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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – December 13, 2025
USA corn prices finished the week down by about USD 2 m/t with soybeans slipping lower down by about USD 11 m/t with soymeal dropping by about USD 5 m/t. USA winter wheat moved lower by about USD 5 m/t with Us spring wheat almost unchanged for the week.
Corn prices slipped lower as the week ended, even good export sales couldn’t keep prices steady. There has not been much news for corn that will move markets ---- all is finished pretty well for corn in the northern hemisphere with the next news on the world corn situation expected from South America. Expert say that corn will probably be in a narrow trading range for a bit.
Soybeans were weaker again this week even with quite good export sales. The market seems to be concerned about China’s soybean buying and the large world supply of soybeans. If China doesn’t buy as many soybeans as expected/committed then prices should continue week. Trade reports say that soymeal prices would have been even lower except for good new sales to Mexico.
US winter wheat prices moved lower on good supplies and, for now, good winter weather for the 2026 winter wheat crop. US wheat exports still look very good and competitive in a number of markets. US wheat exports could be up by 9% for 2025 overall.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $29.00 | Steady |
$29.00 | Steady | |
US Gulf Israel: Panamax m/t | $41.00 | Steady |
US Gulf to Egypt: Panamax | $41.00 | Steady |
US Gulf Turkey: Panamax m/t | $42.00 | Steady |
US Gulf Morocco: Handi | $41.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $42.00 | Steady |
$39.00 | Steady | |
US Gulf other Med: Handi | $43.00 | Steady |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $56.00 | Down $2.00 |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $49.00 | Down $2.00 |
US Gulf Japan: Panamax | $56.00 | Down $1.00 |
US Gulf China: Panamax | $55.00 | Down $1.00 |
US PNW Egypt: Panamax via Panama | $42.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Bangladesh: Panamax | $44.00 | Down $1.00 |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Vietnam: Panamax | $28.00 | Down $2.00 |
US PNW Japan: Panamax | $30.00 | Down $1.00 |
US PNW China: Panamax | $29.00 | Down $1.00 |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | $59.00 | Up $1.00 |
US Lakes – Morocco – 30,000 m/t | $65.00 | Up $1.00 |
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 | Steady |
France/Germany to India: Panamax | $44.00 | Down $1.00 |
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 | Steady |
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 | $52.00 | Down $1.00 |
Argentina to Europe: Panamax | $40.00 | Up $3.00 |
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 | $40.00 | Up $3.00 |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $42.00 | Steady |
Brazil to China: Panamax | $38.00 | Down $1.00 |
Brazil to Japan: Panamax | $39.00 | Down $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 $23 |
Black Sea to East Spain -- Panamax | $23 Russia | Ukraine $18 |
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 $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 | $38.00 | Down $7.00 |
Russia to Egypt – coaster 5,000 m/t | $58.00 | Down $5.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2727 | Down 522 |
Baltic Capesize Index | 3706 | Down 1377 |
Baltic Panamax Index | 1688 | Down 149 |
Baltic Supramax Index | 1371 | Down 65 |
Baltic Handisize Index | 805 | Down 36 |
Freightos/Baltic Container Index | 1927 | Down 14 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR January 2026/March 2026
Wheat, USA Soft Red Winter, US Gulf | USD 235<<238 Apr |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 236<<239 Apr |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 Apr |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 230<<235 Apr |
Wheat, Romania 12.5 pro | USD 230<<235 Apr |
Wheat, Superior, France | USD 227/230 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<220 Apr |
Wheat, feed, Black Sea | USD 220<<225 Apr |
Barley, France, Rouen port | USD 235/238 |
Barley, feed, Argentina, upriver | USD 225/228 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 240/245 |
Corn, 2YC FOB NOLA USA | USD 210 flat to Apr |
Corn, 3YC FOB USA Pacific northwest | USD 225 flat to Apr |
Corn, FOB Argentina port, upriver | USD 215>>200 Apr |
Corn, FOB Brazil port | USD 225 flat to Apr |
Corn, FOB France | USD 228/231 Spot |
Corn, FOB Romania | USD 225<<230 Apr |
Corn, FOB Russia | USD 215<<220 Apr |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 Apr |
Sorghum, FOB Argentina port | USD 195<<200 Apr |
Sorghum, FOB Texas | USD 220<<225 Apr |
Soymeal, 48% protein, FOB NOLA | USD 360<<365 Apr |
Soymeal, 48% protein, USA, Rotterdam | USD 390<<395 Apr |
Soymeal, 47% pro, FOB Argentina | USD 345>>330 Apr |
Soymeal, 48% protein, FOB Brazil | USD 340>>325 Apr |
Soybeans, FOB NOLA | USD 430<<435 Apr |
Soybeans, Argentina, FOB | USD 415>>400 Apr |
Soybeans, Brazil, FOB | USD 440>>410 Apr |
Soybeans, Black Sea | USD 420<<425 Apr |
Corn Gluten Meal, USA FOB NOLA | USD 590>>585 |
Corn Gluten Feed, USA FOB NOLA | USD 225>>220 |
DDGS corn, 35 profat, USA FOB NOLA | USD 235>>230 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
North/Central catch in Peru was at 64,000 m/t this week bringing the total catch to 1.032 million m/t which leaves 598,000 m/t on the quota. Th number of vessels dropped from over 300 to around 200. Southern Peru fishing was at just over 10,000 m/t landed bringing the total of 66,800 m/t and the remaining quota to 184,200 m/t --- only about 10 vessels fishing.
The fishing industry in Peru seems very confident that the full North/Central quota will be landed --- this should set up a good year for fishmeal in 2026.
Estimated fishmeal sales are now up to 290,000 m/t showing about 60,000 m/t sold more than the production to date. Producers are said to be holding back on further sales until they have a little more fishmeal in hand.
There has been a little adjustment in Peru export prices between grades with Super Prime rallying while prices in China for the Super Prime grade also remain strong while other grades are showing slightly lower levels.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1800 |
Danish standard fishmeal | 71% protein | $2485 |
Peru fishmeal | 65% protein | $2210 |
Chile fishmeal | 67% protein | $2250 |
Iceland fishmeal | 71% protein | $2540 |
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 | 1970/1990 | |
66% protein 120 TVN | 2010/2030 | |
67% protein 150 TVN | 2050/2070 | |
67% protein 120 TVN | 2150/2170 | 2170/2190 |
67% protein 1000 hist, 120 TVN | 2190/2210 | 2220/2240 |
68% protein 500 hist, 100 TVN | 2260/2280 | 2270/2290 |
Fish oil, crude bulk – feed grade | 3400/3500 | 3200/3300 |
Fish oil, crude in drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 4,100/4,300 | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
