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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – July 26, 2025
So, how did prices do this week? USA corn prices slipped lower by about USD 4 m/t while soybeans dropped by USD 7 m/t and soymeal was about USD 6 m/t lower. US winter wheat was down by about USD 4 m/t with spring wheat down by the same.
The story about US grains and oilseeds is big crops pushing prices lower. Everything looks a little bearish for now as world crops all seem to be quite good --- except perhaps Russian wheat.
According to trade reports one bearish factor for US corn is the supply of sorghum and its low price. Sorghum that isn’t going to China is now moving into the ethanol industry at attractive prices. The sorghum folks have as much as 3 million m/t to move which will keep the pressure on corn in some areas of the US.
Looking at grain/oilseed markets this week there doesn’t seem to be much reason for prices to move higher --- prices may just sit at the current level for a while.
USA/Canada weather is good for the crops with about the right amount of rainfall being seen in many areas.
The EU released a 257 page list of items that could be covered by reciprocal tariffs if no agreement can be made with the US --- corn, sorghum, DDGS and corn gluten feed are all on the tariff list. I haven’t checked the list for wheat, soybeans and soymeal. President Trump is in Scotland this weekend and will be meeting with EU negotiators so perhaps we will see a new USA/EU agreement reached.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $25.00 | Up $1.00 |
$25.00 | Up $1.00 | |
US Gulf Israel: Panamax m/t | $36.00 | Down $4.00 |
US Gulf to Egypt: Panamax | $36.00 | Down $4.00 |
US Gulf Turkey: Panamax m/t | $37.00 | Down $4.00 |
US Gulf Morocco: Handi | $37.00 | Down $4.00 |
US Gulf Algeria/Tunisia: Handi | $38.00 | Down $4.00 |
$37.00 | Steady | |
US Gulf other Med: Handi | $39.00 | Down $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 | $55.00 | Up $2.00 |
US Gulf China: Panamax | $54.00 | Up $2.00 |
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 | Steady |
US PNW China: Panamax | $29.00 | 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 | $46.00 | Up $1.00 |
France/Germany to Iran: Panamax | $38.00 | Up $1.00 |
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 | $37.00 | Up $1.00 |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $44.00 | Steady |
Argentina to Japan: Panamax | $45.00 | Steady |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $37.00 | 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 | $37.00 | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $42.00 | Steady |
Brazil to China: Panamax | $40.00 | Steady |
Brazil to Japan: Panamax | $41.00 | 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 | $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 | $40 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $53 Russia | Ukraine $64 |
Black Sea to Egypt: 40/50,000 | $17 Russia | Ukraine $38 |
Black Sea to Egypt: 30,000 | $15 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $42 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $29 |
Black Sea to East Spain -- Panamax | $25 Russia | Ukraine $23 |
Black Sea to Morocco – Handi | $23 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $22 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $18 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $23 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 | $25.00 | Up $1.00 |
Russia to Egypt – coaster 5,000 m/t | $39.00 | Up $2.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2257 | Up 205 |
Baltic Capesize Index | 3829 | Up 745 |
Baltic Panamax Index | 1838 | Down 81 |
Baltic Supramax Index | 1294 | Down 52 |
Baltic Handisize Index | 682 | Up 9 |
Freightos/Baltic Container Index | 2377 | Down 4 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR August 2025/October 2025
Wheat, USA Soft Red Winter, US Gulf | USD 218<<244 Nov |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 227<<240 Nov |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 235<<240 Nov |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 240<<245 Nov |
Wheat, Romania 12.5 pro | USD 240<<245 Nov |
Wheat, Superior, France | USD 234/237 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225<<230 Nov |
Wheat, feed, Black Sea | USD 230<<235 Nov |
Barley, France, Rouen port | USD 220/225 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 215/220 |
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 239/242 Spot |
Corn, FOB Romania | USD 255<<260 Nov |
Corn, FOB Russia | USD 205<<215 Nov |
Corn, FOB Ukraine, 30,000+ m/t | USD 245<<220 Nov |
Sorghum, FOB Argentina port | USD 200<<210 Nov |
Sorghum, FOB Texas | USD 190<<200 Nov |
Soymeal, 48% protein, FOB NOLA | USD 300<<315 Nov |
Soymeal, 48% protein, USA, Rotterdam | USD 330<<345 Nov |
Soymeal, 47% pro, FOB Argentina | USD 285<<305 Nov |
Soymeal, 48% protein, FOB Brazil | USD 285<<305 Nov |
Soybeans, FOB NOLA | USD 405<<415 Nov |
Soybeans, Argentina, FOB | USD 400<<410 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 205>>200 Oct |
DDGS corn, 35 profat, USA FOB NOLA | USD 225>>215 Oct |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
The fishing season is now over in the North/Central region as it was ended by IMARPE on July 24. The unadjusted final catch number looks to be at about 2.47 million M/T which will yield around 550,000 M/T of fishmeal. The Southern region catch is now up to almost 15,000 M/T, leaving 236,000 M/T on the quota.
Estimates of current fishmeal sales are at 545,000 M/T, which will leave almost nothing available for sale in coming weeks. Prices will be pushed higher for any odd lots of fishmeal that will come onto the market. However, trade reports point out that fishmeal stocks in China are quite high and the local fishmeal period is about to start so there may not be too much upward pressure on world fishmeal prices in the short term.
July 28 is a national holiday in Peru for Independence Day ---- all the best to our Peruvian friends.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1725 |
Danish standard fishmeal | 71% protein | $2350 |
Peru fishmeal | 65% protein | $1695 |
Chile fishmeal | 67% protein | $1830 |
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 | 1520/1530 | |
67% protein 120 TVN | 1600/1610 | No prices |
67% protein 1000 hist, 120 TVN | 1650/1660 | 1680/1690 |
68% protein 500 hist, 100 TVN | 1710/1720 | 1710/1720 |
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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