St Remy De Provence, 13210 France
Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT – November 29, 2025
This week was USA Thanksgiving holiday week with many organizations only working three days or at least being short staffed on Friday and closed on Thursday. Thanksgiving week is normally one of the quietest trading weeks of the year in the US and this week was no exception.
Futures trading in the USA was at very low level on Friday but, as usual, low levels can tend to push/pull prices more than would be expected on a normal busy day.
Corn prices finished the week up by about USD 4 m/t with soybeans up by USD 5 m/t while soymeal prices were steady for the week. All US wheat prices were quite steady this week with only a trading range of a dollar or two m/t for the week. Overall, it was a very quiet week.
Corn prices were said to be higher due to good export sales although the USDA issued export reports are still at least a month behind in reporting due to the shutdown. The latest USDA export report only covered up to October 16.
Soybeans small price rally seemed to be because of stories of major US soybean purchases by China --- still just stories, no hard facts so far. Trade reports are leaning towards lower prices for soybeans due to large South American supplies – only time will tell.
Again --- it was a quiet week.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $28.00 | Steady |
$28.00 | Steady | |
US Gulf Israel: Panamax m/t | $41.00 | Down $2.00 |
US Gulf to Egypt: Panamax | $41.00 | Down $2.00 |
US Gulf Turkey: Panamax m/t | $42.00 | Down $2.00 |
US Gulf Morocco: Handi | $42.00 | Down $1.00 |
US Gulf Algeria/Tunisia: Handi | $43.00 | Down $1.00 |
$39.00 | Steady | |
US Gulf other Med: Handi | $44.00 | Down $1.00 |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $58.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $51.00 | Steady |
US Gulf Japan: Panamax | $58.00 | Up $1.00 |
US Gulf China: Panamax | $57.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $42.00 | Down $1.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Bangladesh: Panamax | $45.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Vietnam: Panamax | $30.00 | Steady |
US PNW Japan: Panamax | $31.00 | Steady |
US PNW China: Panamax | $30.00 | Steady |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | $58.00 | Steady |
US Lakes – Morocco – 30,000 m/t | $64.00 | Steady |
France/Germany to Algeria: Handi | $33.00 | Steady |
France/Germany to Bangladesh 40,000 m/t | $54.00 | Steady |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $37.00 | Corrected |
France/Germany to India: Panamax | $45.00 | Steady |
France/Germany to Iran: Panamax | $35.00 | Steady |
France/Germany to Jordan: Panamax | $42.00 | Steady |
France/Germany to Morocco: Handi | $32.00 | Steady |
France/Germany to Saudi Arabia: Panamax | $65.00 | Steady |
France/Germany to Turkey: Handi | $35.00 | Down $2.00 |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $43.00 | Steady |
Argentina to Japan: Panamax | $44.00 | Steady |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $37.00 | Steady |
Argentina to Morocco: Handi | $45.00 | Steady |
Argentina to Libya: Handi | $46.00 | Steady |
Argentina to Jordan: Panamax | $55.00 | Steady |
Argentina to Saudi Arabia: Panamax | $62.00 | Steady |
Argentina to Iran: Panamax | $61.00 | Steady |
Argentina to Indonesia: Panamax | $58.00 | Steady |
Argentina to South Africa: Panamax | $35.00 | Steady |
Argentina to Kenya: Handi | $53.00 | Steady |
Argentina to Spain: Panamax | $37.00 | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $42.00 | Steady |
Brazil to China: Panamax | $40.00 | Up $1.00 |
Brazil to Japan: Panamax | $41.00 | Up $1.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Steady |
Brazil to Morocco: Handi | $41.00 | Steady |
Brazil to Iran: Panamax | $61.00 | Steady |
Brazil to Saudi Arabia 30/40,000 m/t | $64.00 | Steady |
Brazil to Spain: Panamax | $37.00 | Steady |
Brazil to Turkey/Egypt: Panamax | $59.00 | Steady |
Australia to Saudi: Panamax | $43.00 | Steady |
Australia to Europe: Panamax | $56.00 | Steady |
South Africa to Italy -- Handisize | $46.00 | Steady |
South Africa to Turkey – Handisize | $47.00 | Steady |
South Africa to Japan – Handisize | $43.00 | Steady |
South Africa to China -- Handisize | $43.00 | Steady |
Black Sea freight | ||
Black Sea to China: Panamax | $45 Russia | Ukraine $57 |
Black Sea to Indonesia: Panamax | $53 Russia | Ukraine $65 |
Black Sea to Bangladesh: Panamax | $45 Russia | |
Black Sea to Egypt: 40/50,000 | $20 Russia | Ukraine $27 |
Black Sea to Egypt: 30,000 | $21 Russia | Ukraine $27 |
Black Sea to Iran: Panamax | $45 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $24 |
Black Sea to East Spain -- Panamax | $23 Russia | Ukraine $19 |
Black Sea to Morocco – Handi | $31 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $30 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $24 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $31 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $45 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $12 Russia | Ukraine $26 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $45.00 | Steady |
Russia to Egypt – coaster 5,000 m/t | $63.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2560 | Up 285 |
Baltic Capesize Index | 4481 | Up 828 |
Baltic Panamax Index | 1952 | Up 24 |
Baltic Supramax Index | 1441 | Up 9 |
Baltic Handisize Index | 827 | Up 7 |
Freightos/Baltic Container Index | 1763 | Down 90 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR December 2025/February 2026
Wheat, USA Soft Red Winter, US Gulf | USD 236<<239 Mar |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 239<<242 Mar |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 Mar |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 225<<230 Mar |
Wheat, Romania 12.5 pro | USD 230<<235 Mar |
Wheat, Superior, France | USD 225/228 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 210<<220 Mar |
Wheat, feed, Black Sea | USD 225<<230 Mar |
Barley, France, Rouen port | USD 229/232 |
Barley, feed, Argentina, upriver | USD 223/226 |
Barley, feed, Black Sea, 30,000+ | USD 225/230 |
Barley, feed, Australia | USD 235/240 |
Corn, 2YC FOB NOLA USA | USD 210<<213 Mar |
Corn, 3YC FOB USA Pacific northwest | USD 220<<223 Mar |
Corn, FOB Argentina port, upriver | USD 210>>200 Mar |
Corn, FOB Brazil port | USD 225>>215 Mar |
Corn, FOB France | USD 225/228 Spot |
Corn, FOB Romania | USD 225<<230 Mar |
Corn, FOB Russia | USD 215<<220 Mar |
Corn, FOB Ukraine, 30,000+ m/t | USD 210<<215 Mar |
Sorghum, FOB Argentina port | USD 190<<200 Mar |
Sorghum, FOB Texas | USD 210<<215 Mar |
Soymeal, 48% protein, FOB NOLA | USD 375<<380 Mar |
Soymeal, 48% protein, USA, Rotterdam | USD 405<<410 Mar |
Soymeal, 47% pro, FOB Argentina | USD 345>>355 Mar |
Soymeal, 48% protein, FOB Brazil | USD 340<<350 Mar |
Soybeans, FOB NOLA | USD 450<<455 Mar |
Soybeans, Argentina, FOB | USD 445>>435 Mar |
Soybeans, Brazil, FOB | USD 460>>425 Mar |
Soybeans, Black Sea | USD 425<<430 Mar |
Corn Gluten Meal, USA FOB NOLA | USD 580>>575 |
Corn Gluten Feed, USA FOB NOLA | USD 235>>230 |
DDGS corn, 35 profat, USA FOB NOLA | USD 230>>225 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Landings in the North/Central Region are now at 679,000 m/t leaving 951,000 m/t on the quota and producing an estimated 151,000 m/t of fishmeal and 30,000 m/t of fishoil. The juvenile level remains at 26% overall average with an average of 390 vessels fishing.
If the South Region the total landings are now at 52,100 m/t with 198,900 m/t remaining on the quota and fishmeal production at 11,800 m/t. There are only about 10 to 15 vessels fishing and the juvenile level for the last week is in excess of 80%.
Peru export fishmeal prices continue to move higher as producers have been hesitant to sell much more due to the quite high presales level but buyers realize that they need to secure some supply. Both buyers and sellers are helping to push prices higher --- if full quota is landed that would mean there is only about 110,000 m/t of possible production unsold at present.
Reports say that prices in China have not moved higher but are actually slipping a little lower as the aqua season is ending and spot demand has fallen. Importers are trying to sell existing old stocks before the next shipments from Peru start to arrive in late December or January.
Final Peru fishmeal export numbers for January/September are at 1.15 million m/t with 942,600 m/t going to China. Overall, Asia represents 86.9% of Peru fishmeal exports which is down from 2024’s 96.5% due to a strong increase in 2025 in fishmeal shipments to Europe and the Americas.
And to finish off --- the trade all seem to feel that the full fishing quota will be landed.
European fishmeal prices – FOB North German port.
No change in prices this week.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1785 |
Danish standard fishmeal | 71% protein | $2435 |
Peru fishmeal | 65% protein | $2000 |
Chile fishmeal | 67% protein | $2200 |
Iceland fishmeal | 71% protein | $2475 |
ALL PRICES SHOWN ARE IN CONTAINER, ON VESSEL, AT ORIGIN --- US DOLLARS
Minimum shipment of 200 m/t for fishmeal
Specification | Price per m/t FOB Vessel Peru port | Price per m/t Chile port |
Next fishing season | ||
65% protein standard steam | 1950/1970 | |
66% protein 120 TVN | 2020/2040 | |
67% protein 150 TVN | 2070/2090 | |
67% protein 120 TVN | 2120/2140 | 212/2140 |
67% protein 1000 hist, 120 TVN | 2170/2190 | 2170/2190 |
68% protein 500 hist, 100 TVN | 2220/2240 | 2220/2240 |
Fish oil, crude bulk – feed grade | 3500/3600 | 3300/3500 |
Fish oil, crude in drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 4,300/4,500 | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
