St Remy De Provence, 13210 France
Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT -- March 22, 2025
Much of the talk is still about possible reciprocal tariffs on US grain and oilseed exports. It was rumored, as the week ended, that the EU may delay any planned reciprocal tariffs for a little as many discussions are being held regarding tariffs to apply.
The IGC grains report was issued this week and showed increased world production for wheat, maize and soybeans --- maize production is seen as up by 4% with soybeans up by 2% and wheat by 1%. Trade too is up for all but only by around 1%.
For those who haven’t seen it, the US Grains Council issued its Corn Export Quality report this week.
https://grains.org/wp-content/uploads/2025/03/2024-2025-USGC-Corn-Export-Quality-Report.pdf
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
Lloyds Register in London announced this week that it will be moving out of its current modern glass and steel headquarters to the old Collcutt Building that it had built back in 1901. Lloyds Register, like Lloyds of London, was founded in 1760.
US Gulf to Europe: Panamax | $24.00 | Steady |
$24.00 | Steady | |
US Gulf Israel: Panamax m/t | $29.00 | Down $1.00 |
US Gulf to Egypt: Panamax | $29.00 | Down $1.00 |
US Gulf Turkey: Panamax m/t | $30.00 | Down $1.00 |
US Gulf Morocco: Handi | $29.00 | Down $1.00 |
US Gulf Algeria/Tunisia: Handi | $30.00 | Down $1.00 |
$31.00 | Down $1.00 | |
US Gulf other Med: Handi | $31.00 | Down $1.00 |
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 | $47.00 | Up $1.00 |
US Gulf China: Panamax | $46.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $39.00 | 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 | $28.00 | Steady |
US PNW China: Panamax | $27.00 | Steady |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | Opens March 22,2025 | |
US Lakes – Morocco – 30,000 m/t | Opens March 22, 2025 | |
France/Germany to Algeria: Handi | $33.00 | Steady |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $41.00 | Up $1.00 |
France/Germany to Iran: Panamax | $37.00 | Steady |
France/Germany to Jordan: Panamax | $42.00 | Steady |
France/Germany to Morocco: Handi | $32.00 | 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 | $40.00 | Up $3.00 |
Argentina to Japan: Panamax | $41.00 | Up $3.00 |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | N/A | 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 | Steady |
Argentina to Spain: Panamax | N/A | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $41.00 | Steady |
Brazil to China: Panamax | $34.00 | Steady |
Brazil to Japan: Panamax | $35.00 | Steady |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $39.00 | Steady |
Brazil to Morocco: Handi | $40.00 | 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 | $41.00 | Steady |
Australia to Europe: Panamax | $50.00 | 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 | $30 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $51 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $14 Russia | Ukraine $33 |
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 $34 |
Black Sea to Morocco – Handi | $19 Russia | Ukraine $40 |
Black Sea to Tunisia/Algeria – Handi | $18 Russia | Ukraine $39 |
Black Sea to Jordan: Panamax | $37 Russia | Ukraine $51 |
Black Sea to Libya – Handi | $19 Russia | Ukraine $40 |
Black Sea to Saudi: Panamax | $41 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 | $22.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $35.00 | Down $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1643 | Down 26 |
Baltic Capesize Index | 2676 | Up 254 |
Baltic Panamax Index | 1375 | Up 10 |
Baltic Supramax Index | 1012 | Up 82 |
Baltic Handisize Index | 596 | Up 24 |
Freightos/Baltic Container Index | 2071 | Down 97 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR April 2025/June 2025
Wheat, USA Soft Red Winter, US Gulf | USD 238<<243 July |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 262<<266 July |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 245>>235 July |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 255>>245 July |
Wheat, Romania 12.5 pro | USD 250>>240 July |
Wheat, Superior, France | USD 248>>237 July |
Wheat, milling, 12.0%, Argentina, Upriver | USD 240<<245 July |
Wheat, feed, Black Sea | USD 240>>230 July |
Barley, France, Rouen port | USD 230/235 |
Barley, feed, Argentina, upriver | USD 230/235 |
Barley, feed, Black Sea, 30,000+ | USD 225/230 |
Barley, feed, Australia | USD 245/250 |
Corn, 2YC FOB NOLA USA | USD 210 flat to July |
Corn, 3YC FOB USA Pacific northwest | USD 225 flat to July |
Corn, FOB Argentina port, upriver | USD 220>>210 July |
Corn, FOB Brazil port | USD 225>>215 July |
Corn, FOB France | USD 238/241 Spot |
Corn, FOB Romania | USD 225<<230 July |
Corn, FOB Russia | USD 225<<230 July |
Corn, FOB Ukraine, 30,000+ m/t | USD 240<<245 July |
Sorghum, FOB Argentina port | USD 225<<230 July |
Sorghum, FOB Texas | USD 215<<220 July |
Soymeal, 48% protein, FOB NOLA | USD 340<<350 July |
Soymeal, 48% protein, USA, Rotterdam | USD 365<<375 July |
Soymeal, 47% pro, FOB Argentina | USD 330<<340 July |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 330<<345 July |
Soybeans, FOB NOLA | USD 400 flat to July |
Soybeans, Argentina, FOB | USD 395>>385 July |
Soybeans, Brazil, FOB | USD 410<<420 July |
Soybeans, Black Sea | USD 395<<400 July |
Corn Gluten Meal, USA FOB NOLA | USD 610/615 |
Corn Gluten Feed, USA FOB NOLA | USD 200/205 |
DDGS corn, 35 profat, USA FOB NOLA | USD 225>>215 July |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Landings in the South Peru region are up to 161,000 m/t --- about 35,900 m/t fishmeal and 3,300 m/t fishoil. About 30 vessels are reported to be fishing and the average juvenile level has dropped from 55+% to 45+%. Only about 90,000 m/t is left on the South quota.
Trade estimates for the next quota seem to be at about 2.5 million m/t with fishing starting at the earliest in late April. However, some traders feel that the quota won’t exceed 2.0 mm/t. Trade reports also say that the current IMARPE survey cruise is a little delayed.
Not much business this week as everyone is standing aside waiting for the IMARPE results.
January/February Peru fishmeal exports are at 287,000 m/t with 222,000 m/t going to China and 29,000 m/t to Germany.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,645 |
Danish standard fishmeal | 71% protein | 2,045 |
Peru fishmeal | 65% protein | 1,675 |
Chile fishmeal | 67% protein | 1,760 |
Iceland fishmeal | 71% protein | 2,180 |
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 | |
67% protein 120 TVN | 1450/1470 | 1500/1520 |
67% protein 1000 hist, 120 TVN | 1600/1620 | 1550/1500 |
68% protein 500 hist, 100 TVN | 1620/1650 | 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 | 3500/3600 | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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