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 10, 2025
Next week is WASDE week once again --- it sure comes up very quickly – it doesn’t seem like a month has gone by.
Old-crop corn futures were down by about USD 8 m/t this week with new-crop down by USD 3 m/t. Soybean prices were almost unchanged on the week while US soymeal was down by USD 2 m/t. US winter wheat prices were down by as much as USD 9 m/t with US spring wheat lower by USD 6 m/t.
There are some good rainfalls in the forecast in the USA – some reports say above normal – with temperatures a little higher than normal.
Trade reports feel that world corn ending stocks could be lower in the WASDE but with soybean ending stocks a little higher. Wheat too is seen as having slightly higher ending stocks in next week’s WASDE report.
Other than the WASDE and the weather, discussions with China over tariffs and the possibility of some moderation will certainly be ongoing factors in the price of grains and oilseeds. No one in the US wants to see a loss of all that export grain/oilseed business to China.
Thinking about the China effect, the price of US sorghum has now reached levels on a parity or a little below US corn prices. Sorghum folks are hoping that new markets will be quickly developed to take the sorghum that “may not” be shipped to China. I guess that it all depends on the USA/China tariff discussions.
Also, if you see me wandering around GrainCom2025 in Geneva next week be sure to say hello.
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 | $27.00 | Up $2.00 |
US Gulf to Egypt: Panamax | $27.00 | Up $2.00 |
US Gulf Turkey: Panamax m/t | $29.00 | Up $2.00 |
US Gulf Morocco: Handi | $28.00 | Up $1.00 |
US Gulf Algeria/Tunisia: Handi | $29.00 | Up $1.00 |
$29.00 | Steady | |
US Gulf other Med: Handi | $30.00 | Up $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 | Steady |
US Gulf China: Panamax | $46.00 | Steady |
US PNW Egypt: Panamax via Panama | $33.00 | 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 | $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 | Up $1.00 |
US Lakes – Morocco – 30,000 m/t | $56.00 | Up $1.00 |
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 | Steady |
Argentina to Japan: Panamax | $40.00 | 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 | $35.00 | Steady |
Brazil to Japan: Panamax | $36.00 | 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 | Down $1.00 |
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 | $24 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 | $32 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 | $31.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1299 | Down 122 |
Baltic Capesize Index | 1709 | Down 370 |
Baltic Panamax Index | 1353 | Down 15 |
Baltic Supramax Index | 969 | Up 14 |
Baltic Handisize Index | 554 | Down 6 |
Freightos/Baltic Container Index | 2020 | Up 34 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR June 2025/August 2025
Wheat, USA Soft Red Winter, US Gulf | USD 215>>220 Sep |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 230<<235 Sep |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 240>>225 Sep |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 250>>230 Sep |
Wheat, Romania 12.5 pro | USD 245>>230 Sep |
Wheat, Superior, France | USD 230/233 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<240 Sep |
Wheat, feed, Black Sea | USD 230>>215 Sep |
Barley, France, Rouen port | USD 220/225 |
Barley, feed, Argentina, upriver | USD 225/230 |
Barley, feed, Black Sea, 30,000+ | USD 235/240 |
Barley, feed, Australia | USD 245/250 |
Corn, 2YC FOB NOLA USA | USD 205>>200 Sep |
Corn, 3YC FOB USA Pacific northwest | USD 215>>210 Sep |
Corn, FOB Argentina port, upriver | USD 205>>195 Sep |
Corn, FOB Brazil port | USD 215>>205 Sep |
Corn, FOB France | USD 227/230 Spot |
Corn, FOB Romania | USD 245<<250 Sep |
Corn, FOB Russia | USD 235>>220 Sep |
Corn, FOB Ukraine, 30,000+ m/t | USD 245>>225 Sep |
Sorghum, FOB Argentina port | USD 220<<240 Sep |
Sorghum, FOB Texas | USD 205>>210 Sep |
Soymeal, 48% protein, FOB NOLA | USD 325<<345 Sep |
Soymeal, 48% protein, USA, Rotterdam | USD 350<<370 Sep |
Soymeal, 47% pro, FOB Argentina | USD 305<<315 Sep |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 315<<325 Sep |
Soybeans, FOB NOLA | USD 415>>405 Sep |
Soybeans, Argentina, FOB | USD 380<<400 Sep |
Soybeans, Brazil, FOB | USD 405<<420 Sep |
Soybeans, Black Sea | USD 410<<415 Sep |
Corn Gluten Meal, USA FOB NOLA | USD 600>>620 Aug |
Corn Gluten Feed, USA FOB NOLA | USD 220>>215 Aug |
DDGS corn, 35 profat, USA FOB NOLA | USD 215>>220 Aug |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Catch in the North/Central region of Peru is now up to just under 900,000 m/t which leaves 2.1 mm/t on the quota. Estimated production is at 203,000 m/t of fishmeal and 22,800 m/t of fish oil.
There was no fishing in the South Region as all vessels have moved north. Total catch in the South remains at 190,000 m/t producing 45,000 m/t f fishmeal. A balance of 61,000 m/t remains on the quota that expires on June 30.
Juvenile levels remain high in the North/Central region resulting in short term mini bans on fishing in some areas.
No change has been seen in fishmeal prices and sales in the last week have been low although, according to the trade news there was business done to Europe and Ecuador ---- total sales are now seen as close to 350,000 m/t of fishmeal.
The IFFO is holding its members’ meeting in Madrid from May 12 to 14 --- we may see some new buying/selling interest appear at the meetings. All the major fishmeal players are expected in Madrid, both buyers and sellers.
European fishmeal prices – FOB North German port.
Sorry but no prices from Europe this week,
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | No info |
Danish standard fishmeal | 71% protein | No info |
Peru fishmeal | 65% protein | No info |
Chile fishmeal | 67% protein | No info |
Iceland fishmeal | 71% protein | No info |
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 | 2600/2700 | 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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