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WEEKLY USA GRAIN AND PROTEIN REPORT – July 12, 2025
This week’s USDA WASDE report just confirmed the large crop levels for corn and soybeans that the trade had been forecasting. Cron yields are seen at record levels in the US and trade reports say that “near perfect” weather could lead to even greater crop yields.
The USA corn crop is seen as 74% good/excellent with soybeans at 66% good/excellent.
This week the weather looks great everywhere with some rainfall exactly where and when it is needed.
Although, all seems to look great for the US corn crop most trade reports are saying that there could be a price rally coming as the current low prices should bring in buying interest.
Soybeans too are at very attractive price levels for buyers/users which could get the market excited on the buy side.
So, this was pretty well a down week across the board ---- what will happen on Monday.
Corn was down by about USD 10 m/t, soybeans down by USD 15 m/t, soymeal down by USD 7 m/t, winter wheat down by USD 6 m/t and spring wheat down by USD 12 m/t.
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 | $36.00 | Up $4.00 |
US Gulf to Egypt: Panamax | $36.00 | Up $4.00 |
US Gulf Turkey: Panamax m/t | $37.00 | Up $4.00 |
US Gulf Morocco: Handi | $37.00 | Up $4.00 |
US Gulf Algeria/Tunisia: Handi | $38.00 | Up $4.00 |
$36.00 | Up $2.00 | |
US Gulf other Med: Handi | $39.00 | Up $4.00 |
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 | $49.00 | Steady |
US Gulf China: Panamax | $48.00 | Steady |
US PNW Egypt: Panamax via Panama | $40.00 | 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 | $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 | $53.00 | Steady |
US Lakes – Morocco – 30,000 m/t | $59.00 | Steady |
France/Germany to Algeria: Handi | $33.00 | Steady |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $43.00 | Up $1.00 |
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 | $40.00 | Steady |
Argentina to Japan: Panamax | $41.00 | 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 | $37.00 | Up $1.00 |
Brazil to Japan: Panamax | $38.00 | Up $1.00 |
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 | $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 | $38 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $51 Russia | Ukraine $64 |
Black Sea to Egypt: 40/50,000 | $16 Russia | Ukraine $35 |
Black Sea to Egypt: 30,000 | $13 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $40 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $26 |
Black Sea to East Spain -- Panamax | $25 Russia | Ukraine $23 |
Black Sea to Morocco – Handi | $20 Russia | Ukraine $28 |
Black Sea to Tunisia/Algeria – Handi | $19 Russia | Ukraine $27 |
Black Sea to Jordan: Panamax | $18 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $20 Russia | Ukraine $28 |
Black Sea to Saudi: Panamax | $40 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 | $23.00 | Up $4.00 |
Russia to Egypt – coaster 5,000 m/t | $36.00 | Up $4.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1663 | Up 227 |
Baltic Capesize Index | 2104 | Up 249 |
Baltic Panamax Index | 1860 | Up 340 |
Baltic Supramax Index | 12198 | Up 138 |
Baltic Handisize Index | 645 | Up 12 |
Freightos/Baltic Container Index | 2518 | Down 86 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR August 2025/October 2025
Wheat, USA Soft Red Winter, US Gulf | USD 219<<247 Nov |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 226<<244 Nov |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 220<<225 Nov |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 225<<230 Nov |
Wheat, Romania 12.5 pro | USD 235<<240 Nov |
Wheat, Superior, France | USD 233/236 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<235 Nov |
Wheat, feed, Black Sea | USD 215<<220 Nov |
Barley, France, Rouen port | USD 230/235 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 210/220 |
Barley, feed, Australia | USD 250/255 |
Corn, 2YC FOB NOLA USA | USD 195 flat to Nov |
Corn, 3YC FOB USA Pacific northwest | USD 205<<215 Nov |
Corn, FOB Argentina port, upriver | USD 195 flat to Nov |
Corn, FOB Brazil port | USD 205 flat to Nov |
Corn, FOB France | USD 240/243 Spot |
Corn, FOB Romania | USD 245<<250 Nov |
Corn, FOB Russia | USD 225<<235 Nov |
Corn, FOB Ukraine, 30,000+ m/t | USD 225<<235 Nov |
Sorghum, FOB Argentina port | USD 200<<210 Nov |
Sorghum, FOB Texas | USD 190<<200 Nov |
Soymeal, 48% protein, FOB NOLA | USD 295<<310 Nov |
Soymeal, 48% protein, USA, Rotterdam | USD 320<<335 Nov |
Soymeal, 47% pro, FOB Argentina | USD 290<<310 Nov |
Soymeal, 48% protein, FOB Brazil | USD 290<<310 Nov |
Soybeans, FOB NOLA | USD 405 flat to Nov |
Soybeans, Argentina, FOB | USD 400<<410 Nov |
Soybeans, Brazil, FOB | USD 425<<435 Nov |
Soybeans, Black Sea | USD 410<<420 Nov |
Corn Gluten Meal, USA FOB NOLA | USD 575<<580 Oct |
Corn Gluten Feed, USA FOB NOLA | USD 205>>200 Oct |
DDGS corn, 35 profat, USA FOB NOLA | USD 225>>220 Oct |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
The catch in the North/Central region is now at 2.35 million m/t which leaves 650,000 m/t available on the quota --- trade reports are lowering the estimate of the total catch against the quota to 2.5 million m/t due to the lower catch and only 3 weeks left until the end of the quota.
The South region saw a little catch against its new quota, a total of 2,400 m/t for the week.
Total fishmeal sales recorded to date are reported by the trade at 530,000 m/t which means that all the sales are covered and producers are now long fishmeal.
Spawning has started in the North/Central region which could mean an early end to the fishing if IMARPE decides it is needed in order not to interfere with the spawning.
Trade reports are all suggesting that fishmeal prices will now begin to climb as supply will be limited until the next fishing season ---- it all depends on how the fishing goes for the next three weeks.
Good news for fishmeal shippers ---- the International Maritime Organization has reclassified fishmeal as non-hazardous cargo which could/should bring freight rates and insurance down.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1710 |
Danish standard fishmeal | 71% protein | $2360 |
Peru fishmeal | 65% protein | $1680 |
Chile fishmeal | 67% protein | $1810 |
Iceland fishmeal | 71% protein | $2430 |
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 | 1510/1530 | |
67% protein 120 TVN | 1570/1590 | No prices |
67% protein 1000 hist, 120 TVN | 1620/1640 | 1650/1670 |
68% protein 500 hist, 100 TVN | 1670/1690 | 1670/1690 |
Fish oil, crude bulk – feed grade | 2350/2400 | 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 | 2900/3400 | 3100/3300 |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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