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WEEKLY USA GRAIN AND PROTEIN REPORT – June 21, 2025
This week was a funny week for grain trading with much of the US, but not all, having a holiday on Thursday and then some folks also took Friday as a day off. So, who wants to come back to work for just one day?
Old crop corn prices were lower on the week, down by about USD 6 m/t while new crop corn was almost unchanged on the week. New crop US soybeans were up by only USD 3 m/t with soymeal dropping by about USD 6 m/t. US winter wheat was up by close to USD 10 m/t with spring wheat up by USD 6 m/t.
Some hot and dry weather conditions are expected for the first part of next week but this should be followed by good rainfall in much of the grain/oilseed growing areas in the US.
Corn export sales were good for the week and for the marketing year corn sales to Europe are at the highest level in a long time. The USA old crop corn supply is said to be tight but the market seems to be looking to lower prices as we move into July --- at least lower for new crop corn.
US soybean exports weren’t as high as had been expected, at least not for new crop. But overall soybean exports are up 11% compared to last year, even with the China situation and its move to Brazilian soybeans.
The hot dry weather expected next week has helped to push wheat prices higher --- some reports say record high temperatures. However, weather services have very good rainfall coming right after this short hot period, so, all could be ok for wheat. Wheat export sales were below trade expectations but total yearly sales are about on target.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $25.00 | Steady |
$25.00 | Steady | |
US Gulf Israel: Panamax m/t | $34.00 | Up $3.00 |
US Gulf to Egypt: Panamax | $34.00 | Up $3.00 |
US Gulf Turkey: Panamax m/t | $35.00 | Up $3.00 |
US Gulf Morocco: Handi | $35.00 | Up $3.00 |
US Gulf Algeria/Tunisia: Handi | $36.00 | Up $3.00 |
$34.00 | Up $1.00 | |
US Gulf other Med: Handi | $37.00 | 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 | $48.00 | Up $1.00 |
US Gulf China: Panamax | $47.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $40.00 | 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 | $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 | $55.00 | Up $3.00 |
US Lakes – Morocco – 30,000 m/t | $61.00 | Up $3.00 |
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 | $37.00 | Steady |
Argentina to Japan: Panamax | $38.00 | 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 | $42.00 | Steady |
Brazil to China: Panamax | $33.00 | Steady |
Brazil to Japan: Panamax | $34.00 | Steady |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Steady |
Brazil to Morocco: Handi | $41.00 | 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 | $37 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $52 Russia | Ukraine $64 |
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 | $38 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $24 |
Black Sea to East Spain -- Panamax | $25 Russia | Ukraine $21 |
Black Sea to Morocco – Handi | $20 Russia | Ukraine $27 |
Black Sea to Tunisia/Algeria – Handi | $19 Russia | Ukraine $26 |
Black Sea to Jordan: Panamax | $18 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $20 Russia | Ukraine $27 |
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 | $19.00 | Up $1.00 |
Russia to Egypt – coaster 5,000 m/t | $30.00 | Up $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1689 | Down 279 |
Baltic Capesize Index | 2879 | Down 398 |
Baltic Panamax Index | 1350 | Down 51 |
Baltic Supramax Index | 973 | Up 37 |
Baltic Handisize Index | 624 | Up 20 |
Freightos/Baltic Container Index | 3313 | Down 351 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR July 2025/September 2025
Wheat, USA Soft Red Winter, US Gulf | USD 237<<256 Oct |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 245<<268 Oct |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 220<<225 Oct |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 225<<230 Oct |
Wheat, Romania 12.5 pro | USD 240<<245 Oct |
Wheat, Superior, France | USD 237/240 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<240 Oct |
Wheat, feed, Black Sea | USD 215<<220 Oct |
Barley, France, Rouen port | USD 225/230 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 210/215 |
Barley, feed, Australia | USD 250/255 |
Corn, 2YC FOB NOLA USA | USD 200<<210 Oct |
Corn, 3YC FOB USA Pacific northwest | USD 215<<220 Oct |
Corn, FOB Argentina port, upriver | USD 195<<205 Oct |
Corn, FOB Brazil port | USD 200<<210 Oct |
Corn, FOB France | USD 233/236 Spot |
Corn, FOB Romania | USD 230<<240 Oct |
Corn, FOB Russia | USD 230>>225 Oct |
Corn, FOB Ukraine, 30,000+ m/t | USD 230>>210 Oct |
Sorghum, FOB Argentina port | USD 200<<220 Oct |
Sorghum, FOB Texas | USD 190<<195 Oct |
Soymeal, 48% protein, FOB NOLA | USD 315<<330 Oct |
Soymeal, 48% protein, USA, Rotterdam | USD 340<<355 Oct |
Soymeal, 47% pro, FOB Argentina | USD 300<<315 Oct |
Soymeal, 48% protein, FOB Brazil | USD 300<<330 Oct |
Soybeans, FOB NOLA | USD 420 flat to Oct |
Soybeans, Argentina, FOB | USD 405<<415 Oct |
Soybeans, Brazil, FOB | USD 430<<435 Oct |
Soybeans, Black Sea | USD 410<<420 Oct |
Corn Gluten Meal, USA FOB NOLA | USD 585>>580 Sep |
Corn Gluten Feed, USA FOB NOLA | USD 215>>210 Sep |
DDGS corn, 35 profat, USA FOB NOLA | USD 235>>225 Sep |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Total catch in the North/Central region of Peru is now at 2.1 million m/t which leaves about 900,000 m/t to go to full quota. The trade seems to feel that the maximum catch will be at about 2.8 million m/t which would yield about 625,000 m/t of fishmeal. With 515,000 m/t or more of fishmeal sold there will not be a huge amount left for sale until the next season.
One trade report said that producers feel the catch will not exceed 2.5 mm/t due to the low catch --- this could make supply even tighter.
The drop in weekly fishing is pushing prices higher as both buyers and sellers have a better idea of how much will be available for sale. Prime and Super Prime prices didn’t move too much because there is nothing to sell but the lower quality grades have all moved quite a bit higher.
The trade reports say that we are now in a “bull” market for fishmeal which should push prices even higher.
Peru fishmeal exports to the end of May are at 541,000 m/t with 79.8% - 432,000 m/t – going to China.
European fishmeal prices – FOB North German port.
Sorry but no price updates available on Europe fishmeal this week.
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 | 1370/1390 | |
67% protein 150 TVN | 1420/1440 | |
67% protein 120 TVN | 1520/1540 | No prices |
67% protein 1000 hist, 120 TVN | 1620/1640 | 1640/1660 |
68% protein 500 hist, 100 TVN | 1690/1710 | 1670/1690 |
Fish oil, crude bulk – feed grade | 2400/2500 | 2100/2200 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 3100/3200 | 3100/3300 |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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