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 – June 07, 2025
Another busy week in the grain/oilseed/protein business with not quite as much tariff related market excitement. USA corn prices were up by about USD 5 m/t for the week with soybeans also up by USD 4 or 5 m/t. Soymeal was almost unchanged for the week. USA winter wheat prices were higher by USD 6 or 7 m/t with spring wheat only up by about USD 4 m/t.
Corn prices moved higher on 2025 crop quality concerns as the planting was delayed in some parts of the US due to heavy rainfall. Some are saying that corn plantings may not reach the USDA forecast as a result of the delays. Of course, reports also add that 93% of the corn has been planted but this is still below the five-year average planting level.
Soybeans were said to be higher based on the planned USA/China tariff talks next week. The market seems to be expecting an agreement that will see US soybeans back into the market in China. The soybean crop is 84% planted, which is 4% above the five year average.
Wheat prices were higher mainly due to the increased attacks on the Ukraine and the threats of more to come from Russia with possible increased attacks on Ukraine grain export facilities. Also, heavy rainfall in parts of the wheat belt look to possible delays of winter wheat harvesting. Winter wheat condition is at 52% good to excellent, which sounds low, but is actually higher than average --- the average is at about 49%. The drought in parts of the wheat belt seems to be over.
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 | Steady |
US Gulf to Egypt: Panamax | $30.00 | Steady |
US Gulf Turkey: Panamax m/t | $31.00 | Steady |
US Gulf Morocco: Handi | $31.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $32.00 | Steady |
$31.00 | Up $2.00 | |
US Gulf other Med: Handi | $33.00 | 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 | $38.00 | Up $2.00 |
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 | $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 | $37.00 | Down $1.00 |
Argentina to Japan: Panamax | $38.00 | Down $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 | $42.00 | Up $1.00 |
Brazil to China: Panamax | $33.00 | Down $1.00 |
Brazil to Japan: Panamax | $34.00 | Down $1.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Steady |
Brazil to Morocco: Handi | $41.00 | Up $1.00 |
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 | $26 Russia | Ukraine $21 |
Black Sea to Morocco – Handi | $20 Russia | Ukraine $26 |
Black Sea to Tunisia/Algeria – Handi | $19 Russia | Ukraine $25 |
Black Sea to Jordan: Panamax | $19 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $20 Russia | Ukraine $26 |
Black Sea to Saudi: Panamax | $35 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $12 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 | Steady |
Russia to Egypt – coaster 5,000 m/t | $29.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1633 | Up 215 |
Baltic Capesize Index | 2842 | Up 565 |
Baltic Panamax Index | 1246 | Up 127 |
Baltic Supramax Index | 933 | Down 18 |
Baltic Handisize Index | 600 | Down 1 |
Freightos/Baltic Container Index | 3650 | Up 1343 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR July 2025/September 2025
Wheat, USA Soft Red Winter, US Gulf | USD 230<<248 Oct |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 239<<264 Oct |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 218<<223 Oct |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 225<<230 Oct |
Wheat, Romania 12.5 pro | USD 230<<235 Oct |
Wheat, Superior, France | USD 230/233 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<235 Oct |
Wheat, feed, Black Sea | USD 215<<220 Oct |
Barley, France, Rouen port | USD 220/225 |
Barley, feed, Argentina, upriver | USD 215/220 |
Barley, feed, Black Sea, 30,000+ | USD 200/205 |
Barley, feed, Australia | USD 250/255 |
Corn, 2YC FOB NOLA USA | USD 200<<205 Oct |
Corn, 3YC FOB USA Pacific northwest | USD 210<<220 Oct |
Corn, FOB Argentina port, upriver | USD 195<<205 Oct |
Corn, FOB Brazil port | USD 205<<210 Oct |
Corn, FOB France | USD 226/229 Spot |
Corn, FOB Romania | USD 210<<215 Oct |
Corn, FOB Russia | USD 215<<225 Oct |
Corn, FOB Ukraine, 30,000+ m/t | USD 235>>210 Oct |
Sorghum, FOB Argentina port | USD 210<<220 Oct |
Sorghum, FOB Texas | USD 195<<205 Oct |
Soymeal, 48% protein, FOB NOLA | USD 330<<340 Oct |
Soymeal, 48% protein, USA, Rotterdam | USD 355<<365 Oct |
Soymeal, 47% pro, FOB Argentina | USD 3-5<<335 Oct |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 310<<335 Oct |
Soybeans, FOB NOLA | USD 410 steady to Oct |
Soybeans, Argentina, FOB | USD 390<<410 Oct |
Soybeans, Brazil, FOB | USD 430<<435 Oct |
Soybeans, Black Sea | USD 400<<420 Oct |
Corn Gluten Meal, USA FOB NOLA | USD 600>>595 Sep |
Corn Gluten Feed, USA FOB NOLA | USD 210>>205 Sep |
DDGS corn, 35 profat, USA FOB NOLA | USD 235>>230 Sep |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
North/Central fishing in Peru reached a total of 1.93 million m/t leaving 1.07 mm/t on the quota.
Some trade reports are speculating that the full quota will not be reached as landings are now down to about 40,000 m/t per week due to fishing bans and bad weather. However, trade reports also say that fishing is expected to improve for the next few weeks with a possible catch at 2,8 mm/t at the end of June.
Super Prime fishmeal is said to be impossible to buy in Peru with Prime almost as difficult to find ---- lower grades of fishmeal are all that are available for now. One trade report said that it is the high level of juvenile anchovies that is keeping the protein levels lower. Juveniles are still about 31 to 33% of the catch.
Demand is steady for export fishmeal with the sales seeming to be keeping ahead of production. Fishmeal production in the North/Central region is at about 436,000 m/t but sales are said to be just over 500,000 m/t. As usual, it looks like every ton of fishmeal produced will be a ton of fishmeal sold. It has been a long time since there has been any surplus of fishmeal in Peru.
I had a call this week from a company that is building a facility to produce high protein meal from methane gas but, like all protein alternatives, this will be very high priced, low volume production that will have to find a niche in the protein market. The planned production is only 50,000 m/t per year, which certainly won’t scare the fishmeal industry.
There seems to be new attempts to find a fishmeal alternative every year and every year the fishmeal industry just keeps happily chugging along --- selling every ton and wishing that there were more.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1665 |
Danish standard fishmeal | 71% protein | $2230 |
Peru fishmeal | 65% protein | $1580 |
Chile fishmeal | 67% protein | $1690 |
Iceland fishmeal | 71% protein | $2275 |
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 | 1320/1340 | |
67% protein 150 TVN | 1360/1380 | |
67% protein 120 TVN | 1420/1440 | 1550/1570 |
67% protein 1000 hist, 120 TVN | 1570/1590 | 1610/1620 |
68% protein 500 hist, 100 TVN | 1620/1650 | 1630/1650 |
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 | 3000/3200 |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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