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WEEKLY USA GRAIN AND PROTEIN REPORT -- February 08, 2025
Nothing new to report this week on possible tariffs USA imports/exports on grains, oilseeds and protein meals.
USA corn prices were about USD 3 m/t lower on the week with soybeans finishing the week up by about USD 4 m/t while soymeal prices finished almost unchanged on the week. However, US winter wheat did rally by about USD 8 to 10 m/t with US spring wheat up by about USD 4 m/t.
There is still a lot of talk about possible grain tariffs but for this week it looks like the pending WASDE report has had more effect on prices.
Corn ending stocks in the WASDE are expected by the trade to move a little lower and there is concern over the lack of rainfall in Brazil and Argentina…it doesn’t look much like there will be any weakness in corn prices. Mexico also officially removed the import ban on US GMO corn, as was expected.
US soybean prices slipped a little on Friday as rain was forecasted for parts of Argentina but not enough to overcome the dryness. Experts feel that the WASDE will show US ending stocks as just a little lower but not too exciting. Everyone is looking at South America for record soybean crops this year….perhaps soybean prices could move lower if the rainfall increases in Argentina.
The increase in US winter wheat prices this week seems to be related to the possibility of winterkill due to freezing temperatures and a limited amount of snow coverage. So far, there are no accurate number on the possible winterkill.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $22.00 | Steady |
$22.00 | Steady | |
US Gulf Israel: Panamax m/t | $30.00 | Up $3.00 |
US Gulf to Egypt: Panamax | $30.00 | Up $3.00 |
US Gulf Turkey: Panamax m/t | $31.00 | Up $3.00 |
US Gulf Morocco: Handi | $40.00 | Down $2.00 |
US Gulf Algeria/Tunisia: Handi | $41.00 | Down $2.00 |
$32.00 | Down $1.00 | |
US Gulf other Med: Handi | $42.00 | Down $2.00 |
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 | $45.00 | Up $1.00 |
US Gulf China: Panamax | $44.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $37.00 | 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 | Up $1.00 |
US PNW China: Panamax | $26.00 | Up $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 | $35.00 | 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 | $36.00 | Up $2.00 |
Argentina to Japan: Panamax | $37.00 | Up $2.00 |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $18.00 | 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 | 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 | $18.00 | Down $2.00 |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $40.00 | Steady |
Brazil to China: Panamax | $32.00 | Up $2.00 |
Brazil to Japan: Panamax | $33.00 | Up $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 | $39.00 | Down $1.00 |
Australia to Europe: Panamax | $48.00 | Down $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 | $31 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $50 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $15 Russia | Ukraine $31 |
Black Sea to Egypt: 30,000 | $14 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $30 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 | $33 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 | $21.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $33.00 | Down $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 815 | Up 80 |
Baltic Capesize Index | 840 | Down 34 |
Baltic Panamax Index | 1035 | Up 235 |
Baltic Supramax Index | 677 | Up 74 |
Baltic Handisize Index | 377 | Up 21 |
Freightos/Baltic Container Index | 3394 | Down 195 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR February 2025/April 2025
Wheat, USA Soft Red Winter, US Gulf | USD 250<<255 May |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 260<<265 May |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 235<<240 May |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 240<<245 May |
Wheat, Romania 12.5 pro | USD 235<<240 May |
Wheat, Superior, France | USD 247<<253 May |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<235 May |
Wheat, feed, Black Sea | USD 235/240 |
Barley, France, Rouen port | USD 230/235 |
Barley, feed, Argentina, upriver | USD 225/230 |
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 227/230 Spot |
Corn, FOB Romania | USD 220<<225 May |
Corn, FOB Russia | USD 220<<225 May |
Corn, FOB Ukraine, 30,000+ m/t | USD 225<<230 May |
Sorghum, FOB Argentina port | No stock until May |
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 325<<330 May |
Soybeans, FOB NOLA | USD 415 flat to May |
Soybeans, Argentina, FOB | USD 400 flat to May |
Soybeans, Brazil, FOB | USD 390<<410 May |
Soybeans, Black Sea | USD 39-<<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:
Fishing in the south of Peru is still chugging along with the total to date now up to 80,000 m/t which should yield almost 18,000 m/t of fishmeal and leave 171,000 m/t on the quota.
The Chinese New Year holidays have finished and everyone is back to work….well perhaps not everyone. New buying interest has been limited and trade reports say that there is no Super Prime fishmeal available in Peru but there is still Prime on hand --- but not much.
The next IMARPE cruise will be off in February for a month or six weeks and the trade is now speculating on when the next fishing season will begin --- April or May --- and what the quota will be.
The fishmeal market remains positive as success in the last fishing season still keeps everyone feeling quite content. There is lots of hope for another good season coming up.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,580 |
Danish standard fishmeal | 71% protein | 1,970 |
Peru fishmeal | 65% protein | 1,560 |
Chile fishmeal | 67% protein | 1,685 |
Iceland fishmeal | 71% protein | 1,990 |
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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