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WEEKLY USA GRAIN AND PROTEIN REPORT -- December 21, 2024
This week’s report is the final report for 2024. Our first 2025 report will be issued on January 04.
We hope that everyone has a happy holiday season and that we all can look forward to a healthy, happy and peaceful 2025.
Corn prices in the US didn’t change much this – perhaps up by a dollar or two. Soybeans were down in the week by about USD 5 m/t but soymeal prices moved higher by USD 10 m/t. US spring wheat was up by about USD 3 m/t while winter wheat was about USD 6 to 8 m/t lower.
Trade reports say that soybeans, soft red winter wheat and hard red spring wheat all hit new futures contract lows. Only soymeal seemed to have an up week.
Corn was a wee bit firm this week mainly, according to the trade, due to strong export sales and record corn use in the US for ethanol production. Whenever corn prices dip a little there is increased buying interest --- no one is seriously expecting lower corn prices.
US soybeans are having to fight with lower priced Brazil beans for export sales. Futures trading in soybeans was at high levels this week, the highest in weeks.
The main factor for wheat prices this week was production and prices changes in international markets. Russia has reduced its wheat export quota again as it tries to maintain local stocks. Winter wheat planting in Europe has gone very well which could lead to a better crop in 2025. Trade reports say that Brazil is exporting low quality feed wheat and importing higher quality milling wheat.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
$23.00 | Steady | |
$23.00 | Steady | |
US Gulf Israel: Panamax m/t | $33.00 | Up $1.00 |
US Gulf to Egypt: Panamax | $33.00 | Up $1.00 |
US Gulf Turkey: Panamax m/t | $34.00 | Up $1.00 |
US Gulf Morocco: Handi | $42.00 | Down $1.00 |
US Gulf Algeria/Tunisia: Handi | $43.00 | Down $1.00 |
$36.00 | Steady | |
US Gulf other Med: Handi | $44.00 | Down $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 | $38.00 | Down $2.00 |
US Gulf China: Panamax | $37.00 | Down $2.00 |
US PNW Egypt: Panamax via Panama | $47.00 | Up $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 | $51.00 | Steady |
US Lakes – Morocco – 30,000 m/t | $57.00 | Steady |
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 | $36.00 | Down $1.00 |
Argentina to Japan: Panamax | $37.00 | Down $1.00 |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $26.00 | 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 | $26.00 | 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 | $41.00 | Down $1.00 |
Australia to Europe: Panamax | $51.00 | 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 | $35 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $50 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $15 Russia | Ukraine $28 |
Black Sea to Egypt: 30,000 | $17 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $34 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $27 Russia | Ukraine $25 |
Black Sea to Morocco – Handi | $25 Russia | Ukraine $40 |
Black Sea to Tunisia/Algeria – Handi | $24 Russia | Ukraine $39 |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $51 |
Black Sea to Libya – Handi | $25 Russia | Ukraine $40 |
Black Sea to Saudi: Panamax | $38 Russia | Ukraine $70 |
Black Sea to Turkey – Handi | $15 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 | $24.00 | Down $3.00 |
Russia to Egypt – coaster 5,000 m/t | $38.00 | Down $4.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 990 | Down 61 |
Baltic Capesize Index | 1115 | Down 148 |
Baltic Panamax Index | 976 | Down 19 |
Baltic Supramax Index | 940 | Down 19 |
Baltic Handisize Index | 579 | Down 39 |
Freightos/Baltic Container Index | 3730 | Up 246 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR January 2025/March 2025
Wheat, USA Soft Red Winter, US Gulf | USD 229<<232 Apr |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 245 flat to April |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 Apr |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 235<<240 Apr |
Wheat, Romania 12.5 pro | USD 235<<240 Apr |
Wheat, Superior, France | USD 238<<242 Apr |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225<<235 Apr |
Wheat, feed, Black Sea | USD 220/225 |
Barley, France, Rouen port | USD 218/225 |
Barley, feed, Argentina, upriver | USD 210/215 |
Barley, feed, Black Sea, 30,000+ | USD 220/225 Apr |
Barley, feed, Australia | USD 230/235 |
Corn, 2YC FOB NOLA USA | USD 205 flat to Apr |
Corn, 3YC FOB USA Pacific northwest | USD 220 flat to Apr |
Corn, FOB Argentina port, upriver | USD 205 flat to Apr |
Corn, FOB Brazil port | USD 220 flat to Apr |
Corn, FOB France | USD 217/220 Spot |
Corn, FOB Romania | USD 210<<215 Apr |
Corn, FOB Russia | USD 220<<225 Apr |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 Apr |
Sorghum, FOB Argentina port | USD 260/270 |
Sorghum, FOB Texas | USD 220 flat to Apr |
Soymeal, 48% protein, FOB NOLA | USD 345 flat to Apr |
Soymeal, 48% protein, USA, Rotterdam | USD 370 flat to Apr |
Soymeal, 47% pro, FOB Argentina | USD 330<<335 Apr |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 380/385 spot |
Soymeal, 48% protein, FOB Brazil | USD 320 flat Apr |
Soybeans, FOB NOLA | USD 395 flat to Apr |
Soybeans, Argentina, FOB | USD 395>>375 Apr |
Soybeans, Brazil, FOB | USD 395>>365 Apr |
Soybeans, Black Sea | USD 360<<370 Apr |
Corn Gluten Meal, USA FOB NOLA | USD 580/590 |
Corn Gluten Feed, USA FOB NOLA | USD 215/220 |
DDGS corn, 35 profat, USA FOB NOLA | USD 215 flat to Apr |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Total catch in North/Central Peru has reached 1.76 million m/t leaving 752,000 m/t on the quota. Fishmeal production is at about 394,000 m/t with fishoil production at 45,300 m/t. Fishoil yields are increasing and are now at an overall seasonal average of 2.6% although for most of the catch this week the fishoil yield has been higher at about 4.0%.
The fishing quota for the South Region expires on December 31, 2024 with only 41,000 m/t landed on the 251,000 m/t quota. The new 2025 quota should be announced soon.
Trade reports are saying that there looks to be a good chance that December catch will reach 1 million m/t --- not a bad fishing month at all.
The current level of fishmeal export sales is reported to be at about 455,000 m/t. Buyers are looking at slightly lower prices but producers don’t seem to be interested in lower price levels. However, lower grade fishmeal prices have dropped a few dollars. New orders from China are reported to have decreased as stocks in China are still high and current shipments from Peru will arrive before the main aqua feed demand period in China.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,600 |
Danish standard fishmeal | 71% protein | 2,030 |
Peru fishmeal | 65% protein | 1,540 |
Chile fishmeal | 67% protein | 1,665 |
Iceland fishmeal | 71% protein | 2,100 |
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 | 1350/1370 | |
67% protein 150 TVN | 1420/1440 | |
67n% protein 120 TVN | 1470/1490 | 1470/1490 |
67% protein 1000 hist, 120 TVN | 1520/1540 | 1520/1540 |
68% protein 500 hist, 100 TVN | 1570/1590 | 1570/1590 |
Fish oil, crude bulk | 3300/3400 | 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 | 4500/5250 | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2024 Wayne S. Bacon
