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WEEKLY USA GRAIN AND PROTEIN REPORT – May 31, 2025
It was a short work week in the USA following the Monday holiday but the market still tried to do exciting things --- probably due to the everchanging tariff situation and the possible reciprocal tariffs from major grain/oilseed importing regions. At this time what may happen with the EU and China and reciprocal tariffs are in question ---- the USA doubling of the import tariff on steel and aluminum will exacerbate the situation with both China and the EU.
USA new crop corn prices dropped by about USD 5 to 6 m/t this week while US soybeans were down by USD 9 m/t and soymeal was almost unchanged on the week. US winter wheat prices were lower by USD 3 or 4 m/t but US spring wheat prices increased by USD 6 m/t.
US spring wheat was higher this week due to quality concerns on the current crop. Trade reports feel that soymeal prices will be moving higher as a result of some harvest delays in South America. Corn was seen being push lower by the very large South American corn crops.
Weather in the US is seen delaying some winter wheat harvests and some corn and soybean planting but the delays should be limited and short.
On the export sales side of things --- corn exports last week were at a good level but soybean exports moved lower. USA corn is still the most competitive in many import markets. Wheat exports were higher than the trade expected.
Next week will once more be a tariff driven market unless every country is just sitting back planning what to do for July deadlines. Perhaps it will be a quiet week --- probably not as we haven’t had a quiet week since February.
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 |
$29.00 | Steady | |
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 | Down $1.00 |
US Gulf China: Panamax | $45.00 | Down $1.00 |
US PNW Egypt: Panamax via Panama | $36.00 | Up $1.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $27.00 | Down $1.00 |
US PNW China: Panamax | $26.00 | D0wn $1.00 |
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 $19 |
Black Sea to Morocco – Handi | $20 Russia | Ukraine $26 Revised |
Black Sea to Tunisia/Algeria – Handi | $19 Russia | Ukraine $25 Revised |
Black Sea to Jordan: Panamax | $19 Russia | Ukraine $29 Revised |
Black Sea to Libya – Handi | $20 Russia | Ukraine $26 Revised |
Black Sea to Saudi: Panamax | $34 Russia | Ukraine $50 Revised |
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 | Steady |
Russia to Egypt – coaster 5,000 m/t | $29.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index | 1418 | Up 78 |
Baltic Capesize Index | 2277 | Up 377 |
Baltic Panamax Index | 1119 | Down 127 |
Baltic Supramax Index | 951 | Down 32 |
Baltic Handisize Index | 601 | Up 20 |
Freightos/Baltic Container Index | 2307 | Up 49 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR June 2025/August 2025
Wheat, USA Soft Red Winter, US Gulf | USD 222>>241 Oct |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 235<<259 Oct |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 240>>220 Oct |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 245>>230 Oct |
Wheat, Romania 12.5 pro | USD 250>>235 Oct |
Wheat, Superior, France | USD 226/229 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225<<235 Oct |
Wheat, feed, Black Sea | USD 225>>220 Oct |
Barley, France, Rouen port | USD 220/225 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 220/235 |
Barley, feed, Australia | USD 250/255 |
Corn, 2YC FOB NOLA USA | USD 210>>205 Oct |
Corn, 3YC FOB USA Pacific northwest | USD 220>>215 Oct |
Corn, FOB Argentina port, upriver | USD 200<<205 Oct |
Corn, FOB Brazil port | USD 205<<210 Oct |
Corn, FOB France | USD 227/230 Spot |
Corn, FOB Romania | USD 230>>215 Oct |
Corn, FOB Russia | USD 230<<235 Oct |
Corn, FOB Ukraine, 30,000+ m/t | USD 240>>215 Oct |
Sorghum, FOB Argentina port | USD 210<<230 Oct |
Sorghum, FOB Texas | USD 200<<205 Oct |
Soymeal, 48% protein, FOB NOLA | USD 315<<340 Oct |
Soymeal, 48% protein, USA, Rotterdam | USD 340<<365 Oct |
Soymeal, 47% pro, FOB Argentina | USD 315<<340 Oct |
Soymeal, 48% protein, Brazil, Rotterdam – spot | No prices |
Soymeal, 48% protein, FOB Brazil | USD 310<<340 Oct |
Soybeans, FOB NOLA | USD 410 steady to Oct |
Soybeans, Argentina, FOB | USD 390<<400 Oct |
Soybeans, Brazil, FOB | USD 410<<430 Oct |
Soybeans, Black Sea | USD 400<<420 Oct |
Corn Gluten Meal, USA FOB NOLA | USD 595>>590 Sep |
Corn Gluten Feed, USA FOB NOLA | USD 205>>200 Sep |
DDGS corn, 35 profat, USA FOB NOLA | USD 230>>225 Sep |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing in the south of Peru has dropped to almost nothing in the past week --- total landed is now at 194,800 with 56,200 remaining on the quota. Fishing in the North/Central region is also lower this week due to bad weather and fishing bans. The total North/Central catch is now at 1.69 million m/t which shows 1.31 mm/t on the quota.
The juvenile level in the North/Central catch is still quite high so more mini bans are to be expected.
The price spread between super prime/prime and other grades is widening as demand has covered almost all of the higher grade production. Total estimated sales are now at about 500,000 m/t which is almost 75% of total production if the full quota is landed.
Peru’s fishmeal exports in 2025, January to April, are at 513,000 m/t which is up by 83% from last year’s lower catch shipments. Shipments to Asia are at 88% with 9% going to Europe. China’s imports of fishmeal are up by 11.5% January to April 2025, to 624,500 m/t, with 50.2% (313,000 m/t) coming from Peru. All statistics are from the MSI Ceres weekly report.
The weather in North/Central Peru is getting worse for fishing and the mini bans make forecasting difficult. Everyone has their fingers crossed that June will be a decent fishing month and that we will reach full quota.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1670 |
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 | 1380/1400 | |
67% protein 120 TVN | 1520/1540 | 1550/1570 |
67% protein 1000 hist, 120 TVN | 1570/1590 | 1600/1620 |
68% protein 500 hist, 100 TVN | 1620/1640 | 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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