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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – July 19, 2025
This week was more of an up week for prices than last week --- corn prices were up by about USD 6 m/t with soybean up by USD 10 m/t but soymeal was down by USD 5 m/t for the week. USA winter wheat was almost unchanged for the week while US spring wheat dropped by USD 6 m/t.
US winter wheat had a very strong rally on Friday or would have been lower on the week --- some experts say that this might be a reversal of the price trend for winter wheat. US spring wheat was lower all week on good weather. Market experts say that US spring wheat is now oversold and could see a price rally.
US corn prices were higher all week as the very hot dry weather seen in the corn belt got people worried. Experts say that the corn crop is almost all pollinated and seems to be in good shape which may mean lower corn prices in the days to come.
US soybeans may be affected by the high heat and dry weather seen in much of the soybean growing area, this is pushing USA prices higher. US soybean exports have slipped a little as Brazil seems to be taking much of the current soybean export business.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $24.00 | Up $1.00 |
$24.00 | Up $1.00 | |
US Gulf Israel: Panamax m/t | $40.00 | Up $4.00 |
US Gulf to Egypt: Panamax | $40.00 | Up $4.00 |
US Gulf Turkey: Panamax m/t | $41.00 | Up $4.00 |
US Gulf Morocco: Handi | $41.00 | Up $4.00 |
US Gulf Algeria/Tunisia: Handi | $42.00 | Up $4.00 |
$37.00 | Up $1.00 | |
US Gulf other Med: Handi | $43.00 | 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 | $53.00 | Up $4.00 |
US Gulf China: Panamax | $52.00 | Up $4.00 |
US PNW Egypt: Panamax via Panama | $40.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $30.00 | Up $2.00 |
US PNW China: Panamax | $29.00 | Up $2.00 |
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 | $45.00 | Up $2.00 |
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 | $44.00 | Up $4.00 |
Argentina to Japan: Panamax | $45.00 | Up $4.00 |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $37.00 | Up $1.00 |
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 | $40.00 | Up $3.00 |
Brazil to Japan: Panamax | $41.00 | Up $3.00 |
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 | $39 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $52 Russia | Ukraine $64 |
Black Sea to Egypt: 40/50,000 | $17 Russia | Ukraine $35 |
Black Sea to Egypt: 30,000 | $14 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $41 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 | $22 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $21 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $18 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $22 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $41 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $12 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 | $24.00 | Up $1.00 |
Russia to Egypt – coaster 5,000 m/t | $37.00 | Up $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2052 | Up 389 |
Baltic Capesize Index | 3084 | Up 980 |
Baltic Panamax Index | 1919 | Up 59 |
Baltic Supramax Index | 1346 | Up 127 |
Baltic Handisize Index | 673 | Up 28 |
Freightos/Baltic Container Index | 2381 | Down 137 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR August 2025/October 2025
Wheat, USA Soft Red Winter, US Gulf | USD 221<<247 Nov |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 229<<243 Nov |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 235<<240 Nov |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 235<<240 Nov |
Wheat, Romania 12.5 pro | USD 240<<250 Nov |
Wheat, Superior, France | USD 239/242 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230<<235 Nov |
Wheat, feed, Black Sea | USD 225<<230 Nov |
Barley, France, Rouen port | USD 225/230 |
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 200<<205 Nov |
Corn, 3YC FOB USA Pacific northwest | USD 210<<215 Nov |
Corn, FOB Argentina port, upriver | USD 200<<205 Nov |
Corn, FOB Brazil port | USD 205<<210 Nov |
Corn, FOB France | USD 244/247 Spot |
Corn, FOB Romania | USD 235<<240 Nov |
Corn, FOB Russia | USD 220<<230 Nov |
Corn, FOB Ukraine, 30,000+ m/t | USD 230<<240 Nov |
Sorghum, FOB Argentina port | USD 195<<205 Nov |
Sorghum, FOB Texas | USD 190<<200 Nov |
Soymeal, 48% protein, FOB NOLA | USD 310<<320 Nov |
Soymeal, 48% protein, USA, Rotterdam | USD 335<<345 Nov |
Soymeal, 47% pro, FOB Argentina | USD 295<<310 Nov |
Soymeal, 48% protein, FOB Brazil | USD 300<<315 Nov |
Soybeans, FOB NOLA | USD 415<<420 Nov |
Soybeans, Argentina, FOB | USD 415<<420 Nov |
Soybeans, Brazil, FOB | USD 430<<440 Nov |
Soybeans, Black Sea | USD 410<<420 Nov |
Corn Gluten Meal, USA FOB NOLA | USD 565<<575 Oct |
Corn Gluten Feed, USA FOB NOLA | USD 210>>205 Oct |
DDGS corn, 35 profat, USA FOB NOLA | USD 225>>220 Oct |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing has dropped off considerably in the North/Central region with last week only reaching about 20,000 m/t landed. There is now 614,000 m/t left on the region’s quota with about 2.385 million m/t landed. Trade comment these days are that the total catch will end up at about 2.5 million m/t and there is quite a bit of talk that IMARPE may end the fishing early.
The estimates of fishmeal sales to date are still at about 535,000 m/t but could be higher. If the quota finishes at 2.5 mm/t there will be almost nothing left to sell.
There are also comments that this season’s catch yielded a lower level of super prime and prime grades than had been expected. Hopes are that this is only a one season situation and that there will be more higher grades next season.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1695 |
Danish standard fishmeal | 71% protein | $2350 |
Peru fishmeal | 65% protein | $1680 |
Chile fishmeal | 67% protein | $1810 |
Iceland fishmeal | 71% protein | $2410 |
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 | 1590/1610 | No prices |
67% protein 1000 hist, 120 TVN | 1670/1690 | 1670/1690 |
68% protein 500 hist, 100 TVN | 1690/1710 | 1690/1710 |
Fish oil, crude bulk – feed grade | 2500/2600 | 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 | 3000/3500 | 3100/3300 |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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