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 |
$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 |
$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
Copyright © 2025 Wayne S. Bacon
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