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Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT -- February 22, 2025
It was a short work week in the USA due to the holiday on Monday --- US corn prices were down by only a couple of dollars m/t while US soybeans moved higher by USD 2 m/t --- US soymeal was unchanged on the week. US winter wheat was lower by USD 4 to 5 m/t while US spring wheat was steady in the week.
Corn planting in Brazil has been good for the past week or so and this put some downward pressure on corn prices but wet weather is expected which may allow corn prices to move higher again since planting delays always get the bulls excited.
Expectations in the US are that corn plantings will increase in 2025 due to good prices. Corn export numbers for the week were very good, up significantly compared to recent weeks.
Not much to report for soybeans this week --- soybean exports were lower than expected, about 20% lower than the four week average.
USA wheat exports were down by 43% compared to the four-week average but actual export sales were up by 31%. There are still some concerns in parts of the US about wheat winterkill but too soon to know for sure.
There has been no further news on US import tariffs that could result in tariffs from buyers of US ag products, like corn, in particular, as was seen several years ago with the EU. Press reports have said that some smaller nations have said that they will work to balance trade levels with the USA in order to avoid any possible tariffs.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
$22.00 | Steady | |
$22.00 | Steady | |
US Gulf Israel: Panamax m/t | $31.00 | Steady |
US Gulf to Egypt: Panamax | $31.00 | Steady |
US Gulf Turkey: Panamax m/t | $32.00 | Steady |
US Gulf Morocco: Handi | $35.00 | Down $3.00 |
US Gulf Algeria/Tunisia: Handi | $36.00 | Down $3.00 |
$32.00 | Steady | |
US Gulf other Med: Handi | $37.00 | Down $3.00 |
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 | $46.00 | Steady |
US Gulf China: Panamax | $45.00 | Steady |
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 | $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 | $38.00 | Up $1.00 |
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 | 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 | $18.00 | 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 | Down $2.00 |
Argentina to Spain: Panamax | $18.00 | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $40.00 | Steady |
Brazil to China: Panamax | $35.00 | Steady |
Brazil to Japan: Panamax | $36.00 | Steady |
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 | $39.00 | Steady |
Australia to Europe: Panamax | $48.00 | 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 | $28 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $51 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $14 Russia | Ukraine $32 |
Black Sea to Egypt: 30,000 | $13 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $28 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $18 |
Black Sea to Morocco – Handi | $21 Russia | Ukraine $40 |
Black Sea to Tunisia/Algeria – Handi | $20 Russia | Ukraine $39 |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $51 |
Black Sea to Libya – Handi | $21 Russia | Ukraine $40 |
Black Sea to Saudi: Panamax | $30 Russia | Ukraine $70 |
Black Sea to Turkey – Handi | $15 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 | $20.00 | Steady |
Russia to Egypt – coaster 5,000 m/t | $32.00 | Down $1.0 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 981 | Up 189 |
Baltic Capesize Index | 991 | Up 275 |
Baltic Panamax Index | 1170 | Up 190 |
Baltic Supramax Index | 886 | Up 121 |
Baltic Handisize Index | 534 | Up 62 |
Freightos/Baltic Container Index | 2887 | Down 431 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR March 2025/May 2025
Wheat, USA Soft Red Winter, US Gulf | USD 254<<258 June |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 264<<270 June |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 240<<245 June |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 250<<255 June |
Wheat, Romania 12.5 pro | USD 250<<255 June |
Wheat, Superior, France | USD 244<<251 June |
Wheat, milling, 12.0%, Argentina, Upriver | USD 235<<240 June |
Wheat, feed, Black Sea | USD 235/240 |
Barley, France, Rouen port | USD 232/237 |
Barley, feed, Argentina, upriver | USD 225/230 |
Barley, feed, Black Sea, 30,000+ | USD 220/225 |
Barley, feed, Australia | USD 240/245 |
Corn, 2YC FOB NOLA USA | USD 225 flat to June |
Corn, 3YC FOB USA Pacific northwest | USD 240 flat to June |
Corn, FOB Argentina port, upriver | USD 215 flat to June |
Corn, FOB Brazil port | USD 245>>235 June |
Corn, FOB France | USD 222/225 Spot |
Corn, FOB Romania | USD 235<<240 June |
Corn, FOB Russia | USD 225<<230 June |
Corn, FOB Ukraine, 30,000+ m/t | USD 230<<235 June |
Sorghum, FOB Argentina port | No stock until May |
Sorghum, FOB Texas | USD 245 flat to May |
Soymeal, 48% protein, FOB NOLA | USD 325<<330 June |
Soymeal, 48% protein, USA, Rotterdam | USD 350<<355 June |
Soymeal, 47% pro, FOB Argentina | USD 330 flat to June |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 320<<330 June |
Soybeans, FOB NOLA | USD 415 flat to June |
Soybeans, Argentina, FOB | USD 400 flat to June |
Soybeans, Brazil, FOB | USD 400<<405 June |
Soybeans, Black Sea | USD 390<<400 June |
Corn Gluten Meal, USA FOB NOLA | USD 575/585 |
Corn Gluten Feed, USA FOB NOLA | USD 200/205 |
DDGS corn, 35 profat, USA FOB NOLA | USD 230>>220 June |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Southern region catch in Peru is up to 109,000 m/t yielding 24,000 m/t of fishmeal and 2,200 m/t of fishoil. The juvenile fish level remains high at an average of 57% and mini bans on fishing are expected.
IMARPE’s cruise is reported to have started in the North/Central Region and should be finished in about a month. Trade sources feel that the next fishing season could begin in the second half of April.
Business is quite slow these days with good business booked for the next season and both buyers and sellers sitting quietly waiting for some news.
Not much more to say this week.
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 | 1,980 |
Peru fishmeal | 65% protein | 1,560 |
Chile fishmeal | 67% protein | 1,695 |
Iceland fishmeal | 71% protein | 2,010 |
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 | 1400/1420 | |
67n% protein 120 TVN | 1450/1470 | 1450/1470 |
67% protein 1000 hist, 120 TVN | 1500/1520 | 1500/1520 |
68% protein 500 hist, 100 TVN | 1600/1520 | 1600/1620 |
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 | No prices | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
