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WEEKLY USA GRAIN AND PROTEIN REPORT -- November 23, 2024
Trade comments about corn are that there is nothing new to report now that the harvest is pretty well over and lots of November/December holidays are on the way. Comments also suggest that the December WASDE in a couple of weeks will be a copy of the November report with nothing new and exciting.
Soybeans were said to be higher in the week due to new export sales which led to a rash of buying in the soybean futures market. Argentina’s new soybean crop planting is coming along well recent rains have assured good soil moisture levels. Nothing much bullish seen for soybeans this week.
Wheat’s higher week seems to be at odds with world wheat supply for 2025 looking good from several points. However, the Russia situation is the main factor in world wheat prices as North America/Europe plant their winter wheat. While all seems good for wheat supply in 2025 there is still uncertainty about the Black Sea wheat supply for the next few months. Wheat prices are probably going to be a bit jumpy.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $23.00 | Steady |
$23.00 | Steady | |
US Gulf Israel: Panamax m/t | $31.00 | Steady |
US Gulf to Egypt: Panamax | $31.00 | Steady |
US Gulf Turkey: Panamax m/t | $32.00 | Steady |
US Gulf Morocco: Handi | $44.00 | Up $1.00 |
US Gulf Algeria/Tunisia: Handi | $45.00 | Up $1.00 |
$36.00 | Steady | |
US Gulf other Med: Handi | $46.00 | Up $1.00 |
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 | $41.00 | Down $1.00 |
US Gulf China: Panamax | $40.00 | Down $1.00 |
US PNW Egypt: Panamax via Panama | $48.00 | Down $2.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $22.00 | Steady |
US PNW China: Panamax | $21.00 | Steady |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | $53.00 | Down $2.00 |
US Lakes – Morocco – 30,000 m/t | $59.00 | Down $2.00 |
France/Germany to Algeria: Handi | $32.00 | Steady |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $34.00 | Steady |
France/Germany to Iran: Panamax | $37.00 | Steady |
France/Germany to Jordan | $42.00 | Steady |
France/Germany to Morocco: Handi | $31.00 | Steady |
France/Germany to Saudi Arabia: Panamax | $65.00 | Steady |
France/Germany to Turkey: Handi | $34.00 | Steady |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $39.00 | Down $1.00 |
Argentina to Japan: Panamax | $40.00 | Down $1.00 |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $30.00 | Steady |
Argentina to Morocco: Handi | $45.00 | Steady |
Argentina to Libya: Handi | $46.00 | Steady |
Argentina to Jordan: Panamax | $55.00 | Steady |
Argentina to Saudi Arabia: Panamax | $63.00 | 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 | $57.00 | Steady |
Argentina to Spain: Panamax | $30.00 | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $40.00 | Steady |
Brazil to China: Panamax | $34.00 | Down $1.00 |
Brazil to Japan: Panamax | $35.00 | Down $1.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $39.00 | Steady |
Brazil to Morocco: Handi | $39.00 | Steady |
Brazil to Iran: Panamax | $61.00 | Steady |
Brazil to Saudi Arabia 30/40,000 m/t | $64.00 | Steady |
Brazil to Spain: Panamax | $39.00 | Steady |
Brazil to Turkey/Egypt: Panamax | $59.00 | Steady |
Australia to Saudi: Panamax | $43.00 | Down $1.00 |
Australia to Europe: Panamax | $53.00 | Down $1.00 |
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 $50 |
Black Sea to Indonesia: Panamax | $51 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $16 Russia | Ukraine $28 |
Black Sea to Egypt: 30,000 | $18 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $40 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $30 |
Black Sea to Morocco – Handi | $27 Russia | Ukraine $40 |
Black Sea to Tunisia/Algeria – Handi | $26 Russia | Ukraine $39 |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $52 |
Black Sea to Libya – Handi | $27 Russia | Ukraine $40 |
Black Sea to Saudi: Panamax | $43 Russia | Ukraine $70 |
Black Sea to Turkey – Handi | $18 Russia | Ukraine $25 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $29.00 | Down $2.00 |
Russia to Egypt – coaster 5,000 m/t | $48.00 | Down $2.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1537 | Down 248 |
Baltic Capesize Index | 2626 | Down 603 |
Baltic Panamax Index | 1083 | Down 129 |
Baltic Supramax Index | 984 | Down 35 |
Baltic Handisize Index | 670 | Down 15 |
Freightos/Baltic Container Index | 3622 | Up 53 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR December 2024/February 2025
Wheat, USA Soft Red Winter, US Gulf | USD 248<<252 Mar |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 248<<253 Mar |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 Mar |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 227<<233 Mar |
Wheat, Romania 12.5 pro | USD 239<<245 Mar |
Wheat, Superior, France | USD 230<<235 Mar |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<230 Mar |
Wheat, feed, Black Sea | USD 220/225 |
Barley, France, Rouen port | USD 215/210 |
Barley, feed, Argentina, upriver | USD 210/215 |
Barley, feed, Black Sea, 30,000+ | USD 210/215 |
Barley, feed, Australia | USD 230/235 |
Corn, 2YC FOB NOLA USA | USD 205 flat Mar |
Corn, 3YC FOB USA Pacific northwest | USD 220 flat Mar |
Corn, FOB Argentina port, upriver | USD 205 flat Mar |
Corn, FOB Brazil port | USD 220<<230 Mar |
Corn, FOB France | USD 225/228 Spot |
Corn, FOB Romania | USD 220<<225 Mar |
Corn, FOB Russia | USD 210<<220 Mar |
Corn, FOB Ukraine, 30,000+ m/t | USD 210<<215 Mar |
Sorghum, FOB Argentina port | USD 260/270 |
Sorghum, FOB Texas | USD 235<<240 Mar |
Soymeal, 48% protein, FOB NOLA | USD 350 flat Mar |
Soymeal, 48% protein, USA, Rotterdam | USD 375 flat Mar |
Soymeal, 47% pro, FOB Argentina | USD 325<<335 Mar |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 390/400 spot |
Soymeal, 48% protein, FOB Brazil | USD 325 flat Mar |
Soybeans, FOB NOLA | USD 395 flat Mar |
Soybeans, Argentina, FOB | USD 415>>400 Mar |
Soybeans, Brazil, FOB | USD 420>>375 Mar |
Soybeans, Black Sea | USD 410<<425 Mar |
Corn Gluten Meal, USA FOB NOLA | USD 585/590 |
Corn Gluten Feed, USA FOB NOLA | USD 215/220 |
DDGS corn, 35 profat, USA FOB NOLA | USD 220>>215 Mar |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
As of November 21, the total North/Central catch is at 745,000 m/t leaving 1,765,000 m/t on the fishing quota. Trade reports say that fishing is lower than expected due to high salinity ocean water that is causing the fish to go deeper making the schools more difficult to find.
Peru fishmeal sales are said to have reached 400,000 m/t with export prices up by about USD 50 m/t. Producers are not looking to sell much more until they see if fishing improves. China buyers are said to be bidding at USD 1600 m/t for Super Prime CNF China (about USD 1580 m/t FOB).
Peru fishmeal exports in 2024 to the end of October are at 861,000 m/t with 791,000 m/t going to China – 89.86% of Peru fishmeal exports.
China’s total fishmeal imports to the end of October 2024 stand at 1,757,000 million m/t with 812,000 m/t from Peru. The next largest fishmeal supplies are from Vietnam 169,000 m/t, Chile 140,000 m/t, Russia 126,000 m/t and Thailand 116,000 m/t.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,555 |
Danish standard fishmeal | 71% protein | 2,000 |
Peru fishmeal | 65% protein | 1,490 |
Chile fishmeal | 67% protein | 1,600 |
Iceland fishmeal | 71% protein | 2,035 |
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 |
65% protein standard steam | 1300/1320 | |
67% protein 150 TVN | 1400/1420 | |
67n% protein 120 TVN | 1450/1470 | 1450/1470 |
67% protein 1000 hist, 120 TVN | 1500/1520 | 1500/1520 |
68% protein 500 hist, 100 TVN | 1550/1570 | 1550/1570 |
Fish oil, crude bulk | No prices | 2500/2600 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | No prices | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
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