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WEEKLY USA GRAIN AND PROTEIN REPORT -- January 25, 2025
US corn prices ended almost unchanged on the week when Friday’s price weakness overwhelmed the week’s earlier gains. The week’s corn exports were very good and marketing year to date exports are above last year. Reports say that corn futures open interest is at the highest level in 3 years with the number of longs also at about a three year high. It looks like lots of folks expect higher corn prices in days to come.
US soybean prices were up by USD 9 m/t on the week and would have been higher except for market weakness on Friday. The expected very large Brazil soybean crop is certainly helping to keep the market from moving higher. The week’s export sales were good and marketing YTD exports are above last year. It is difficult to know exactly where soybean prices will go in coming weeks. USA soymeal prices were up by about USD 10 m/t for the week.
All US wheat prices slipped lower on Friday but most remained a little higher on the week. Friday’s weakness is said to be a result of Argentina reducing its export taxes on grains. Wheat export for the week were not all that great although the marketing year exports are still above last year.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
$22.00 | Steady | |
$22.00 | Steady | |
US Gulf Israel: Panamax m/t | $28.00 | Down $2.00 |
US Gulf to Egypt: Panamax | $28.00 | Down $2.00 |
US Gulf Turkey: Panamax m/t | $29.00 | Down $2.00 |
US Gulf Morocco: Handi | $42.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $43.00 | Steady |
$34.00 | Down $2.00 | |
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 | $45.00 | Down $1.00 |
US Gulf China: Panamax | $44.00 | Down $1.00 |
US PNW Egypt: Panamax via Panama | $39.00 | Down $2.00 |
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 | Closed | |
US Lakes – Morocco – 30,000 m/t | Closed | |
France/Germany to Algeria: Handi | $32.00 | Steady |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $36.00 | Up $2.00 |
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 | $36.00 | Up $2.00 |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $34.00 | Steady |
Argentina to Japan: Panamax | $35.00 | Steady |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $22.00 | 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 | Steady |
Argentina to Spain: Panamax | $22.00 | Down $1.00 |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $40.00 | 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 | $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 | $40.00 | Down $1.00 |
Australia to Europe: Panamax | $49.00 | Down $2.00 |
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 | $33 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $50 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $14 Russia | Ukraine $29 |
Black Sea to Egypt: 30,000 | $14 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $32 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $27 Russia | Ukraine $22 |
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 | $39 Russia | Ukraine $70 |
Black Sea to Turkey – Handi | $15 Russia | Ukraine $23 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $22.00 | Down $2.00 |
Russia to Egypt – coaster 5,000 m/t | $34.00 | Down $4.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 778 | |
Baltic Capesize Index | 983 | |
Baltic Panamax Index | 774 | |
Baltic Supramax Index | 639 | |
Baltic Handisize Index | 411 | |
Freightos/Baltic Container Index | 3652 | |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR February 2025/April 2025
Wheat, USA Soft Red Winter, US Gulf | USD 235<<240 May |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 245<<250 May |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 May |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 235<<240 May |
Wheat, Romania 12.5 pro | USD 240<<245 May |
Wheat, Superior, France | USD 243<<248 May |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225<<235 May |
Wheat, feed, Black Sea | USD 225/230 |
Barley, France, Rouen port | USD 225/230 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 230/235 |
Corn, 2YC FOB NOLA USA | USD 220 flat to May |
Corn, 3YC FOB USA Pacific northwest | USD 235 flat to May |
Corn, FOB Argentina port, upriver | USD 230>>220 May |
Corn, FOB Brazil port | USD 230<<235 May |
Corn, FOB France | USD 230/233 Spot |
Corn, FOB Romania | USD 215<<225 May |
Corn, FOB Russia | USD 220<<230 May |
Corn, FOB Ukraine, 30,000+ m/t | USD 225<<230 May |
Sorghum, FOB Argentina port | USD 260/270 |
Sorghum, FOB Texas | USD 245 flat to May |
Soymeal, 48% protein, FOB NOLA | USD 330<<340 May |
Soymeal, 48% protein, USA, Rotterdam | USD 355<<365 May |
Soymeal, 47% pro, FOB Argentina | USD 330 flat to May |
Soymeal, 48% protein, Brazil, Rotterdam – spot | USD 380/385 spot |
Soymeal, 48% protein, FOB Brazil | USD 320<<330 May |
Soybeans, FOB NOLA | USD 420 flat to May |
Soybeans, Argentina, FOB | USD 410>>395 May |
Soybeans, Brazil, FOB | USD 385<<395 May |
Soybeans, Black Sea | USD 395<<400 May |
Corn Gluten Meal, USA FOB NOLA | USD 560/570 |
Corn Gluten Feed, USA FOB NOLA | USD 200/205 |
DDGS corn, 35 profat, USA FOB NOLA | USD 215 flat to May |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing in the North/Central region of Peru is now almost over, by government order, with the total catch reaching 2.411million m/t --- 96.1% of the total quota --- total catch will increase as the final numbers filter in. Fishmeal production is said to be at about 539,000 m/t with fish oil production at 72,500 m/t.
Fishing in the South region continues with the catch now at 44,700 m/t which will yield about 10,000 m/t of fishmeal. 206,300 m/t remain on the South quota. The South quota is open until June 30, 2025.
According to trade reports the North/Central fishing season was the best seen since 2020.
Peru fishmeal export sales are steady at 500,000 m/t which won’t leave very much fishmeal available for new sales. Chinese New Year is very close (begins January 29) so business will certainly slow down or stop for a few days.
So now should we all start to speculate about the next Peru fishing season.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,595 |
Danish standard fishmeal | 71% protein | 1,965 |
Peru fishmeal | 65% protein | 1,560 |
Chile fishmeal | 67% protein | 1,685 |
Iceland fishmeal | 71% protein | 1,995 |
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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