Freight & Bunkers News

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.

Jun 30 - Coal used to be Australia's commodity export king, but gold is coming: Russell
For decades, coal was the bedrock of Australia's commodity exports before it lost its top status to iron ore as shipments of the steel raw material to China soared. Now coal is at risk of being surpassed by gold.

Jun 30 - Japan aluminium premium for July-September quarter set at $108/T, sources say
The premium for aluminium shipments to Japanese buyers for July to September was set at $108 per metric ton, down 41% from the current quarter, reflecting sluggish demand, six sources directly involved in pricing talks said. The figure, lower than the $182 per ton paid in April to June, marks a second consecutive quarterly decline and comes below initial offers of $122 to $145 per ton made by global producers.

Jun 27 - Ukraine may revisit imposing oilseed export duties, farm lobby says
Ukraine's parliament is likely to resume a debate over imposing a 10% export duty on rapeseed and soybeans, a proposal it rejected earlier this month, the country's farm lobby UCAB said on Thursday, citing information from lawmakers. The duty had been proposed this month by pro-government lawmakers, who said exports of processed oilseeds could bring in more revenue than sales of raw seeds.

Jun 27 - Congo's cobalt dilemma unresolved by extended export ban: Andy Home
The Democratic Republic of Congo has extended its ban on exports of cobalt by three months as the world's dominant producer of the battery metal tries to convert its supply power into pricing power. After rallying sharply in February, when the market was caught out by news of the original ban, the price reaction this time has been more muted. 

Jun 26 - Turkey's higher straits fee may affect Ukrainian grain exports, brokers say
Turkey's announced increase in tariffs for passing through the Black Sea straits will cause a rise in the cost of logistics for Ukraine's exports and may reduce the competitiveness of Ukrainian grain, brokers said on Wednesday. Turkey has said it will increase the fee by 15% from July 1 to $5.83 per net ton.

Jun 26 - Ukraine's 2025/26 soybean harvest forecast to fall, exports could rise, analyst says
Ukraine's 2025 soybean harvest is seen falling to 6.1 million metric tons from 6.5 million tons in 2024, analyst Maksym Bozhok from Barva Invest consultancy said on Wednesday. Bozhok told Trend@Hedge Club, a meeting platform for traders and analysts, that Ukrainian 2025/26 soybean exports could increase to 3.6 million tons from 3.4 million tons in 2024/25.

Jun 25 - NITRO SHIPPING Freight Report For Grains

- AZOV SEA & BLACK SEA: The Azov sea market is still weak in spite of optimistic forecasts for July. Spot and prompt fixtures are concluded at around usd 19 pmt fiost ex Rostov to Marmara bss 3'k wheat in bulk. Market players seem to be optimistic about the new grain season, real prices though do not move much upwards.

- BALTIC SEA: The Baltic sea market dropped down further this week with less cargoes on the market.

- CASPIAN SEA: The situation in the Caspian basin is gradually stabilizing. After a period of reduced activity, exporters are beginning to show interest in available tonnage. Trading activity is still in the formative stage. The main factor is the lack of confirmed financing from most Iranian buyers, which is holding back market growth.

- FAR EAST: The market is consistently low this week..

Jun 25 - Ukrainian Weekly Freight Market Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
As of June 23, exports of agricultural products by road through western border crossings amounted to 198.8 thousand tons, which is 15.6% less compared to the same period in May.
The volume reduction was recorded at almost all crossings, except for the Polish direction. Over the border with Poland, export volumes increased by 2.2% - up to 96.6 thousand tons.
The most noticeable decrease was recorded in the Romanian and Hungarian directions - by 32.8% and 30.5% respectively, to 38.7 thousand tons and 19.3 thousand tons. The decline in volumes was also observed at the Slovak and Moldovan borders - by 20.8%, to 9.9 tons and 34.3 tons respectively.
Sunflower oil - 23.9 thousand tons and sugar water - 11.8 thousand tons - remain the main export goods for the corresponding period.
The cost of transportation by road within the country has not undergone any changes compared to the previous week. Prices for transportation to European countries decreased by 2-5 €/t, depending on the direction.

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 January-May 2025, the volume of transportation in containers by the railway of Ukraine amounted to 89,595 DFE, which is 24% less compared to the same period last year, according to data from "EU-Trans". At the same time, 62% of all shipments were exported (55,528 DFE). The largest share in the total volume of container cargo traditionally occupied by grain - 27 534 DFE, or 31%.
Against this background, the discussions around the tariff policy of Ukrzaliznytsia are particularly relevant. The business community expressed concern about the intention to revise tariffs for transportation of containers weighing more than 26 tons. The increase in rates in this segment can significantly affect the competitiveness of railway logistics, lead to the outflow of goods to road transport and slow the development of intermodal terminals.
As of the end of June, the tariffs for container transportation by rail remain unchanged. Currently, the market is waiting for the revision of the tariff grid, scheduled for next month.

- WATER LOGISTICS
From July 1, 2025, Turkey for the fourth time in two years will increase the fee for passing ships through the Bosphorus and Dardanelles - this time by 15%, to $5.83 per net ton. This solution will increase the pressure on logistics costs for the countries of the Black Sea region, in particular Ukraine.
Since all sea grain exports from the ports of Greater Odessa are carried out through these straits, the growth of the transit tariff can affect freight rates in the directions that provide for their passage - in particular to such key markets as Egypt, Italy and Spain. According to preliminary estimates, such expenses on average can increase the freight by $2-3. This, in turn, complicates the price competition with other exporters of the region, in particular Russia and Romania.

Jun 25 - Russia aims to boost grains, vegoil exports to Iran
Russia aims to boost grains and vegetable oil exports to Iran through the Caspian Sea in the coming months, thanks to an anticipated larger harvest this year and an end to trading restrictions, market analysts and traders said on Tuesday. Trade between Russia and Iran, both heavily sanctioned by the West, grew by 16% to $4.8 billion last year. It primarily goes through the inland Caspian Sea, whose coastline is shared by Russia, Iran, Kazakhstan, Azerbaijan, and Turkmenistan.

Jun 25 - Egypt bought several hundred thousand tons of wheat for July/Aug delivery, sources say
Egypt's state grains buyer, one of the world's largest wheat importers, has purchased several hundred thousand metric tons of wheat in the past weeks for delivery in July and August, traders and sources told Reuters on Tuesday. The exact volume of the purchases was still unclear, but all sources referred to several hundred thousand tons. Egypt's wheat purchases had fallen sharply in the first half of this year after hefty shipments in the second half of 2024.

Jun 24 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 7% to $5,593/FEU.  
- Asia-US East Coast prices (FBX03 Weekly) increased 1% to $7,183/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 6% to $3,096/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) fell 9% to $4,427/FEU.

- Energy markets, global trade stakeholders and the international freight industry were bracing for Iran’s response to US strikes on its nuclear sites early this week. The various retaliation scenarios included Iran’s possible closure of the Strait of Hormuz, which could have significant implications for all of the above. 
- Late Monday though, following a measured Iranian attack on a US military base in the region, President Trump announced that a ceasefire would go into effect Tuesday morning. At the moment the ceasefire seems tenuous, but if it does take hold, those feared disruptions to oil markets and logistics could be averted. 
But even during the past twelve days of conflict tanker flows through the Strait of Hormuz remained for the most part normal as did operations at Dubai’s Port of Jebel Ali, the major regional transhipment port and the key sea - air hub for containers arriving from the Far East and continuing on to Europe and N. America by air. 
- And in Israel, the ports of Haifa and Ashdod likewise remained operational throughout, with Freightos Terminal showing no container rate volatility for Israeli lanes, though some carriers diverted away from the northern port of Haifa in favor of Ashdod. The ceasefire is also restoring air cargo capacity to the Gulf region after some airspace closures on Monday. 
With this Middle East crisis and its implications for trade possibly deescalating, attention will turn back to the US trade war and the looming tariff pause expirations. Countries other than China facing US reciprocal tariffs announced in April have only until July 9th to reach agreements or face possible duty hikes. 
- And aside from a tentative agreement with the UK, the US still reports only limited progress in negotiations with many of its largest trading partners like the EU, Canada, and Vietnam. 
- President Trump has said that the White House may apply tariffs unilaterally if deals don’t materialize in time, though other administration officials state that it may extend tariff pauses for countries it considers to be negotiating in good faith. 
- About two weeks ago President Trump announced that a trade deal with China – that would keep the baseline US tariff on China at 30% – was about to be finalized though few developments or details have emerged since then. FreightWaves reports though that while the 10% reciprocal tariff will apply to all Chinese exports, the 20% tariffs aimed at fentanyl shipments will only apply to a limited list of fentanyl-related goods. Many goods will still also be subject to other tariffs like 301 duties already in place or other sectoral tariffs. 
- In the meantime, the initial demand surge post the May 12th China-US deescalation and ahead of the August 12th deadline for the reduced US tariffs on China may be behind us. At the same time, carriers, expecting a stronger and more prolonged transpacific container volume spike, have increased capacity on the lane by 13% compared to March and early April.
Easing demand and growing capacity are combining to push container spot rates down sharply, especially to the West Coast where carriers added the most capacity. Transpacific rates to the West Coast eased 7% last week, but daily rates are down to about $3,500/FEU compared to about $5,800/FEU just a week ago. Freightos Terminal Shanghai - Long Beach prices of about $3,700/FEU are about back to their late May levels. Daily rates to the East Coast are down to $6,300/FEU from a high of $7,200/FEU a week ago.
- Asia - Europe rates increased 6% last week to about $3,100/FEU but seem to be leveling off, with Asia - Mediterranean prices down 9% to $4,400/FEU and about back to their early-June level. These rate trends suggest that – despite the start of peak season demand, some capacity shift to the transpacific and persistent congestion – market conditions are not supporting mid-month rate increases. With these signs of easing though, prices are still 30% higher than at the end of May for Asia - Europe and nearly 50% higher for Asia - Mediterranean. 

Jun 24 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices fell 2% to $5.18/kg.
- China - N. Europe weekly prices fell 5% to $3.61/kg.
- N. Europe - N. America weekly prices fell 2% to $1.81/kg.

In air cargo, Freightos Air Index rate data show that prices are easing slightly but are stable overall for the major lanes. Flight cancellations in the Middle East may have contributed to Middle East - N. America rates climbing to $3.00/kg last week from their baseline of about $2.50/kg since mid-May, though rates for many other Middle East lanes went unchanged. 

Jun 24 - Egypt's wheat imports down 30% since beginning of 2025
Egypt has imported 4.9 million metric tons of wheat, 4.2 million tons of corn and 2.2 million tons of soybeans so far this year, the agriculture ministry said on Monday. Last year, Egypt imported over 7.1 million tons of wheat, 4 million tons of corn, and 1.8 million tons of soybeans from the beginning of January through the end of June. That marks a 30% drop in wheat imports, a 4% decrease in corn imports, and a 22% rise in soybeans imports, according to trading data seen by Reuters.

Jun 24 - Louis Dreyfus to reopen rival's former grain export terminal in Indiana
Louis Dreyfus Company will reopen a shuttered U.S. grains terminal in Burns Harbor, Indiana, on the southern edge of Lake Michigan in early 2026, providing the global commodities trader export market access via the Great Lakes and St. Lawrence Seaway, the Rotterdam-based company said on Monday. The facility was built by rival grains merchant Cargill in 1979 but has been idled since 2023, when the company ceased operations there due to difficult market conditions.

Jun 23 - Iran's top security body to decide on Hormuz closure, Press TV reports 
Iran's Supreme National Security Council must make the final decision on whether to close the Strait of Hormuz following U.S. bombing raids, Iran's Press TV said on Sunday, after parliament was reported to have backed the measure. Iran has long used the threat of closing the Strait, through which around 20% of global oil and gas demand flows, as a way to ward off Western pressure which is now at its peak after the overnight U.S. strikes on its nuclear facilities. 

Jun 23 - Egypt's state grain buyer expects French wheat loadings from Saturday
Egypt expects wheat shipments from France and other European countries in the coming days and weeks, the state grain buyer said, as it pushes ahead with efforts to bolster the country's strategic reserves and diversify supply sources. Among the world's largest wheat importers, Egypt is adapting to mounting geopolitical risks and volatility in Black Sea supplies, particularly from Ukraine and Russia.

Jun 20 - China's May soybean imports from Brazil jump 37.5% y/y
China's soybean imports from Brazil surged 37.5% in May from a year earlier, data showed on Friday, as buyers scooped up South America's bumper crop, while supplies from the United States also rose 28.3%. The world's biggest soybean buyer imported 12.11 million metric tons of the oilseed from Brazil last month, compared with 8.81 million tons in the same month a year earlier, data from the General Administration of Customs showed.

Jun 20 - Indian rapeseed meal exports soar as China replaces Canadian supply
China is set to make record purchases of rapeseed meal from India following Beijing's move to impose a 100% retaliatory tariff on Canadian imports, senior industry officials said. India's rapeseed meal exports will help China, the world's top consumer, replace imports from Canada while easing pressure on local rapeseed prices in India where there are large stockpiles of the widely used animal feed.

Jun 19 - Ukrainian Weekly Freight Market Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
Exports of agricultural products by road across western borders continue to decline. During the first half of June, it decreased by 14.4% compared to the same period in May - to 137.3 thousand tons.
The most noticeable reduction during this time was observed through the Romanian and Hungarian borders - by 28.8% and 23.8% - up to 26.8 thousand tons and 14.3 thousand tons, respectively. Exports across the Moldovan and Slovak borders also decreased by 22% and 16.7% - to 23.5 thousand tons and 6.8 thousand tons. Only through the Polish border, the volume of transportation remained virtually unchanged - at 65.9 thousand tons.
The main export goods during this period were sunflower oil - 16.2 thousand tons and water with the addition of sugar - 8.1 thousand tons.
The cost of transportation by road within the country has undergone a slight increase compared to the previous period.
Prices for transportation to European countries retain their level.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @100-125€
· Ternopil region - center. Bulgaria @70-100€
· Cherkasy region. - Pd. Romania @100-110€

- RAILWAY LOGISTICS
JSC "Ukrzaliznytsya" reported about the possibility of revising tariffs for the transportation of goods to the station Izmail — one of the main nodes of the Danube direction. The volume of load there increased by 4.5 times over the last year, which creates additional pressure on the infrastructure. At the same time, the company notes that no decisions on changing tariffs have been made now — the discussion is analytical in nature and does not provide for the immediate introduction of new rates.
Against this background, the positive dynamics of rail transportation of grain remains: in the first 10 days of June, their volume increased by almost 5% compared to the same period in May. Most of the grain was shipped from Odessa, Dnipro and Kharkiv directorates. Among the leading port destinations are Chornomorsk, Mykolaiv and Yuzhnyi, which may indicate a partial redistribution of flows from Izmail to the Black Sea ports, in the conditions of revision of logistic strategies by cargo owners.
The cost of rail transportation within the country retains the level of the previous period.

- WATER LOGISTICS
Freight rates from the Danube and the ports of Greater Odessa remain stable. From the Black Sea in the direction of Spain, the cost of transportation by hendisayzami is $ 17-19 / t, to Italy - $ 16-17 / t. The cost of delivery by coasters from Ismail to Italy is kept in the range of 29-30 $/t.
Shipowners and carriers expect to improve their activity as the new grain season approaches. As shipments increase, demand for tonnage will gradually recover, which will allow to improve the freight rates and fleet load.

Jun 19 - Ships advised to keep their distance from Iran around Hormuz Strait
Commercial ships are sailing close to Oman and are being advised by maritime agencies to avoid Iran's waters around the Strait of Hormuz, with the risk of the conflict between Israel and Iran escalating, shipping sources said on Wednesday. Iran has in the past threatened to close the critical Strait of Hormuz to traffic in retaliation for Western pressure. 

Jun 19 - Franceagrimer raises wheat export outlook amid robust demand
Farm office FranceAgriMer raised its forecast for 2024/25 French soft wheat exports on Wednesday, citing brisk late-season demand, but the EU's biggest grain producer still faces its worst wheat export campaign this century after a rain-hit crop. In supply and demand data, FranceAgriMer projected French soft wheat exports outside the EU this season at 3.25 million metric tons, up from 3.20 million tons projected last month. The latest estimate is 68% below last season's level.

Jun 18 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: The market is still weak but modest activity observed for the beginning of July with trade. Some traders fix forward cargoes for July expecting the market might rise. Current fixtures though are still concluded at low levels. Iran-Israel conflict results in difficulties with trade to Israel. Owners prefer to avoid it now.

BALTIC SEA: The Baltic sea market got lower this week.

FAR EAST: The market is still weak nowadays.

CASPIAN SEA: The Caspian market is facing another period of instability. Recent events, including geopolitical tensions and regulatory restrictions, have slowed down trade activity. Many export and import contracts have been paused or canceled altogether. Overall, business activity in the region has dropped, and the freight market is mostly in a waiting mode. Shipowners are taking a cautious stance. After a long period of inactivity, many vessels remain out of operation. They’re holding off on putting ships back to work until there’s clearer demand and more market stability. Despite the slowdown, there’s some cautious optimism. The key date is July 1, 2025, when the zero export quota on corn and barley is expected to be lifted. We expect some market activity and possibly a moderate rise in freight rates by mid-July.

Jun 18 - Weekly Ocean rates - Freightos Baltic Index
- Asia-US West Coast prices (FBX01 Weekly) increased 9% to $5,994/FEU. 
- Asia-US East Coast prices (FBX03 Weekly) increased 11% to $7,099/FEU. 
- Asia-N. Europe prices (FBX11 Weekly) increased 6% to $2,925/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) increased 13% to $4,846/FEU. 

- The Israel - Iran conflict that broke out late last week has so far not had a significant impact on freight markets. 
One major concern is that Iran could close the Strait of Hormuz – through which normal movement continues for now – disrupting the estimated 20% of global oil supply that flows on tankers through the waterway, increasing oil prices and creating international pressure on Israel. Iran may hesitate to do so though, both because their oil exports are dependent on the Strait and because there may be sufficient supply at the moment to blunt any impact on fuel prices. 
- Only 2% - 3% of global container volumes transit the Strait of Hormuz, so disruptions to the container market would be felt primarily in the Middle East. But closure of the strait would cut off access to Dubai’s Port of Jebel Ali, a major transhipment hub between the Far East and points to the west. Tranship volumes would need to be shifted elsewhere, possibly to South Asian hubs, which could cause congestion and higher freight rates. Israeli container carrier ZIM Lines reports that operations at Israel’s Haifa and Ashdod ports are normal despite Iranian missile and drone attacks.
- Linking the Israel-Iran war and the US trade war, President Trump left the G7 meeting in Canada a day early to focus on developments in the Middle East. Other than progress finalizing a US agreement with the UK, Trump leaves the summit without trade deals with G7 members even as the July expiration of the reciprocal tariff pause for these countries nears. 
The US is reportedly close to a trade deal with Pakistan, but Trump said the US may choose to unilaterally set tariff rates for many other countries if agreements are not in place in time. Other officials suggested the White House could extend pauses for countries with negotiations underway and progressing in good faith.
- A federal court ruled that Trump tariffs voided by a US trade court in late May can remain in effect through the appeals process. The court intends to hear arguments on July 31st, which means the tariffs likely will remain valid at least through the August 12th expiration date set for the lowered US levies on China – and possibly beyond, as an appeal to the Supreme Court is also expected.
- The biggest trade development last week came via statements from President Trump that the US and China have tentatively agreed to terms for a new trade deal, though the administration indicated that the agreement would keep the current 30% minimum tariff on Chinese goods and China’s 10% tariff on the US in place. 
- US shippers have been frontloading peak season goods since the May 12th China-US deescalation in anticipation that tariffs could climb again in August. Until a deal is actually signed, the early peak season rush is likely to continue, with the most recent NRF container volume forecast suggesting that the strongest post-May 12th period of demand may already be coming to a close.
- If a China-US deal does materialize soon – and shippers are convinced it will stick – we could see some reduction in urgency and further easing in demand as, stuck with 30% tariffs, shippers spread out volumes across the more typical peak season months into October. But that arrivals in this year’s peak season peak month of July are expected to be lower than in April suggests that some of the frontloading to date will come at the expense of volume strength for the rest of the year, deal or no deal.
As such, there are indications that transpacific container spot rates may have already peaked too, meaning market conditions will not be there to support carriers’ announced June 15th and July 1st GRIs.
- Despite sharp climbs last week, the latest FBX daily transpacific spot rates to the West Coast are already 3% lower than last week’s average. And if mid-month GRIs are abandoned or prove unsuccessful, easing rates may reflect both some decrease in demand relative to volumes since the mid-May rebound, and the recent increase in capacity on these lanes. 
Carriers rushed to reinstate the transpacific sailing and services they suspended during the April-May lull – much of which have by now returned to the lane. Anticipation of a surge in demand – and freight rates – ahead of the August deadline also drove many alliance carriers to schedule additional sailings and once again attracted regional carriers to the lane. But this combined capacity bump may have overshot current demand levels, with reports of canceled ad hoc sailings and vessels departing half full supporting this hypothesis and the possibility that rates are likely to ease.
- Some of the capacity additions to the transpacific came via capacity subtractions from other lanes, including from Asia - Europe. Together with capacity reductions and port congestion – though delays are easing – the start of Asia - Europe peak season demand may be supporting spot rates that are up 24% so far in June to about $3,000/FEU, and rates could climb further on mid-month GRIs. 
- Prices of $4,846/FEU from Asia to the Mediterranean last week were up almost 50% compared to the end of May. Daily rates so far this week though are down to about $4,500/FEU and may reflect reports of overcapacity on Asia - Mediterranean trade.

Jun 18 - Weekly Air rates - Freightos Air index
- China - N. America weekly prices stayed level at $5.29/kg.
- China - N. Europe weekly prices increased 2% to $3.81/kg.
- N. Europe - N. America weekly prices fell 1% to $1.85/kg.

- In air cargo, China - US rates were level last week at $5.29/kg. This price is down slightly from the bump to about $5.40/kg seen in late May and early June, which was likely due to a quick increase in demand and some frontloading when the US reduced tariff levels for China. Carriers continue to shift capacity to other lanes as China-US e-commerce volumes have dropped, though despite reports that services are being added to trades like Asia - Europe, so far rate levels remain stable.

Jun 18 - Ivory Coast cocoa arrivals miss exporter estimates, regulator says
Cocoa arrivals at ports in top grower Ivory Coast have reached 1.540 million metric tons at the end of May, compared with exporters' estimates of 1.624 million tons for the same period, Yves Brahima Kone, managing director of the national regulator, said on Tuesday. Last month, cocoa quality was poor and buyers rejected more beans from farmers, which resulted in low volumes, exporters told Reuters.

Jun 18 - EU 2024/25 soft wheat exports down 34% by June 15
European Union soft wheat exports since the start of the 2024/25 season in July had reached 19.76 million metric tons by June 15, compared to 19.49 million the previous week, and down 34% on a year earlier, European Commission data showed. A breakdown of this season's volumes showed Romania was still the largest EU soft wheat exporter with 5.38 million tons exported so far, followed by Germany with 2.60 million tons, Lithuania with 2.58 million tons, Latvia with 2.20 million tons and Bulgaria with 2.16 million tons. 

Jun 17 - Shipping disruption surges around Hormuz amid Israeli attacks on Iran, say naval agencies
Electronic interference with commercial ship navigation systems has surged in recent days around the Strait of Hormuz and the wider Gulf, which is having an impact on vessels sailing through the region, naval forces said on Monday. Iranian missiles struck major Israeli cities on Monday, while Israel's prime minister said his country was on its way to eliminating "threats" from nuclear and missile facilities in Iran and civilian casualties mounted on both sides after four days of conflict.

Jun 17 - Russia's May seaborne grain exports fell 62.9% y/y to 2.1 million tons
Russia's seaborne grain exports fell to 2.1 million metric tons in May, a fall of 62.9% compared to the same month of 2024, according to shipping data from industry sources released on Monday. Russia, the world's leading wheat exporter, shipped grain to global markets at a record pace during the first part of the 2024/25 marketing season, which began on July 1 last year. However, the introduction of export quotas in February resulted in a sharp decline in exports.

Jun 16 - Global imbalances grow as ever more copper flows to the US: Andy Home
The collective scramble to move as much physical copper as possible to the U.S. before the imposition of import tariffs is creating shortages in the rest of the world. London Metal Exchange stocks have fallen to nearly two-year lows with time-spreads flaring into backwardation as inventory drains away. 

Jun 16 - India moves to conserve its rare earths, seeks halt to Japan exports, sources say
India has asked state-run miner IREL to suspend a 13-year-old agreement on rare earth exports to Japan and to safeguard supplies for domestic needs, two sources familiar with the matter told Reuters, aiming to reduce India's dependence on China. IREL also wants to develop India's capacity for rare earth processing, which is dominated globally by China and has become a weapon in escalating trade wars. 

Jun 13 - USDA projects tighter US corn inventories as exports rise
The U.S. Department of Agriculture on Thursday cut its forecast for how much corn will be left in storage bins before this year's harvest as it raised its estimate for exports. U.S. exports have been strong this year because prices were competitive on the world market. Corn futures this week fell to a 2025 low as weather looks favorable for the recently planted U.S. crop, fueling expectations for a large harvest.

Jun 13 - Brazil crop agency ups 2024/25 soy supply, export forecast
Brazil's soybean production forecast for the 2024/25 season, which is almost over nationwide, has been raised to 169.60 million metric tons from 168.34 million tons, national crop agency Conab said in a report on Thursday. The country's soybean production is expected to rise some 15% from the previous season, reflecting good weather and excellent yields in key producing regions like Mato Grosso state, where supplies will hit a record of 50.58 million tons this season.

Jun 12 - Glencore halted some cobalt deliveries over Congo export ban
Glencore declared force majeure on some deliveries of cobalt from Democratic Republic of Congo days after the government suspended exports of the battery material, three sources familiar with the matter told Reuters. Congo, the world's largest cobalt producing country, introduced a four-month ban on all cobalt exports in February in an attempt to curb a supply glut that helped send prices to nine-year lows and stifled its tax revenues.

Jun 12 - South Korea’s MFG buys up to 65,000 metric tons feed wheat, traders say
South Korea's Major Feedmill Group (MFG) purchased around 55,000 to 65,000 metric tons of animal feed wheat to be sourced from optional origins in a private deal on Wednesday without issuing an international tender, European traders said. One consignment was purchased at an estimated $254.99 a ton cost and freight including a surcharge for additional port unloading. 

Jun 11 - Ukrainian Weekly Freight Market Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
During the first 9 days of June, the volume of agricultural exports from Ukraine by road amounted to 76.7 thousand tons, which is 13.1% less than in the same period in May. Almost all checkpoints recorded a reduction in traffic volumes.
The most significant decline was observed in the Moldovan direction - exports decreased by 26.4% and amounted to 12.2 thousand tons. At the same time, at the Romanian, Slovak and Hungarian borders, volumes increased by 18-21%. Through the Romanian checkpoint for this period was transported 16.2 thousand tons of products, through the Slovak - 3.6 thousand tons, and through the Hungarian - 8.4 thousand tons.
On the Polish border, the volume of agricultural exports remained almost unchanged and amounted to 36.3 thousand tons.
The main export goods for the corresponding period were sunflower oil - 9.5 thousand tons and poultry meat - 4.7 thousand tons.
Rates of transportation by motor transport within the country decreased by 2-3$.
The cost of European routes was marked by a decrease in the cost of transportation by tent cars, the prices for dump trucks remain practically unchanged.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @100-125€
· Ternopil region - center. Bulgaria @70-100€
· Cherkasy region. - Pd. Romania @100-110€

- RAILWAY LOGISTICS
The seasonal slowdown in export activity against the background of the end of the marketing year has significantly affected the work of port logistics, causing a reduction in railway loading towards the ports of Greater Odessa and Izmail.
As of 05.06, the average daily unloading of wagons in the ports of Bolshaya Odessa decreased by 282 weights/day - up to 755 weights/day. At the same time, a significant decrease in the number of wagons heading towards these ports was recorded: within a week, this figure was reduced by 1,137 wagons - up to 2,274 units.
In the direction of the port of Izmail, the movement of goods was actually stopped - the number of wagons decreased by 59, to 0 units. Also, the rate of unloading wagons with grain decreased - by 3 weights/day, up to 17 weights/day.
Rates in the grain logistics market remain stable, but the situation with tariffs for rail transportation, in particular due to the uncertainty of Ukrzaliznytsia's policy, keeps the market in a "floating" state. This creates additional difficulties for the conclusion of long-term agreements, as forecasts regarding the cost of transport services remain uncertain.

- WATER LOGISTICS
Freight market remains calm: grain exports from Ukrainian ports slow down against the background of seasonal lull and completion of the marketing year. This led to a growing supply of free tonnage—more and more ships were idle in search of cargo due to a limited number of new contracts.
Despite the weak demand, freight rates on hendisayses and coasters remain stable. Market participants with cautious optimism expect the start of a new grain season, which can become a driver of resumption of activity and gradual increase in rates.

Jun 11 - Ocean rates - Freightos Baltic Index
- Asia-US West Coast prices (FBX01 Weekly) increased 98% to $5,488/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 61% to $6,410/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 17% to $2,757/FEU. 
- Asia-Mediterranean prices (FBX13 Weekly) increased 32% to $4,285/FEU.

- Transpacific container rates to the West Coast doubled last week on June 1st GRIs to $5,488/FEU, with the latest daily rates above $6,000/FEU as shippers start peak season early and frontload goods ahead of  tariff pause expirations in July and August. 
- Prices to the East Coast climbed 60% to $6,410/FEU with the latest daily rates above $7,000/FEU, with rates on both lanes about even with levels a year ago when Red Sea-driven capacity restraints combined with an early peak season rush ahead of the ILA port strike threat to push prices up.
- Carriers are planning additional transpacific GRIs of $1,000 - $3,000/FEU for mid-June and again on July 1st. China’s ports are likely still working through some of the backlog of ready to ship goods created during the April-May lull in China-US demand. In addition, some transpacific vessels and equipment that were shifted to other lanes in that period are still making their way back into place. So as peak volumes for this year’s peak season combine with still-restrained capacity and port congestion at several Far East hubs in the near term, much of these June and July rate increases are likely to take. 
- By mid-July, though, rates could start to ease as demand decreases relative to what we’ve seen since mid-May, congestion eases and more capacity enters the lane. US ports are making preparations, including some from lessons learned during the pandemic, to minimize congestion that could result from the surge of containers that will start arriving in the US soon. 
In early May, with US tariffs for China still at 145%, the National Retail Federation projected US ocean import volumes to fall significantly in May and then level off through October as high tariffs suppressed demand. Now, the NRF – reflecting current rate behavior and GRI announcements – expects imports to rebound in June and peak in July with volumes reaching a low for the year in September post the possible tariff increases.  
- These projections have volumes in July – the peak of this year’s peak season –  9% lower than last year’s August peak and 4% lower than in April, this year’s strongest month to date. These comparisons suggest that strong frontloading through April that built up inventories, and possibly some shippers decreasing shipments or pausing orders while tariffs are still at the significant minimum of 30% for China, may make this year’s tariff-deadline driven early peak season weaker than some had anticipated.
The White House continues to work toward trade agreements with a long list of major trade partners as the July and August deadlines approach. Negotiations with China and the EU – which showed recent signs of progress following apparent steps backwards –  continue even as an appeals court may decide this week whether or not to extend the stay on many of the administration’s tariffs that a US trade court voided at the end of May. 
- Even if talks do lead to deals and deescalation by the set deadlines, for the container market, volumes already pulled forward ahead of those dates may mean ocean demand and rates will decrease in late Q3 and into Q4 anyway.
- In the meantime, surging transpacific container demand is having knock-on effects on other lanes too. Asia - Mediterranean rates spiked 32% last week to $4,285/FEU with daily rates up past $4,800/FEU so far this week. And carriers are planning mid-month GRIs and PSSs for Asia-Europe and other lanes, largely due to capacity being shifted from these lanes and several others like LATAM trades to the transpacific.

Jun 11 - Air rates - Freightos Air index
- China - N. America weekly prices fell 1% to $5.27/kg.
- China - N. Europe weekly prices increased 4% to $3.75/kg.
- N. Europe - N. America weekly prices increased 2% to $1.86/kg.

- In air cargo, the plaintiff in a US court case challenging the White House’s suspension of de minimis eligibility for China – set to conclude in July – requested to expedite the trial after the court rejected a DOJ request to suspend the trial while other legal challenges to tariffs are pending.
- If the court restores China’s US de minimis eligibility, some of the sharp drop in B2C e-commerce air cargo volumes could return to the market. But even with US de minimis closed to China and keeping e-commerce volumes down, lower US tariffs on China since May 12th is driving a general cargo demand rebound on the transpacific. 
- Many general air cargo shippers are now frontloading ahead of the August tariff deadline and some ocean to air shift is contributing to the volume bump too, though Freightos Air Index China-US spot rates have been level at about the $5.25/kg mark since early May and are only about 5% lower than just before the May 2nd de minimis suspension.
China-US freighter capacity dropped by a reported 40% in mid-May compared to the year before, with some of those freighters shifted to other lanes like LATAM, the Middle East or intra-Asia. China-US spot rates may not have reacted to that capacity reduction since those e-commerce dedicated freighters mostly were not available to spot shippers anyway. As demand grows on the spot market post May 12th though, rates that are nonetheless staying level may reflect freighter capacity being shifted back to the transpacific and this time being made available to general cargo shippers.

Jun 11 - China coal imports could drop by up to 100 mln tons in 2025, industry group saysChina's coal imports could drop by up to 100 million metric tons in 2025, an official at a major industry group said, potentially putting global benchmark prices - already at multi-year lows - under more pressure. Imports by the world's largest consumer, importer and producer of the fossil fuel rose to a record high of 542.7 million metric tons in 2024, as lower international coal prices spurred buyers to substitute imports for domestic supply.
Jun 11 - Zimbabwe to ban export of lithium concentrates from 2027Zimbabwe will ban the export of lithium concentrates from 2027 as it extends its push for more local processing, mines minister Winston Chitando said on Tuesday. Africa's top producer of lithium, used in batteries to power renewable energy technologies, banned the export of lithium ore in 2022 and has been pushing miners to process more domestically. 

Jun 10 - Russian new crop wheat exports still unchanged, June export estimates fall
Prices for new crop Russian wheat were unchanged last week, with analysts lowering their estimates for June exports amid low market activity. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in the second half of July was $225 per metric ton, same as a week ago, said Dmitry Rylko, head of the IKAR consultancy. 
 
Jun 10 - South Korea’s NOFI tenders to buy up to 138,000 metric tons of corn
Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 138,000 metric tons of animal feed corn, European traders said. The deadline for submission of price offers in the tender is also Tuesday, June 10. Arrival of the corn in South Korea is sought in two consignments of 45,000 to 69,000 tons.

Jun 09 - China May iron ore imports fall on expectations of seasonally slow demand
China's iron ore imports in May missed expectations, dropping 4.9% from April, as mills exercised caution in buying seaborne cargoes in anticipation of seasonally slower steel consumption. The world's largest iron ore consumer brought in 98.13 million metric tons of the key steelmaking ingredient last month, data from the General Administration of Customs showed.

Jun 09 - Grains powerhouse Argentina could lose market share due to Vietnam-US trade deal, Rosario exchange warns
Progressing trade negotiations between the U.S. and Vietnam could significantly diminish Argentina's substantial share of Vietnam's corn and soymeal import market, the Rosario grains exchange said in a report on Friday. Argentina is currently Vietnam's leading grains supplier, accounting for more than 50% of its corn and 65% of its soymeal imports by value over the past five years, the exchange said.

Jun 06 - Japan says emergency rice imports, other options considered to stabilise prices
Japan said on Friday that "all options" were being considered to stabilise rice prices, including the use of up to 100,000 metric tons of tariff-free staple rice the government imports a year, and further emergency imports beyond that quota. The doubling of rice prices since last year has become a major concern for consumers as well as policymakers ahead of key elections in Tokyo and nationwide in June and July.

Jun 06 - Bumper Brazilian corn crop could spoil US exporters’ fun: Braun
If anything can wreck the party for U.S. corn exporters, it’s Brazil. The U.S. Department of Agriculture has sky-high goals for U.S. corn exports in both the current and upcoming marketing years, but the overall potential may be confined by Brazil’s current harvest success.

Jun 05 - NITRO SHIPPING Freight Report For Grains

AZOV SEA & BLACK SEA: Azov sea market is weak. Trade is very slow and traders are pushing freight levels further down. Market players are awaiting a change in market conjuncture to resume trade.

BALTIC SEA: Baltic sea market is going down in both coaster and handy size. A lot of fertilizers are exported out of Russian Baltic ports and pay good money.

CASPIAN SEA: The Caspian region remains under pressure in terms of cargo movement. Export restrictions on Russian barley and corn continue to limit activity, though many exporters are currently assessing the possibility of shipping corn via Volga River ports. Additionally, reduced barley exports from Kazakhstan due to low stocks are contributing to the slowdown. Market players are awaiting July 1, the start of Russia’s new export season, which is expected to boost trade.

FAR EAST: Freight market is weak, showing low activity of exporters.

Jun 05 - Ukraine corn exports seen falling sharply in June, producers union says
Ukrainian corn exports are set to fall to 1 million metric tons in June from 2 million tons in May, as Ukraine-origin corn is uncompetitive compared to its American equivalent, producers' union UAC said on Wednesday. Ukraine is a traditional corn grower and exporter and exports are expected at around 22 million tons in the 2024/25 season.

Jun 05 - Egypt's state grain buyer diversifies wheat sources amid geopolitical risk
Egypt's state grain buying agency, Mostakbal Misr, has secured major wheat contracts with strategic partners in France and Romania as part of a broader push to diversify supply and stabilise imports amid global uncertainty, it told Reuters on Wednesday. The agency said it has overcome its dependence on traditional sourcing regions and now holds a dominant position in global supply routes, including South America and Australia.

Jun 04 - Ukrainian Weekly Freight Market Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
In May, there was an increase in the volume of agricultural exports by road at all borders. The total export rate increased by 10.5% compared to April - up to 324.2 thousand tons
The largest increase in agricultural products missed for the corresponding month was observed at the Moldovan and Romanian borders, where exports grew by 22.5% and 13% - up to 56.5 thousand tons and 80.5 thousand tons, respectively. At the Polish and Slovak transitions, the indicator increased by 7.3% and 6.5% - to 131.6 thousand tons and 16.9 thousand tons. The lowest increase was recorded at the Hungarian transition, where the pass of agricultural products increased only by 3.1% - to 38.8 thousand tons.
The main export goods for the corresponding month were sugar - 39.1 thousand tons and sunflower oil - 34.7 thousand tons.
For the first 2 days of June, the volume of agricultural exports by road amounted to 19.5 thousand tons
The cost of transportation by motor transport in the internal directions decreased by an average of 2$, the prices of European routes have not been changed.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @100-125€
· Ternopil region - center. Bulgaria @70-100€
· Cherkasy region. - Pd. Romania @100-110€

- RAILWAY LOGISTICS
During the reporting period, the railway market in Ukraine remained small. The overall rates showed a slight decrease in the background of limited market activity and consistently low demand for transportation. The volume of shipments of grain practically has not changed. At the same time, there was a point increase in the rates for transportation from the Northern and Western regions towards the ports.
Despite some tariff increases, the market generally shows signs of inertia. The lack of new contract initiatives and expectations of the start of harvesting keep players in a wait-and-see position. Significant activation is not expected until at least mid-June.

- WATER LOGISTICS
Activity in the Black Sea shipping market remains low. The volume of shipments from Ukraine is gradually decreasing, and the excess of free tonnage creates additional pressure on the market. Despite this, the stakes remain stable: 17-19 $/t towards Spain and 16-17 $/t to Italy.

Jun 04 - Global alarm rises as China's critical mineral export curbs take hold
Alarm over China's stranglehold on critical minerals grew on Tuesday as global automakers joined their U.S. counterparts to complain that restrictions by China on exports of rare earth alloys, mixtures and magnets could cause production delays and outages without a quick solution. German automakers became the latest to warn that China's export restrictions threaten to shut down production and rattle their local economies, following a similar complaint from an Indian EV maker last week.

Jun 04 - Vietnam firms to sign MoUs to buy $2 bln of US farm produce
Vietnamese firms will sign memorandums of understanding with U.S. partners to buy $2 billion worth of American farm produce, the agriculture ministry said on Tuesday, part of efforts to seal a new trade dealbetween the two countries. Vietnam has been slapped with 46% "reciprocal" tariffs by the Trump administration. Though they have been paused until July, if they come into effect they could seriously undermine a growth model that relies on exports to the United States, its top market.

Jun 03 - Weekly Report Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) fell 1% to $2,767/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 6% to $3,979/FEU.
- Asia-N. Europe prices (FBX11 Weekly) stayed level at $2,361/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 9% to $3,253/FEU. 

- Logistics markets and supply chains faced another confusing, dramatic few days last week as the US Court of International Trade ruled that President Trump wrongly invoked the International Emergency Economic Powers Act (IEEPA) to apply reciprocal tariffs on a long list of countries and other tariffs on Mexico, Canada and China targeting fentanyl smuggling.
The ruling ordered the administration to remove the current 10% global tariff, the 25% tariffs on Canada and Mexico and the 30% tariffs on China within ten days, while tariffs on steel, aluminum, vehicles and automotive parts would remain in effect as they are not based on the IEEPA. 
- The next day though, the administration’s appeal to the federal circuit court led to an administrative stay that will keep those tariffs in effect during appeal. The court asked the plaintiffs to file a brief detailing their complaint by June 5th and the government to provide a response by June 9th, though the appeals process could take weeks and include an appearance in front of the Supreme Court. 
- Even if the appeals process upholds the original ruling and voids the IEEPA tariffs, the White House is likely to use other avenues to enact tariffs including Section 232 which Trump used to tariff steel and aluminum in both administrations – with an additional 25% increase on steel promised for this week – and to tariff vehicles and automotive parts this year. Trump relied on Section 301 for 7.5% to 25% tariffs on nearly $400B of Chinese imports in 2018 and 2019 and could potentially use this law again, and the president used Section 201 for tariffs on washing machines in 2018.
- Each of the above laws require some form of an investigation of the trade issue by a federal agency, and often a comment or review period before the president can take action. For some, congressional approval is also required.
Other options include Section 122 which can be used to apply 15% tariffs on imports for 150 days, and Section 338 which allows the introduction of 50% tariffs on a specific country, but has not been used since the 1940s.
- Most of these options typically take weeks or months, and could be more difficult to leverage for tariffs as high and as broad as the IEEPA ones. But the president has already requested or received reports from agencies for most of the trade issues that the IEEPA tariffs were being used to address, which could shorten the implementation timeline.
_ In the meantime, there are indications that tensions between China and the US – which had eased somewhat and resulted in lower tariffs since May 14th – are rising again.
So, with the August 14th deadline for a trade agreement approaching and this latest deterioration in China-US relations possibly increasing the likelihood of tariff increases after that date, transpacific ocean demand is surging as shippers rush to bring in peak season goods before then.
- Though Asia - N. America container rates were about level last week, so far this week June 1st General Rate Increases have started to push daily prices up sharply via this demand jump. Rates have spiked 72% to the West Coast since last week to $4,765/FEU and 44% to the East Coast to $5,721/FEU, with more increases likely and additional hikes announced for mid-month.
- The sharper climb for West Coast rates may reflect shippers’ need for speed and preference for a shorter journey as they frontload ahead of the deadline. Carriers have likewise scheduled record capacity to the West Coast through July to serve this anticipated demand. 
- The surge in China-US volumes since mid-May is already leading to significant congestion at some major ports in China and in Singapore and other tranship hubs as well. Some observers are concerned that this jump in demand could overwhelm the ports of LA and Long Beach in a few weeks, though port officials say they are ready to handle the volume increase.
Carriers are also seeking to increase Asia - Europe container rates on early June GRIs, with daily rates up $300/FEU to $2,650/FEU so far this week to N. Europe and about $600/FEU to $3,575/FEU to the Mediterranean and additional increases planned by some carriers for mid-month as well.
- Though capacity levels are falling on these lanes as some carriers shift vessels to the transpacific and congestion at European hubs continues to cause delays, many in the industry are skeptical these price increases will stick as demand remains flat. But even last week, rates were about double 2019 levels as Red Sea diversions and their drag on capacity keep rates well above normal on these lanes. And though the Houthis announced that the Red Sea is now safe for any vessel not making port calls in Israel, carriers are still unlikely to go back in the near term.

Jun 03 - Weekly Report Air rates - Freightos Air index
- China - N. America weekly prices increased 4% to $5.35/kg.
- China - N. Europe weekly prices fell 4% to $3.59/kg.
- N. Europe - N. America weekly prices fell 3% to $1.82/kg.

- For air cargo, the court ruling likely would have removed the US’s suspension of de minimis eligibility for Chinese goods. The suspension, which has been in place since May 2nd, has led to a big drop in B2C e-commerce volumes moving from China to the US via air cargo. 
The stay will likely keep e-commerce platforms away from the air on this lane, though the August deadline for a China-US trade deal may be driving some ocean to air shift helping to keep Freightos Air Index China-US rates elevated at $5.35/kg last week, up from $5.14/kg the week prior.
- The e-commerce shift away from transpacific air cargo is expected to have a significant impact on the market though, and is one factor in IATA’s recent projection for little to no growth in global air cargo volumes for 2025 after an 12% jump in demand in 2024. 

Jun 03 - Russian new crop wheat export prices remain flat amid weak activity before new season's startPrices for new crop Russian wheat remained unchanged last week as trading in old crop supplies has nearly stopped and the market is waiting for the start of the new marketing season with possible changes in export regulations, analysts said. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in the second half of July was $225 per metric ton, same as a week ago, said Dmitry Rylko, head of the IKAR consultancy. 

Jun 03 - India's iron ore imports to trend higher, but it's no China: Russell
The rise of India's steel sector is touted as a boost for iron ore miners seeking to find new markets as China's output eases, but the reality is likely to fall short of the hype. India's steel-making capacity is currently about 200 million metric tons per annum and the South Asian nation has ambitious plans to reach 300 million by 2030.

Jun 02 - Russia needs action to remain world's top wheat exporter, government official says
Russia needs to act swiftly in order to maintain its position as the world's top wheat exporter, Deputy Prime Minister Dmitry Patrushev said on Friday, acknowledging a sharp slowdown in wheat exports in the current season. Patrushev, who is responsible for agriculture in the government, said Russia will export 44.5 million metric tons of wheat and 53 million tons of grain in the 2024-2025 season. 

Jun 02 - China signals softer stance on rare earth export curbs
China said it would cooperate further with other countries over its rare earth export controls as shortages put auto and semiconductor makers in Europe and India at risk of closure. China, which controls over 90% of global processing capacity for the rare earth magnets used in everything from automobiles and fighter jets to home appliances, imposed restrictions in early April requiring exporters to obtain licences from Beijing.

May 30 - Ukraine 2025/26 wheat exports forecast to fall to 15 million tons, analyst says
Ukraine's wheat exports are expected to fall in the 2025/26 July-June season due to possible changes in the EU's import policy, uncertain harvest prospects and a better crop outlook in EU importing countries, analyst ASAP Agri said on Thursday. The consultancy said exports could fall to around 15 million metric tons in 2025/26 from 16.2 million tons in 2024/25.

May 30 - Sovecon raises Russian wheat export forecast for 2025/26 season
Agricultural consultancy Sovecon on Thursday raised its forecast for Russia's wheat exports for the 2025-2026 season by 1.1 million metric tons to 40.8 million tons, citing improved weather conditions for the harvest. Sovecon also published its first forecast for the total volume of grain exports for the 2025-2026 season, estimating them at 49.4 million metric tons, slightly below its estimate of 50.2 million metric tons for the 2024-2025 season.

May 29 - No imports needed: India's wheat harvest defies market speculation
A strong wheat harvest in India is rapidly replenishing stocks, meaning the country will be able to meet domestic demand without imports this year, contrary to market talk that it would need overseas supplies, and a potential drag on global prices. India banned exports of the staple in 2022 and extended the prohibition as extreme heat shrivelled crops again in 2023 and 2024, draining reserves, pushing prices to record highs and fuelling speculation it would need imports for the first time since 2017.

May 29 - Ukraine producers see new harvest wheat prices rising
Ukrainian milling wheat prices may rise to $240 per ton Carriage Paid To (CPT) by September from the current $228 and reach $260 after January 2026 due to a smaller global harvest and weather risks, Ukraine's producers' union UAC said on Wednesday. The union says the long-term outlook is positive for Ukrainian farmers, who account for more than 50% of Ukraine's export earnings.

May 28 - NITRO Shipping Freight Report for Grains.

AZOV SEA & BLACK SEA: Trade is very weak ex Azov. Traders struggle to sell and  have to drop freight levels further down to make a deal. Many owners are waiting in spot for the right cargo. The USD to RUB exchange rate remains to be tough for trade (below 80 rub for 1 usd). There are some cargos ex river, which pay relatively good. No market improvement expected by market players for the time being.

BALTIC SEA: The market is currently steady.

CASPIAN SEA: The Caspian region remains tense in terms of cargo transportation. The main constraint is the still-existing export restrictions on barley and corn from Russia. Additionally, the reduction in barley supplies from Kazakhstan due to limited stocks is also contributing to the slowdown in overall activity. Market participants are waiting in
anticipation of July 1, the start of the new export season in Russia, which is expected to revive trade in the region.

FAR EAST: The market remains stable this week.

May 28 - Ukrainian Weekly Freight Market Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
As of May 27, exports of agricultural products by road amounted to 269.7 thousand tons, which is 6.6% more compared to the same period in April. The growth of agricultural exports was observed at all checkpoints.
The largest increase was recorded in the Moldovan and Romanian directions, where the volumes of agricultural products passed increased by 16.1% and 7.8% - up to 47.1 thousand tons and 66.3 thousand tons, respectively. At the Slovak and Polish borders, the corresponding indicator increased by 4.7% and 3.7% - up to 14.1 thousand tons and 109 thousand tons. The smallest increase was observed at the Hungarian border, where agricultural exports grew by 2.8% - up to 33.1 thousand tons.
The main export goods for the corresponding period are sugar - 33.1 thousand tons and sunflower oil - 29.2 thousand tons.
The market rates for transportation by road on European directions continue to decrease, prices for domestic routes have not been changed.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @100-125€
· Ternopil region - center. Bulgaria @70-100€
· Cherkasy region. - Pd. Romania @100-110€

- RAILWAY LOGISTICS
At the end of May, the tariff situation in the segment of rail transportation of agricultural products remains unchanged - the market is in the standby mode of the June revision of rates. This condition allows temporarily to maintain a certain predictability in logistics costs, but the general background remains tense due to possible initiatives to revise approaches to tariff formation.
In particular, as noted earlier, Ukrzaliznytsia is considering the possibility of increasing the cost of cargo transportation in containers weighing more than 26 tons. This initiative is explained by the intention to align the conditions between container transportation and transportation of grain in specialized grain carriers. At the same time, business representatives warn that the implementation of this idea can reduce the attractiveness of container logistics — especially in wartime, when the container itself is sometimes the only possible alternative.
Additional tension in the market also creates a planned increase in total freight tariffs by 37%, which is laid down in the financial plan of Ukrzaliznytsia for 2025. According to SE "Ukrpromzovnishexpertise", such a step can lead to a decline in GDP by 1.18% (about 95.8 billion UAH) and a reduction in exports by almost 3% (about 97.8 billion UAH). This increases fears of rising logistics costs in the critical agricultural sector.

- WATER LOGISTICS
The activity in the Black Sea shipping market remains low - due to the end of the season, the volume of grain shipments from Ukraine are reduced, there are almost no new applications, which keeps freight rates under pressure. Demand is weak, and shipowners do not make concessions even with respect to spot flights. There are no prerequisites for growth now - the restoration of rates is possible only with the beginning of the new season, when the first batches of the crop will arrive on the market.

May 28 - India's steel ministry backs extending import curbs on met coke, source says
India's steel ministry favours extending import curbs on low-ash metallurgical coke because there are sufficient domestic supplies, a source familiar with the matter said, dealing a blow to steelmakers who oppose restrictions on overseas purchases. India, the world's second-largest crude steel producer, imposed quantitative restrictions in December on imports of low-ash met coke, setting country-specific quotas and capping purchases at 1.4 million metric tons for January to June.

May 28 - EU countries agree to exempt most firms from carbon border tariff
European Union countries backed plans on Tuesday to scale back the bloc's carbon border levy to cover just 10% of the companies currently covered by the scheme, on the grounds that these firms account for nearly all of the emissions involved. Their approval makes it highly likely that the EU will exempt most of the 200,000 importers that had been due to face the world's first carbon border tariff, starting next year.

May 27 - Weekly Ocean rates - Freightos Baltic Index

- Asia-US West Coast prices (FBX01 Weekly) increased 13% to $2,788/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 20% to $4,223/FEU.
- Asia-North Europe prices (FBX11 Weekly) decreased 4% to $2,351/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) stayed level at $2,985/FEU.

- Two weeks out from the May 12th China-US trade war deescalation announcement – and eleven weeks until the pause expires in August – transpacific ocean volumes are surging.
Hapag-Lloyd estimates that China-US container demand dropped by 20% while US tariffs on Chinese goods were at 145% from early April to mid-May, with a recent Freightos survey of SMB shippers showing that about half the respondents froze shipments during this span. Hapag-Lloyd reports volumes have now rebounded by 50% from April/May lows, pushing container levels to low double digit percentage gains compared to before the April tariff rollout.
- Despite the deescalation, about 80% of SMB shippers report being at least as worried about trade war impacts on their businesses as they were before this pause, with many now fast-tracking holiday orders that are contributing to this volume surge ahead of the August deadline.
- The combination of April’s canceled or paused shipments and a build up of goods manufactured during that stretch is contributing to the speed at which container demand has picked up, though estimates of ready-to-load containers in China range widely from 180k to as much as 800k TEU.
- Carriers are reinstating sailings and services canceled during the April lull, and some regional carriers are launching transpacific services in response to the surge. Though carriers are rushing to restore or add capacity, some vessels and equipment that were shifted away from the transpacific in April are not back in position yet.
- The quick and strong restart – as well as some bad weather – is causing congestion at several Chinese container hubs with wait times of 12-72 hours for a berth. Surging demand and these restrictions on capacity from out of place vessels and port congestion are putting significant upward pressure on container rates. FBX transpacific prices to the West Coast climbed13% last week to $2,788/FEU and East Coast rates were up 20% to $4,223/FEU. Rates are at their highest level since late February, and GRIs announced through mid-June could push prices up thousands of dollars more if demand stays elevated and congestion remains an issue.
- While the China-US deescalation has eased trade tensions somewhat on this lane, President Trump’s recent announcement of his intent to introduce a 25% tariff on all smartphone imports by the end of June and 50% tariffs on goods from the EU on June 1st are roiling other parts of the global supply chain.
- Trump quickly walked back the June 1st EU deadline and reinstated the July date on which the White House’s reciprocal tariffs on the EU – along with those on a long list of other countries – were already slated to expire though now tariffs may increase to 50% on that date instead of the previously-announced 20% level.
- The president’s 50% tariff declaration was a result of his disapproval of an EU trade proposal submitted to the US administration earlier in the week. The EU has said it will introduce tariffs on US exports if negotiations fail, though following Trump pushing the deadline back to July the EU announced steps to fast track US trade talks in hopes of reaching an agreement. These developments may put some added pressure on transatlantic shippers, though – possibly because steel and automotive tariffs are already in place – there have not been signs of significant frontloading on this lane since April even with the threat of 20% tariffs in July.

May 27 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices fell 7% to $5.14/kg.
- China - N. Europe weekly prices increased 6% to $3.73/kg.
- N. Europe - N. America weekly prices fell 1% to $1.87/kg.

In air cargo, several countries besides the US are exploring making changes to their de minimis rules in response to the flood of e-commerce goods out of China using this exemption to enter these markets. The US suspension of de minimis eligibility for Chinese imports has led to reports of sharply declining China-US air cargo volumes, mostly in the chartered freighter market. Freightos Air Index China-US rates fell 7% last week to $5.14/kg, their lowest level since March.

May 27 - Egypt aims to boost local wheat procurement to cut imports, says minister
Egypt could significantly reduce its wheat imports this year as domestic procurement is expected to reach up to 5 million metric tons, compared to 3.5 million tonnes last year, Supply Minister Sherif Farouk told reporters on Monday. "Increasing wheat procurement is a welcome development. We could exceed 4 million tons, even reach 5," Farouk said.

May 27 - Russian new crop wheat export prices down, weather problems in focus
New crop Russian wheat export prices decreased last week as the new season approaches and old crop wheat trades are very inactive, with the weather remaining the key focus, analysts said. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in the second half of July was $225 per metric ton, down $2 from a week ago said Dmitry Rylko, head of the IKAR consultancy.

May 26 - Russia's major exporters cut rail cargo volumes as economy slows, document shows major Russian exporters including Rusal and Gazpromneft have cut the planned volume of commodities like metal and oil products they send by rail, a Russian Railways document seen by Reuters showed, the latest sign of subdued demand as the country's war economy slows. The state-owned rail monopoly intends to reduce 2025 spending by an additional 32.5 billion roubles ($408 million), or around 3.5%, to 858.4 billion roubles, due to the revised cargo forecast, according to the document dated March 20. It had already planned to spend 40% less on investment this year than in 2024 in the face of soaring interest payment costs.

May 26 - Taiwan's MFIG tenders to buy up to 65,000 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 United States, Argentina, Brazil or South Africa, European traders said on Friday. The deadline for submission of price offers in the tender is Wednesday May 28, they said.

May 23 - Trump renews trade threats, taking aim at European Union, Apple

    Trump threatens 25% tariff on non-US made iPhones

•     Markets react negatively, S&P 500 down 0.9% at open
•     Apple plans to shift manufacturing to India by 2026
•     Apple's planned US investments do not include iPhone production

- U.S. President Donald Trump threatened on Friday to ratchet up his trade war once again, pushing for a 50% tariff on European Union goods starting June 1 and warning Apple , opens new tab he may slap a 25% levy on all iPhones bought by U.S. consumers.
The twin threats, delivered via social media, roiled global markets after weeks of de-escalation had provided some reprieve. The S&P 500 fell 1% in early trading, the Nasdaq fell 1.2%, and European shares fell 1.5%.

- Trump's broadside against the EU was prompted by the White House's belief that negotiations with the bloc are not progressing fast enough. But his saber-rattling also marked a return to Washington's stop-and-start trade war that has shaken markets, businesses and consumers and raised fears of a global economic downturn.

- The president's attack on Apple, meanwhile, is his latest attempt to pressure a specific company to move production to the United States, following automakers, pharmaceutical companies and chipmakers. However, the United States does not produce any smartphones - even as U.S. consumers buy more than 60 million phones annually - and moving production would likely increase the cost of iPhones by hundreds of dollars."All the optimism over trade deals wiped out in minutes – seconds, even," said Fawad Razaqzada, market analyst at City Index and FOREX.com, in a note.U.S. Treasury Secretary Scott Bessent told Fox News on Friday that the 50% EU threat will hopefully "light a fire under the EU," adding that other countries have been negotiating with Washington in good faith.

"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with," Trump wrote on his Truth Social site.

"Our discussions with them are going nowhere!"- The European Commission on Friday declined to comment on the new threat, saying it would wait for a phone call between EU trade chief Maros Sefcovic and his U.S. counterpart Jamieson Greer scheduled for Friday. Envoys from the 27 EU countries are also due to meet on trade in Brussels later in the day.Speaking to reporters in The Hague, Dutch Prime Minister Dick Schoof said he agreed with the EU's strategy in trade talks with the United States, and said the EU would likely to see this latest announcement as part of the negotiations."We have seen before that tariffs can go up and down in talks with the US," he said.The White House paused most of the punishing tariffs Trump announced in early April against nearly every country in the world after investors furiously sold off U.S. assets including government bonds and the U.S. dollar. He left in place a 10% baseline tax on most imports, and later reduced his massive 145% tax on Chinese goods to 30%."My base case is that they are able to reach an agreement, but I am most nervous about negotiations with European Union," said Nathan Sheets, global chief economist at Citigroup in New York.

- A 50% levy on EU imports could raise consumer prices on everything from German cars to Italian olive oil.EU's total exports to the United States last year totaled about 500 billion euros ($566 billion), led by Germany (161 billion euros), Ireland (72 billion euros) and Italy (65 billion euros). Pharmaceuticals, cars and auto parts, chemicals and aircraft were among the largest exports, according to EU data.The White House has been in trade negotiations with numerous countries, but progress has been unsteady. Finance leaders from the Group of Seven industrialized democracies tried to downplay disputes over the tariffs earlier in the week at a forum in the Canadian Rocky Mountains."The EU is one of Trump's least favorite regions, and he does not seem to have good relations with its leaders, which increases the chance of a prolonged trade war between the two," said Kathleen Brooks, research director at XTB.Shares in Germany carmakers and luxury companies, some of the most exposed to tariffs, fell on the threats.Volvo Cars CEO Hakan Samuelsson told Reuters on Friday that customers would have to pay a large part of tariff-related cost increases, and that it could become impossible to import the company's smallest cars to the United States.- But he remained hopeful that Europe and the United States will soon come to an agreement."It could not be in the interest of Europe or the U.S. to shut down trade between them," Samuelsson said.Apple declined to comment on

- Trump's threat, which would reverse exclusions he granted on smartphones and other electronics imported largely from China, in a break for Big Tech firms that sell consumer goods. Shares fell 2.5% in Friday trading."I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," Trump said in a post on Truth Social on Friday, referring to the Apple CEO, without additional details.

- Any effort to impose a tariff on Apple alone would likely face legal hurdles, according to experts."There's no clear legal authority that permits company specific tariffs, but the Trump administration may try to shoehorn it under its emergency power authorities," said Sally Stewart Liang, a partner at Akin Gump in Washington. Company-specific tariffs would require long investigations, such as those on anti-dumping, Liang said.Apple is speeding up plans to make most iPhones sold in the United States at factories in India by the end of 2026 to navigate potentially higher tariffs in China.But the odds on moving production to the U.S. are slimmer. In February, Apple said it will spend $500 billion over four years in nine American states, but that investment was not intended to bring iPhone manufacturing to the U.S."It is hard to imagine that Apple can be fully compliant with this request from the president in the next 3-5 years," D.A. Davidson & Co analyst Gil Luria said.

May 23 - Russia removes minimum wheat price recommendation for grain export traders, sources say
Russia, the world's biggest wheat exporter, has removed a minimum wheat price recommendation for its grain export traders until the end of the export season on July 1, four market sources told Reuters. The initial minimum price recommendation for May and June had been $250 dollars a metric ton, the sources said.

May 23 - Jordan tenders to buy up to 120,000 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 price offers is May 28. Shipment is sought in a series of possible combinations in consignments of 50,000 to 60,000 tons for September 1-15, September 16-30, October 1-15 and October 16-31.

May 22 - Algeria issues new tender to buy up to 80,000 metric tons of corn, traders say
Algerian state agency ONAB has issued a new international tender to purchase up to 80,000 metric tons of animal feed corn sourced from optional origins, European traders said on Wednesday. The deadline for submission of price offers in the tender is also Wednesday, May 21, they said.

May 22 - EU 2024/25 soybean imports up 7% by May 18, rapeseed up 24%
European Union soybean imports for the 2024/25 season that began in July reached 12.46 million metric tons by May 18, up 7% from the same period a year earlier, European Commission data showed on Tuesday. EU rapeseed imports in the same period were 6.28 million tons, up 24% year on year, while soymeal imports rose by 25% to 16.82 million tons.

May 21 - NITRO SHIPPING FREIGHT REPORT FOR GRAINS

AZOV SEA & BLACK SEA: Trading activity in the Azov Sea has remained very low this week, resulting in a further decline in freight levels. As a consequence, many vessel owners are opting to lay up their ships until the market shows signs of recovery. Charterers pay high 20's (around 27 usd) usd pmt fiost ex Rostov to Mersin / Iskenderun bss 3'k peas. No significant changes expected till the new grain season starts.

BALTIC SEA: The Baltic sea market dropped down a bit this week. 3'k grain products (sf abt 57") can be fixed ex Riga to Arag at low 20's eur pmt fiost in prompt.

CASPIAN SEA: Freight activity at the Caspian region remains low, primarily due to the ongoing suspension of Russian barley and corn exports. At the same time, Kazakhstan’s barley shipments have slowed noticeably, driven by tight supply, which further contributes to the muted cargo flow in the region. So far, the situation has seen little change — most players remain on standby, anticipating the start of Russia’s new export season on July 1st, which is expected to bring a much-needed boost in activity.

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

May 21 - Ukrainian Weekly Commodity Market (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
After a slowdown at the beginning of the month, agricultural exports begin to demonstrate positive dynamics by vehicles. For 19 days of May, volumes increased by 2.1% to 191.4 thousand tons compared to the same period in April. Almost all border posts recorded an increase in exports.
The largest increase was observed in the Moldovan direction, where the corresponding figure increased by 11.4% to 33.7 thousand tons. At the Romanian and Slovak border crossings, volumes increased by 2.4% and 1.4% - to 46.9 thousand tons and 10.2 thousand tons, respectively. At the Polish border, exports almost did not change in comparison with April - 77.6 thousand tons.
Only in the Hungarian direction agricultural exports decreased by 3.8% - to 22.9 thousand tons.
The main export goods for the corresponding period are sugar - 22.3 thousand tons and sunflower oil - 21.1 thousand tons.
The cost of road transport within Ukraine has increased in the range of 1-2 $ / t, the prices for European routes were reduced by 5-8 € / t, depending on the direction.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @105-132€
· Ternopil region - center. Bulgaria @75-105€
· Cherkasy region. - Pd. Romania @107-117€

- RAILWAY LOGISTICS
Railway tariffs for grain transportation in Ukraine keep the current level, which allows carriers to clearly plan freight trains and load wagons for June without the risk of unexpected costs. Carriers are already actively forming motion schedules and forecasting volumes of exports and transshipment at terminals to avoid downtime and ensure timely delivery of goods.
However, Ukrzaliznytsia's recent decision to raise rates for container transportation of goods over 26 tons has raised concerns among foreign investors: the Polish company Laude Smart Intermodal, which has invested about €300 million in Ukrainian transport infrastructure, warns about possible trade disputes and the loss of economic viability of its project in a letter to the Ministry of Economy. According to Laude Smart Intermodal, the increase in tariffs will create a negative effect: market participants will begin to abandon container rail transport in favor of road transport. This will lead to an increase in the load on the automotive infrastructure, a deterioration in the condition of roads, as well as rollback in the field of environmental friendliness and safety of transportation.
Thus, the planned increase in tariffs for container rail transportation is a threat of loss of investment, destabilization of the freight market, as well as deterioration of the infrastructure and environmental situation.

- WATER LOGISTICS
Freight rates for sea transportation from the ports of Greater Odessa and the Danube have not changed in a week. From the Black Sea in the direction of Spain, the cost of transportation hendisayzami is 18-20 $/t to Italy - 16-17 $/t. The cost of delivery by coasters from Ismail to Italy is within 29-30 $/t. The demand for transportation remains weak, and the excess of free fleet gives no reason to revise rates.

May 21 - Argentina extends tax break to wheat exports, rules out soy and corn
Argentina will extend a tax break on exports of one staple crop, wheat, while ruling out additional relief for other key grains shipments, Economy Minister Luis Caputo said on Tuesday. Farmers and exporting firms had been calling for the measure, which was set to expire at the end of June, to be extended.

May 21 - EU 2024/25 soft wheat exports at 18.45 million tons by May 18
European Union soft wheat exports since the start of the 2024/25 season in July had reached 18.45 million metric tons by May 18, up from 18.26 million a week earlier, and down 34% YEAR ON year, European Commission data showed on Tuesday. A breakdown of this season's volumes showed Romania was still the largest EU soft wheat exporter with 4.96 million tons exported so far, followed by Lithuania with 2.45 million tons, Germany with 2.36 million tons, Latvia with 2.09 million tons and France with 2.05 million tons.

May 20 - Ocean rates - Freightos Baltic Index
- Asia-US West Coast prices (FBX01 Weekly) increased 3% to $2,462/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 3% to $3,520/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 3% to $2,459/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 1% to $2,979/FEU.

The clock has started for the China-US tariff deescalation that expires August 14th. It is ticking even faster for US importers sourcing from a long list of US trading partners for whom a reciprocal tariff pause – likewise initiated to allow time for trade deal negotiations – will end on July 9th.
- So far though, only the UK has come to a tentative deal with the US, with the US’s insistence on keeping its 25% auto tariff in place reportedly a sticking point in negotiations with the EU, S. Korea and Japan. President Trump recently said he doesn’t expect to come to agreements with all of these countries in time and will therefore likely unilaterally apply tariffs instead, though it is unclear if those levies will be back to the levels announced in April or not.
- And to complicate matters further, it is also unclear if those July and August deadlines mean goods need to be loaded at origins by those dates – as was the case with the April 9th tariff deadline – or that goods must arrive in the US by then. The latter would significantly shorten these lower-tariff windows. Ocean shipments from the Far East would have to move in the next week or two to arrive before July 9th.
- The May 12th China-US deescalation is driving a big bump in China-US ocean demand after a significant drop in volumes since the US’s 145% tariffs on China took effect in early April.
In response, carriers are introducing mid-month GRIs of $1,000 - $3,000/FEU with similar increases planned for June 1st and 15th, aiming to push rates up to as high as $8,000/FEU in the next few weeks. If successful, rate levels would be about on part with the Asia - US West Coast 2024 high reached last July. Daily transpacific rates as of Monday have already increased about $1,000/FEU to the East Coast and $400/FEU to the West Coast to about $4,400/FEU and $2,800/FEU respectively.
- As demand rebounds, carriers are rushing to restore blanked sailings and suspended services cancelled during the April lull. But many transpacific vessels and containers were shifted to other lanes in the interim and are now out of position, leading to some capacity and equipment shortages in China as bookings pick back up.
This tight capacity is also contributing – together with congestion and delays of several days at some Chinese container hubs resulting from the increase in demand as well as some bad weather – to climbing container prices. Given the approaching deadlines, we may also see stronger demand and more upward pressure on rates to the West Coast than to the East Coast as shippers opt for shorter transit times.
- With so much ocean freight already frontloaded in the past six months and the 30% minimum China tariff still a substantial cost hike for US importers, some experts think demand and rates will rebound but not surge ahead of the August deadline – even if this week does mark an early start to this year’s peak season that may end earlier than usual as well.
Meanwhile, Jonathan Gold, VP of Supply Chain at the National Retail Federation, told us in our update webinar yesterday that he thinks importers will resume with significant frontloading both out of concern that tariffs on China could climb higher again and because many seasonal goods just couldn’t be ordered and moved yet – meaning that peak season has started and could be a strong one into August.
- By this time last year, Asia-Europe’s ocean peak season had already started as shippers tried to adapt to longer, Red Sea-diverted voyages by placing their peak season orders a couple months early. But despite Red Sea diversions still in place, Asia - Europe demand has yet to pick up this time around.

May 20 - Air rates - Freightos Air index
- China - N. America weekly prices increased 4% to $5.50/kg.
- China - N. Europe weekly prices increased 1% to $3.53/kg.
- N. Europe - N. America weekly prices fell 1% to $1.88/kg.

- In any case, carriers have announced GRIs for June that aim to push rates up to around $3,200/FEU to Europe and $4,500/FEU to the Mediterranean for around a $1,000/FEU gain – significantly lower than the $6,000 - $7,000/FEU level seen last June. This disparity may reflect the significant challenge that capacity growth is posing for carriers on this lane. The significant congestion that has persisted at many European hubs for weeks now has not supported rate increases yet, though reports that some Asia-Europe capacity is now shifting to the transpacific could help reduce capacity and push these GRIs through.
- A significant amount of freighter capacity has left the transpacific air cargo market since the US suspended de minimis eligibility for Chinese goods and e-commerce volumes moving by air cargo on this lane have dropped. With this shift concentrated in the chartered freighter market though, spot rates have for now remained elevated. Freightos Air Index China-US rates of $5.50/kg last week were level with early April prices. That formerly transpacific freighter capacity may be starting to move to other lanes though, which could start impacting rate levels for these markets as well.

May 20 - China April soy imports from Brazil fall 22.2% vs year earlier
China's soybean imports from Brazil fell 22.2% in April from a year earlier, data showed on Tuesday, as harvest delays, logistics issues and prolonged customs clearance disrupted shipments. China imported 4.60 million metric tons of the oilseed from Brazil last month, showed data from the General Administration of Customs.

May 20 - China's coal imports from Russia drop amid shift to domestic coal
China's coal imports from Russia fell 13% in April from the same month last year to 7.397 million metric tons, customs data showed on Tuesday, as overall coal imports fell sharply. Russian coal shipments to China could increase in the coming months as Moscow is planning to support its coal industry, hit by western sanctions, with discounts on rail transportation rates and guaranteed exports, according to a letter seen by Reuters and reports from coal-producing regions.

May 19 - US Virgin Islands ship registry plan will strengthen US shipping, governor says
A proposal to create a new international U.S. ship registry domiciled in the U.S. Virgin Islands aligns with President Donald Trump's efforts to strengthen the country's maritime industry and has support from the territory, its governor said. President Donald Trump's administration is considering the proposal as part of efforts to enlarge the tiny commercial shipping fleet flying the American flag, sources familiar with the matter told Reuters last week.

May 19 - South Korean flour mills tender for 50,000 T of U.S.-origin wheat
A group of South Korean flour mills has issued an international tender to purchase about 50,000 metric tons of milling wheat to be sourced from the United States only, European traders said on Friday. The deadline for submission of price offers in the tender is Monday, May 19.

May 16 - Ukrainian producers expect soybean export prices to grow in May
Soybeans are significantly undervalued and Ukrainian producers expect a resumption of soybean price growth by the end of May, Ukraine's agricultural producers union UAC said on Thursday. Ukraine recorded an all-time high soybean harvest of 6.5 million tons in 2024 but farmers may cut this year's sowing area by 12% to 2.4 million hectares because they can switch to more lucrative corn or sunflower, analysts and farmers say.

May 16 - A peek at next year's US grain exports in five easy charts: Braun
The U.S. government’s first estimates for the upcoming season are still hot off the press, but industry analysts are already discussing the feasibility of the figures, especially as they pertain to U.S. exports. U.S. corn exports have been on fire in the current 2024-25 marketing year while soybean and wheat shipments have been more modest, yet still respectable.

May 15 - Russia's projected fall in 2025 grain export revenues highlights problems in agriculture
State budget revenues from Russia's grain export duties, a major irritant for farmers, are set to fall by one-quarter this year from their planned level, while subsidies to farmers will decline by almost half, amendments to the 2025 budget showed. The figures highlight mounting problems in the country's agriculture sector, which was seen as a success story in recent years but is now affected by low global prices, high domestic interest rates, and increased costs for fuel and fertilizers.

May 15 - Light Chinese soy imports should raise eyebrows: Braun
China’s soybean imports recently dipped to a 12-year low, and trade estimates suggest the overall intake pace could still be sluggish by mid-year. But top supplier Brazil has harvested a record crop and its latest export volumes to China have hit all-time highs.

May 14  - NITRO Shipping Weekly Freight Report for Grains- AZOV SEA & BLACK SEA: The Azov Sea market is currently quite weak, with many vessels left idle as they await suitable cargo. Trade activity is sluggish, and when there are firm cargoes available, charterers are putting pressure on owners to accept lower freight rates. Ex Rostov to Marmara chartereres are paying гыв 17-19 pmt fiost bss 3/5'k wbp (sf abt 54") in prompt.- BALTIC SEA: The Baltic Sea basin is experiencing low activity this week, with numerous vessels making immediate inquiries for cargo.- CASPIAN SEA: Freight volumes through Caspian ports remain weak, largely due to ongoing disruptions in the movement of Russian cargoes, stemming from zero quota for barley and corn. Meanwhile, Kazakhstan's barley exports have slowed, driven by a drop in available supply, which adds to the overall reduction in cargo activity in the region.- FAR EAST: The market is steady nowadays.

May 14 - Ukrainian Weekly Freight Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
The volume of agricultural exports from Ukraine by road transport in the first 12 days of May amounted to 117 thousand tons, which is 12% less compared to the same period in April. Almost all border posts recorded a decline in exports.
The largest drop was observed in the Slovak and Hungarian directions, where exports decreased by 24.5% and 22.2% - up to 5.9 thousand tons and 14.3 thousand tons, respectively. At the Polish and Romanian borders, volumes decreased by 12.5% and 12.4% - to 48.5 thousand tons and 28.4 thousand tons.
In turn, the Moldovan direction recorded an increase in agricultural exports - by 5.4%, up to 20 thousand tons.
The main export goods for the corresponding period were sunflower oil - 13.5 thousand tons, and sugar - 11.5 thousand tons.
The cost of transportation by road inside Ukraine is stable, prices for European routes have not changed during the week.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @110-140€
· Ternopil region - center. Bulgaria @83-112€
· Cherkasy region. - Pd. Romania @115-125€

- RAILWAY LOGISTICS
The situation in the railway transportation market last week remained stable. The cost of transportation is stored at the level of the previous period, without changes or views on the part of operators. The absence of price fluctuations indicates a temporary balancing between the demand and the supply of transport capacity. This may be a consequence of the stabilization of logistics processes and a more uniform distribution of the load on the key railway nodes.
At the same time, blocking of the Dorohusk-Yahodyn checkpoint by Polish protesters could potentially affect the railway logistics. If the situation is prolonged, some of the cargo can be redirected to the railway, which will create an additional load on the infrastructure and may cause a point increase in tariffs in certain directions.
It is expected that in the near future the market will retain its current level of activity until new external factors appear or the active phase of the season begins. Further tariff dynamics will depend on seasonal demand, the situation at border crossings, as well as operators' decisions on routing rolling stock.

- WATER LOGISTICS
The freight market remains sluggish and oversaturated free fleet, which continues to put pressure on the stakes. Weak demand and high competition among ships do not allow fleet owners to achieve a tariff revision, despite increased costs due to the transition to more expensive fuel for vessels passing through the Mediterranean Sea in accordance with the new requirements of MARPOL.
The number of new fixings remains minimal and the market is stagnant. This situation is likely to remain at least until the beginning of the new season.
Accordingly, the rates from the ports of the Danube and Bolshaya Odessa are still unchanged.

May 14 - Russia plans rail transport discounts to support coal industry, letter shows
Russia plans to support its coal industry with big discounts on rail transportation rates and guaranteed exports, according to a government letter seen by Reuters and reports from coal-producing regions. Russia's coal exports fell by 6% last year under pressure from Western sanctions, infrastructure disruptions and profitability issues, the International Energy Agency has said.

May 14 - Brazil 2025/26 sugar exports seen stable versus previous cycle, analyst says
Brazil's sugar exports in the 2025/26 season could remain virtually stable compared to the previous strong cycle, with mills allocating more sugarcane to producing sugar, JOB Economics and Planning said on Tuesday. "The forecast for Brazil's sugar exports sees a repeat of the 2024/25 (season) of 35.1 million metric tons. This volume represents more than half of global sugar exports and gives Brazil the conditions to influence prices on international markets," JOB's managing partner Julio Maria Borges said in a report seen by Reuters.

May 13 - Ocean rates - Freightos Baltic Index
- Asia-US West Coast prices (FBX01 Weekly) increased 3% to $2,395/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 1% to $3,406/FEU.
- Asia-N. Europe prices (FBX11 Weekly) increased 6% to $2,398/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 3% to $2,939/FEU.

- The US and Chinese governments have announced a 90-day deescalation of the tariffs introduced by both sides in April.
Starting May 14th, the US will reduce its reciprocal tariffs on China from 125% to 10%, which – together with the 10% tariff increases introduced in February and again in March targeting fentanyl flows from China – bring the new baseline to a 30% minimum tariff on all Chinese exports to the US. Goods that were subject to tariffs already in place before President Trump took office this year are still face those additional duties as well.
China will reduce its April retaliatory tariffs on US exports from 125% to 10% as the parties commit to continued discussions and negotiations toward a new agreement during the three month pause.

- This resulting 30% minimum tariff on all Chinese goods is higher than the highest tariffs applied to a more limited list of goods during the first Trump administration. But National Retail Federation US ocean import data show that even when facing a minimum 20% tariff on all Chinese goods in March, US importers continued to frontload inventory ahead of the prospect of even higher tariffs. Volumes in March and April were 11% higher than in 2024 and featured one of the strongest Aprils on record, though some of that growth was from countries other than China, like Vietnam and Thailand.
- The 145% tariffs drove a drop of 35% or more in China-US ocean volumes since early April, so we’re likely to see a significant demand rebound in the near term as shippers replenish inventories that may have started to run down in the past month and as many Chinese manufacturers have high levels of finished goods already ready to ship.
With an August deadline for the possible return of higher tariff levels, it is also likely that the near-term ocean demand rebound will mark the start of more frontloading. If so, it would also mark the early start of this year’s peak season, which could end earlier than usual as well for the same reasons.
- Even with this deescalation with China though, the expected strength of this year's transpacific ocean peak season is still a matter of debate. Some experts are of the opinion that even though transpacific demand was strong under 20% tariffs on Chinese goods, 30% levels may deter some shippers. And, with all the frontloading shippers have already done, some peak season demand may already have been moved, which would also mean more subdued peak season volumes compared to last year.
- In terms of container rates, despite the sharp drop in China-US volumes since April, transpacific container rates have remained level at about $2,300/FEU to the West Coast and $3,400/FEU to the East Coast, as carriers reduced capacity by an estimated 22% through blank sailings and service suspensions, and by employing smaller vessels on this lane.
Carriers shifted some of that excess transpacific capacity and equipment to other lanes during the April-May pause, and the reduction in sailings over the last few weeks also means fewer empty containers than usual will be making their way back from the US to China in the near term.
- So if demand does pick up sharply, shippers may face a period of tight capacity and equipment shortages as volumes rebound and vessels and containers are still being moved back into place. The quick restart could also mean a big bump in the number of vessels and container volumes arriving at US ports in a few weeks. Taken together, shippers could face difficulty securing space and some congestion and delays in the next few weeks at both origins and US destinations. Even if this is the start of peak season though, it’s likely that this congestion will subside after the initial backlog and imbalances are cleared.
- This seasonal demand coming early and these possible near-term capacity restraints should drive spot rates up soon. But even with Red Sea diversions still in place, rates are already more than 30% lower than a year ago due to fleet growth and increased competition between the new carrier alliances. Taken together with the possibility that the coming months will see demand rebound but not surge for the reasons noted above, peak season rates may not climb as high as last year’s peaks when rates reached $8,000/FEU to the West Coast and more than $9,800/FEU to the East Coast.

May 13 - Air rates - Freightos Air index
- China - N. America weekly prices stayed level at $5.28/kg.
- China - N. Europe weekly prices increased 1% to $3.51/kg.
- N. Europe - N. America weekly prices fell 1% to $1.89/kg.

- As part of this interim US-China agreement, the US also adjusted its customs rules for low value goods from China that up until May 2nd had been entering under the de minimis exemption.
- Customs fees for low value imports arriving by postal service will be reduced from 120% to 54% on May 14th. The alternative of a $100 flat fee per low-value postal shipment remains unchanged but will not increase to $200 in June as previously specified. Low value goods not arriving by postal service will still be ineligible for the de minimis exemption and will be subject to formal entry and full duties – though this tariff level has now dropped from 145% to 30%.
The de minimis pause since May 2nd was already leading to reports of sharp drops in China-US e-commerce volumes. But as the vast majority of B2C e-commerce goods from China were moving via freighters often chartered directly by platforms like Temu and Shein, this demand drop is so far reflected mostly in canceled charter flights and not in changes to the spot market.
- Freightos Air Index China - US air cargo spot rates were level last week at $5.28/kg, down from about $5.50/kg in April, but are still well above typical non-peak levels. Even though e-commerce goods have gone mostly by charters, the e-commerce drain on freighter capacity is attributed with keeping transpacific spot rates elevated at around their current level since mid-2023. So – though it seems not to have happened just yet – when freed up freighter capacity re-enters the spot market we’re likely to see downward pressure on spot rates too.
- The US tariff drop to 30% may entice some e-commerce volumes back to air cargo as it reduces the duty burden on low-value goods. But with the interim agreement keeping de minimis eligibility suspended for Chinese goods, and with formal entry filing costs often exceeding the value of many e-commerce shipments, it seems unlikely that this 90-day pause will have as strong an effect on air cargo as it may on ocean freight.

May 13 - China forecasts lower soybean imports in 2025/26 on plans to reduce soymeal use
China forecast soybean imports would fall next year thanks to work to cut soymeal's use in the livestock sector in its first outlook for the upcoming 2025/26 crop year released on Monday. Efforts to reduce soymeal content in animal feed will lower consumption in the livestock sector and bring down imports next year, the report said.

May 13 - Algeria tenders to buy nominal 50,000 T soft milling wheat
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 Monday. The tender sought a nominal 50,000 metric tons but Algeria often buys considerably more in its tenders than the nominal volume sought.

May 12 - China buys Canadian, Australian wheat as heat hits crop, traders say
Chinese buyers bought between 400,000 and 500,000 metric tons of wheat from Australia and Canada in recent weeks, traders said, as heat threatens to damage crops in China’s agricultural heartlands. China is the world's top wheat grower and also imports large amounts of grain when domestic supply falls short of demand.

May 12 - South Korea’s KFA buys 60,000 metric tons of soymeal, traders say
South Korean import group the Korea Feed Association (KFA) on Friday purchased up to 60,000 metric tons of soymeal to be sourced optionally from South America, the United States or China, European traders said. The KFA’s Incheon and Busan sections are believed to have jointly made the purchase from trading house Cofco at an estimated $349.99 a metric ton c&f including a surcharge for additional port unloading, they said.

May 09 - China's export controls see April rare earth shipments tumble on month
China's exports of rare earths in April fell 15.6% from the month before after the country, which dominates global supply, announced controls on shipments of some of the critical minerals. China's exports of the group of 17 minerals stood at 4,785 metric tons last month, data from the General Administration of Customs showed.

May 09 - China lifts suspension on five Brazilian soy exporters ahead of Lula visit
China, the world's largest soybean buyer, has lifted restrictions for Brazilian soybean shipments from five firms previously suspended over phytosanitary concerns, the Brazilian government confirmed on Thursday. "The decision was made after technical understandings between the health authorities of Brazil and China," Brazil's Agriculture Ministry said in a statement.

May 08 - Ukrainian Weekly Freight Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
In April, exports of agricultural products from Ukraine by road amounted to 293.5 thousand tons, which is 9.6% less than in March. A decrease in agricultural products was observed at all borders.
On the Slovak border, the largest reduction was recorded - by 20.5%, to 15.5 thousand tons. Agroexport through Romanian and Polish checkpoints decreased by 15.8% and 8.6% - to 71.2 thousand tons and 122.6 thousand tons, respectively.
The lowest decrease in export volumes was recorded at the Hungarian and Moldovan borders, where indicators decreased by 3.5% and 1.3% - to 37.6 thousand tons and 46.1 thousand tons.
The main export goods for the month were sunflower oil - 31.4 thousand tons, and sugar - 26.3 thousand tons.
During the first 5 days of May, the volume of agricultural exports by road amounted to 45 thousand tons, which is 16% less compared to the same period in April.
Prices for transportation in Ukraine increased by 1-3$ compared to the previous period.
The cost of European routes has been reduced in the range of 2-3€.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @110-140€
· Ternopil region - center. Bulgaria @83-112€
· Cherkasy region. - Pd. Romania @115-125€

- RAILWAY LOGISTICS
During the last week, there has been an increase in demand for rail transportation of grain, which is caused by increased senders against the background of stabilization of the market situation and preparation for the new export season.
Against this background, the increase in tariffs for rail transportation is recorded. Depending on the direction of transportation, the cost increased by 1-4 US dollars per ton. The main factors of growth are increasing the load on key logistics nodes and increased demand for transportation in certain areas, which leads to an uneven distribution of capacity.
The current tariff dynamics indicates the resumption of logistics activity in the grain market, which can contribute to the formation of a stable cargo flow in conditions of gradual stabilization of foreign trade and logistics infrastructure.

- WATER LOGISTICS
The excess of free fleet against the background of a lack of stable traffic continues to put pressure on the market. Shipowners are trying to raise rates, but weak demand and high competition among the fleet do not allow this. As a result, the market is in a state of stagnation, and the lack of new goods restrains any fluctuations in rates.
Against this background, freight rates from the ports of the Danube and Bolshaya Odessa remain unchanged. This situation is expected to remain at least until the beginning of the new season. Market revival is possible if the export situation improves.

May 08 - NITRO Shipping Weekly Freight Report for Grains

- AZOV SEA & BLACK SEA: The Azov sea market remains weak. Very low trading activity. Charterers are squeezing owners further to get lower freight. A part of the fleet is laid up due to very low freight levels. Other vessels are competing over the market cargoes. Charterers pay less than usd 20 pmt fiost bss 3'k wheat (sf 46') ex Rostov to Marmara in prompt.

- BALTIC SEA: The Baltic sea basin is steady this week.

- CASPIAN SEA: Freight activity via Caspian basin ports remains under persistent pressure, with Russian-origin cargoes continuing to face logistical and supply-side constraints. In addition, Kazakh barley exports have seen a noticeable decline, primarily due to reduced product availability, further tightening cargo volumes in the region.

- FAR EAST: Dry bulk freight rates experienced a modest downturn, driven by ongoing disruptions in cargo availability

May 08 - Brazil's May soy exports could drop as trade war, large crop extend season - Anec
Brazil's soybean exports could fall to 12.6 million tons in May despite the country having just harvested a record crop and China importing more amid a trade spat with the United States, according to projections from grain exporters association Anec on Wednesday. Anec's current export estimate for May, which may still be revised based on upcoming shipping schedules, shows a potential 900,000-ton fall from both April of this year and May of the last.

May 08 - South Korea’s KFA bought up to 70,000 T corn in private deal, traders say
The Korea Feed Association in South Korea is believed to have purchased about 65,000 to 70,000 metric tons of animal feed corn to be sourced from optional origins in a private deal on Wednesday without issuing an international tender, European traders said. The corn was believed to have been purchased by the KFA’s Incheon section from trading house CHS at an estimated outright price of $242.90 a ton, cost and freight included, for shipment to one port.

May 07 - India's SAIL to import trial coking coal cargo from Mongolia, maybe by airIndia's state-run Steel Authority of India Ltd plans to import a trial cargo of coking coal from Mongolia this month and may transport the sample by air to speed up testing, two sources familiar with the matter said. The move is part of SAIL's efforts to diversify its coking coal sources beyond Australia - a major supplier to India, but a country from which India has faced supply disruptions.

May 07 - South Korea’s MFG buys about 267,000 T corn in private deals
South Korea's Major Feedmill Group purchased around 267,000 metric tons of animal feed corn in private deals on Tuesday, traders said. The deals continue brisk purchasing by Korean corn importers this week and last, with the Korea Feed Association also buying 65,000 tons on Tuesday.

May 06 - Hong Kong's freight forwarding industry hit by trade war, SCMP reports
Hong Kong's freight forwarding industry is reeling from the U.S.-China trade war with 41% of container capacity from the city to North America's west coast cancelled for the week starting May 12, the South China Morning Post reported. Hong Kong, a global shipping hub which plays a key role in re-exporting goods, is likely to see a huge economic hit, the SCMP reported, quoting Joyce Tai, executive vice-president for worldwide partnerships at freight booking platform Freightos.

May 06 - Thailand hopeful of reaching rice export target this year, says official
Thailand is hoping to achieve its rice export target of 7.5 million metric tons this year, despite a sharp fall in first-quarter shipments, as sales to the United States have increased, a commerce ministry official said. The ministry will ensure rice shipments can continue by seeking government-to-government deals, including with China, and will push for exports to African markets, Arada Fuangtong, head of the ministry's foreign trade department, told reporters.

May 05 - South Korea’s MFG bought 65,000 to 70,000 T corn in private deal, traders say
South Korea's Major Feedmill Group purchased an estimated 65,000 to 70,000 metric tons of animal feed corn in a private deal late last week without issuing an international tender, European traders said. It was bought at an estimated $248.40 a ton cost and freight included plus an additional $1.25 a ton surcharge for additional port unloading.

May 05 - South Korean mills bought 35,800 T wheat from the US, traders say
A group of South Korean flour mills bought an estimated 35,800 metric tons of milling wheat to be sourced from the United States in an international tender earlier this week, European traders said on Friday. The purchase involved several different wheat types and was all bought on a free on board basis for shipment between July 15 and August 15.

May 02 - Colombia's Q1 coffee exports jump 20%, says farming group
Colombian coffee exports increased 20% in the first quarter compared to a year ago to 3.59 million 60-kg bags, the largest volume for the quarter in five years, according to the Federacion Nacional de Cafeteros.  FNC's Chief Executive German Bahamon said in a post on X that the result indicates that Colombian coffee has recovered competitiveness in the global coffee market in a period of challenging logistics and geopolitical turbulence.

May 01 - Argentina soybeans farmers notch biggest sales day of 2025
Argentina has recorded its largest single-day sales volumes for soybean so far in 2025, the country's Rosario grain exchange said on Wednesday, as the key grain transactions pick up after hitting their slowest pace in over a decade. Farmers in the South American agricultural powerhouse sold 230,000 metric tons of soybeans on Tuesday, the exchange said, after harvest delays caused by heavy rainfall and uncertainty over industry policies and exchange rates brought trading to its slowest pace in 11 years.

May 01 - South Korea’s NOFI buys about 65,000 T feed wheat, traders say
Leading South Korean animal feed maker Nonghyup Feed Inc. purchased about 65,000 metric tons of animal feed wheat in an international tender on Wednesday, European traders said. It was bought in one consignment at an estimated $254.27 a ton cost and freight included, plus a $1.50 a ton surcharge for additional port unloading.

Apr 30 - NITRO Shipping Weekly Freight Report for Grains

AZOV SEA & BLACK SEA: The Azov Sea market continues to show significant weakness. Some owners have opted to lay up all or part of their fleet since current freight rates are not enough to cover operational expenses. This week even 3'k freight levels dropped down due to low activity among the buyers.

BALTIC SEA: The market in the Baltic basin is relatively stable.

CASPIAN SEA: Over the past months, freight movement via Caspian basin ports remains under pressure, particularly for cargoes originating from Russian load ports. Nevertheless, Kazakh ports continue to show steady activity, especially on grain exports — with barley volumes to Iran staying firm, indicating ongoing demand.

FAR EAST: Freight levels have dipped slightly, reflecting recent cargo supply issues.

Apr 30 - Ukrainian Weekly Freight Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
As of April 29, exports of agricultural products by road amounted to 274.3 thousand tons, which is 7% less compared to the analog period of March. Almost all checkpoints observed drop in agricultural exports.
The largest reduction was recorded at the Slovak border, where volumes decreased by 18% - to 14.7 thousand tons. At the Romanian border checkpoints, the corresponding indicators fell by 12% and 7% - to 67.4 thousand tons and 113.9 thousand tons, respectively. Agroexport across the Moldovan border has suffered a slight drop - up to 42.5 thousand tons.
Instead, through the Hungarian border, exports increased by 3.5% compared to the previous month - up to 35.7 thousand tons.
Sunflower oil - 29 thousand tons, and sugar - 25.4 thousand tons remain the main export goods for the corresponding period.
Rates for transportation within the country suffered a slight decrease in the range of 1-2$.
The cost of transportation to Europe remains stable.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @113-142€
· Ternopil region - center. Bulgaria @85-114€
· Cherkasy region. - Pd. Romania @118-128€

- RAILWAY LOGISTICS
Over the past week, the logistics market saw an increase in freight rates. Currently, the increase range is 1-3$ compared to the previous period.
Against this background, it is important to note the new initiative of "Ukrzaliznytsia" to increase tariffs for freight transportation. This time, representatives of the company offer to position the change in rates not as an increase, but as an "indexation". According to them, tariff policy needs to be revised, since since 2022 the overall price level in the country has increased significantly, while tariffs have remained unchanged. At the same time, it should be noted that in 2022, the tariffs for cargo transportation had already been increased by almost half. Currently, the initiative involves raising existing rates by 20-40%.
The increase in tariffs for rail transportation will lead to an additional increase in the costs of cargo owners and may adversely affect the total cost of production.

- WATER LOGISTICS
Activity in the market of sea transportations from the ports of Big Odessa remains low. The demand for freight is constrained by a lack of export cargo and an excess of free fleet. Despite this, in some areas there is a local increase in rates. In particular, to Spain from the Black Sea - up to 18-20 $/t. The cost of delivery to Italy remains stable at 16-17 $/t.
Rates for transportation from the Danube ports for a week have not changed. The cost of delivery by coasters from Ismail to Italy is within 28-30 $/t.

Apr 30 - Jordan buys estimated 60,000 T 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 Al Dahra at an estimated $259.99 a ton cost and freight included for shipment in the second half of September, they said.

Apr 30 - South Korea’s MFG buys about 66,000 T corn, traders say
South Korea's Major Feedmill Group purchased an estimated 66,000 metric tons of animal feed corn to be sourced optionally from the United States, South America or South Africa in an international tender on Tuesday, European traders said. One consignment was bought at an estimated $252.33 a ton cost and freight plus an additional $1.50 a ton surcharge for additional port unloading.

Apr 29 - Weekly Ocean rates - Freightos Baltic Index
- Asia-US West Coast prices (FBX01) fell 1% to $2,328/FEU.
- Asia-US East Coast prices (FBX03) fell 2% to $3,395/FEU.
- Asia-North Europe prices (FBX11) stayed level at $2,337/FEU.
- Asia-Mediterranean prices (FBX13) increased 5% to $3,082/FEU.

- With a minimum 145% tariff on all goods from China, many US importers are canceling orders and pausing shipments in hopes that direct negotiations – which have not officially begun yet – between the two countries will result in deescalation and lower tariffs soon.
In the meantime, reports on the drop in China-US ocean freight demand range from around 30% to more than 50% in the last few weeks. In response to falling volumes, carriers are blanking a significant share of China - N. America sailings and suspending services, with estimates that 28% of transpacific capacity will be removed to the West Coast for the coming weeks and 42% to the East Coast.
- Many China-reliant US importers may be well positioned to completely pause shipments from China – at least for a few weeks – because of inventory surpluses built up over the last few months via frontloading ahead of the expected tariffs. If tariffs are not lowered within that window, US consumers could start seeing inventory shortages for some types of goods – especially items like toys, baby products and sporting goods, the majority of which are manufactured in China – and significant price increases as importers are forced to face very steep duties.
- That the ocean capacity reductions may be smaller than the drop in China - US ocean freight demand may reflect the recent volume increase out of other Far East countries whose major ports are often called on China - N. America container service loops. Many shippers on these lanes are pulling forward volumes before the 90-day pause on US reciprocal tariffs for these countries expires in July, even as the White House seeks to streamline negotiations with many of these countries aimed at removing or reducing these tariffs before the deadline.
- Some forwarders report that this increase in transpacific demand out of South East Asia – with some estimates putting bookings from SEA to the US up 20% in the last few weeks – is to some extent offsetting their drop in freight demand out of China. Carriers may shift some of the blanked China - US capacity to these lanes to meet that demand, though too much of a volume uptick could result in congestion, delays, and possible equipment shortages as volumes rapidly shift away from China.
- In terms of container rates, the rash of blank sailings should stabilize prices out of China moving forward even if volumes fall, though lane-level transpacific prices surprisingly fell only slightly from earlier in the month, even during the period before many sailings were blanked.
- Freightos Terminal data on the port-pair level, however, shows that on some lanes rates from China and those from some countries currently within the 90-day tariff pause have diverged. While prices to Long Beach from both Shanghai and Vietnam’s Saigon Port increased more than 40% between the time of the reciprocal tariff announcement on April 2nd and their start date on April 9th, since then Shanghai - Long Beach rates have fallen more than 30% while prices out of Saigon have remained at their elevated level.
 
Apr 29 - Weekly Air rates - Freightos Air index
- China - N. America weekly prices increased 1% to $5.58/kg.
- China - N. Europe weekly prices fell 1% to $3.71/kg.
- N. Europe - N. America weekly prices fell 5% to $2.01/kg.

This effect has been much less apparent for air cargo. Tariff exemptions for electronics and the last chance for China e-commerce exports to enter the US via the de minimis exemption are combining to keep rates level and elevated, with Freightos Air Index China-US prices at $5.58/kg last week. The May 2nd suspension of de minimis eligibility for Chinese goods, though, is expected to have a dramatic effect on China - US air cargo volumes and rates.

Apr 29 - China's Zhoushan port to see 48% jump in Brazilian soybean ships in April, state media reports
Around 40 Brazilian soybean ships are expected to have docked at China's Zhoushan port in April, up 48% from last year, a social media account affiliated with the state broadcaster reported on Monday, as China shuns U.S. suppliers in an escalating trade war. The account, Yuyuantantian, said the port is projected to unload a total of 700,000 metric tons of Brazilian soybeans this month, a 32% increase.

Apr 29 - Egypt buys 466,266 tons of wheat from local farmers, document shows
Egypt, often the world's top wheat importer, has bought 466,266 metric tons of wheat from local farmers since the procurement season officially started in mid-April, an official document showed on Monday. That is a fall of more than 37% from purchases made in the same period of last year.

Apr 28 - Trump says US ships should be allowed to travel through the Panama and Suez canals for free
U.S. President Donald Trump said on Saturday that American military and commercial ships should be allowed to travel through the Panama Canal and Suez Canal free of charge. "I’ve asked Secretary of State Marco Rubio to immediately take care of, and memorialize, this situation," Trump said in a post on Truth Social.

Apr 28 - Iraq to send 220,000 tons of wheat to Syria as a gift, Syrian state media says
Iraq will ship 220,000 tons of wheat to Syria as "a gift", Syrian media said on Friday, citing the director of the General Organization for Grains, adding that the first batch has already arrived in Syria's Deir el-Zor. Syria had bought about 100,000 tons of wheat in its previous tender reported on March 25, which was believed to be the first large purchase tender since the change of power in Syria late last year.

Apr 25 - Trump trade war is wrecking hope for 2025 US trucking rebound
U.S. truckers are moving record volumes of auto parts, appliances and sneakers after their customers stocked up ahead of President Donald Trump's tariffs, but an industry slowdown looms as those new duties start choking economic activity. The $906 billion U.S. trucking industry was clawing back from a nearly three-year freight recession before Trump took office on January 20. Now that Trump's import duties are in force, the bounce-back that the industry hoped for is at risk.

Apr 25 - Iran bought about 60,000 tons of barley in tender this week, traders say
State-owned Iranian animal feed importer SLAL is believed to have purchased about 60,000 metric tons of animal feed barley in an international tender this week, European traders said. Separate tenders seeking up to 120,000 tons of animal feed corn, 120,000 tons of feed barley and 120,000 tons of soymeal had closed on April 21.

Apr 24 - South Korean mills buy over 50,000 T wheat from US
A group of South Korean flour mills bought over 50,000 metric tons of milling wheat to be sourced from the United States in an international tender on Wednesday, European traders said. The purchase involved several different wheat types and was all bought on a free on board basis for shipment between June 1 and June 30.

Apr 24 - Jordan buys about 50,000 T feed barley in tender, traders say
Jordan's state grain buyer has purchased about 50,000 metric tons of animal feed barley in an international tender seeking up to 120,000 tons on Wednesday, European traders said. It was said to have been bought from trading house Solaris at an estimated $232.00 a ton cost and freight included to be shipped in the first half of August.

Apr 23 - Ukrainian Weekly Freight Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
For the 21st day of April, the volume of exports of agricultural products by road amounted to 198.6 thousand tons, which is 10.4% less compared to the same period in March. The decline in agricultural exports was observed through all checkpoints.
The largest drop was recorded at Slovak and Romanian checkpoints. The volumes of agricultural exports decreased by 24.1% and 13.4% to 10.5 thousand tons and 48.4 thousand tons, respectively. At the Polish and Moldovan borders, exports decreased by 10.2% and 6.1% to 82.9 thousand tons and 31.4 thousand tons.
The lowest decline was recorded at the Hungarian border, where in April 21, the volume of exports decreased by 3.1% - to 25.2 thousand tons.
The main export goods for the corresponding period were sunflower oil - 20.7 thousand tons, and sugar - 17.3 thousand tons.
The cost of transportation on Ukrainian routes has not changed.
Rates on European destinations decreased by 1-2 € compared to the previous period.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @113-142€
· Ternopil region - center. Bulgaria @85-114€
· Cherkasy region. - Pd. Romania @118-128€

- RAILWAY LOGISTICS
In the railway transportation market of grain crops during the last week the situation remained stable — tariff rates have not undergone significant changes. Despite the overall low activity, carriers that have stable partnership with customers continue to work with profit. At the same time, the situation remains difficult for less flexible or new operators.
The free fleet of cars is kept at a high level, which indicates a limited need for transportation and gives additional signals of restrained demand.
According to the freight forwarders, in the short term, the situation is likely to remain unchanged, because new impulses for growth are not yet available.

- WATER LOGISTICS
Due to the limited number of cargoes and the lack of new applications from the Danube ports, the rates for coasters have decreased. This allowed the charterers to strengthen their positions, forcing the shipowners to adjust prices. As a result, rates in the direction of Italy decreased to 28-30 $/t.
At the same time, the market of sea transportation from the ports of Big Odessa remains stable. Freight rates for vessels such as hendisays are 16-17 $/t in the direction of Italy and 17-19 $/t - to Spain.

Apr 23 - NITRO Shipping Weekly Freight Report for Grains

AZOV SEA & BLACK SEA: The Azov sea market is very weak. Still strong Russian ruble making trade difficult. Charterers are ready to pay higher money bss 3'k lots. 3'k wheat lots from Rostov to Marmara can be fixed at usd 21-22 pmt fiost in prompt. In contrast, 5-7'k lots is lower, and many of these vessels are having difficulty finding cargo. As a result, charterers are exerting downward pressure on rates.

BALTIC SEA: The Baltic basin is experiencing low activity this week. Following the holidays, traders seem less engaged.

CASPIAN SEA: In recent months, the situation with cargo transportation through the ports of the Caspian basin has remained tense, especially in the context of cargo shipments from Russian ports. Despite the increasing difficulties and challenges, Kazakhstan's ports continue to actively export grains, especially barley, which indicates good demand from Iran.

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

Apr 23 - Weekly Ocean rates - Freightos Baltic Index
- Asia-US West Coast prices (FBX01 Weekly) fell 5% to $2,343/FEU.
- Asia-US East Coast prices (FBX03 Weekly) fell 5% to $3,467/FEU.
- Asia-N. Europe prices (FBX11 Weekly) fell 1% to $2,340/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) increased 7% to $2,935/FEU.

- President Trump’s exemption of many electronics from reciprocal tariffs – including from the 145% minimum levy on all Chinese exports – has not slowed the steep drop in China-US container trade that started on April 9th.
- Some US-bound vessels are reportedly departing China only half full as many shippers cancel orders that have now more than doubled in cost. In response, carriers are blanking sailings at the rapid rate reminiscent of the start of the pandemic when demand collapsed for several months.
- Inventories that importers built up from frontloading over the last few months will allow many shippers to wait out the current tariff hike on Chinese goods for several months, while spiking demand for bonded US warehouses also reflects this wait and see approach. Very recent statements from the president and Treasury Secretary to the effect that negotiations, de-escalation, and a significant lowering of tariffs on China could be coming soon may be encouraging for shippers currently in a holding pattern.
That carriers are blanking few Asia - Europe sailings despite the record capacity scheduled on this lane suggests that demand is increasing to Europe, with speculation that some orders canceled by US shippers are being diverted to the European market.
- The European Commission, concerned with a potential flood of Chinese goods, has started monitoring import levels closely. A sharp increase in container traffic to Europe could also exacerbate the current port congestion at several European hubs. Alternative export markets for China, like India, are also anticipating an increase in finished Chinese goods if China is forced to diversify away from the US.

- China’s decision to retaliate US tariffs – which has meant a drop in US exports as well – sets it apart from nearly all other countries opting to negotiate with the US instead. In addition to seeking commitments to lower barriers to and buy more US exports, the US may also ask partners to reduce their trade with China – an element China is warning these countries against and threatening retaliation.
- Though the tariff roll out on China has put China - US ocean demand on pause, the 90-day reprieve on all other reciprocal tariffs means that many shippers on other lanes will continue to frontload ahead of the July deadline in case negotiations fail. Carriers on these lanes may be expecting an early – and possibly short – peak season as a result, with Peak Season Surcharges of $2,000/FEU announced for May, and Maersk’s Asia - US PSS excluding shipments from China.
- Though country-to-country level data shows rates to the US have increased slightly from origins like Vietnam since the tariff pause, prices from China – despite reports of a sharp drop in demand – have surprisingly not collapsed. On the overall lane level FBX Asia - N. America rates eased only slightly last week. The significant upcoming transpacific blanked sailings will aim to prevent a sharp rate slide despite falling volumes. Asia - Mediterranean prices increased 7% to about $3,000/FEU last week, and may reflect some diverted volumes and increased demand on this lane.
- Frontloading to date, China tariffs, and the possible introduction of more tariffs in July will likely mean a drop in US container import volumes for H2. The WTO projects the trade war in its current form will cause global trade in goods to contract by as much as 1.5% and US imports to fall by 10% or more – with import strength so far this year meaning most of that drop will come in the second half of the year. A dramatic de-escalation and lowering of tariffs would minimize these impacts, though volumes already pulled forward may nonetheless mean a somewhat slower H2 than normal.
- Finally for ocean freight, the USTR released a revised port call fee proposal targeting Chinese ship building.
The scaled-back though still significant fees would go into effect in October, apply only to Chinese carriers or China-made vessels, and be assigned per call to the US instead of per port call. This version is also subject to change, with a hearing scheduled for May, but its current iteration would not lead to the significant port call omissions and congestion that many feared would result from the original per port call proposal.

Apr 23 - Weekly Air rates - Freightos Air index

- China - N. America weekly prices increased 2% to $5.54/kg.
- China - N. Europe weekly prices stayed level at $3.75/kg.
- N. Europe - N. America weekly prices fell 1% to $2.11/kg.

- There were more signs this week that the looming May 2nd cancellation of US de minimis eligibility for Chinese imports will have a significant impact on the air cargo market.
UPS and FedEx are applying surcharges to China-US parcels for the rest of the month, possibly reflecting a last-minute surge in demand ahead of the expiry, and Hong Kong Post announced it will no longer handle US-bound parcels in protest to the tariffs. DHL has suspended service for imports above the $800 but below $2,500 in value which since April 5th have required a formal entry process, as the sudden rule change has overwhelmed operations.
Temu and Shein informed their US customers that they will increase prices this week due to the US policy changes. Recent increased sales on these platforms may also reflect a last-minute rush by US shoppers before the May deadline, with China-US air cargo rates level at about $5.50/kg since climbing 20% through March.

Apr 23 - Black Sea may hold back world wheat supplies into 2026
The global wheat market narrative has recently shifted, though it's easy to have missed it. Exportable world wheat supplies in 2024-25 are no longer expected to fall to multiyear lows, a perhaps predictable outcome based on recent patterns. But the relief could be temporary. Meager outlooks for the upcoming wheat harvests in Russia and Ukraine, which account for about 30% of global wheat exports, mean that the thinning supply story could reemerge for 2025-26, and potentially for real this time.

Apr 23 - Jordan buys estimated 60,000 metric 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 $261.70 a ton cost and freight included for shipment in the second half of July, they said.

Apr 22 - Thai first-quarter rice exports fall 30% annually
Thailand's rice exports fell 30% annually in the first quarter of this year to 2.1 million metric tons, an industry association said on Monday. The decline was due to countries delaying buying decisions and India resuming rice exports, Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, told reporters.

Apr 22 - Vietnam cracks down on fraud on US exports, document shows
Vietnam's trade ministry has issued a directive to crack down on illegal transhipment of goods to the United States and other trading partners as it tries to avoid steep U.S. tariffs, according to a document reviewed by Reuters. The ministry in the directive, which was dated and effective April 15, said trade fraud was likely to increase amid growing tension caused by U.S. tariffs.

Apr 21 - First wheat shipment since Assad's ouster arrives in Syria's Latakia
A ship carrying wheat has arrived in Syria's Latakia port, the first delivery of its kind since former President Bashar al-Assad was ousted by rebels in December, the government said on Sunday. Officials of the new Islamist-led government say that while imports of wheat and other basics are not subject to U.S. and U.N. sanctions, challenges in securing financing for trade deals have deterred global suppliers from selling to Syria.

Apr 21 - Russia's March seaborne grain exports fell 58% to 2.3 million tons
Russia's seaborne grain exports dropped by 58% year-on-year in March, falling to 2.3 million metric tons, according to shipping data from industry sources released on Friday. Russia, the world's leading wheat exporter, shipped grain to global markets at a record pace during the first part of the 2024/25 marketing season, which began on July 1 of last year. However, the introduction of export quotas in February led to a sharp decline in exports.

Apr18 - Easter Holidays

There are lots of holidays this week and next due to Christian Easter holidays.
Some countries like Brazil are closed on both Friday 18 (Good Friday) and Monday 21 (Easter Monday). Here in France things are only closed on Monday.

Apr 17 - US cotton exports to India rise on lower prices, tariff uncertainties
U.S. upland cotton exports to India have risen in the past few months fueled by global tariff conflicts, declining American prices and rising demand in the South Asian country, industry experts said. Exports to India from February to April jumped to 155,260 running bales, from 25,901 shipped during a year ago period, according to the U.S. Department of Agriculture's data.

Apr 17 - Algeria buys about 570,000 T wheat in tender, traders say
Algeria’s state grains agency OAIC has bought an estimated 570,000 metric tons of milling wheat in an international tender which closed on Wednesday, European traders said in initial assessments. Some estimates of volume bought were up to 600,000 tons.

Apr 16 - Weekly Ocean rates - Freightos Baltic Index
- Asia-US West Coast prices (FBX01 Weekly) increased 10% to $2,465/FEU.
- Asia-US East Coast prices (FBX03 Weekly) increased 3% to $3,647/FEU.
- Asia-N. Europe prices (FBX11 Weekly) fell 1% to $2,365/FEU.
- Asia-Mediterranean prices (FBX13 Weekly) fell 5% to $2,751/FEU.

It’s been another headspining week in Trump’s second trade war replete with more escalations, u-turns and confusion and uncertainty for shippers.
- The president’s unprecedented reciprocal tariffs on about 60 US trading partners announced on April 2nd went into effect on the 9th, only to be paused for three months a day later. China – which chose to retaliate against the reciprocal tariffs – was excluded from this 90-day pause as a flurry of retaliations and counter retaliations ended with both countries imposing a minimum of 125% tariffs on each other.
- Trump further exempted electronics – including smartphones, computers and semiconductors – from all reciprocal tariffs late last week for an unspecified period of time. This carve out includes these types of goods from China, though the president’s 20% tariffs imposed on China earlier in the year as well as any from previous years would still apply.
To start the month the president initiated a trade investigation into semiconductors – and the many electronics that contain them – which could mean the electronics exemption will be short lived and replaced by a separate, global, sectoral tariff in the coming weeks, with an investigation into pharmaceutical trade also underway.
- As the 90-day pause was limited to the reciprocal tariffs, it kept the 10% global tariff in place and other tariffs like the 25% levy on Canada and Mexico and 25% tariffs on vehicle imports in effect as well. Trump stated though, that he is considering a short-term exemption for vehicle imports to give companies time to shift operations to the US.
- Many countries are already pushing to negotiate with the US during this three month reprieve though no settlements have been announced yet and the EU, for example, reports that talks have not been productive. Trump has called on China to come to the negotiating table as well. With so much apparently subject to change and therefore still up in the air, importers are very hesitant to make any drastic changes to their supply chains just yet.
- For freight, last week’s reciprocal tariff roll out resulted in reports of a widespread drop in container bookings out of Asia. The 90-day pause on those tariffs alongside the escalation of US trade hostilities with China however, mean that while shipments out of China remain paused, many of those sourcing from other Asian countries have already started increasing their orders again in an effort to get ahead of possible tariff resumptions in July.
- With a minimum of 125% tariffs on all goods out of China remaining in place, there are reports of an extreme drop in container export bookings out of China as shippers wait and see what will happen next, with reports of an increase of blanked sailings on this lane as demand slumps.
- Many US importers on this lane had been frontloading goods since the November election in anticipation of tariff hikes. This inventory build up should enable many shippers to hit pause for a while and see where negotiations might lead before deciding their next moves – shifting to other sourcing options or resuming shipments from China and facing higher costs.
For shippers on other lanes, the 90-day reprieve means another window to pull forward goods ahead of possible tariff increases, with reports that frontloading is already underway. This new opportunity for frontloading will likely mean some increased demand for ocean freight on these lanes in the near term, followed by lower demand (and rates) after the deadline passes – another indication that the typical peak season months will be subdued due to demand pulled forward since late last year.
- The near term need to blank sailings out of China and possibly increase services from other origins in Asia may prove challenging for ocean carriers and cause delays for shippers, with empty containers concentrated in China likely to pose a challenge too. Transatlantic surcharges announced for May could also point to carrier expectations of frontloading ahead of the July deadline.
- The overall Asia - N. America lane-level container rates increased somewhat last week, reflecting the start of the month GRIs, though daily rates so far this week have reversed much of those modest gains. But the likely pull back in demand out of China and increase in demand from other Asian origins may be reflected in diverging rates on the port-pair level.
- Freightos Terminal data shows that container rates from China, Taiwan and Vietnam to the Long Beach all climbed sharply following the April 2nd tariff announcements – possibly reflecting the rush to load goods by April 9th when the reciprocal tariffs went into effect. But while rates from Shanghai have dropped 16% since tariffs went into effect, prices from Taiwan and Vietnam have stayed elevated.
- In other trade war-related news for ocean freight, the USTR’s proposed port call fees targeting Chinese-made vessels will likely be revised to a less far-reaching version and may not be rolled out for several months, as this measure will be part of the more comprehensive Maritime Action Plan that the president last week requested that federal agencies deliver within seven months.

Apr 16 - Weekly Air rates - Freightos Air index
- China - N. America weekly prices fell 1% to $5.43/kg.
- China - N. Europe weekly prices fell 1% to $3.75/kg.
- N. Europe - N. America weekly prices fell 5% to $2.13/kg.

For air cargo, the looming May 3rd US de minimis cancellation for all Chinese imports may already be resulting in a slow down of e-commerce imports from Chinese platforms like Shein and Temu. Freightos Air Index China - US rates nonetheless remained elevated at close to $5.50/kg last week. The electronics and pharmaceuticals exemptions from reciprocal tariffs, as well as the approaching May 3rd roll out for automotive parts tariffs, could drive some short term increase in air cargo demand for these types of goods, though so far these factors have not been reflected in rate increases.   

Apr 16 - Ukrainian Weekly Freight Report (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
As of April 15, the volume of exports by road amounted to 153.5 thousand tons, which is 3.5% more than in the same period in March. The rate of export through border posts varied depending on the direction.
Hungarian to the Romanian checkpoints continue to show positive dynamics. The volumes of agricultural exports through them increased by 23% and 5% - to 21.4 thousand tons and 37.5 thousand tons, respectively.
At the Polish and Slovak checkpoints, exports almost did not change compared to the previous month and amounted to 64.1 thousand tons and 9 thousand tons.
Due to the Moldovan border, export volumes decreased by almost 6% - to 21.4 thousand tons.
The main export goods for the month were sunflower oil - 15.5 thousand tons, and sugar - 14.2 thousand tons.
Rates of domestic transportation increased by 3$ compared to the previous period. The cost of European routes also shows growth, the range is 3-4€, depending on the route.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @115-143€
· Ternopil region - center. Bulgaria @86-116€
· Cherkasy region. - Pd. Romania @120-130€

- RAILWAY LOGISTICS
Over the past week, the domestic railway transport market continues to show lower tariffs. The shipping cost has decreased by a few dollars per ton, reflecting the general trend of weakening activity in the segment. Among the main factors — the lack of new export demand and the completion of peak logistics cycles. Operators are increasingly reviewing their price offers in the direction of reduction, trying to adapt to a limited market.
In many directions, there is an excess of free rolling stock, which only increases the pressure on the rates. At the same time, the motor transport continues to select a part of the volumes, especially at short distances, offering more operational conditions.
The prospects for the coming period remain moderately pessimistic. The market is waiting for a new season, which can intensify transportation. By that time, the overall picture is unlikely to undergo significant changes, and rail logistics will continue to operate in conditions of reduced demand and soft price pressure.

- WATER LOGISTICS
Last week's price stability was observed in the maritime market. The cost of transportation from the ports of Greater Odessa and the ports of the Danube has not changed, which is due to the limited volume of export cargo and the surplus of free fleet. In the absence of sufficient demand, shipowners have no reason to revise the rates.
The cost of transportation by hendisayzamy from the Black Sea to Spain is $ 17-19 / t, to Italy - $ 16-17 / t. Freight rates on coasters from Ismail to Italy - 29-31 $/t.

Apr 16 - Trump orders tariff probe on all US critical mineral imports
U.S. President Donald Trump on Tuesday ordered a probe into potential new tariffs on all U.S. critical minerals imports, a major escalation in his dispute with global trade partners and an attempt to push back on industry leader China. The order lays bare what manufacturers, industry consultants, academics and others have long warned Washington about: that the U.S. is overly reliant on Beijing and others for processed versions of the minerals that power its entire economy.

Apr 16 - Jordan buys estimated 60,000 T wheat in tender, traders say
Jordan's state grains buyer bought around 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 $263 a ton cost and freight included for shipment in the second half of August, they said.

Apr 15 - Russian wheat export prices down slightly as conditions improve for new crop
Russian wheat export prices were down slightly last week as weather for the new crop improved, but conditions remained volatile, analysts said. The price for Russian wheat with 12.5% protein content for free-on-board delivery in May was down $1 to $250 a metric ton compared to the previous week, said Dmitry Rylko, head of the IKAR consultancy. The Sovecon consultancy estimated prices for Russian wheat with the same protein content at between $250 and $253 a ton FOB, compared to $250-$254 last week.

Apr 15 - Algeria tenders to buy nominal 50,000 T 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 Monday. The tender sought a nominal 50,000 metric tons but Algeria often buys considerably more in its tenders than the nominal volume sought.

Apr 14 - China March rare earth exports jump as Myanmar supply disruption keeps buyers nervous
China's exports of rare earths jumped 20.31% in March from a year earlier as overseas consumers booked more cargoes, fearing prices could rise further due to supply disruptions from the ongoing conflict in major supplier Myanmar. China's exports of the group of 17 minerals stood at 5,666.3 metric tons last month, according to data from the General Administration of Customs.

Apr 14 - Bangladesh said to buy 50,000 T rice in March 27 tender, traders say
Bangladesh's state grains buyer is believed to have to purchased about 50,000 metric tons of rice in an international tender which closed on March 27, traders said on Friday. Traders said the purchase was made at an estimated $416.44 a metric ton CIF liner out, which was the lowest price offered in the tender.

Apr 11 - Ukraine hikes minimum export prices for corn and wheat

Ukraine's farm ministry has this month hiked minimum export prices for wheat and corn, the country's key agricultural commodities, ministry data showed on Thursday. In December, Ukraine introduced a new system for exporting key agrarian goods, including grains, which implies a ban on shipping consignments of goods at prices below those set by the agriculture ministry.

Apr 11 - South Korea's FLC bought about 65,000 T corn from U.S. in deal last week
South Korea's Feed Leaders Committee bought around 65,000 metric tons of animal feed corn expected to be sourced from the United States in a private deal late last week without issuing an international tender, European traders said on Thursday. The corn was purchased at an estimated $248.49 a ton cost and freight included with an additional $1.50 a ton surcharge for additional port unloading.

Apr 10 - Strike halts grain ship traffic at Argentina's Rosario portsGrain and agro-industrial products ships will be unable to dock or leave Argentina's Rosario agro-port hub on Thursday because of a CGT union strike against government policies, the head of the private port chamber CAPyM said. "We will not be able to dock and moor the ships," Guillermo Wade, manager of the Chamber of Port and Maritime Activities, told Reuters, citing the strike by the Maritime Workers Union and the river navigators' union.

Apr 10 - Brazil green coffee exports fall around 27% year-on-year in March
Brazilian green coffee exports fell 26.5% in March compared with the same period a year ago to 2.95 million 60-kilogram bags, according to data released on Wednesday by local exporters' group Cecafe, which cited record shipments in 2024 as the cause of the decline. Brazil, the world's top coffee producer and exporter, shipped abroad 2.81 million bags of arabica beans, a nearly 11% decline year-on-year, while exports of the robusta variety tumbled some 84% to about 138,500 bags, the data showed.

Apr 09 - Ukrainian Weekly Commodity Market (SPIKE BROKERS)

- AUTOMOTIVE LOGISTICS
In the first week of April, the volume of agricultural exports by road transport has suffered a slight decrease compared to the same period in March and amounted to 73.8 thousand tons. The dynamics of exports through border posts was heterogeneous.
At the Romanian and Hungarian borders, there was an increase in agricultural products skipping by 6.7% and 4.7% - up to 18 thousand tons and 9.2 thousand tons, respectively. The volumes of export through the Polish checkpoint almost did not change - 32.3 thousand tons.
On the Slovak and Moldovan borders, a decrease in agricultural exports was recorded by 15.2% and 9% - up to 4 thousand tons and 10.3 thousand tons.
The leaders of exports for the corresponding period were sunflower oil (8.2 thousand tons), and sugar (6.5 thousand tons).
The cost of domestic transportation decreased by $ 1 compared to the previous week, the prices of European destinations are now constant.

Market rates of tipper transport to Europe:
· Ternopil region - center. / Mon. Italy @111-139€
· Ternopil region - center. Bulgaria @86-116€
· Cherkasy region. - Pd. Romania @117-126€

- RAILWAY LOGISTICS
Last week, there was a slight decrease in the rates for rail transportation of grain in Ukraine. On average, tariffs decreased by $ 1-2 compared to the previous reporting period, depending on the direction.
The main reasons for this are the stable low market activity, as well as competition between operators seeking to keep the volume of traffic in conditions of limited demand.
The demand for railway logistics services remains limited due to a number of factors. First, the active phase of export of previous crops has ended, which is traditionally accompanied by a decrease in the volume of transportation. Secondly, a significant pressure on the market creates competition from road transport, especially on short logistic routes, where road transport is more flexible and operational. This reduces the workload of the car fleet and creates an excess supply of rolling stock on the market.
Expectations for April remain restrained. Market participants do not predict significant changes if there are no new factors of demand - in particular, from large agricultural traders or in the case of logistic changes in the border areas. A conditionally stable situation can persist until the beginning of the new season, when the domestic and export logistics are traditionally activated.
In general, the situation in the railway transportation market indicates the extension of the period of price correction due to a structural imbalance between supply and demand.

- WATER LOGISTICS
The market of sea transportation from the ports of Big Odessa remains stable. Freight rates for vessels such as hendisays are 16-17 $/t in the direction of Italy and 17-19 $/t - to Spain. A key deterrent to the growth of rates remains the imbalance between the excess available fleet and the limited demand for transportation.
From the ports of the Danube there is a moderate increase in rates - an average of $ 2 / t. The cost of delivery from Izmail to Italy increased to $ 29-30/t.

Apr 09 - NITRO Shipping Weekly Freight Report for Grains

AZOV SEA & BLACK SEA: This week, the Azov Sea market weakened further as buyer activity declined not just in Turkey, but also in Egypt and Albania. The unfavorable Ruble / USD exchange rate has contributed to a decrease in vessel demand. Additionally, the recent opening of wheat imports in Turkey has yet to have a positive impact on the market.

BALTIC SEA: The Baltic Sea market is experiencing stability this week.

CASPIAN SEA: The market conditions in the region continue to be strained. A major factor hindering activity is the zero export quota on barley and corn, which significantly affects the market. After a period of stagnation, barley exports from Kazakhstan have bounced back and are now demonstrating consistent export levels. However, road congestion in Aktau still persists, with delays lasting between 2 to 3 weeks.

FAR EAST: The market remained stable this week.

Apr 09 - Brazil coffee exporters glimpse opportunity amidst U.S tariffs
Brazilian coffee exporters see U.S. President Donald Trump's global tariffs as an opportunity to send more robusta beans to the United States after international rivals were hit with even heavier charges. Trump's tariffs levy a charge of 10% on imports from Brazil, while Vietnam and Indonesia - the world's first and third-largest robusta producers - got hit by 46% and 32% tariffs respectively.

Apr 09 - Brazil protesters lift blockade of Amazon grain shipping route
Brazilian indigenous protesters have lifted a blockade of the Trans-Amazonian Highway, reopening a critical grain shipping route linking farmers to the Miritituba river port, traders association Abiove and a toll road operator said on Tuesday. Munduruku indigenous activists intermittently shut down the road, also known as the BR-230, beginning on March 25 to put pressure on Brazil's Supreme Court to overturn a 2023 law limiting indigenous land rights.

Apr 08 - Weekly Ocean rates - Freightos Baltic Index
- Asia-US West Coast prices (FBX01) increased 3% to $2,246/FEU.
- Asia-US East Coast prices (FBX03) increased 5% to $3,541/FEU.
- Asia-N. Europe prices (FBX11) fell 5% to $2,385/FEU.
- Asia-Mediterranean prices (FBX13) fell 10% to $2,910/FEU.

The initial shock of President Trump’s long-awaited tariff announcements last week are giving way to economic fallout as well as confusion on the competing messages, competing viewpoints within the White House, and sometimes competing aims of the new tariffs – protectionist or aimed at removing foreign trade barriers? Long-term or temporary?
Whatever the aims, the global 10% tariff that went into effect last week and the reciprocal tariffs of varying levels on exports from a list of nearly 60 countries that start tonight – together with the other existing duties and those rolling out shortly – dwarf Trump’s first administration tariff initiatives both in their scope and degree.
For our full-  rundown on tariff details and implications click here.
- The new 34% reciprocal tariff on all Chinese goods stacks on top of the 20% Trump imposed earlier this year and the 19% Trump/Biden tariffs already on the books for many goods – meaning a minimum duty of 54% for all Chinese goods and more than 70% for many items. And while the tariffs on China pushed many importers to other Asian sourcing partners since the previous trade war, this time many of these alternatives are subject to steep duties as well.
 
*Canada and Mexico tariffs apply only to goods not included in the USMCA
Exemptions to these new rules include an extension of the carve out for imports from Canada and Mexico that are covered by the USCMA , though the new global automotive tariffs will still apply to the non-US share of value for each import. Likewise, any import with a minimum of 20% US-manufactured value will only pay global, reciprocal or automotive tariffs on the foreign share of value, which may lead to shippers scrambling to calculate and demonstrate US contributions to their imports.
The executive order also excluded a long list of other goods including steel and aluminum already subject to separate tariffs, and goods like semiconductors, pharmaceuticals, and lumber, which may have been spared because they will be targeted for separate sectoral tariffs soon.
- China has already retaliated with new tariffs on US exports – though Trump has threatened to increase US tariffs on China by another 50% if China does not cancel its retaliation – as has Canada, with the EU considering additional measures, all of which will negatively impact US exports. Many other countries, including Vietnam, are actively trying to negotiate a resolution instead.
- In the meantime, the trade war intensification is increasing the likelihood of recession in the US and beyond.
For our full rundown on tariff details and implications click here.
- For ocean freight, the time allotted between the tariff announcements last week and the reciprocal tariff roll outs tomorrow meant a short window for shippers to get some final goods loaded before the 9th to avoid the new tariffs. This final rush included a scramble not only to load containers, but some quick shift to LCL and air cargo too. There are concerns that the sudden policy changes will also mean customs delays for arriving shipments.
- With so much confusion and uncertainty – and with many shippers already holding a significant amount of inventory frontloaded over the last few months to get ahead of new tariffs – we’re likely to see a significant drop in container demand to the US in the near term, and possibly in the intra-Asia manufacturing ecosystem too, as shippers wait for the dust to settle and for the outcome of the reciprocal tariff negotiations.
- Whether due to frontloading or to a possible tariff-driven drop in consumer demand the Port of LA thinks H2 volumes will be down 10%, but not collapse, even if peak season is more subdued than usual. Other observers are less optimistic, and fear a recession – combined with growing overcapacity in the container market – could lead to a demand decrease and rate collapse like those that followed the 2008 financial crisis.
- Indeed, as capacity continues to grow from newbuild introductions on the major trade lanes, even with Red Sea diversions continuing to absorb capacity, ex-Asia rates have fallen sharply since Lunar New Year, with container prices now beneath their 2024 floor.
- Rates rebounded by a few hundred dollars per FEU on the transpacific on start of month GRIs last week, though no bump came through for Asia - Europe lanes, as carriers increase capacity management efforts. The expected tariff-driven drop in demand will only put more downward pressure on rates.

Apr 08 - Weekly Air rates - Freightos Air index
- China - N. America weekly prices fell 3% to $5.48/kg.
- China - N. Europe weekly prices stayed level at $3.79/kg.
- N. Europe - N. America weekly prices fell 7% to $2.24/kg.

- For air cargo, the tariff announcements likely meant a short burst of demand before April 9th and could mean some increased volumes in the lead up to May 3rd when tariffs on auto parts will take effect and, more significantly, the US will cancel de minimis eligibility for all Chinese goods.
The de minimis exemption has been a big driver of the surge of B2C e-commerce goods going by air from China to the US, and its cancellation is expected to lead to a sharp drop in China - US air cargo demand and rates. Freightos Air Index data shows that China-US rates – still elevated at about $5.50/kg last week – have yet to spike ahead of the May deadline.

Apr 08 - Hong Kong customs seize antimony amid China's export controls
Hong Kong customs seized suspected antimony ingots, customs said in a statement dated April 2, a move that comes after China, the world's biggest producer of the metal, imposed export controls on shipments in September. The 25,171.85 kg of antimony was found on March 13 inside a 40-foot outbound container at the city's cargo compound in the north of Hong Kong, near the mainland border, the Hong Kong Customs and Excise Department said, without giving a specific reason for the seizure.

Apr 08 - Soybeans wait in the wings while US, China exchange blows: Braun
U.S.-China Trade War 2.0 is heating up and soybeans, China’s top U.S. import, are in the crosshairs once again. But the soybean battle may be lackluster right now because of how little trade is done at this time of year and how few U.S. cargoes are left to ship to China this season.

Apr 07 - Amazon shipping route for Brazilian soy disrupted by protests, poor roads
Indigenous protests and poor roads have disrupted shipping of Brazil's bumper soybean crop in recent days via the river port of Miritituba in the Amazon rainforest, worrying global companies including Cargill and Bunge which have important operations. Abiove, an association representing grain handlers, said on Friday road access to Miritituba has remained under partial or total blockade for two weeks, preventing the shipment of around 70,000 tons of grains per day, which corresponds to almost $30 million in product value.

Apr 07 - Malaysia Smelting Corp's tin deliveries disrupted by gas explosion, letter says
Malaysia Smelting Corp, one of the world's biggest tin producers, has told customers its deliveries have been disrupted by a gas pipeline explosion, according to a letter seen by Reuters. A huge fire broke out at a gas pipeline operated by state energy giant Petronas in Puchong on the outskirts of Kuala Lumpur. The fire was extinguished, but MSC said gas supplies had been disrupted.

Apr 05 - Markets on the verge of a nervous breakdown
This week was tough for financial markets. Major indices took a nosedive after Donald Trump unveiled "reciprocal" tariffs that were much higher than anyone anticipated. The baseline is a 10% tariff, but some nations are feeling the heat far more. China is staring down the barrel of a whopping 54% in customs duties, Vietnam isn't far behind at 46%, and the European Union, by comparison, is getting off with a "slap on the wrist" at 20%. Volatility is the name of the game as risk aversion makes a dramatic comeback. Just when you thought it couldn't get any more chaotic, China decided to throw its hat into the tariff ring, announcing a 34% levy on U.S. products this Friday. The trade war isn't just a looming threat; it's here, and it's shaking up the markets with gusto.

Apr 04 - South Korea’s KFA bought about 65,000 T corn in private deal, traders say
The Korea Feed Association in South Korea is believed to have purchased about 65,000 metric tons of animal feed corn in a private deal on Thursday without issuing an international tender, European traders said. It was believed to have been purchased by the KFA’s Incheon section from trading house Posco at an estimated outright price of $250.90 a ton cost and freight included.

Apr 04 - Low water hinders Rhine shipping in Germany as river falls further
Low water levels after recent dry weather are preventing cargo vessels from sailing fully loaded on the Rhine river in Germany with cargo owners facing higher transport costs, commodity traders said on Thursday. Major companies said that cargoes are still being delivered despite higher costs.

Apr 03 - Ukraine's Jan-Feb grain exports through Romania's Constanta drop to 226,000 tons
Ukraine shipped 226,000 metric tons of grain through the Romanian Black Sea port of Constanta in the first two months of the year, down sharply from 1.33 million tons in the same period last year, the port authority said on Wednesday. The drop reflects Kyiv's reliance on its own ports despite Russian attacks on shipping and infrastructure, though Constanta remains Ukraine's main alternative export route for grains since Russia launched its full-scale invasion in February 2022.

Apr 03 - By the numbers: The erosion of US grain export dominance: Braun
The United States was once the world’s breadbasket, commanding global grain and oilseed trade by a wide margin. The country still leads in corn exports. That title, however, has recently been threatened by Brazil, the same party that demoted U.S. soybean exporters to the No. 2 spot.

Apr 02 - Ukrainian Weekly Commodity Market (SPIKE BROKERS)- AUTOMOTIVE LOGISTICSIn March, exports of agricultural products by road amounted to 324.5 thousand tons, which is 10.5% more than in February. At all borders, there was an increase in agricultural production.On the Romanian border, the largest growth was recorded at 18.1% - up to 84.6 thousand tons. Agroexport through Hungarian and Slovak checkpoints increased by 15.1% and 14.6% - up to 39 thousand tons and 20 thousand tons, respectively.The smallest increase was recorded at the Polish and Moldovan borders, where the indicator of agricultural exports increased by 7.4% and by 2% - up to 134.2 thousand tons and up to 46.7 thousand tons.The main export goods for the month were sunflower oil - 38.9 thousand tons, and sugar - 32.7 thousand tons.Prices for freight transportation on domestic routes are stable, the cost of European destinations has been slightly increased compared to the previous period.Market rates of tipper transport to Europe:· Ternopil region - center. / Mon. Italy @111-139€· Ternopil region - center. Bulgaria @86-116€· Cherkasy region. - Pd. Romania @117-126€- RAILWAY LOGISTICSAccording to the results of last week, the level of rates on rail transportation of grain remained unchanged compared to the previous reporting period. The lack of dynamics in the tariff change is due to low market activity and general trends in the transportation industry.The situation among carriers remains difficult. Due to the low demand for services, some carriers are forced to fly at minimal fares or even free of charge to avoid the car park downtime and parking costs. This indicates an excess supply of rolling stock against the background of low demand.Expectations for April remain similar to the situation in March. The demand for transportation remains stable, without significant factors that could affect the changing rates in the near future.Earlier it was reported that "Ukrzaliznytsya" canceled a discount for certain stations that were included in the list of preferential. The change of tariff policy of "Ukrzaliznytsia" in the form of cancelation of discounts applies only to these stations. This decision does not have a direct impact on the overall market, because it does not change the conditions for most carriers. Major market players continue to operate within the current tariffs without significant fluctuations.- WATER LOGISTICSFreight rates for coasters from the Danube ports decreased due to the lack of new applications and a limited number of cargo in the region, which strengthened the position of charterers and forced shipowners to adjust prices. The cost of transportation from Izmail to Italy fell to 27-28 $/t.The situation in the ports of Greater Odessa remains stable, and the prices for transportation are unchanged. The presence of a large number of free ships, combined with a shortage of stable cargo flows, further affects the market of sea transportation. The freight rates on the hendisayzy from Black Sea to Italy are 16-17 $/t, and to Spain - 17-19 $/t.

Apr 02 - NITRO Shipping Weekly Freight Report for Grains

AZOV SEA & BLACK SEA: There is no significant activity on the Azov sea this week due to holidays in Turkey. However, the market's levels have remained relatively stable.
Higher demand for 3'k vessels and still many open 5-8’k tonners are looking for suitable employment on the spot.

BALTIC SEA: The Baltic Sea market continues to show resilience, with stable tonnage demand underpinning freight rates. In fact, the continental market is seeing even
greater activity than the Baltic.

CASPIAN SEA: The market in the basin remains challenging. The main factor slowing down activity is holidays in Iran, which continue this week, affecting the pace of work in the region. Barley exports from Kazakhstan have finally recovered after the holiday period and are now providing stable work for owners. However, despite the improvements, the waiting time at the roads in Aktau is still 2-3 weeks. In response to the current difficulties and taking into account the opening of navigation on the rivers, some shipowners have decided to redirect their fleet to the Azov basin, seeking to minimize their losses.

FAR EAST: The market remains stable.

Apr 02 - Delays in Paraguay soybean barge transit affects crushers in Argentina
An accumulation of sediment in the Paraguay River on Tuesday delayed barges carrying Paraguayan soybeans to Rosario, Argentina, according to transportation and crushing chambers from both countries. Argentina, the world's top exporter of soybean oil, relies on Paraguayan soybeans at this time of year, as the Paraguayan harvest has ended but Argentina's harvest begins this month.

Apr 02 - Ukraine's agricultural exports rise 9.8% in March, farm lobby says
Ukraine's agricultural exports in March rose 9.8% from the previous month to 5.4 million metric tons, Ukrainian farm lobby UCAB said on Tuesday. Ukraine is a global major grain and oilseeds grower and exporter.

Apr 01 - Ocean rates - Freightos Baltic Index- Asia-US West Coast prices (FBX01 Weekly) decreased 2% to $2,187/FEU.- Asia-US East Coast prices (FBX03 Weekly) increased by 1% to $3,369/FEU.- Asia-North Europe prices (FBX11 Weekly) fell by 2% to $2,512/FEU.- Asia-Mediterranean prices (FBX13 Weekly) decreased by 9% to $3,228/FEU.- President Trump has scheduled a Wednesday Rose Garden event for his tariff plan unveiling, and among the things that seem destined to remain extremely uncertain right up to the last minute is whether tariffs announced on Wednesday will be effective immediately or on some future date. And though Trump says he’s decided on a course of action other reports have the administration vacillating still. One major question is whether the White House will opt for reciprocal tariffs of varying levels on specific trading partners or impose a global tariff on all imports.
- It also remains unclear how the policy will reconcile the stated goals of raising revenue and increasing domestic manufacturing through tariffs, with the message that tariffs are aimed at eliciting concessions from other countries which could lead to the removal of the US tariffs.
- In addition to the reciprocal/global decision, the pause of the 25% tariffs on USMCA-covered imports from Canada and Mexico is also set to expire tomorrow, and federal agencies will deliver the president’s requested state of trade report –- which, among an array of policies, could be the basis for a 60% tariff on China –- today as well.- One firm tariff roll out date – barring another last-minute shift – is April 3rd when the US will apply a 25% tariff to all automotive imports. This as well as the Mexico/Canada deadline has driven a surge in cross-border trucking as shippers rush to beat the rollouts, and a last-minute flurry of air chartering for the same reason.  Projections of continued US ocean freight import strength to start Q2 may suggest that the prevailing uncertainty is leading many ocean shippers to continue to frontload until the tariff landscape becomes clear.
- But despite the possible current demand strength, transpacific container rates have fallen below last year’s floor in recent weeks, with Asia - Europe prices also easing past last year’s low as this lane enters its slow season. Carriers will try to push prices back up with start of month GRIs and an increase in blanked sailings – which may indicate that the transition to the new alliance configurations is making progress.  Reports of year on year scheduled capacity increases on the major lanes suggest that carriers are also contending with the effects of fleet growth and voiding sailings in response.

Apr 01 - Air rates - Freightos Air index

- China - N. America weekly prices increased 7% to $5.65/kg.
- China - N. Europe weekly prices decreased 2% to $3.79/kg.
- N. Europe - N. America weekly prices fell 2% to $2.41/kg.

- In air cargo, more signs of weakening China-US e-commerce demand include cancellations of BSAs and charters, new forwarder charters opening up, observations of increasing capacity and some forwarder expectations for lower volumes and rates in Q2.  Freightos Air Index data for China - US cargo nonetheless shows rates increased about 15% to $5.65/kg in the last month, possibly reflecting some tariff pull forward ahead of April 2nd on the spot market.  Asia - Europe prices have also increased over the past month to $3.79/kg, about 13% higher than a year ago.

Apr 01 - Grain traders ask Ukraine to suspend price mechanism changes, say exports at riskUkraine's grain traders union UGA said on Monday it and the UAC agrarian producers union had demanded that the government suspend additions to the mechanism for determining minimum export prices, warning that the changes could halt exports."An artificial ban on price reductions ignores market realities and threatens Ukraine's ability to conclude export contracts," it noted.

Apr 01 - Syria issues tender to buy 100,000 metric tons of milling wheat, traders sayA state grains buyer in Syria has issued an international tender to purchase about 100,000 metric tons of milling wheat, European traders said on Sunday. The deadline for the submission of price offers is believed to be April 28.