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Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT – June 14, 2025
At the end of the week corn futures prices in the USA were down by just over USD 2 m/t while US soybeans were up by USD 6 m/t and soymeal was lower by USD 5 m/t. US winter wheat increased by USD 4 m/t while US spring wheat was unchanged for the week.
Soybeans price strength this week seemed to be mainly due to US government changes to the biofuel blend mandate which should certainly see an increase domestic demand for soybeans and soyoil. Along with that there is a change in possible imports of tallow and used cooking oil which should also push up domestic US demand.
While corn stocks were lower in the WASDE report and corn prices started to slip lower , expected higher ethanol production and strong exports both helped to strengthen the corn market so that the end of week drop was minimal. Corn weather is still very good and USA corn production is going to be big. Longer term we could see corn prices sliding lower.
Between the changes in the biofuel blend and the Israel/Iran situation there was no reason to stop the rally in soybeans/soyoil. Soymeal is lower as the increased demand for soyoil will push the crush numbers higher and create quite a pile of soymeal that will have to be sold….probably at lower price.
The WASDE report was bearish for wheat but lower prices attracted lots of buying interest and Friday was a strong day for all wheat….. perhaps not enough for a full week higher but certainly it looks like the bulls may be getting back into to US wheat market.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $25.00 | Up $2.00 |
$25.00 | Up $2.00 | |
US Gulf Israel: Panamax m/t | $31.00 | Up $1.00 |
US Gulf to Egypt: Panamax | $31.00 | Up $1.00 |
US Gulf Turkey: Panamax m/t | $32.00 | Up $1.00 |
US Gulf Morocco: Handi | $32.00 | Up $1.00 |
US Gulf Algeria/Tunisia: Handi | $33.00 | Up $1.00 |
$33.00 | Up $2.00 | |
US Gulf other Med: Handi | $34.00 | 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 | $47.00 | Up $1.00 |
US Gulf China: Panamax | $46.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $38.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $28.00 | Up $1.00 |
US PNW China: Panamax | $27.00 | Up $1.00 |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | $52.00 | Up $2.00 |
US Lakes – Morocco – 30,000 m/t | $58.00 | Up $2.00 |
France/Germany to Algeria: Handi | $33.00 | Steady |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $41.00 | Steady |
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 | $37.00 | Steady |
Argentina to Japan: Panamax | $38.00 | Steady |
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 | $42.00 | Steady |
Brazil to China: Panamax | $33.00 | Steady |
Brazil to Japan: Panamax | $34.00 | Steady |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Steady |
Brazil to Morocco: Handi | $41.00 | 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 | Steady |
Brazil to Turkey/Egypt: Panamax | $59.00 | Steady |
Australia to Saudi: Panamax | $41.00 | Steady |
Australia to Europe: Panamax | $51.00 | Up $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 | $52 Russia | Ukraine $64 |
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 | $35 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $24 |
Black Sea to East Spain -- Panamax | $26 Russia | Ukraine $21 |
Black Sea to Morocco – Handi | $21 Russia | Ukraine $27 |
Black Sea to Tunisia/Algeria – Handi | $20 Russia | Ukraine $26 |
Black Sea to Jordan: Panamax | $18 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $20 Russia | Ukraine $26 |
Black Sea to Saudi: Panamax | $35 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $12 Russia | Ukraine $24 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $18.00 | Steady |
Russia to Egypt – coaster 5,000 m/t | $29.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1968 | Up 335 |
Baltic Capesize Index | 3722 | Up 880 |
Baltic Panamax Index | 1401 | Up 155 |
Baltic Supramax Index | 936 | Up 3 |
Baltic Handisize Index | 604 | Up 4 |
Freightos/Baltic Container Index | 3664 | Up 14 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR July 2025/September 2025
Wheat, USA Soft Red Winter, US Gulf | USD 225<<245 Oct |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 235<<260 Oct |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 220<<225 Oct |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 220<<225 Oct |
Wheat, Romania 12.5 pro | USD 230<<235 Oct |
Wheat, Superior, France | USD 232/235 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<235 Oct |
Wheat, feed, Black Sea | USD 210<<215 Oct |
Barley, France, Rouen port | USD 220/225 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 200/205 |
Barley, feed, Australia | USD 250/255 |
Corn, 2YC FOB NOLA USA | USD 205 steady to Oct |
Corn, 3YC FOB USA Pacific northwest | USD 215<<220 Oct |
Corn, FOB Argentina port, upriver | USD 195<<200 Oct |
Corn, FOB Brazil port | USD 205<<210 Oct |
Corn, FOB France | USD 222/225 Spot |
Corn, FOB Romania | USD 235<<240 Oct |
Corn, FOB Russia | USD 220<<230 Oct |
Corn, FOB Ukraine, 30,000+ m/t | USD 235>>210 Oct |
Sorghum, FOB Argentina port | USD 210<<220 Oct |
Sorghum, FOB Texas | USD 190<<195 Oct |
Soymeal, 48% protein, FOB NOLA | USD 325<<330 Oct |
Soymeal, 48% protein, USA, Rotterdam | USD 350<<355 Oct |
Soymeal, 47% pro, FOB Argentina | USD 305<<320 Oct |
Soymeal, 48% protein, FOB Brazil | USD 310<<330 Oct |
Soybeans, FOB NOLA | USD 420>>415 Oct |
Soybeans, Argentina, FOB | USD 400<<415 Oct |
Soybeans, Brazil, FOB | USD 430<<435 Oct |
Soybeans, Black Sea | USD 410<<420 Oct |
Corn Gluten Meal, USA FOB NOLA | USD 585>>580 Sep |
Corn Gluten Feed, USA FOB NOLA | USD 215>>210 Sep |
DDGS corn, 35 profat, USA FOB NOLA | USD 230>>225 Sep |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Total catch in the North/Central region of Peru is now up to 2.05 million m/t leaving about 950,000 m/t on the quota. Estimated fishmeal production is at 464,000 m/t and fishoil at 54,300 m/t. Juvenile levels are still just above 31% for the overall average and there are still 300+ vessels fishing.
Overall fishing has slacked off somewhat which has caused buyers to raise their bids a little but producers are said to be holding back on much new business until there is a better feel for how fishing will continue.
Fishmeal sales are reported to have just passed 510,000 m/t or perhaps a little higher --- therefore, sales are still in excess of production. Sales to date represent about 70% of the estimated production if the full quota is landed ….. perhaps it is time to be a bit conservative on selling.
Prices for the best grades of fishmeal from Peru continue to move higher due to very limited supply while lower grades are mostly steady in price. It is reported in the trade that prices in China are also moving higher.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1665 |
Danish standard fishmeal | 71% protein | $2230 |
Peru fishmeal | 65% protein | $1580 |
Chile fishmeal | 67% protein | $1690 |
Iceland fishmeal | 71% protein | $2275 |
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 | 1310/1320 | |
67% protein 150 TVN | 1370/1380 | |
67% protein 120 TVN | 1420/1430 | No prices |
67% protein 1000 hist, 120 TVN | 1600/1610 | 1620/1630 |
68% protein 500 hist, 100 TVN | 1670/1690 | 1670/1690 |
Fish oil, crude bulk – feed grade | 2100/2300 | 2400/2500 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 3500/3600 | 3100/3300 |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
