Saturday, August 16, 2025

Weekly Report --- August 16, 2025

 

 

     Hammersmith Reports

 

St Remy De Provence, 13210 France

Phone: +33.6.8068.4564   

Email:   wbacon@hammersmith.biz   

WWW:  hammersmithltd.blogspot.com    

 

 

WEEKLY USA GRAIN AND PROTEIN REPORT – August 16, 2025

 

Corn prices had quite an up and down week after the WASDE but did finish the week almost unchanged. However, soybeans had a very strong week with prices up by about USD 20 m/t at the end of the week --- soymeal also moved higher by about USD 10 m/t. US winter wheat was about USD 3 m/t lower at the end of the week with US spring wheat also down by about USD 3 m/t.

 

Corn prices had been lower during the week due to very large stocks seen in the WASDE report but concerns over the hot weather in the corn belt and increased corn use for ethanol production helped to push corn up from the week’s lows to unchanged.

 

Soybeans rallied all week on the WASDE results which showed soybean acreage at the lowest level for 6 years  ---- add to this a good level of exports and soybeans moved higher. Press reports say that the switch in acreage levels between soybeans and corn was the biggest change seen since 1995.

 

Trade reports say that the was no reason for any price changes in wheat….the wheat market seemed quiet for the week. Wheat futures prices were back down at contract low again for part of the week.

 

Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.

 

US Gulf to Europe: Panamax

$25.00

Down $2.00

US Gulf to Spain: Panamax m/t

$25.00

Down $2.00

US Gulf Israel: Panamax m/t

$36.00

Up $3.00

US Gulf to Egypt: Panamax

$36.00

Up $3.00

US Gulf Turkey: Panamax m/t

$37.00

Up $3.00

US Gulf Morocco: Handi

$40.00

Up $3.00

US Gulf Algeria/Tunisia: Handi

$41.00

Up $3.00

US Gulf Nigeria: 30,000 m/t

$37.00

Steady

US Gulf other Med: Handi

$42.00

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

$54.00

Down $1.00

US Gulf China: Panamax

$53.00

Down $1.00

US PNW Egypt: Panamax via Panama

$38.00

Steady

US PNW South Africa – 40,000 m/t

$65.00

Steady

US PNW Philippines: Panamax

$34.00

Steady

US PNW Japan: Panamax

$29.00

Steady

US PNW China: Panamax

$28.00

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 Bangladesh 40,000 m/t

$54.00

Steady

France/Germany to China: Panamax

$70.00

Steady

France/Germany to Egypt: Panamax

$46.00

Steady

France/Germany to Iran: Panamax

$38.00

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

$37.00

Steady

France/Germany to Yemen: Handi

$66.00

Steady

 

 

 

Argentina to Algeria: Handi

$46.00

Steady

Argentina to China: Panamax

$44.00

Down $3.00

Argentina to Japan: Panamax

$45.00

Down $3.00

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

$39.00

Down $1.00

Brazil to Japan: Panamax

$40.00

Down $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

$43.00

Steady

Australia to Europe: Panamax

$53.00

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

$41 Russia

Ukraine $53

Black Sea to Indonesia: Panamax

$52 Russia

Ukraine $64

Black Sea to Egypt: 40/50,000

$16 Russia

Ukraine $34

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 $30

Black Sea to East Spain -- Panamax

$23 Russia

Ukraine $22

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

$42 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

$35.00

Up $3.00

Russia to Egypt – coaster 5,000 m/t

$53.00

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

2044

Down 7

Baltic Capesize Index

3295

Down 47

Baltic Panamax Index

1622

Down 13

Baltic Supramax Index

1320

Up 33

Baltic Handisize Index

698

Up 15

 

 

 

Freightos/Baltic Container Index

2137

Up 2

 

 

 

 

 

 

 

 

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 September 2025/November 2025

 

   Wheat, USA Soft Red Winter, US Gulf

USD 223<<234 Dec

   Wheat, USA Hard Red Winter 11 protein, US Gulf

USD 230<<242 Dec   

   Wheat, Ukraine 11.5 pro, 30,000+ m/t

USD 235<<240 Dec

   Wheat, Russia 12.5 pro, 30,000+ m/t

USD 240<<245 Dec

   Wheat, Romania 12.5 pro

USD 245<<250 Dec   

   Wheat, Superior, France

USD 233/236 spot      

   Wheat, milling, 12.0%, Argentina, Upriver

 USD 235>>225 Dec

   Wheat, feed, Black Sea

USD 220<<225 Dec     

 

 

   Barley, France, Rouen port

USD 225/230

   Barley, feed, Argentina, upriver

USD 220/225

   Barley, feed, Black Sea, 30,000+

USD 225/230

   Barley, feed, Australia

USD 250/255

 

 

   Corn, 2YC FOB NOLA USA

USD 195<<200 Dec

   Corn, 3YC FOB USA Pacific northwest

 USD 200<<205 Dec  

   Corn, FOB Argentina port, upriver

USD 200<<205 Dec   

   Corn, FOB Brazil port

USD 210<<215 Dec

   Corn, FOB France

 USD 229/232 Spot

   Corn, FOB Romania

USD 250<<260 Dec

   Corn, FOB Russia

USD 230<<240 Dec

   Corn, FOB Ukraine, 30,000+ m/t

USD 235<<215 Dec

   Sorghum, FOB Argentina port

USD 205<<220 Dec

   Sorghum, FOB Texas

USD 180<<195 Dec

 

 

   Soymeal, 48% protein, FOB NOLA

USD 335<<340 Dec  

   Soymeal, 48% protein, USA, Rotterdam

USD 365<<370 Dec  

   Soymeal, 47% pro, FOB Argentina

USD 300<<320 Dec   

   Soymeal, 48% protein, FOB Brazil

 USD 305<<320 Dec

 

 

   Soybeans, FOB NOLA

USD 415<<420 Dec

   Soybeans, Argentina, FOB

USD 430<<435 Dec

   Soybeans, Brazil, FOB

USD 450<<455 Dec

   Soybeans, Black Sea

USD 410<<420 Dec

 

 

   Corn Gluten Meal, USA FOB NOLA

USD 550<<560 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:

 

News reports say that the next IMARPE research cruise for the next fishing season will begin about September 10 and last for just over one month which could mean that the new fishing season may begin before the end of October --- or not.

 

Fishmeal export sales now booked for the current season are estimated to be up to 565,000 m/t which would imply that there is nothing left to sell except the odd small lot or some supplies that can come available from the fishing in the south of Peru ---- so far the south region has only produced a little over 7,000 m/t of fishmeal since its season began on July 01.

 

The asking price for fishmeal has taken a good jump higher which may keep Chinese buyers out of the market for a while. Of course, we are looking at the next fishing season being about 3 months in the future, so there is probably no need to rush and try to buy.

 

According to all the scientific reports there doesn’t seem to be much worry about any El Nino event in the next few months ---- this should keep the anchovies happy (and the fishmeal industry too).

 

 

European fishmeal prices – FOB North German port.

 

Type

Protein %

Price per

m/t USD

Standard Herring

64% protein

$1705

Danish standard fishmeal

71% protein

$2350

Peru fishmeal

65% protein

$1695

Chile fishmeal

67% protein

$1830

Iceland fishmeal

71% protein

$2405

 

 

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

 

Next fishing season

 

   65% protein standard steam

1450/1460

 

   67% protein 150 TVN

1560/1570

 

   67% protein 120 TVN

1610/1620

No prices

   67% protein 1000 hist, 120 TVN

1700/1710

1700/1710

   68% protein 500 hist, 100 TVN

1770/1780

1770/1780

 

 

 

   Fish oil, crude bulk – feed grade

2500/2600

2200/2300

   Fish oil, crude in drums

No prices

No prices

   Fish oil, flexi tank

No prices

No prices

   Fish oil, Omega 3: 28%EPA/DHA

3200/3300

3400/3500

 

INFORMATION:  TVN = total volatile nitrogen, hist = histamine

 

The information contained herein is based on sources that we believe to be dependable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy. All references to prices are subject to change without notice. Any opinions expressed herein are solely those of the author.

 

Copyright © 2025 Wayne S. Bacon

 

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