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WEEKLY USA GRAIN AND PROTEIN REPORT -- December 14, 2024
Although this was a USDA WASDE week most grain and oilseed prices didn’t do anything too exciting. US corn prices for 2025 were up only slightly --- perhaps by USD 2m/t – while US soybeans finished the week also up by about USD 2 m/t. US soymeal prices were unchanged on the week. Depending on the type, US winter wheat was down by about USD 6 m/t while 2025 crop spring wheat was unchanged on the week --- old crop spring wheat did increase by about USD 5 m/t.
The USA weather looks good so far for winter wheat crops with rainfall seen where it is needed and temperatures slightly above average. While corn prices didn’t do much this week, they were reportedly held steady by good corn exports and strong demand from the ethanol industry. Soybeans didn’t do much but had been expected to move lower with lower than expected export sales.
With Christmas and New Year not that far away markets could get even quieter until we get into January 2025 --- of course, there are always surprises in the grain/oilseed markets.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
$23.00 | Up $1.00 | |
$23.00 | Up $1.00 | |
US Gulf Israel: Panamax m/t | $32.00 | Up $1.00 |
US Gulf to Egypt: Panamax | $32.00 | Up $1.00 |
US Gulf Turkey: Panamax m/t | $33.00 | Up $1.00 |
US Gulf Morocco: Handi | $43.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $44.00 | Steady |
$36.00 | Steady | |
US Gulf other Med: Handi | $45.00 | Steady |
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 | $40.00 | Up $1.00 |
US Gulf China: Panamax | $39.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $45.00 | Down $3.00 |
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 | $37.00 | Up $1.00 |
Argentina to Japan: Panamax | $38.00 | Up $1.00 |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $26.00 | Down $2.00 |
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 | Down $2.00 |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $40.00 | Steady |
Brazil to China: Panamax | $35.00 | Up $1.00 |
Brazil to Japan: Panamax | $36.00 | Up $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 | $42.00 | Steady |
Australia to Europe: Panamax | $51.00 | 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 | $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 | $26 Russia | Ukraine $28 |
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 | $41 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 | $27.00 | Down $2.00 |
Russia to Egypt – coaster 5,000 m/t | $42.00 | Down $2.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1051 | Down 116 |
Baltic Capesize Index | 1263 | Down 272 |
Baltic Panamax Index | 995 | Down 72 |
Baltic Supramax Index | 959 | Down 15 |
Baltic Handisize Index | 618 | Down 26 |
Freightos/Baltic Container Index | 3484 | Up 155 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR January 2025/March 2025
Wheat, USA Soft Red Winter, US Gulf | USD 236 flat to March |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 251 flat to March |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 Mar |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 235<<240 Mar |
Wheat, Romania 12.5 pro | USD 245<<250 Mar |
Wheat, Superior, France | USD 241<<247 Mar |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225<<230 Mar |
Wheat, feed, Black Sea | USD 220/225 |
Barley, France, Rouen port | USD 225/230 |
Barley, feed, Argentina, upriver | USD 210/215 |
Barley, feed, Black Sea, 30,000+ | USD 240>>220 Mar |
Barley, feed, Australia | USD 230/235 |
Corn, 2YC FOB NOLA USA | USD 205 flat to Mar |
Corn, 3YC FOB USA Pacific northwest | USD 220 flat to Mar |
Corn, FOB Argentina port, upriver | USD 205 flat to Mar |
Corn, FOB Brazil port | USD 215<<230 Mar |
Corn, FOB France | USD 224/227 Spot |
Corn, FOB Romania | USD 205<<215 Mar |
Corn, FOB Russia | USD 215<<220 Mar |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 Mar |
Sorghum, FOB Argentina port | USD 260/270 |
Sorghum, FOB Texas | USD 222 flat to Mar |
Soymeal, 48% protein, FOB NOLA | USD 345 flat to Mar |
Soymeal, 48% protein, USA, Rotterdam | USD 370 flat to Mar |
Soymeal, 47% pro, FOB Argentina | USD 325<<330 Mar |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 370/375 spot |
Soymeal, 48% protein, FOB Brazil | USD 320 flat Mar |
Soybeans, FOB NOLA | USD 400 flat to Mar |
Soybeans, Argentina, FOB | USD 400>>380 Mar |
Soybeans, Brazil, FOB | USD 405>>370 Mar |
Soybeans, Black Sea | USD 375<<385 Mar |
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 220>>215 Mar |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Total catch on the Peru North/Central quota is now up to 1.48 million m/t which leaves just over 1.02 mm/t left open on the quota. Estimated fishmeal production is at 332,000 m/t with estimated fishoil at 34,300 m/t. Fishoil yield is still lower than expected at 2.3% overall.
There was also a little catch reported in the South Region --- 478 m/t – total catch now at 39,300 m/t leaving 211,700 m/t on the quota.
Fishmeal export prices continue to move higher. Some say that Super Prime may actually be as high as 1620/1640 m/t FOB. Total sales of fishmeal to date are stated by trade reports to be at about 440,000 to 450,000 m/t. Trade reports also say that there have been no sales reported for fishoil from this fishing.
IMARPE has set a maximum catch level for juveniles at a maximum of 188,000 m/t at which time an end to fishing can be ordered.
Trade reports this week seemed to be turning negative on chances of landing the full quota --- experts seem to feel that 85 to 90% of the quota will be landed.
Peru’s fishmeal exports to the end of November are at 886,000 m/t with 795,000 m/t going to China.
Just FYI, offices will be closed in Peru on December 23, 24 and 25 and on December 30, 31 and January 01, 2025.
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 | 1450/1470 | |
67n% protein 120 TVN | 1500/1520 | 1500/1520 |
67% protein 1000 hist, 120 TVN | 1550/1570 | 1550/1570 |
68% protein 500 hist, 100 TVN | 1600/1620 | 1600/1620 |
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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