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 – February 21, 2026
The big news at the end of the week was the US Supreme Court ruling against all the import tariffs put in place by the Trump government. One has to wonder if the US will actually have to refund all the “illegal” tariffs that have been paid. It is expected that by early next week there will be some action to replace these tariffs with something just as onerous.
It was a shorter trading week this week with a Monday holiday. USA corn prices finished the week almost unchanged, perhaps down by USD 1 m/t. US soybeans ended the week up by only USD 2 m/t while soymeal was unchanged for the week. US winter wheat had a very strong week, up by about USD 11 m/t with US spring wheat up by USD 6 m/t.
US wheat prices are up strongly on weather concerns and winter wheat was the largest trading commodity on futures exchanges this week. The drought situation in the Wheat Belt did not come to an end as had been expected for the past week – the rainfall did not arrive.
US corn exports were very good this week as the US continues to be the only origin with good supplies of corn for exports. Argentina prices are quoted lower but the corn is not yet available for export.
Soybean prices did try to move lower this week but with no success --- export numbers were quite good which helped keep soybeans firm. These days US soybeans are about the only ones available to export markets --- Argentina and Brazil prices are lower but US supply is available.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $27.00 | Steady |
$27.00 | Steady | |
US Gulf Israel: Panamax m/t | $41.00 | Up $2.00 |
US Gulf to Egypt: Panamax | $41.00 | Up $2.00 |
US Gulf Turkey: Panamax m/t | $42.00 | Up $2.00 |
US Gulf Morocco: Handi | $41.00 | Up $2.00 |
US Gulf Algeria/Tunisia: Handi | $42.00 | Up $2.00 |
$42.00 | Steady | |
US Gulf other Med: Handi | $43.00 | Up $2.00 |
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 | $54.00 | Steady |
US Gulf China: Panamax | $53.00 | Steady |
US PNW Egypt: Panamax via Panama | $43.00 | Up $3.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $31.00 | Up $1.00 |
US PNW China: Panamax | $30.00 | Up $1.00 |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | Closed | |
US Lakes – Morocco – 30,000 m/t | Closed | |
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 | $35.00 | Down $2.00 |
France/Germany to India: Panamax | $53.00 | 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 | $44.00 | Steady |
Argentina to China: Panamax | $44.00 | Up $1.00 |
Argentina to Japan: Panamax | $45.00 | Up $1.00 |
Argentina to Egypt: Panamax | $52.00 | Steady |
Argentina to Europe: Panamax | $40.00 | Steady |
Argentina to Morocco: Handi | $43.00 | Steady |
Argentina to Libya: Handi | $44.00 | 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 | Steady |
Argentina to Tunisia: Handi | $44.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $39.00 | Steady |
Brazil to China: Panamax | $41.00 | Down $1.00 |
Brazil to Japan: Panamax | $42.00 | Down $1.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Steady |
Brazil to Morocco: Handi | $38.00 | 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 | $42.00 | Steady |
Australia to Europe: Panamax | $55.00 | 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 | $44 Russia | Ukraine $56 |
Black Sea to Indonesia: Panamax | $53 Russia | Ukraine $62 |
Black Sea to Bangladesh: Panamax | $42 Russia | N/A |
Black Sea to Egypt: 40/50,000 | $19 Russia | Ukraine $28 |
Black Sea to Egypt: 30,000 | $20 Russia | Ukraine $27 |
Black Sea to Iran: Panamax | $42 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 | $28 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $27 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $28 Russia | Ukraine $30 |
Black Sea to Libya – Handi | $28 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $43 Russia | Ukraine $49 |
Black Sea to Turkey – Handi | $14 Russia | Ukraine $27 |
Black Sea to South Africa – Handi | $55 Russia | N/A |
Black Sea to Nigeria – Handi | N/A | Ukraine $45 |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $51.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $66.00 | Down $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2043 | Down 40 |
Baltic Capesize Index | 3051 | Down 130 |
Baltic Panamax Index | 1838 | Up 61 |
Baltic Supramax Index | 1159 | Down 27 |
Baltic Handisize Index | 709 | Up 29 |
Freightos/Baltic Container Index | 1959 | Down 21 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR March 2026/Mayl 2026
Wheat, USA Soft Red Winter, US Gulf | USD 250>>247 |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 265>>262 |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 235<<240 |
Wheat, Romania 12.5 pro | USD 235<<240 |
Wheat, Superior, France | USD 237/240 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<220 |
Wheat, feed, Black Sea | USD 220<<225 |
Barley, France, Rouen port | USD 241/243 |
Barley, feed, Argentina, upriver | USD 230/235 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 260/265 |
Corn, 2YC FOB NOLA USA | USD 215>>210 |
Corn, 3YC FOB USA Pacific northwest | USD 220>>215 |
Corn, FOB Argentina port, upriver | USD 205<<210 |
Corn, FOB Brazil port | USD 220 Steady to May |
Corn, FOB France | USD 233/236 Spot |
Corn, FOB Romania | USD 230<<235 |
Corn, FOB Russia | USD 220<<225 |
Corn, FOB Ukraine, 30,000+ m/t | USD 220<<225 |
Sorghum, FOB Argentina port | USD 195<<200 |
Sorghum, FOB Texas | USD 220<<225 |
Soymeal, 48% protein, FOB NOLA | USD 370>>360 |
Soymeal, 48% protein, USA, Rotterdam | USD 400>>390 |
Soymeal, 47% pro, FOB Argentina | USD 340>>335 |
Soymeal, 48% protein, FOB Brazil | USD 345>>335 |
Soybeans, FOB NOLA | USD 475>>470 |
Soybeans, Argentina, FOB | USD 430>>420 |
Soybeans, Brazil, FOB | USD 425<<435 |
Soybeans, Black Sea | USD 420<<425 |
Corn Gluten Meal, USA FOB NOLA | USD 585>>580 |
Corn Gluten Feed, USA FOB NOLA | USD 235>>230 |
DDGS corn, 35 profat, USA FOB NOLA | USD 240>>230 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
South Region landings were at 8,700 m/t last week, which brings the total to 136,000 m/t with 115,000 m/t remaining on the quota. The majority of last week’s catch was in the Ilo area of Peru. Total fishmeal production is estimated at 30,600 m/t with about 3,000 m/t of fish oil.
All is quiet this week due to Chinese New Year --- the year of the Flame Horse!!!! Prices are steady according to trade reports and little new business was reported. Total fishmeal sales for this fishing season are now up to 400,000 m/t with futures sales at 60,000 m/t, according to reports.
The biggest growth in Peru fishmeal sales in 2025, excluding China, were for Germany, Denmark and Ecuador. Germany purchases jumped from 2,900 m/t to 55,500 m/t with Denmark going from 2,500 m/t to 40,700 m/t and Ecuador from 19,900 m/t to 56,400 m/t.
The IMARPE cruise began this week, looking at the state of the anchovy resource.
A mild El Nino is said to be starting which everyone is watching closely in case it becomes something more serious than mild.
Peru has lost another President to scandal with a new President to be appointed in July – there is an interim president in place until then.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1810 |
Danish standard fishmeal | 71% protein | $2495 |
Peru fishmeal | 65% protein | $2220 |
Chile fishmeal | 67% protein | $2240 |
Iceland fishmeal | 71% protein | $2750 |
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 | 1890/1910 | |
66% protein 120 TVN | 1920/1950 | |
67% protein 150 TVN | 1970/200 | |
67% protein 120 TVN | 2120/2150 | No prices |
67% protein 1000 hist, 120 TVN | 2170/2190 | 20170/2190 |
68% protein 500 hist, 100 TVN | 2200/2220 | 2200/2220 |
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 | 4200/4300 | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright ? 2026 Wayne S. Bacon
