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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – May 03, 2025
Old crop USA corn prices were down by USD 6 m/t this week while new crop USA corn dropped by USD 2 m/t. Soybeans, both old and new crop, were up by USD 2 or 3 m/t while soymeal was unchanged on the week. USA hard red winter wheat was down about USD 4 m/t while new crop US spring wheat was unchanged.
As with last week, some good weather in the US helped to move new crop prices lower --- nothing like some decent rainfall to make the crop expectations look good. However, there was some question of planting delays in the US due to heavy rainfall. Weather also looks good for crops in Argentina and Brazil.
There was also a trade comment that lower prices for unleaded gasoline in the US was cutting the demand for domestic use of ethanol which is said to have weakened corn prices.
The small increase in soybean prices may be due to China’s comment that “the doors are open for tariff discussions.”
Volumes on the futures exchanges was lower at the end of the week due to the May Day holiday in many countries ---- lots of folks off for a four day weekend.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $23.00 | Up $1.00 |
$23.00 | Up $1.00 | |
US Gulf Israel: Panamax m/t | $25.00 | Down $1.00 |
US Gulf to Egypt: Panamax | $25.00 | Down $1.00 |
US Gulf Turkey: Panamax m/t | $26.00 | Down $1.00 |
US Gulf Morocco: Handi | $27.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $28.00 | Steady |
$29.00 | 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 | $47.00 | Up $1.00 |
US Gulf China: Panamax | $46.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $34.00 | Down $2.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $28.00 | Up $1.00 |
US PNW China: Panamax | $27.00 | Up $1.00 |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | $49.00 | Down $2.00 |
US Lakes – Morocco – 30,000 m/t | $55.00 | Down $2.00 |
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 | $39.00 | Up $1.00 |
Argentina to Japan: Panamax | $40.00 | Up $1.00 |
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 | $35.00 | Up $1.00 |
Brazil to Japan: Panamax | $36.00 | 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 | $34 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 | $25 Russia | Ukraine $28 |
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 | $31.00 | Down $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1421 | Up 48 |
Baltic Capesize Index | 2079 | Up 190 |
Baltic Panamax Index | 1368 | Down 34 |
Baltic Supramax Index | 955 | Down 22 |
Baltic Handisize Index | 560 | Down 8 |
Freightos/Baltic Container Index | 2020 | Down 6 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR May 2025/July 2025
Wheat, USA Soft Red Winter, US Gulf | USD 225>>230 Sep |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 245<<250 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 250>>240 Sep |
Wheat, Superior, France | USD 234/237 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 240<<245 Sep |
Wheat, feed, Black Sea | USD 235>>225 Sep |
Barley, France, Rouen port | USD 225/230 |
Barley, feed, Argentina, upriver | USD 225/230 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 245/250 |
Corn, 2YC FOB NOLA USA | USD 210>>200 Sep |
Corn, 3YC FOB USA Pacific northwest | USD 220>>215 Sep |
Corn, FOB Argentina port, upriver | USD 220>>200 Sep |
Corn, FOB Brazil port | USD 220>>210 Sep |
Corn, FOB France | USD 234/237 Spot |
Corn, FOB Romania | USD 245<<250 Sep |
Corn, FOB Russia | USD 235>>220 Sep |
Corn, FOB Ukraine, 30,000+ m/t | USD 255>>230 Sep |
Sorghum, FOB Argentina port | USD 230<<250 Sep |
Sorghum, FOB Texas | USD 220>>215 Sep |
Soymeal, 48% protein, FOB NOLA | USD 335<<345 Sep |
Soymeal, 48% protein, USA, Rotterdam | USD 360<<370 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>>405 Sep |
Soybeans, Argentina, FOB | USD 390<<405 Sep |
Soybeans, Brazil, FOB | USD 415<<425 Sep |
Soybeans, Black Sea | USD 400<<410 Sep |
Corn Gluten Meal, USA FOB NOLA | USD 580>>590 Aug |
Corn Gluten Feed, USA FOB NOLA | USD 220>>215 Aug |
DDGS corn, 35 profat, USA FOB NOLA | USD 235>>220 Aug |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing in the North/Central region of Peru is up to 483,000 m/t which leaves 2.52 million m/t still open on the quota. Fishmeal production should be at about 109,000 m/t with fishoil at 12,000 m/t.
Juvenile fish level, on average, don’t look too high at present and there are just under 500 vessels fishing.
The South Region continues to see bad weather and the total catch is at 190,000 m/t leaving 61,000 m/t on the quota.
There wasn’t much new business reported this week due to holidays in Peru but new orders should not be too long in coming --- especially or the best grades. Sales to date are seen at 300,000 m/t of fishmeal --- about 50% of production at full quota.
Peru’s fishmeal exports to the end of Marcg are at 417,000 m/t with 79% (330,000 m/t) going to China.
It is still early days in the new fishing season and both buyers and sellers are watching the level of fishing very closely in order to try to determine where the prices should stand. We all want to see the catch levels and the production levels by quality --- these factors will determine price levels.
Overall, on prices, the trade seems to be expecting lower prices for the next round of buying.
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
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 | 1530/1550 |
67% protein 1000 hist, 120 TVN | 1620/1640 | 1570/1590 |
68% protein 500 hist, 100 TVN | 1650/1670 | 1620/1640 |
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
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