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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT -- April 26, 2025
While possible/planned tariffs are still important to the grain/oilseed business the 90 day extension on major tariffs has calmed the grain markets a little and we are now back looking at the weather.
US corn futures prices were down by about USD 2 m/t this week while soybeans moved higher by about USD 3 m/t and soymeal drifted lower by USD 5 m/t. USA spring wheat futures moved lower by about USD 5 m/t with winter wheat slipping lower by about USD 6 m/t.
The weather in the USA look like rainfall for a few days which could end all the recent talk about drought. The temperatures across the US are also moving higher as Spring gets a good hold on things.
Everyone wonders what is going to happen to the USA export soybean business ---- and, of course, the export sorghum business --- but so far, the market is holding up reasonably well and prices are not collapsing. USA soybeans are the lowest priced in the market these days so there are still many world buyers.
Trade reports say that wheat prices should move lower unless there is a serious uptick in US export wheat sales. Also, the very good weather is putting quite a bit of downward pressure on winter wheat prices. Overall, it was another down week for US wheat prices.
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 | $26.00 | Steady |
US Gulf to Egypt: Panamax | $26.00 | Steady |
US Gulf Turkey: Panamax m/t | $27.00 | Steady |
US Gulf Morocco: Handi | $27.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $28.00 | Steady |
$30.00 | Down $1.00 | |
US Gulf other Med: Handi | $29.00 | 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 | $46.00 | Steady |
US Gulf China: Panamax | $45.00 | Steady |
US PNW Egypt: Panamax via Panama | $36.00 | Down $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 | $51.00 | Steady |
US Lakes – Morocco – 30,000 m/t | $57.00 | Steady |
France/Germany to Algeria: Handi | $33.00 | Steady |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $41.00 | Steady |
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 | $38.00 | Steady |
Argentina to Japan: Panamax | $39.00 | Steady |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $36.00 | 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 | Steady |
Argentina to Spain: Panamax | $36.00 | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $41.00 | Steady |
Brazil to China: Panamax | $34.00 | Up $1.00 |
Brazil to Japan: Panamax | $35.00 | Up $1.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | 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 | $37.00 | Steady |
Brazil to Turkey/Egypt: Panamax | $59.00 | Steady |
Australia to Saudi: Panamax | $41.00 | Steady |
Australia to Europe: Panamax | $51.00 | 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 | $36 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $52 Russia | Ukraine $65 |
Black Sea to Egypt: 40/50,000 | $13 Russia | Ukraine $34 |
Black Sea to Egypt: 30,000 | $13 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $34 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $24 Russia | Ukraine $26 |
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 | $34 Russia | Ukraine $70 |
Black Sea to Turkey – Handi | $15 Russia | Ukraine $25 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $19.00 | Steady |
Russia to Egypt – coaster 5,000 m/t | $32.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1373 | Up 112 |
Baltic Capesize Index | 1889 | Up 211 |
Baltic Panamax Index | 1392 | Up 119 |
Baltic Supramax Index | 977 | Up 27 |
Baltic Handisize Index | 568 | Down 1 |
Freightos/Baltic Container Index | 2026 | Up 21 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR May 2025/July 2025
Wheat, USA Soft Red Winter, US Gulf | USD 224>>230 Sep |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 243<<247 Sep |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 240>>230 Sep |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 250>>235 Sep |
Wheat, Romania 12.5 pro | USD 245>>235 Sep |
Wheat, Superior, France | USD 243/246 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 240<<250 Sep |
Wheat, feed, Black Sea | USD 235>>220 Sep |
Barley, France, Rouen port | USD 225/230 |
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 220>>205 Sep |
Corn, 3YC FOB USA Pacific northwest | USD 230>>220 Sep |
Corn, FOB Argentina port, upriver | USD 225>>205 Sep |
Corn, FOB Brazil port | USD 230>>210 Sep |
Corn, FOB France | USD 234/237 Spot |
Corn, FOB Romania | USD 240<<245 Sep |
Corn, FOB Russia | USD 235>>220 Sep |
Corn, FOB Ukraine, 30,000+ m/t | USD 245>>230 Sep |
Sorghum, FOB Argentina port | USD 230<<250 Sep |
Sorghum, FOB Texas | USD 220<<225 Aug |
Soymeal, 48% protein, FOB NOLA | USD 330<<340 Sep |
Soymeal, 48% protein, USA, Rotterdam | USD 355<<365 Sep |
Soymeal, 47% pro, FOB Argentina | USD 320<<325 Sep |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 320<<330 Sep |
Soybeans, FOB NOLA | USD 420>>410 Sep |
Soybeans, Argentina, FOB | USD 400<<410 Sep |
Soybeans, Brazil, FOB | USD 410<<430 Sep |
Soybeans, Black Sea | USD 400<<415 Sep |
Corn Gluten Meal, USA FOB NOLA | USD 630>>625 Aug |
Corn Gluten Feed, USA FOB NOLA | USD 220>>215 Aug |
DDGS corn, 35 profat, USA FOB NOLA | USD 230>>220 Aug |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing in the North/Central region of Peru was at 140,000 m/t for the week which leaves 2.86 million m/t on the quota. The juvenile level was very high in some areas, which led to mini bans on fishing as the week ended.
The catch in the South Region was less than 2,000 m/t, bringing the total catch up to 190,000 m/t and leaving 61,000 m/t on the quota.
The latest “official” word on any El Nino event for the fishing area is that all is “Not Active” with the situation to remain “Neutral” until the end of 2025 --- good news for fishing and the biomass.
There were a couple of notes in the trade press that buyers are now looking for supplies as much as USD 50 m/t below recent prices. However, there seems to be no record of business being done at the lower price level. Actually, little business is being done at all as the market is very quiet. It looks like buyers are waiting until the fishing progresses a little in the hopes that prices will slip lower. The market feeling is that there will be little change in prices or buying until the current sales are covered by the catch --- which will take at least 1.2 million m/t of catch.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | 1,670 |
Danish standard fishmeal | 71% protein | 2,250 |
Peru fishmeal | 65% protein | 1,680 |
Chile fishmeal | 67% protein | 1,740 |
Iceland fishmeal | 71% protein | 2,270 |
ALL PRICES SHOWN ARE IN CONTAINER, ON VESSEL, AT ORIGIN --- US DOLLARS
Minimum shipment of 200 m/t for fishmeal
Prices below are from before the new quota announcement.
Specification | Price per m/t FOB Vessel Peru port | Price per m/t Chile port |
65% protein standard steam | 1420/1440 | |
67% protein 150 TVN | 1520/1540 | |
67% protein 120 TVN | 1550/1570 | 1550/1570 |
67% protein 1000 hist, 120 TVN | 1620/1640 | 1620/1640 |
68% protein 500 hist, 100 TVN | 1650/1670 | 1650/1670 |
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 | 3200/3300 | No prices |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
