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 – October 17, 2026
USA Market situation for the week.
· US corn prices --- down by about USD 3 m/t
· US soybean prices – down by USD 11 to 13 m/t
· US soymeal prices --- down by USD 8 to 10 m/t
· US winter wheat – down by USD 4 to 6 m/t
· US spring wheat – down by USD 5 to 7 m/t
Soybeans had good new sales to China this week but certainly didn’t stop soybean prices from moving lower. It seems that there are just too many soybeans in world markets and USA harvest pressure will keep trying to push prices lower. Looking at soybean export prices out a little, US soybeans will have some trouble competing with Brazil in export markets.
Corn actual exports and export potential still look very good but harvest supply is growing which is trying to push corn lower. Also, the current strength in the US dollar is trying to move export prices lower ---- quite a few things trying to move corn lower but this will probably only last until the US corn harvest is completed.
Wheat prices continued lower again this week, which is quite contrary to the international wheat supply situation. Black Sea shipments of grain from all countries is suffering due to attacks on shipping, inoperable port facilities and loading and transport delays. There is lots of wheat in the US domestic supply and things look good so far for winter wheat which is probably a bigger factor in US domestic wheat prices than the international situation.
Estimated Bulk Grain Freight in USD per MT, basis heavy grains.
US Gulf to Europe: Panamax
|
$28.00
|
Steady
|
$28.00
|
Steady
|
|
US Gulf Israel: Panamax
|
$44.00
|
Down $1.00
|
US Gulf to Egypt: Panamax
|
$44.00
|
Down $1.00
|
US Gulf Turkey: Panamax
|
$45.00
|
Down $1.00
|
US Gulf Morocco: Handi
|
$45.00
|
Down $1.00
|
US Gulf Algeria/Tunisia: Handi
|
$46.00
|
Down $1.00
|
$51.00
|
Steady
|
|
US Gulf other Med: Handi
|
$47.00
|
Down $1.00
|
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
|
$77.00
|
Up $1.00
|
US Gulf China: Panamax
|
$6.00
|
Up $1.00
|
US PNW Egypt: Panamax
|
$54.00
|
Up $2.00
|
US PNW South Africa – 40,000 MT
|
$63.00
|
Up $2.00
|
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
|
$64.00
|
Up $4.00
|
US Lakes, Duluth – Morocco – 30,000 MT
|
$70.00
|
Up $4.00
|
|
|
|
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
|
$62.00
|
Up $1.00
|
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
|
$40.00
|
Up $3.00
|
Brazil to China: Panamax
|
$59.00
|
Up $1.00
|
Brazil to Japan: Panamax
|
$60.00
|
Up $1.00
|
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 $62
|
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 $58
|
Black Sea to Turkey – Handi
|
$85 Russia
|
Ukraine $31
|
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
|
$105
|
|
|
|
|
Baltic Dry Index
40% Capesize, 30% Panama, 30% Supermax
|
2511
|
Down 406
|
Baltic Capesize Index
|
3249
|
Down 1091
|
Baltic Panama Index
|
2314
|
Down 110
|
Baltic Supramax Index
|
1865
|
Up 51
|
Baltic Handisize Index
|
1011
|
Up 14
|
|
|
|
Freightos/Baltic Container Index
|
3560
|
Up 216
|
|
|
|
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR November 2026<<January 2027
Wheat, USA Soft Red Winter, US Gulf
|
USD 283<<287
|
Wheat, USA Hard Red Winter 11 protein, US Gulf
|
USD 316<<320
|
Wheat, Ukraine 11.5 pro, 30,000+ MT
|
USD 220<<225
|
Wheat, Russia 12.5 pro, 30,000+ MT
|
USD 214<<219
|
Wheat, Romania 12.5 pro
|
USD 275<<280
|
Wheat, Superior, France
|
USD 285/288 spot
|
Wheat, milling, 12.0%, Argentina, Upriver
|
USD 245<<250
|
Wheat, feed, Black Sea
|
USD 215<<220
|
|
|
Barley, France, Rouen port
|
USD 261/264 spot
|
Barley, feed, Argentina, upriver
|
USD 240/245
|
Barley, feed, Black Sea, 30,000+
|
USD 195/200
|
Barley, feed, Australia
|
USD 255/260
|
|
|
Corn, 2YC FOB NOLA USA
|
USD 225<<230
|
Corn, 3YC FOB USA Pacific Northwest
|
USD 235<<245
|
Corn, FOB Argentina port, upriver
|
USD 215<<220
|
Corn, FOB Brazil port
|
USD 220<<230
|
Corn, FOB France -- Atlantic
|
USD 336/339 spot
|
Corn, FOB Romania
|
USD 240<<245
|
Corn, FOB Russia
|
USD 215>>195
|
Corn, FOB Ukraine, 30,000+ MT
|
USD 225<<235
|
Sorghum, FOB Argentina port
|
USD 220<<240
|
Sorghum, FOB Texas
|
USD 250<<255
|
|
|
Soymeal, 48% protein, FOB NOLA
|
USD 435>>420
|
Soymeal, 48% protein, USA, Rotterdam
|
USD 465>>450
|
Soymeal, 47% pro, FOB Argentina
|
USD 425>>385
|
Soymeal, 48% protein, FOB Brazil
|
USD 425>>385
|
|
|
Soybeans, FOB NOLA
|
USD 505<<515
|
Soybeans, Argentina, FOB
|
USD 490<<510
|
Soybeans, Brazil, FOB
|
USD 520>>475
|
Soybeans, Black Sea
|
No prices
|
|
|
Corn Gluten Meal, USA FOB NOLA
|
USD 715<<720
|
Corn Gluten Feed, USA FOB NOLA
|
USD 240<<250
|
DDGS corn, 35 profit, USA FOB NOLA
|
USD 280<<290
|
Animal protein prices in Europe and USA remain at very high levels as demand for fishmeal replacement is driving the market --- high price are expected well into 2027.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
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)
It now is “official” that there will be no further fishing in North/Central Peru in 2027 although no official statement has been published. The biomass was seen to be at a low level of 5.1 million m/t with juveniles at a very high level – about 79%. Reproduction is also reported to be at a historically low level.
An official statement on the El Nino has very strong effect through January 2027 with continuing but moderating effect later in 2027. Trade reports say that this is the strongest El Nino event in 70 years.
It looks like the buyers who have outstanding fishmeal order will have to see the business rolled into the first fishing season in 2027 which will be about April/May.
Next week will see the IFFO conference in Buenos Aires ---- what will they all talk about now. There should certainly be a lot of talk about where the fishmeal supply will come from or about how to reduce fishmeal use in feed formulations.
Prime and Super Prime fishmeal prices from other origins look to be up by about USD 300 m/t --- no real surprise there.
I wonder if the fishmeal industry is heading back to those days years ago when there were mountains of unsold fishmeal and rock-bottom prices.
European fishmeal prices – FOB North German port.
Type
|
Protein %
|
Price per
MT USED
|
Standard Herring
|
64% protein
|
$2800
|
Danish standard fishmeal
|
71% protein
|
$3675
|
Peru fishmeal
|
65% protein
|
$3300
|
Chile fishmeal
|
67% protein
|
$3340
|
Iceland fish meal
|
71% protein
|
$3720
|
ALL PRICES SHOWN ARE IN CONTAINERS, ON VESSELS, 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
