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Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT -- April 19, 2025
Futures trading in the US was quieter this week with lower volume recorded. Corn prices finished the week down by about USD 3 m/t with soybeans and soymeal almost unchanged in the futures market for the week. Most US wheat futures were up by about USD 4 m/t.
US corn export sales were higher, up by 39% over the 4 week average --- perhaps people stocking up before all the many tariffs come into place all over the world – reciprocal tariffs are the concern for US grain/oilseed export business. China is the biggest problem for many items but the EU is right behind (or will be in 90days).
The US is back to work on Monday, Europe is closed until Tuesday as is most of South America. All will be back to “normal” on Tuesday.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $22.00 | Steady |
$22.00 | Steady | |
US Gulf Israel: Panamax m/t | $26.00 | Steady |
US Gulf to Egypt: Panamax | $26.00 | Steady |
US Gulf Turkey: Panamax m/t | $27.00 | Steady |
US Gulf Morocco: Handi | $27.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $28.00 | Steady |
$31.00 | Steady | |
US Gulf other Med: Handi | $29.00 | 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 | $46.00 | Steady |
US Gulf China: Panamax | $45.00 | Steady |
US PNW Egypt: Panamax via Panama | $37.00 | 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 | $27.00 | Steady |
US PNW China: Panamax | $26.00 | 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 | $33.00 | Steady |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $41.00 | Down $1.00 |
France/Germany to Iran: Panamax | $37.00 | Steady |
France/Germany to Jordan: Panamax | $42.00 | Steady |
France/Germany to Morocco: Handi | $32.00 | Steady |
France/Germany to Saudi Arabia: Panamax | $65.00 | Steady |
France/Germany to Turkey: Handi | $36.00 | Steady |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $38.00 | Down $1.00 |
Argentina to Japan: Panamax | $39.00 | Down $1.00 |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $36.00 | 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 | $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 | $36.00 | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $41.00 | Steady |
Brazil to China: Panamax | $33.00 | Down $2.00 |
Brazil to Japan: Panamax | $34.00 | Down $2.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Down $2.00 |
Brazil to Morocco: Handi | $40.00 | Steady |
Brazil to Iran: Panamax | $61.00 | Steady |
Brazil to Saudi Arabia 30/40,000 m/t | $64.00 | Steady |
Brazil to Spain: Panamax | $37.00 | Down $2.00 |
Brazil to Turkey/Egypt: Panamax | $59.00 | Steady |
Australia to Saudi: Panamax | $41.00 | Steady |
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 | $36 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $52 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $13 Russia | Ukraine $34 |
Black Sea to Egypt: 30,000 | $13 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 | $20 Russia | Ukraine $40 |
Black Sea to Tunisia/Algeria – Handi | $19 Russia | Ukraine $39 |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $51 |
Black Sea to Libya – Handi | $20 Russia | Ukraine $40 |
Black Sea to Saudi: Panamax | $36 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 | $19.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $32.00 | Down $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1261 | Down 13 |
Baltic Capesize Index | 1678 | Down 125 |
Baltic Panamax Index | 1273 | Up 87 |
Baltic Supramax Index | 950 | Up 11 |
Baltic Handisize Index | 569 | Down 13 |
Freightos/Baltic Container Index | 2026 | Down 41 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR May 2025/July 2025
Wheat, USA Soft Red Winter, US Gulf | USD 230>>240 Sep |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 255<<260 Sep |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 240>>230 Sep |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 250>>240 Sep |
Wheat, Romania 12.5 pro | USD 250>>240 Sep |
Wheat, Superior, France | USD 244/247 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 245<<250 Sep |
Wheat, feed, Black Sea | USD 235>>220 Sep |
Barley, France, Rouen port | USD 225/230 |
Barley, feed, Argentina, upriver | USD 230/235 |
Barley, feed, Black Sea, 30,000+ | USD 220/225 |
Barley, feed, Australia | USD 240/245 |
Corn, 2YC FOB NOLA USA | USD 220>>215 Sep |
Corn, 3YC FOB USA Pacific northwest | USD 230>>225 Sep |
Corn, FOB Argentina port, upriver | USD 225>>210 Sep |
Corn, FOB Brazil port | USD 230>>215 Sep |
Corn, FOB France | USD 240/243 Spot |
Corn, FOB Romania | USD 245<<250 Sep |
Corn, FOB Russia | USD 230>>220 Sep |
Corn, FOB Ukraine, 30,000+ m/t | USD 245>>230 Sep |
Sorghum, FOB Argentina port | USD 230<<250 Sep |
Sorghum, FOB Texas | USD 220<<225 Aug |
Soymeal, 48% protein, FOB NOLA | USD 340<<345 Sep |
Soymeal, 48% protein, USA, Rotterdam | USD 365<<370 Sep |
Soymeal, 47% pro, FOB Argentina | USD 320<<335 Sep |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 320<<340 Sep |
Soybeans, FOB NOLA | USD 410 Flat to Sep |
Soybeans, Argentina, FOB | USD 400<<415 Sep |
Soybeans, Brazil, FOB | USD 400<<425 Sep |
Soybeans, Black Sea | USD 400<<415 Sep |
Corn Gluten Meal, USA FOB NOLA | USD 620>>615 Aug |
Corn Gluten Feed, USA FOB NOLA | USD 220>>215 Aug |
DDGS corn, 35 profat, USA FOB NOLA | USD 230>>220 Aug |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Well now, the new quota at 3.0 million m/t came as much of a surprise to the industry. Everyone was looking at 2.4 mm/t or so. This new quota is reported to be the highest seen since 2018, which may just push fishmeal prices lower in coming days. The new season will begin on April 22, just after the Easter holidays.
Fishing in the South region of Peru was very low due to bad weather and as a result of vessels moving north for the new Morth/Central fishing season. Total South catch is now at about 185,000 m/t which leaves 66,000 m/t on th quota to June 30, 2025.
There hasn’t been any change in prices after the announcement as Peru went on holidays for easter for a few days but one can imagine that new bids from China will now be at a lower level. Total presales before the quota announcement were at 300,000 m/t with new quota production estimated at 715,000 m/t --- so, there will be quite a lot of fishmeal available this season.
The industry is now looking for a great fishing season with the only concern being the possible juvenile fish levels which could reduce the overall catch ---- but let’s get started and see how things look.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,690 |
Danish standard fishmeal | 71% protein | 2,150 |
Peru fishmeal | 65% protein | 1,690 |
Chile fishmeal | 67% protein | 1,750 |
Iceland fishmeal | 71% protein | 2,170 |
ALL PRICES SHOWN ARE IN CONTAINER, ON VESSEL, AT ORIGIN --- US DOLLARS
Minimum shipment of 200 m/t for fishmeal
Prices below are from before the new quota announcement.
Specification | Price per m/t FOB Vessel Peru port | Price per m/t Chile port |
65% protein standard steam | 1420/1440 | |
67% protein 150 TVN | 1520/1540 | |
67% protein 120 TVN | 1550/1570 | 1550/1570 |
67% protein 1000 hist, 120 TVN | 1620/1640 | 1600/1620 |
68% protein 500 hist, 100 TVN | 1650/1670 | 1630/1650 |
Fish oil, crude bulk – feed grade | 2100/2200 | 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 | 3200/3300 | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
