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WEEKLY USA GRAIN AND PROTEIN REPORT -- February 15, 2025
There is a lot of rain and snow in the US along with some very cold weather. The rain is good for winter and spring crops but the cold weather brings the risk of winter kill for wheat – which is why winter wheat prices moved higher this week.
World corn stocks are seen to be at an 11 year low which could keep a bullish push on corn prices. Corn planting in Brazil is going well but the Argentina corn crop is seen as suffering. Argentina soybeans too are being affected by drought with 36% of the soybean crop reported to be in poor/very poor condition while Brazil soybean planting is coming along just fine.
World wheat prices seem to be moving higher everywhere with worries about Russia and Ukraine wheat crops and quota helping to push markets higher.
Much of the talk in the grain market is still about USA tariffs and reactions by other countries and the effect that may be seen on US grain and oilseed exports. So far there has been no direct action on grains/oilseeds by any importing countries but, as we saw in Trumps’s last term, tariffs on USA export can come very quickly once US import tariffs are set.
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 | $31.00 | Up $1.00 |
US Gulf to Egypt: Panamax | $31.00 | Up $1.00 |
US Gulf Turkey: Panamax m/t | $32.00 | Up $1.00 |
US Gulf Morocco: Handi | $38.00 | Down $2.00 |
US Gulf Algeria/Tunisia: Handi | $39.00 | Down $2.00 |
$32.00 | Steady | |
US Gulf other Med: Handi | $40.00 | 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 | $46.00 | Up $1.00 |
US Gulf China: Panamax | $45.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $38.00 | Up $1.00 |
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 | $37.00 | 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 | Steady |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $37.00 | Up $1.00 |
Argentina to Japan: Panamax | $38.00 | Up $1.00 |
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 | $55.00 | Steady |
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 | Up $3.00 |
Brazil to Japan: Panamax | $36.00 | Up $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 | $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 | $20 Russia | Ukraine $40 |
Black Sea to Tunisia/Algeria – Handi | $19 Russia | Ukraine $39 |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $51 |
Black Sea to Libya – Handi | $20 Russia | Ukraine $40 |
Black Sea to Saudi: Panamax | $31 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 | $20.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $33.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 792 | Down 23 |
Baltic Capesize Index | 716 | Down 124 |
Baltic Panamax Index | 980 | Down 55 |
Baltic Supramax Index | 765 | Up 88 |
Baltic Handisize Index | 472 | Up 95 |
Freightos/Baltic Container Index | 3318 | Down 76 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR March 2025/May 2025
Wheat, USA Soft Red Winter, US Gulf | USD 257<<261 June |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 269<<275 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 255<<260 June |
Wheat, Superior, France | USD 248<<253 May |
Wheat, milling, 12.0%, Argentina, Upriver | USD 235<<240 May |
Wheat, feed, Black Sea | USD 235/240 |
Barley, France, Rouen port | USD 235/240 |
Barley, feed, Argentina, upriver | USD 230/235 |
Barley, feed, Black Sea, 30,000+ | USD 235/240 |
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 232/235 Spot |
Corn, FOB Romania | USD 230<<235 June |
Corn, FOB Russia | USD 235<<240 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<<335 June |
Soymeal, 48% protein, USA, Rotterdam | USD 350<<360 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 395<<405 June |
Soybeans, Black Sea | USD 390<<400 June |
Corn Gluten Meal, USA FOB NOLA | USD 560/570 |
Corn Gluten Feed, USA FOB NOLA | USD 185/195 |
DDGS corn, 35 profat, USA FOB NOLA | USD 215 flat to June |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing in the Southern Region of Peru is now up to 93,000 m/t, leaving 158,000 m/t on the quota. Estimated fishmeal production is at 21,000 m/t with about 1,900 m/t of fishoil.
Trade reports say that as much as 120,000 m/t of fishmeal have been booked for the next season in the North/Central region. Some say prices are a little higher while other say prices are steady. Needless to say, the buyers all seem to be Chinese.
Too soon for any news on the next quota and the IMARPE biomass cruise has not begun. Everything is just speculation for now.
Buyers will probably stay active until sellers/producers shut off presales ---- no one wants to oversell the next fishmeal production.
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 | 1,955 |
Peru fishmeal | 65% protein | 1,580 |
Chile fishmeal | 67% protein | 1,695 |
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 | 1400/1420 | |
67n% protein 120 TVN | 1450/1470 | 1450/147 0 |
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
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