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 14, 2026
Monday is a holiday in the USA for Presidents’ Day and China starts New Year on February 17 for about 2 weeks.
This week was another USDA WASDE week --- they sure seem to come up quickly anymore. USA corn exports increased due to strong export demand which caused a drop in ending stocks. USDA’s estimated corn price did not change. There was nothing much new in the WASDE for US wheat although stocks increased a little. There were no changes made to USA soybean numbers in the WASDE.
As the week ended US corn prices were up by about USD 2 m/t with soybean prices moving almost USD 8 m/t higher with US soymeal up by USD 5 m/t. US winter wheat was up by close to USD 3 m/t with US spring wheat unchanged on the week.
The US corn belt is still seeing some drought conditions in parts of the Midwest which could push prices higher long term. The Argentina corn crop is also seen to be slightly lower in quality overall with the good/excellent level at 43%.
The US soybean folks are waiting and waiting for more China business and their optimism is helping to give strength to the soybean market. There are also some concerns about the Argentina soybean crop ---- little things but enough to give the market a push higher.
Nothing exciting to report for US wheat this week, just continued dryness in parts of the wheat belt which gives some concern for US winter wheat.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
According to freight experts, very strong demand for grain shipments in the Atlantic is pushing freight prices higher for Panamax and Handi vessels from the US Gulf --- especially for destinations in the Mediterranean Sea.
US Gulf to Europe: Panamax | $27.00 | Down $1.00 |
$27.00 | Down $100 | |
US Gulf Israel: Panamax m/t | $39.00 | Up $5.00 |
US Gulf to Egypt: Panamax | $39.00 | Up $5.00 |
US Gulf Turkey: Panamax m/t | $40.00 | Up $5.00 |
US Gulf Morocco: Handi | $39.00 | Up $5.00 |
US Gulf Algeria/Tunisia: Handi | $40.00 | Up $5.00 |
$42.00 | Up $3.00 | |
US Gulf other Med: Handi | $41.00 | Up $5.00 |
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 | $40.00 | Up $1.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $30.00 | Steady |
US PNW China: Panamax | $29.00 | Steady |
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 | $37.00 | Up $2.00 |
France/Germany to India: Panamax | $53.00 | Up $3.00 |
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 | $44.00 | Down $2.00 |
Argentina to China: Panamax | $43.00 | Up $3.00 |
Argentina to Japan: Panamax | $44.00 | Up $3.00 |
Argentina to Egypt: Panamax | $52.00 | Steady |
Argentina to Europe: Panamax | $40.00 | Steady |
Argentina to Morocco: Handi | $43.00 | Down $2.00 |
Argentina to Libya: Handi | $44.00 | Down $2.00 |
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 | Down $2.00 |
Brazil to Algeria/Tunisia: Handi | $39.00 | Down $3.00 |
Brazil to China: Panamax | $42.00 | Steady |
Brazil to Japan: Panamax | $43.00 | Steady |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Steady |
Brazil to Morocco: Handi | $38.00 | Down $3.00 |
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 | $42 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 $29 |
Black Sea to Egypt: 30,000 | $20 Russia | Ukraine $26 |
Black Sea to Iran: Panamax | $42 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $27 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 $29 |
Black Sea to Libya – Handi | $28 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $43 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $14 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 m/t | $52.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $67.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2083 | Up 160 |
Baltic Capesize Index | 3181 | Up 263 |
Baltic Panamax Index | 1777 | Up 125 |
Baltic Supramax Index | 1186 | Up 82 |
Baltic Handisize Index | 680 | Up 42 |
Freightos/Baltic Container Index | 1980 | Down 39 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR March 2026/Mayl 2026
Wheat, USA Soft Red Winter, US Gulf | USD 238>>232 |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 251 Steady to May |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 230<<235 |
Wheat, Romania 12.5 pro | USD 235<<240 |
Wheat, Superior, France | USD 234/237 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 250/255 |
Corn, 2YC FOB NOLA USA | USD 220>>210 |
Corn, 3YC FOB USA Pacific northwest | USD 220 Steady to May |
Corn, FOB Argentina port, upriver | USD 205 Steady to May |
Corn, FOB Brazil port | USD 220 Steady to May |
Corn, FOB France | USD 234/237 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 225<<230 |
Soymeal, 48% protein, FOB NOLA | USD 365>>360 |
Soymeal, 48% protein, USA, Rotterdam | USD 395>>390 |
Soymeal, 47% pro, FOB Argentina | USD 340>>335 |
Soymeal, 48% protein, FOB Brazil | USD 345>>335 |
Soybeans, FOB NOLA | USD 460 flat to May |
Soybeans, Argentina, FOB | USD 430>>420 |
Soybeans, Brazil, FOB | USD 430<<435 |
Soybeans, Black Sea | USD 420<<430 |
Corn Gluten Meal, USA FOB NOLA | USD 595>>580 |
Corn Gluten Feed, USA FOB NOLA | USD 240>>235 |
DDGS corn, 35 profat, USA FOB NOLA | USD 240>>230 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing in the South Region was just over 10,000 m/t for the week bringing the total catch to almost 122,000 m/t which leaves 129,000 m/t on the quota. Fishmeal production is estimated at 27,100 m/t for the season with fish oil at 2,600 m/t.
Chinese New Year is about to begin, it runs from February 17 to March 03, this year is the year of the horse. All should be very quiet in the fishmeal business for a couple of weeks with all Chinese buyers on holidays. Coming up to the holidays, reports say that fishmeal prices in China are steady.
Peru fishmeal prices are moving higher --- some reports say that prices are up by at least USD 50 m/t and more for Prime and Super Prime.
China’s latest statistics for fishmeal show local China production up by almost 4.0% in 2026 which is only an increase of 10,000 m/t. Fishmeal imports for 2026 are seen at 2.348 mm/t down by about 190,000 m/t or 8.4%. Overall fishmeal consumption in 2026 is seen dropping by close to 95,000 m/t.
Peru’s final fishmeal export numbers for 2025 show a total of 1.25 million m/t with 1.01 mm/t going to China --- 80.4% of fishmeal exports. Looking at regional totals for 2025, Asia represents 85.5% of Peru’s fishmeal exports followed by Europe at 114,500 m/t.
Many thanks to MSI Ceres for all the updated statistics.
So now, it’s all quiet on the Asia front for a couple of weeks.
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
