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WEEKLY USA GRAIN AND PROTEIN REPORT -- January 04, 2025
Although there were lots of ups and downs in prices since the last report on December 21, the prices as the weeks finished were not particularly different overall. Corn prices were almost unchanged while soybeans were down by about USD 4 m/t and soymeal unchanged. US winter wheat was down by USD 2 m/t since the last report but US spring wheat was down by about USD 5 m/t.
Grain prices had moved higher during the last 14 days but did have a down day last Friday as the markets were not impressed by the US export sales numbers. Friday saw corn futures down by about USD 4 m/t with soybeans down by USD 7 on the day and US winter wheat down by about USD 5 m/t --- Friday was certainly a down day. The question is “will the lower prices continue a trend into next week.” Will the strong US dollar keep downward pressure on grain/oilseed export prices?
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $22.00 | Down $1.00 |
$22.00 | Down $1.00 | |
US Gulf Israel: Panamax m/t | $30.00 | Down $3.00 |
US Gulf to Egypt: Panamax | $30.00 | Down $3.00 |
US Gulf Turkey: Panamax m/t | $31.00 | Down $3.00 |
US Gulf Morocco: Handi | $42.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $43.00 | Steady |
$36.00 | Steady | |
US Gulf other Med: Handi | $44.00 | 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 | $41.00 | Up $3.00 |
US Gulf China: Panamax | $40.00 | Up $3.00 |
US PNW Egypt: Panamax via Panama | $44.00 | 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 | $24.00 | Up $2.00 |
US PNW China: Panamax | $23.00 | Up $2.00 |
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 | Steady |
Argentina to Japan: Panamax | $37.00 | Steady |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $25.00 | Down $1.00 |
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 | $55.00 | Down $2.00 |
Argentina to Spain: Panamax | $25.00 | Down $1.00 |
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 | $34 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $51 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $15 Russia | Ukraine $28 |
Black Sea to Egypt: 30,000 | $16 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $32 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $27 Russia | Ukraine $23 |
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 $4.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1072 | |
Baltic Capesize Index | 1375 | |
Baltic Panamax Index | 1040 | |
Baltic Supramax Index | 884 | |
Baltic Handisize Index | 549 | |
Freightos/Baltic Container Index | 4259 | |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, 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 237<<241 Apr |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 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 244<<247 Apr |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<235 Apr |
Wheat, feed, Black Sea | USD 225/230 |
Barley, France, Rouen port | USD 225/230 |
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 208 flat to Apr |
Corn, 3YC FOB USA Pacific northwest | USD 223 flat to Apr |
Corn, FOB Argentina port, upriver | USD 215>>210 Apr |
Corn, FOB Brazil port | USD 225>>220 Apr |
Corn, FOB France | USD 218/221 Spot |
Corn, FOB Romania | USD 210<<215 Apr |
Corn, FOB Russia | USD 215<<220 Apr |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 Apr |
Sorghum, FOB Argentina port | USD 260/270 |
Sorghum, FOB Texas | USD 225 flat to Apr |
Soymeal, 48% protein, FOB NOLA | USD 350<<360 Apr |
Soymeal, 48% protein, USA, Rotterdam | USD 375<<385 Apr |
Soymeal, 47% pro, FOB Argentina | USD 335<<345 Apr |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 385/390 spot |
Soymeal, 48% protein, FOB Brazil | USD 325<<335 Apr |
Soybeans, FOB NOLA | USD 395<<400 Apr |
Soybeans, Argentina, FOB | USD 390>>380 Apr |
Soybeans, Brazil, FOB | USD 375>>365 Apr |
Soybeans, Black Sea | USD 365<<375 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 North/Central Peru landings are now at 2.036 million m/t which leaves 474,000 m/t on the quota --- fishmeal production is estimated at 456,000 m/t and fishoil at 56,900 m/t.
The new fishing quota for the South of Peru has been set at 251,000 m/t and will be open until the end of June 2025. Fishing began on January 02, 2025.
Peru fishmeal export sales are reported to be at about 470,000 m/t at the end of December 2024.
There is still a lot of discussion on whether the full North/Central quota will be landed ---- according to information from MSI Ceres the January catch has only reached the 474,000 m/t level three times in the past 10 years and once at 460,000 m/t. Still, there does look to be a chance.
Business is expected to go quiet shortly as China will start its New Year holidays on January 28 ending on February 04. Major buyers will be out of the market for a few days.
China’s fishmeal imports for 2024 are estimated to be at 2.47 million m/t which is up by almost 20% over 2023.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,590 |
Danish standard fishmeal | 71% protein | 1,980 |
Peru fishmeal | 65% protein | 1,540 |
Chile fishmeal | 67% protein | 1,660 |
Iceland fishmeal | 71% protein | 2,020 |
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 | 3000/3100 | 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 © 2025 Wayne S. Bacon
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