Hammersmith Reports
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 – July 25, 2026
Market situation for the week.
· US corn prices --- up by about USD 5 m/t, September to December.
· US new crop soybean prices up by about USD 13 m/t September to December.
· US soymeal prices --- up by about USD 15 m/t September to December
· US winter wheat – up by about USD 4 m/t.
· US spring wheat – no change in prices for the week.
US corn prices continue to be strong on the very dry conditions in parts of the corn belt --- Nebraska is said to have 76% of its corn crop in drought. Trade reports note that Nebraska is the third largest corn producing state after Iowa and Illinois. Overall, the total corn crop in the USA is said to have 20% in drought conditions.
US soybean prices moved higher on China buying and concern over drought in parts of the soybean area. Trade reports say that it is expected China will be an aggressive buyer of soybeans for 2026/27 and USA soybeans look to be competitive. Soymeal prices are higher on demand both in the domestic and export markets.
US wheat prices are getting pushed around by world events with wheat futures prices highly active for the week. Continued problems in the Black Sea will be bad for both Ukraine and Russia and will help to keep wheat prices firm.
Note: last week there was an error in the report due to my poor editing ---- I had said that EU corn “exports” could increase by 5.0 mm/t which should have said “imports”. The EU imported 18.5 million m/t of corn in 2025/26 which could increase to close to 24.0 mm/t in 2026/27 due to the drought affected corn crops in the EU.
Estimated Bulk Grain Freight in USD per MT, basis heavy grains.
Freight is lower to some active markets due to a drop in demand caused by the US/Iran situation, Houthi action in the Red Sea. The Russia Azov problem is pushing Black Sea prices higher from Russia.
US Gulf to Europe: Panamax
|
$27.00
|
Steady
|
$27.00
|
Steady
|
|
US Gulf Israel: Panamax
|
$41.00
|
Down $3.00
|
US Gulf to Egypt: Panamax
|
$41.00
|
Down $3.00
|
US Gulf Turkey: Panamax
|
$42.00
|
Down $3.00
|
US Gulf Morocco: Handi
|
$42.00
|
Down $2.00
|
US Gulf Algeria/Tunisia: Handi
|
$43.00
|
Down $2.00
|
$51.00
|
Down $1.00
|
|
US Gulf other Med: Handi
|
$44.00
|
Down $2.00
|
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
|
$70.00
|
Steady
|
US Gulf China: Panamax
|
$68.00
|
Steady
|
US PNW Egypt: Panamax via Panama
|
$49.00
|
Steady
|
US PNW South Africa – 40,000 MT
|
$61.00
|
Steady
|
US PNW Philippines: Panamax
|
$36.00
|
Steady
|
US PNW Japan: Panamax
|
$36.00
|
Steady
|
US PNW China: Panamax
|
$35.00
|
Steady
|
US East Coast Nigeria: Handisize
|
$41.00
|
Steady
|
US Lakes – Europe – 30,000 MT
|
$60.00
|
Steady
|
US Lakes – Morocco – 30,000 MT
|
$66.00
|
Steady
|
|
|
|
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
|
$33.00
|
Steady
|
France/Germany to India: Panamax
|
$56.00
|
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
|
Down $1.00
|
Argentina to China: Panamax – no top off
|
$54.00
|
Steady
|
Argentina to Japan: Panamax – no top off
|
$55.00
|
Steady
|
Argentina to Egypt: Panamax
|
$54.00
|
Steady
|
Argentina to Europe: Panamax
|
$41.00
|
Steady
|
Argentina to Morocco: Handi
|
$43.00
|
Down $1.00
|
Argentina to Libya: Handi
|
$45.00
|
Down $1.00
|
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
|
$55.00
|
Steady
|
Argentina to Spain: Panamax
|
$41.00
|
Steady
|
Argentina to Tunisia: Handi
|
$44.00
|
Down $1.00
|
|
|
|
Brazil to Algeria/Tunisia: Handi
|
$37.00
|
Steady
|
Brazil to China: Panamax
|
$53.00
|
Steady
|
Brazil to Japan: Panamax
|
$54.00
|
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
|
$45.00
|
Steady
|
Australia to Europe: Panamax
|
$58.00
|
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
|
$57 Russia
|
Ukraine $57
|
Black Sea to Indonesia: Panamax
|
$63 Russia
|
Ukraine $65
|
Black Sea to Bangladesh: Panamax
|
$52 Russia
|
N/A
|
Black Sea to Egypt: 40/50,000
|
$25 Russia
|
Ukraine $28
|
Black Sea to Egypt: 30,000
|
$24 Russia
|
Ukraine $27
|
Black Sea to Iran: Panamax
|
N/A
|
N/A
|
Black Sea to Europe: Panamax
|
$28 Russia
|
Ukraine $24
|
Black Sea to East Spain – Panamax
|
$24 Russia
|
Ukraine $18
|
Black Sea to Morocco – Handi
|
$36 Russia
|
Ukraine $29
|
Black Sea to Tunisia/Algeria – Handi
|
$35 Russia
|
Ukraine $28
|
Black Sea to Jordan: Panamax
|
$33 Russia
|
Ukraine $30
|
Black Sea to Libya – Handi
|
$36 Russia
|
Ukraine $29
|
Black Sea to Saudi: Panamax
|
$64 Russia
|
Ukraine $57
|
Black Sea to Turkey – Handi
|
$26 Russia
|
Ukraine $26
|
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 MT
|
$ No info
|
|
Russia to Egypt – coaster 5,000 MT
|
$ No info
|
|
Ukraine to Turkey – coaster 5,000 MT
|
No info
|
|
Ukraine to Egypt – coaster 5,000 MT
|
No info
|
|
|
|
|
Baltic Dry Index
40% Capesize, 30% Panamax, 30% Supermax
|
2752
|
Down 9
|
Baltic Capesize Index
|
4285
|
Up 188
|
Baltic Panamax Index
|
2024
|
Down 224
|
Baltic Supramax Index
|
1694
|
Down 43
|
Baltic Handisize Index
|
905
|
Up 2
|
|
|
|
Freightos/Baltic Container Index
|
3653
|
Down 162
|
|
|
|
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 August 2026/October 2026
Wheat, USA Soft Red Winter, US Gulf
|
USD 276<<301 Nov
|
Wheat, USA Hard Red Winter 11 protein, US Gulf
|
USD 322<<337 Nov
|
Wheat, Ukraine 11.5 pro, 30,000+ MT
|
USD 230<<235
|
Wheat, Russia 12.5 pro, 30,000+ MT
|
USD 235<<240
|
Wheat, Romania 12.5 pro
|
USD 260<<265
|
Wheat, Superior, France
|
USD 266/269 spot
|
Wheat, milling, 12.0%, Argentina, Upriver
|
USD 240<<245
|
Wheat, feed, Black Sea
|
USD 220<<225
|
|
|
Barley, France, Rouen port
|
USD 253/256 spot
|
Barley, feed, Argentina, upriver
|
USD 220/225
|
Barley, feed, Black Sea, 30,000+
|
USD 210/215
|
Barley, feed, Australia
|
USD 260/265
|
|
|
Corn, 2YC FOB NOLA USA
|
USD 230<<240
|
Corn, 3YC FOB USA Pacific northwest
|
USD 245<<255
|
Corn, FOB Argentina port, upriver
|
USD 215<<225
|
Corn, FOB Brazil port
|
USD 230<<240
|
Corn, FOB France
|
USD 273/276 spot
|
Corn, FOB Romania
|
USD 250<<255
|
Corn, FOB Russia
|
USD 225<<230
|
Corn, FOB Ukraine, 30,000+ MT
|
USD 230<<235
|
Sorghum, FOB Argentina port
|
USD 225<<235
|
Sorghum, FOB Texas
|
USD 235<<245
|
|
|
Soymeal, 48% protein, FOB NOLA
|
USD 405>>395
|
Soymeal, 48% protein, USA, Rotterdam
|
USD 435>>425
|
Soymeal, 47% pro, FOB Argentina
|
USD 365<<375
|
Soymeal, 48% protein, FOB Brazil
|
USD 370<<380
|
|
|
Soybeans, FOB NOLA
|
USD 505<<510
|
Soybeans, Argentina, FOB
|
USD 475<<515
|
Soybeans, Brazil, FOB
|
USD 500<<510
|
Soybeans, Black Sea
|
USD no info
|
|
|
Corn Gluten Meal, USA FOB NOLA
|
USD 690<<700
|
Corn Gluten Feed, USA FOB NOLA
|
USD 190<<200
|
DDGS corn, 35 profat, USA FOB NOLA
|
USD 240<<245
|
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Central/North Peru details: Quota 1,914,000 m/t, landed 471,100 m/t, fishmeal produced 116,900 m/t, fishoil produced 7,550 m/t --- balance on quota 1,442,900 m/t.
South Peru details: New quota 251,000 m/t, landed 1,615 m/t, fishmeal produced 400 – balance on quota 249,385 m/t to December 31, 2026.
(fishmeal and fishoil production are estimated)
Nothing to report from Peru regarding any possibility of further Central/North fishing --- most trade reports are talking about the Costal El Nino situation. This El Nino event is expected to continue until about April 2027 with a peak in November/December 2026. The forecasted high air temperatures will also affect water temperatures and will probably cause anchovies to be deeper than normal.
Peru’s fishmeal exports for 2026 to June are at 451,000 m/t down from 764,000 m/t last year. China was shipped 319,000 m/t, down 49%, while Germany is at 35,000 m/t, up 21%, with Denmark at 27,000 m/t, up by 38%.
China’s total fishmeal imports for January/June 2026 are at 775,000 m/t down by 23%. Peru is still the largest origin for fishmeal but at 318,000 m/t received it is down by 35%. Peru exports and China imports do not exactly match due to the transit time and shipments afloat.
Peru is closed July 27 to 29 for its Independence Anniversary --- 205 years.
No change in prices shown below since they are all guess work anyway.
European fishmeal prices – FOB North German port.
Type
|
Protein %
|
Price per
MT USD
|
Standard Herring
|
64% protein
|
$2095
|
Danish standard fishmeal
|
71% protein
|
$3290
|
Peru fishmeal
|
65% protein
|
$2950
|
Chile fishmeal
|
67% protein
|
$2850
|
Iceland fishmeal
|
71% protein
|
$3405
|
ALL PRICES SHOWN ARE IN CONTAINER, ON VESSEL, AT ORIGIN --- US DOLLARS
Minimum shipment of 200 MT for fishmeal
It is probably of little value listing “prices” these days. Prices shown below are from trade sources but are only “referential prices.”
Specification
|
Price per MT FOB Vessel Peru port
|
Price per MT
Chile port
|
|
|
|
65% protein standard steam
|
No prices
|
|
66% protein 120 TVN
|
No prices
|
|
67% protein 150 TVN
|
No prices
|
|
67% protein 120 TVN
|
3500/3600
|
3450/3470
|
67% protein 1000 hist, 120 TVN
|
3550/3650
|
3500/3520
|
68% protein 500 hist, 100 TVN
|
3600/3700
|
3550/3570
|
|
|
|
Fish oil, crude bulk – feed grade
|
No prices
|
7500/7600
|
Fish oil, crude in drums
|
No prices
|
No prices
|
Fish oil, flexi tank
|
No prices
|
No prices
|
Fish oil, Omega 3: 28%EPA/DHA
|
10,500+
|
No prices
|
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2026 Wayne S. Bacon
