons and 53.4 thousand tons, respectively. Agro-export through the Slovak and Moldovan checkpoints decreased by 24.1% and 19.9% to 12.8 thousand tons and 45.2 thousand tons.
The lowest decrease in export volumes was recorded at the Polish border, where the indicator was reduced by 4% - to 126.3 thousand tons.
The main export goods in June were sunflower oil - 30.8 thousand tons and water with sugar - 16.1 thousand tons.
Prices for transportation to the ports of Odessa have been raised in the range of 2-3$, while transportation to the ports of the Danube has fallen in price by 1-2$ per ton.
Rates for transportation on European routes retain their level.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @98-123€
· Ternopil region - center. Bulgaria @68-98€
· Cherkasy region. - Pd. Romania @95-105€

- RAILWAY LOGISTICS
In July 2025, JSC "Ukrzaliznytsya" announced a reduction in rent on grain trucks to 303 UAH per day without VAT, which formally means a decrease of 200 UAH compared to the previous level. However, the actual level of rental rates is currently showing significant variability: in certain areas, tariffs have decreased, in others - remained unchanged, which indicates the lack of a single price logic in the market. Such instability does not allow to speak about clear general market trend. Despite this, the intention of the Ukrainian Railways to reduce costs for the agricultural sector during the period of active export is an obvious signal to the market, which can stimulate a more flexible use of railway transport.
As a result, farmers and freight forwarders are forced to approach the choice of routes individually, taking into account the specifics of each direction and actual rental conditions, which makes it difficult to quickly and systematically plan logistics.

- WATER LOGISTICS
The maritime logistics market remains stable. Freight rates from the ports of Big Odessa remain unchanged, but activity is limited due to the transition to a new season and a small number of existing contracts for physical shipment.
Shipowners expect a possible increase in demand with the beginning of a new season, when new grain volumes appear on the market. The increase in supply may intensify traffic and fleet congestion, which, in turn, can become the basis for viewing rates.

Jul 02 - India's April-May finished steel imports fall 27.6% year-on-year as China, Japan shipments decline
India's finished steel imports fell 27.6% in the first two months of the financial year that started in April, as shipments from China and Japan declined, provisional government data reviewed by Reuters showed on Tuesday. India, the world's second-biggest crude steel producer, imported 0.9 million metric tons of finished steel during April-May, the data showed, with shipments from China dropping 47.7% and from Japan falling 65.6% from a year ago.

Jul 02 - Ukraine's farm exports fall 23.8% to 3.4 million metric tons in June, lobby says
Ukraine's agricultural exports fell by 23.8% to 3.4 million metric tons in June, mostly due to smaller shipments of grains and vegetable oils, farm lobby UCAB said on Tuesday. UCAB said in a statement that grain exports fell by 26% in June versus May to 2.2 million tons, while shipments of vegetable oils dropped by 32% to 356,500 tons.

Jul 01 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 39% to $3,389/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) fell 15% to $6,116/FEU.
- Asia-N. Europe prices (FBX11 Weekly) decreased 4% to $2,969/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) fell 5% to $4,223/FEU. 

- The July 9th expiration date for the White House’s pause on April’s reciprocal tariffs on a long list of countries is rapidly approaching. The administration says it is aiming to wrap up negotiations with its ten largest trade partners after July 4th, and may unilaterally set tariff levels for other countries soon. 
Both the US and the EU recently expressed confidence that they will reach an agreement in time. And Canada, facing a July 21st deadline, agreed to cancel a planned digital-services tax shortly after President Trump called off US-Canada trade talks, citing the tax a non-starter. 
- The president stated again last week that the US has signed a trade deal with China. The Commerce Secretary elaborated that the agreement will see China resuming its rare earth metals trade with the US and the US taking down countermeasures, though other details of the agreement – including tariff levels – remain unclear. 
The US’s May 12th tariff reduction on Chinese goods spurred a rebound in China-US container volumes that seems to be losing steam. Possibly expecting a longer demand surge, carriers have also added what is now too much capacity to the transpacific, especially to the West Coast. 
- Asia to N. America West Coast rates climbed more than $3,000/FEU and 115% from the end of May to mid-June to a high of about $6,000/FEU. But by the end of last week these demand and capacity factors combined to push transpacific container rates down sharply. Last week’s average of $3,388/FEU is 43% below the June peak, though this price is still 22% higher than the end of May.
- Rates to the East Coast behaved similarly though not as dramatically as demand was stronger on the shorter West Coast lane and carriers focussed capacity additions to the West Coast as well. East Coast rates climbed 80% from late May to mid-June to about $7,200/FEU but closed the month 15% lower, at $6,116/FEU. This dramatic rate deterioration this early in the typical peak season months has carriers reportedly considering capacity reductions soon. 
Even with these tariff-driven pressures that pushed rates up sharply in June, however, the peaks for both lanes were at least $1,000/FEU lower than prices a year ago, and may point to overall capacity growth in the container market.
- Asia–Europe and Mediterranean rates each closed June up 25% month-on-month at $2,969/FEU and $4,222/FEU respectively. Red Sea diversions drove another early start to peak season on this lane this year, with some port congestion and capacity shifts to the transpacific also supporting rate increases at the start of June and again mid-month. 
But prices on both lanes cooled toward the end of the month suggesting market conditions may not support upcoming July GRIs, though carrier plans to reduce capacity significantly – an unusual step during peak season – could help push additional rate increases through. Like the transpacific, rates are significantly lower than a year ago on these lanes, suggesting capacity growth is putting downward pressure on rates even as carriers continue to avoid the Red Sea.

Jul 01 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 3% to $5.31/kg.
- China - N. Europe weekly prices fell 4% to $3.45/kg.
- N. Europe - N. America weekly prices fell 1% to $1.79/kg.

In air cargo, the US suspension of de minimis eligibility for Chinese goods drove a reported 43% drop in China-US low value shipment volumes in May. With that demand drop, carriers have shifted much of the freighter capacity that was servicing China-US e-commerce goods to other lanes. With this capacity reduction, Freightos Air Index China-US rates have remained stable at about the $5.30/kg mark since May despite reports of cooling demand in the last couple weeks. 
Capacity that’s been shifted to other lanes may be one factor in China-Europe rates cooling about 8% since early June to $3.45/kg. Some frontloading out of South East Asia ahead of the July US tariff deadline may explain SEA-US air cargo rates climbing 11% to $5.17/kg since early May.

Jul 01 - India extends import curbs on met coke for six months
The Indian government has extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting July, a government order said on Monday, dealing a blow to steelmakers who oppose restrictions on overseas purchases. India, the world's second-largest crude steel producer, will set country-specific import quotas and cap purchases at 1.4 million metric tons from July 1 to December 31, the order said.

Jul 01 - Panama ships part of stockpiled copper out of closed First Quantum mine
More than a quarter of the copper concentrate stockpiled at First Quantum Minerals' Cobre Panama mine since it was closed in late 2023 has been shipped from the site, Panamanian officials said on Monday. The removal of 33,000 metric tons out of a total of 120,000 tons left at the site appears to end uncertainty over the stuck copper, and signals a possible thawing of the relationship between the Canadian company and President Jose Raul Mulino's government.