Weekly Dry Market Monitor - Week 45, 2023

Posted by
Maria Bertzeletou
November 7, 2023
Higher monthly Brazilian soybean volumes to China for 2023

During the second week of November, freight rates showed a weaker outlook due to the lack of adequate support from demand growth rates. Additionally, the number of ballasters for Capesize vessels in Southeast Africa has notably increased over the past three weeks, further fueled by uncertainty surrounding Chinese economic activity. However, there is a glimmer of hope for the market as iron ore prices have recently been boosted by Beijing's efforts to stimulate and stabilise its economy.

In the grain segment, it should be emphasised that Brazilian soybean exports to China have reached monthly volumes (see image above) that exceed those of the previous year. At the same time, China has significantly increased its soybean purchases from Brazil, while the USA has lost its prominent role in supplying the world's second-largest economy with grain feed.

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