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 – May 24, 2025
Monday May 26 is a holiday in the USA so grain markets will be closed.
Corn prices in the US were up by about USD 6 m/t this week with soybeans up by about USD 4 m/t and soymeal also higher but by USD 5 m/t. US winter wheat increased by about USD 7 m/t while US spring wheat increased by USD 12 m/t. Most prices had slipped a little lower on Friday but not enough to offset increases from earlier in the week. Most of the Friday slump was due to the long weekend and positions being flattened.
Friday’s Trump announcement of possible 50% tariffs on EU goods may not be too good for US shipments of corn and DDGS to the EU --- if they are both on the next EU counter tariff list. Soybeans and soymeal are not expected to be on any future EU tariff list. It seems that EU trade negotiations “are going nowhere” ---- we will see what happens next week. These days it is always exciting in the grain business.
The US weather for corn planting looks quite good for the next few days. Soybeans too look good for planning in the north planting region. US wheat prices seemed to be rallying on very good export sales.
We should see some additional reaction to US/EU tariffs next week which should certainly have an effect on prices or on negotiating attitudes.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $23.00 | Steady |
$23.00 | 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 | $31.00 | Up $3.00 |
US Gulf Algeria/Tunisia: Handi | $32.00 | Up $3.00 |
$29.00 | Steady | |
US Gulf other Med: Handi | $33.00 | Up $3.00 |
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 | Steady |
US Gulf China: Panamax | $46.00 | Steady |
US PNW Egypt: Panamax via Panama | $35.00 | Up $5.00 |
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 | $50.00 | Steady |
US Lakes – Morocco – 30,000 m/t | $56.00 | 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 | Steady |
Brazil to Japan: Panamax | $35.00 | Steady |
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 | $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 | $35 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $51 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 | $35 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $24 |
Black Sea to East Spain -- Panamax | $24 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 | $34 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 | $18.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $29.00 | Down $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1340 | Down 48 |
Baltic Capesize Index | 1900 | Down 118 |
Baltic Panamax Index | 1246 | Down 44 |
Baltic Supramax Index | 983 | Up 5 |
Baltic Handisize Index | 581 | Up 27 |
Freightos/Baltic Container Index | 2258 | Up 143 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR June 2025/August 2025
Wheat, USA Soft Red Winter, US Gulf | USD 225>>233 Sep |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 237<<242 Sep |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 240>>225 Sep |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 245>>225 Sep |
Wheat, Romania 12.5 pro | USD 255>>235 Sep |
Wheat, Superior, France | USD 235/238 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<235 Sep |
Wheat, feed, Black Sea | USD 225>>215 Sep |
Barley, France, Rouen port | USD 225/230 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 245/250 |
Corn, 2YC FOB NOLA USA | USD 210>>205 Sep |
Corn, 3YC FOB USA Pacific northwest | USD 220>>215 Sep |
Corn, FOB Argentina port, upriver | USD 210>>200 Sep |
Corn, FOB Brazil port | USD 220>>210 Sep |
Corn, FOB France | USD 235/238 Spot |
Corn, FOB Romania | USD 240>>235 Sep |
Corn, FOB Russia | USD 240>>220 Sep |
Corn, FOB Ukraine, 30,000+ m/t | USD 240>>220 Sep |
Sorghum, FOB Argentina port | USD 220<<235 Sep |
Sorghum, FOB Texas | USD 205<<210 Sep |
Soymeal, 48% protein, FOB NOLA | USD 325<<335 Sep |
Soymeal, 48% protein, USA, Rotterdam | USD 350<<360 Sep |
Soymeal, 47% pro, FOB Argentina | USD 315<<325 Sep |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 310<<325 Sep |
Soybeans, FOB NOLA | USD 415 steady to Sep |
Soybeans, Argentina, FOB | USD 390<<400 Sep |
Soybeans, Brazil, FOB | USD 410<<425 Sep |
Soybeans, Black Sea | USD 400<<410 Sep |
Corn Gluten Meal, USA FOB NOLA | USD 590>>585 Aug |
Corn Gluten Feed, USA FOB NOLA | USD 205>>210 Aug |
DDGS corn, 35 profat, USA FOB NOLA | USD 220>>210 Aug |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing in the North/Central region was not quite so good this week due to mini-bans caused by high juvenile levels ---- fishing was still at 148,000 m/t making the total landings now at 1.58 million m/t and leaving 1.42 mm/t on the quota. Mini-bans are expected to continue in the North/Central region. Landings in the South region were only at 4,300 m/t bringing the total to 195,000 m/t with 56,000 m/t left on the quota.
The IFFO conference in Madrid was reported to have been very good and there seemed to have been quite a bit of new business done during the conference according to trade reports. As usual, China is the main buyer and still seem interested in buying more. Sales to date from Peru look to be about 470,000 m/t – which could be as much as 66% of total production at full quota.
At this point everyone still seems to feel that the total quota will be landed which will make 2025 a very good year so far.
European fishmeal prices – FOB North German port.
No price update available this week
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1660 |
Danish standard fishmeal | 71% protein | $2245 |
Peru fishmeal | 65% protein | $1620 |
Chile fishmeal | 67% protein | $1710 |
Iceland fishmeal | 71% protein | $2280 |
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 | 1330/1350 | |
67% protein 150 TVN | 1380/1400 | |
67% protein 120 TVN | 1440/1460 | 1530/1550 |
67% protein 1000 hist, 120 TVN | 1570/1640 | 1570/1590 |
68% protein 500 hist, 100 TVN | 1620/1640 | 1620/1640 |
Fish oil, crude bulk – feed grade | 2500/2600 | 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
