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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT -- April 05, 2025
Tariff, tariff, tariff – once again import tariffs from the USA and reciprocal tariffs from other countries are setting the market tone for the week. China has reacted very strongly to USA tariffs while both the EU and the UK are holding back on any tariffs in the hopes that there is some negotiation room with the US. The UK is pleased to only have 10% tariffs while the EU is certainly not happy with 20% tariffs. It is expected that there will be lots of discussion next week but will the US actually negotiate --- time will tell.
USA corn prices were almost unchanged at the end of the week – perhaps down by USD 1 or 2 m/t. US soybeans prices dropped by about USD 15 m/t in the week with soymeal down by about USD 10 m/t. USA wheat prices, like corn, were almost unchanged at the end of the week – perhaps down by USD 1 or 2 m/t.
Soybean prices were hit hard by the 34% reciprocal tariff added by China on US goods which will certainly price US soybeans out of the China market --- the same is expected for US sorghum which has seen China as a major buyer.
There were comments in trade reports that US corn and soybean exports cannot be ignored by importing countries, even with possible reciprocal tariffs, as there may not be sufficient supplies available from Argentina, Brazil and the Black Sea to meet demand for the next few months.
EU Trade Ministries are meeting next week to discuss the USA tariffs and to mull over what reaction to take. The EU may not be able to add tariffs to many US items --- like corn, soybeans, soymeal, DDGS ---- since these items are needed in the EU. Difficult decisions to be made in coming days.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $23.00 | Steady |
$23.00 | Steady | |
US Gulf Israel: Panamax m/t | $29.00 | Steady |
US Gulf to Egypt: Panamax | $29.00 | Steady |
US Gulf Turkey: Panamax m/t | $30.00 | Steady |
US Gulf Morocco: Handi | $30.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $31.00 | Steady |
$31.00 | Steady | |
US Gulf other Med: Handi | $32.00 | Steady |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf Japan: Panamax | $48.00 | Up $1.00 |
US Gulf China: Panamax | $47.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $37.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $28.00 | Steady |
US PNW China: Panamax | $27.00 | Steady |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | $50.00 | Steady |
US Lakes – Morocco – 30,000 m/t | $56.00 | Steady |
France/Germany to Algeria: Handi | $33.00 | Steady |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $43.00 | Up $1.00 |
France/Germany to Iran: Panamax | $37.00 | 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 | $36.00 | Steady |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $40.00 | Steady |
Argentina to Japan: Panamax | $41.00 | Steady |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $36.00 | 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 | $36.00 | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $41.00 | Steady |
Brazil to China: Panamax | $36.00 | Up $1.00 |
Brazil to Japan: Panamax | $37.00 | Up $1.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $39.00 | Steady |
Brazil to Morocco: Handi | $40.00 | Steady |
Brazil to Iran: Panamax | $61.00 | Steady |
Brazil to Saudi Arabia 30/40,000 m/t | $64.00 | Steady |
Brazil to Spain: Panamax | $39.00 | Steady |
Brazil to Turkey/Egypt: Panamax | $59.00 | Steady |
Australia to Saudi: Panamax | $42.00 | Up $1.00 |
Australia to Europe: Panamax | $51.00 | 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 | $34 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $52 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $13 Russia | Ukraine $35 |
Black Sea to Egypt: 30,000 | $13 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $32 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $34 |
Black Sea to Morocco – Handi | $20 Russia | Ukraine $40 |
Black Sea to Tunisia/Algeria – Handi | $19 Russia | Ukraine $39 |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $51 |
Black Sea to Libya – Handi | $20 Russia | Ukraine $40 |
Black Sea to Saudi: Panamax | $39 Russia | Ukraine $70 |
Black Sea to Turkey – Handi | $15 Russia | Ukraine $25 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $22.00 | Up $1.00 |
Russia to Egypt – coaster 5,000 m/t | $34.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1489 | Down 113 |
Baltic Capesize Index | 2219 | Down 253 |
Baltic Panamax Index | 1425 | Down 72 |
Baltic Supramax Index | 971 | Down 24 |
Baltic Handisize Index | 613 | Down 1 |
Freightos/Baltic Container Index | 2147 | Up 127 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR April 2025/June 2025
Wheat, USA Soft Red Winter, US Gulf | USD 226>>221 July |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 251<<27 July |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 240>>230 July |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 250>>240 July |
Wheat, Romania 12.5 pro | USD 255>>235 July |
Wheat, Superior, France | USD 248>>235 July |
Wheat, milling, 12.0%, Argentina, Upriver | USD 245<<250 July |
Wheat, feed, Black Sea | USD 235>>220 July |
Barley, France, Rouen port | USD 230/235 |
Barley, feed, Argentina, upriver | USD 230/235 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 245/250 |
Corn, 2YC FOB NOLA USA | USD 210 flat to July |
Corn, 3YC FOB USA Pacific northwest | USD 225 flat to July |
Corn, FOB Argentina port, upriver | USD 215>>205 July |
Corn, FOB Brazil port | USD 220>>215 July |
Corn, FOB France | USD 232/235 Spot |
Corn, FOB Romania | USD 220<<225 July |
Corn, FOB Russia | USD 230<<235 July |
Corn, FOB Ukraine, 30,000+ m/t | USD 235<<240 July |
Sorghum, FOB Argentina port | USD 225<<230 July |
Sorghum, FOB Texas | USD 210<<215 July |
Soymeal, 48% protein, FOB NOLA | USD 335<<345 July |
Soymeal, 48% protein, USA, Rotterdam | USD 360<<370 July |
Soymeal, 47% pro, FOB Argentina | USD 310<<315 July |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 320<<325 July |
Soybeans, FOB NOLA | USD 395 flat to July |
Soybeans, Argentina, FOB | USD 385 flat to July |
Soybeans, Brazil, FOB | USD 405<<415 July |
Soybeans, Black Sea | USD 385<<390 July |
Corn Gluten Meal, USA FOB NOLA | USD 610/615 |
Corn Gluten Feed, USA FOB NOLA | USD 200/205 |
DDGS corn, 35 profat, USA FOB NOLA | USD 220>>215 July |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing in the South region of Peru has fallen off to almost nothing. Total catch is now at about 177,000 m/t --- 39,350 m/t fishmeal and 3,600 m/t fish oil. About 74,000 m/t remaining on the fishing quota for the South. However, as pointed out by MSI Ceres in their weekly report, the catch in the South is the highest percentage of quota landed since at least 2015.
Trade reports say that the IMARPE Cruise is looking more positive with recent results suggesting that spawning is about over. The Cruise is expected to finish this week with results soon and perhaps a new fishing season before the end of April or early May at the latest.
Presales of fishmeal are reported to be at about 230,000 m/t.
The closer that we get to the new season the more flexible fishmeal prices become since everyone seems to be anticipating another very good fishing season.
One more note, it is not expected that the new USA/Trump tariffs will have any effect on fishmeal/fish oil exports.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,660 |
Danish standard fishmeal | 71% protein | 2,145 |
Peru fishmeal | 65% protein | 1,690 |
Chile fishmeal | 67% protein | 1,760 |
Iceland fishmeal | 71% protein | 2,240 |
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 |
65% protein standard steam | 1400/1420 | |
67% protein 150 TVN | 1550/1570 | |
67% protein 120 TVN | 1600/1620 | 1550/1570 |
67% protein 1000 hist, 120 TVN | 1630/1650 | 1600/1620 |
68% protein 500 hist, 100 TVN | 1650/1670 | 1650/1670 |
Fish oil, crude bulk – feed grade | 2100/2200 | 2500/2600 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 3500/3600 | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
