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Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT -- February 01, 2025
According to the White House countries will be able to apply for “specific exemptions” for items from the new tariffs and there have been news items saying that the tariffs will be short-term as Trump is using them as a bargaining chip for other items. There are also question on tariffs being applied to items covered by the USMCA Agreement – once known as the North American Free Trade Agreement covering USA, Canada and Mexico.
With Mexico being a major market for US corn and Canada for US ethanol there are many questions on what reactions 25% tariff will bring.
Corn ended the week almost unchanged – perhaps down by a couple of dollars a ton. Soybeans were down by USD 5 m/t and soymeal by about USD 4 m/t. USA wheat prices were actually up on the week with both winter and spring wheat up by about USD 7 m/t.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
$22.00 | Steady | |
$22.00 | Steady | |
US Gulf Israel: Panamax m/t | $27.00 | Down $1.00 |
US Gulf to Egypt: Panamax | $27.00 | Down $1.00 |
US Gulf Turkey: Panamax m/t | $28.00 | Down $1.00 |
US Gulf Morocco: Handi | $42.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $43.00 | Steady |
$33.00 | Down $1.00 | |
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 | $44.00 | Down $1.00 |
US Gulf China: Panamax | $43.00 | Down $1.00 |
US PNW Egypt: Panamax via Panama | $37.00 | 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 | $26.00 | Down $1.00 |
US PNW China: Panamax | $25.00 | Down $1.00 |
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 | $34.00 | Down $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 | Steady |
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 | $20.00 | Down $2.00 |
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 | $62.00 | Down $1.00 |
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 | $20.00 | Down $2.00 |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $40.00 | Steady |
Brazil to China: Panamax | $30.00 | Down $3.00 |
Brazil to Japan: Panamax | $31.00 | Down $3.00 |
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 | Steady |
Australia to Europe: Panamax | $49.00 | 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 | $31 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $50 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $13 Russia | Ukraine $29 |
Black Sea to Egypt: 30,000 | $13 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $30 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $26 Russia | Ukraine $20 |
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 | $35 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 | Steady |
Russia to Egypt – coaster 5,000 m/t | $34.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 735 | Down 43 |
Baltic Capesize Index | 874 | Down 109 |
Baltic Panamax Index | 800 | Up 26 |
Baltic Supramax Index | 603 | Down 36 |
Baltic Handisize Index | 377 | Down 34 |
Freightos/Baltic Container Index | 3589 | Down 63 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR February 2025/April 2025
Wheat, USA Soft Red Winter, US Gulf | USD 240<<245 May |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 255<<260 May |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 235<<230 May |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 240<<245 May |
Wheat, Romania 12.5 pro | USD 245<<250 May |
Wheat, Superior, France | USD 247<<250 May |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<235 May |
Wheat, feed, Black Sea | USD 230/235 |
Barley, France, Rouen port | USD 230/235 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 235/240 |
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 220 flat to May |
Corn, FOB Brazil port | USD 240>>235 May |
Corn, FOB France | USD 231/234 Spot |
Corn, FOB Romania | USD 218<<225 May |
Corn, FOB Russia | USD 225<<230 May |
Corn, FOB Ukraine, 30,000+ m/t | USD 224<<230 May |
Sorghum, FOB Argentina port | USD 260/270 |
Sorghum, FOB Texas | USD 245 flat to May |
Soymeal, 48% protein, FOB NOLA | USD 335<<345 May |
Soymeal, 48% protein, USA, Rotterdam | USD 360<<370 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 325<<330 May |
Soybeans, FOB NOLA | USD 415 flat to May |
Soybeans, Argentina, FOB | USD 405>>385 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 190/195 |
DDGS corn, 35 profat, USA FOB NOLA | USD 210 flat to May |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
It looks like the final catch number for the North/Central region will be at about 2.42 million m/t which should yield 575,000 m/t of fishmeal. South Area fishing is still moving along slowly with limited vessels fishing and very high juvenile levels – total South area catch is now at 64,600 m/t, leaving 186,400 m/t of the quota.
Everyone was extremely happy with the North/Central season and most everything has been sold. Trade reports estimate that unsold fishmeal is no more than 70,000 m/t and could be less as the sales numbers are not always accurate.
Final China import numbers for fishmeal are at 1.93 million m/t with 844,000 m/t coming from Peru. The other main suppliers are Vietnam 200,000 m/t, Russia 150,000 m/t Chile, 147,000 m/t, Thailand 130,000 m/t dropping down to India at 66,000 m/t and USA at 64,000 m/t --- there are 22 countries supplying China with fishmeal.
The top 4 producers/exporters in Peru represent 73.3% of total fishmeal exports of 938,000 m/t --- Tasa 23%, Exalmar 18.5%, Copeinca 18.4%, Diamante 13.3% --- stats courtesy of MSI-Ceres.
Looking forward to more of 2025 and looking back at a great 2024, there is a great deal of enthusiasm and positivity in the trade.
European fishmeal prices – FOB North German port.
Sorry but updated prices are not available this week.
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 – feed grade | 2300/2500 | 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
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