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WEEKLY USA GRAIN AND PROTEIN REPORT -- March 29, 2025
US new crop soybeans were up by about USD 7 m/t with soymeal also up by USD 7 m/t.
US wheat had a tough week with winter wheat down by about USD 14 m/t and spring wheat down by close to USD 10 m/t.
Monday will see the USDA issue its Quarterly Stock Report with estimates that corn stocks will be lower than last year while soybeans are expected to be slightly above last year and wheat stocks are also expected to be a little higher. Of course, Monday is also the day for the USDA Prospective Plantings Report.
And, on top of all this April 02 is Trump Tariff Day unless some agreements can be reached that could change the application of tariffs. In the EU everyone has been working very hard to change the EU government’s mind on the possible application of reciprocal tariffs on imports of US grains, oilseeds and proteins.
Exciting days ahead!!!!!
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $23.00 | Down $1.00 |
$23.00 | Down $1.00 | |
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 | Up $1.00 |
US Gulf Algeria/Tunisia: Handi | $31.00 | Up $1.00 |
$31.00 | Steady | |
US Gulf other Med: Handi | $32.00 | Up $1.00 |
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 | $47.00 | Steady |
US Gulf China: Panamax | $46.00 | Steady |
US PNW Egypt: Panamax via Panama | $37.00 | Down $2.00 |
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 | $42.00 | 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 | $35.00 | Up $1.00 |
Brazil to Japan: Panamax | $36.00 | 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 | $41.00 | Steady |
Australia to Europe: Panamax | $51.00 | Up $1.00 |
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 | $30 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $51 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $13 Russia | Ukraine $34 |
Black Sea to Egypt: 30,000 | $12 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $30 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $34 |
Black Sea to Morocco – Handi | $19 Russia | Ukraine $40 |
Black Sea to Tunisia/Algeria – Handi | $18 Russia | Ukraine $39 |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $51 |
Black Sea to Libya – Handi | $19 Russia | Ukraine $40 |
Black Sea to Saudi: Panamax | $39 Russia | Ukraine $70 |
Black Sea to Turkey – Handi | $15 Russia | Ukraine $24 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $21.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $34.00 | Down $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1602 | Down 41 |
Baltic Capesize Index | 2472 | Down 204 |
Baltic Panamax Index | 1497 | Up 122 |
Baltic Supramax Index | 995 | Down 17 |
Baltic Handisize Index | 614 | Up 18 |
Freightos/Baltic Container Index | 2020 | Down 51 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR April 2025/June 2025
Wheat, USA Soft Red Winter, US Gulf | USD 227<<231 July |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 249<<258 July |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 240>>230 July |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 255>>245 July |
Wheat, Romania 12.5 pro | USD 245>>235 July |
Wheat, Superior, France | USD 237>>225 July |
Wheat, milling, 12.0%, Argentina, Upriver | USD 245<<250 July |
Wheat, feed, Black Sea | USD 235>>225 July |
Barley, France, Rouen port | USD 225/230 |
Barley, feed, Argentina, upriver | USD 230/235 |
Barley, feed, Black Sea, 30,000+ | USD 225/230 |
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>>200 July |
Corn, FOB France | USD 232/235 Spot |
Corn, FOB Romania | USD 235<<240 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 325<<335 July |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 325<<335 July |
Soybeans, FOB NOLA | USD 405 flat to July |
Soybeans, Argentina, FOB | USD 400 flat to July |
Soybeans, Brazil, FOB | USD 405<<420 July |
Soybeans, Black Sea | USD 385<<395 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 of Peru has fallen off to only about 3,000 m/t with less than 15 vessels fishing. Total catch is now up to 168,000 m/t – 37,400 m/t fishmeal and 3,400 m/t fishoil.
The IMARPE summer cruise is chugging along as expected but is finding high levels of juvenile fish --- trade reports say that the spawning period seems to be slow this year possibly due to cold water temperatures.
Super Prime and Prime fishmeal prices seem to be a little higher this week and preseason sales are said to be getting close to 200,000 m/t of all grades.
The trade is still speculating about the size of the next North/Central quota and when fishing will start … speculating is the primary activity these days.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,630 |
Danish standard fishmeal | 71% protein | 2,150 |
Peru fishmeal | 65% protein | 1,660 |
Chile fishmeal | 67% protein | 1,740 |
Iceland fishmeal | 71% protein | 2,230 |
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
