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 – September 26, 2026
Market situation for the week.
· US corn prices --- no change for the week
· US soybean prices up by about USD 5 m/t
· US soymeal prices --- up by USD 14 to 20 m/t
· US winter wheat – down by USD 5 to 8 m/t
· US spring wheat – no change for the week
Markets were waiting for some positive news from the Trump/Xi meeting this week but nothing has been announced which may be why everything but soybeans/soymeal felt so quiet. There is still a feeling in trade reports that there are announcements pending that could be released on Monday next week.
Soymeal was the strongest item this week and it all was a supply matter. Reports say that it is difficult to find soymeal these days as demand has been very strong and crushers are finding it hard to locate enough spot/nearby soybeans for the crush. The strong soymeal/soybean situation should calm down once there is more harvest.
Wheat prices are still facing high international supplies along with the expectation that the current Black Sea problem will be solved quickly ---- although it is going to take some time to get all the Russia and Ukraine export facilities back to full export operations. In addition, the rainfall in the wheat belt has been very good which will start the winter wheat crop off strongly.
Not much to say about corn this week. The China talks don’t affect corn much but in the US the summer driving season has ended and ethanol demand will drop which will be a little bearish for corn prices as demand will slip a little. There is very little excitement in the US corn market but increased export demand is forecasted by many due to lower US corn production and delays in Black Sea corn shipments.
Estimated Bulk Grain Freight in USD per MT, basis heavy grains.
US Gulf to Europe: Panamax
|
$27.00
|
Steady
|
$27.00
|
Steady
|
|
US Gulf Israel: Panamax
|
$45.00
|
Steady
|
US Gulf to Egypt: Panamax
|
$45.00
|
Steady
|
US Gulf Turkey: Panamax
|
$46.00
|
Steady
|
US Gulf Morocco: Handi
|
$46.00
|
Steady
|
US Gulf Algeria/Tunisia: Handi
|
$47.00
|
Steady
|
$52.00
|
Steady
|
|
US Gulf other Med: Handi
|
$48.00
|
Steady
|
US Gulf South Africa: Handi
|
$52.00
|
Steady
|
US Gulf India: Panamax
|
$52.00
|
Steady
|
US Gulf to Philippines: Panamax
|
$52.00
|
Steady
|
US Gulf Japan: Panamax
|
$76.00
|
Down $1.00
|
US Gulf China: Panamax
|
$75.00
|
Down $1.00
|
US PNW Egypt: Panamax via Panama
|
$52.00
|
Steady
|
US PNW South Africa – 40,000 MT
|
$61.00
|
Steady
|
US PNW Philippines: Panamax
|
$36.00
|
Steady
|
US PNW Japan: Panamax
|
$38.00
|
Steady
|
US PNW China: Panamax
|
$36.00
|
Steady
|
US East Coast Nigeria: Handisize
|
$41.00
|
Steady
|
US Lakes, Duluth – Europe – 30,000 MT
|
$63.00
|
Up $5.00
|
US Lakes, Duluth – Morocco – 30,000 MT
|
$69.00
|
Up $5.00
|
|
|
|
France/Germany to Algeria: Handi
|
$33.00
|
Steady
|
France/Germany to Bangladesh 40,000 MT
|
$58.00
|
Steady
|
France/Germany to China: Panamax
|
$70.00
|
Steady
|
France/Germany to Egypt: Panamax
|
$35.00
|
Steady
|
France/Germany to India: Panamax
|
$61.00
|
Steady
|
France/Germany to Iran: Panamax
|
N/A
|
|
France/Germany to Jordan: Panamax
|
$41.00
|
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 – no top off
|
$59.00
|
Steady
|
Argentina to Japan: Panamax – no top off
|
$60.00
|
Steady
|
Argentina to Egypt: Panamax
|
$54.00
|
Steady
|
Argentina to Europe: Panamax
|
$41.00
|
Steady
|
Argentina to Morocco: Handi
|
$45.00
|
Steady
|
Argentina to Libya: Handi
|
$46.00
|
Steady
|
Argentina to Jordan: Panamax
|
$58.00
|
Steady
|
Argentina to Saudi Arabia: Panamax
|
$65.00
|
Steady
|
Argentina to Iran: Panamax
|
N/A
|
|
Argentina to Indonesia: Panamax
|
$60.00
|
Steady
|
Argentina to South Africa: Panamax
|
$38.00
|
Steady
|
Argentina to Kenya: Handi
|
$56.00
|
Stady
|
Argentina to Spain: Panamax
|
$41.00
|
Steady
|
Argentina to Tunisia: Handi
|
$46.00
|
Steady
|
|
|
|
Brazil to Algeria/Tunisia: Handi
|
$37.00
|
Steady
|
Brazil to China: Panamax
|
$58.00
|
Steady
|
Brazil to Japan: Panamax
|
$59.00
|
Steady
|
Brazil to South Korea: Panamax
|
$58.00
|
Steady
|
Brazil to Europe: Panamax
|
$37.00
|
Steady
|
Brazil to Morocco: Handi
|
$36.00
|
Steady
|
Brazil to Iran: Panamax
|
N/A
|
|
Brazil to Saudi Arabia 30/40,000 MT
|
$64.00
|
Steady
|
Brazil to Spain: Panamax
|
$37.00
|
Steady
|
Brazil to Turkey/Egypt: Panamax
|
$59.00
|
Steady
|
|
|
|
Australia to Saudi: Panamax
|
$46.00
|
Steady
|
Australia to Europe: Panamax
|
$59.00
|
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
Accurate freight prices for Black Sea shipments are very difficult to obtain.
|
|
|
Black Sea to China: Panamax
|
$95 Russia
|
Ukraine $56
|
Black Sea to Indonesia: Panamax
|
$95 Russia
|
Ukraine $63
|
Black Sea to Bangladesh: Panamax
|
$95 Russia
|
N/A
|
Black Sea to Egypt: 40/50,000
|
$90 Russia
|
Ukraine $28
|
Black Sea to Egypt: 30,000
|
$90 Russia
|
Ukraine $27
|
Black Sea to Iran: Panamax
|
N/A
|
N/A
|
Black Sea to Europe: Panamax
|
$46 Russia
|
Ukraine $28
|
Black Sea to East Spain – Panamax
|
$44 Russia
|
Ukraine $23
|
Black Sea to Morocco – Handi
|
$105 Russia
|
Ukraine $29
|
Black Sea to Tunisia/Algeria – Handi
|
$105 Russia
|
Ukraine $28
|
Black Sea to Jordan: Panamax
|
$82 Russia
|
Ukraine $30
|
Black Sea to Libya – Handi
|
$105 Russia
|
Ukraine $29
|
Black Sea to Saudi: Panamax
|
$82 Russia
|
Ukraine $57
|
Black Sea to Turkey – Handi
|
$85 Russia
|
Ukraine $30
|
Black Sea to South Africa – Handi
|
$95 Russia
|
N/A
|
Black Sea to Nigeria – Handi
|
|
Romania $48
|
Black Sea to Kenya –- Handi
|
|
Romania $55
|
Black Sea to Vietnam --- Handi
|
|
Romania $70
|
Black Sea to Bangladesh --- Handi
|
|
Romania $64
|
Black Sea to Egypt --- Handi
|
|
Romania $23
|
Black Sea to Europe --- Handi
|
|
Romania $30
|
|
|
|
Russia to Turkey (Izmir)– coaster 5,000 MT
|
No info
|
|
Russia to Egypt – coaster 5,000 MT
|
$120
|
|
Ukraine to Turkey – coaster 5,000 MT
|
$90
|
|
Ukraine to Egypt – coaster 5,000 MT
|
$105
|
|
|
|
|
Baltic Dry Index
40% Capesize, 30% Panamax, 30% Supermax
|
3426
|
Up 56
|
Baltic Capesize Index
|
5784
|
Up 16
|
Baltic Panamax Index
|
2407
|
Up 156
|
Baltic Supramax Index
|
1786
|
Up 19
|
Baltic Handisize Index
|
1011
|
Up 23
|
|
|
|
Freightos/Baltic Container Index
|
3367
|
Down 79
|
|
|
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR October 2026<<December 2026
Wheat, USA Soft Red Winter, US Gulf
|
USD 293<<304
|
Wheat, USA Hard Red Winter 11 protein, US Gulf
|
USD 339<<341
|
Wheat, Ukraine 11.5 pro, 30,000+ MT
|
USD 220<<225
|
Wheat, Russia 12.5 pro, 30,000+ MT
|
USD 210<<215
|
Wheat, Romania 12.5 pro
|
USD 285<<290
|
Wheat, Superior, France
|
USD 278/281 spot
|
Wheat, milling, 12.0%, Argentina, Upriver
|
USD 260>>250
|
Wheat, feed, Black Sea
|
USD 215<<220
|
|
|
Barley, France, Rouen port
|
USD 254/257 spot
|
Barley, feed, Argentina, upriver
|
USD 245/250
|
Barley, feed, Black Sea, 30,000+
|
USD 200/205
|
Barley, feed, Australia
|
USD 265/270
|
|
|
Corn, 2YC FOB NOLA USA
|
USD 245<<250
|
Corn, 3YC FOB USA Pacific northwest
|
USD 260<<265
|
Corn, FOB Argentina port, upriver
|
USD 220<<235
|
Corn, FOB Brazil port
|
USD 235<<245
|
Corn, FOB France
|
USD 305/308 spot
|
Corn, FOB Romania
|
USD 280>>285
|
Corn, FOB Russia
|
USD 215<<220
|
Corn, FOB Ukraine, 30,000+ MT
|
USD 225<<235
|
Sorghum, FOB Argentina port
|
USD 215<<225
|
Sorghum, FOB Texas
|
USD 265<<270
|
|
|
Soymeal, 48% protein, FOB NOLA
|
USD 460>>455
|
Soymeal, 48% protein, USA, Rotterdam
|
USD 490>>485
|
Soymeal, 47% pro, FOB Argentina
|
USD 430>>420
|
Soymeal, 48% protein, FOB Brazil
|
USD 425>>410
|
|
|
Soybeans, FOB NOLA
|
USD 525<<535
|
Soybeans, Argentina, FOB
|
USD 510<<530
|
Soybeans, Brazil, FOB
|
USD 530>>500
|
Soybeans, Black Sea
|
No prices
|
|
|
Corn Gluten Meal, USA FOB NOLA
|
USD 705<<710
|
Corn Gluten Feed, USA FOB NOLA
|
USD 275<<280
|
DDGS corn, 35 profat, USA FOB NOLA
|
USD 285<<290
|
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Central/North Peru details: The 2026 fishing period is officially closed as of August 21 2026.
South Peru details: No change this week ---- New quota 251,000 m/t, landed 4,524 m/t, fishmeal produced 1,131 – balance on quota 246,476 m/t to December 31, 2026.
(fishmeal and fishoil production are estimated)
Trade reports from Peru seem the think that the next Central/North fishing quota could be quite low --- about 500,000 MT of catch.
Reports also say that ocean and air temperatures are expected to be at record high levels from September through December 2026 followed by even more record hot weather to March 2027.
The current research cruise is reported to be having difficulty finding anchovy as the high water temperatures have changed the fish location patterns. Reports add that there seem to be higher anchovy levels closer to the coast.
Fishmeal prices are unchanged this week in Peru.
Local fishmeal seasonal production in China is reported to be lower than expected this year.
China’s fishmeal imports for Jan/Aug 2026 are at 1.0 million m/t with 375,000 m/t from Peru, 149,000 m/t from Vietnam, 96,000 m/t India, 90,000 m/t Russia and 88,000 m/t Chile.
China will be closed for holidays from October 01 through October 07 National Day Golden Week celebrating the founding of the PRC in 1949. Business for fishmeal will be very quiet.
European fishmeal prices – FOB North German port.
Type
|
Protein %
|
Price per
MT USD
|
Standard Herring
|
64% protein
|
$2900
|
Danish standard fishmeal
|
71% protein
|
$3850
|
Peru fishmeal
|
65% protein
|
$3300
|
Chile fishmeal
|
67% protein
|
$3340
|
Iceland fishmeal
|
71% protein
|
$4020
|
ALL PRICES SHOWN ARE IN CONTAINER, ON VESSEL, AT ORIGIN --- US DOLLARS
Minimum shipment of 200 MT for fishmeal
Specification
|
Price per MT FOB Vessel Peru port
|
Price per MT
Chile port
|
|
|
|
65% protein standard steam
|
2600/2650
|
|
66% protein 120 TVN
|
2650/2700
|
|
67% protein 150 TVN
|
2700/2750
|
|
67% protein 120 TVN
|
2800/2850
|
3300/3350
|
67% protein 1000 hist, 120 TVN
|
3000/3050
|
3300/3350
|
68% protein 500 hist, 100 TVN
|
3100/3150
|
3350/3400
|
|
|
|
Fish oil, crude bulk – feed grade
|
No prices
|
8300/8400
|
Fish oil, crude in drums
|
No prices
|
No prices
|
Fish oil, flexi tank
|
No prices
|
No prices
|
Fish oil, Omega 3: 28%EPA/DHA
|
12,000+
|
No prices
|
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2026 Wayne S. Bacon
