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 – September 06, 2025
Corn had an active week for prices with up and down days but finished the week almost unchanged. Soymeal prices moved about USD 10 m/t lower with soymeal down by USD 5 m/t. USA winter wheat was down by about USD 6 m/t while spring wheat prices dropped by about USD 4 m/t.
Corn did try and try to move higher this week but exports were below expectations --- although new crop corn sales were higher than expected --- and good rainfall is seen. On the year corn exports are looking to be at record levels, so no complaints there.
US soybeans also tried to move higher this week but just couldn’t. There were a couple of large soybean export sales reported but this was not enough to keep the prices steady. Actual soybean shipments have dropped by about 16% in recent weeks although in the full year soybean shipments are up by 13%.
Wheat prices were lower with disappointing exports for the week although reported new sales were quite encouraging. Overall wheat exports are up by 22.5% versus last year, sounds like a good year to me.
The USGBC sent out a little note this week pointing out how US sorghum is so competitive for export with a saving of more than USD 8 m/t versus US corn. The problem is that there is a learning curve with using sorghum in feed rations that can scare off buyers --- but the price is certainly attractive and there are scads of US sorghum to sell.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $25.00 | Steady |
$25.00 | Steady | |
US Gulf Israel: Panamax m/t | $40.00 | Steady |
US Gulf to Egypt: Panamax | $40.00 | Steady |
US Gulf Turkey: Panamax m/t | $41.00 | Steady |
US Gulf Morocco: Handi | $41.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $42.00 | Steady |
$37.00 | Steady | |
US Gulf other Med: Handi | $43.00 | Steady |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $62.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $53.00 | Steady |
US Gulf Japan: Panamax | $56.00 | Steady |
US Gulf China: Panamax | $55.00 | Steady |
US PNW Egypt: Panamax via Panama | $41.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Bangladesh: Panamax | $50.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Vietnam: Panamax | $28.00 | 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 | $55.00 | Up $2.00 |
US Lakes – Morocco – 30,000 m/t | $61.00 | Up $2.00 |
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 | $35.00 | Corrected |
France/Germany to India: Panamax | $37.00 | Steady |
France/Germany to Iran: Panamax | $35.00 | 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 | $43.00 | Steady |
Argentina to Japan: Panamax | $44.00 | 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 | $39.00 | Steady |
Brazil to Japan: Panamax | $40.00 | 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 | $43.00 | Steady |
Australia to Europe: Panamax | $57.00 | Up $1.00 |
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 | $44 Russia | Ukraine $57 |
Black Sea to Indonesia: Panamax | $53 Russia | Ukraine $64 |
Black Sea to Egypt: 40/50,000 | $19 Russia | Ukraine $33 |
Black Sea to Egypt: 30,000 | $18 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $45 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $24 |
Black Sea to East Spain -- Panamax | $23 Russia | Ukraine $19 |
Black Sea to Morocco – Handi | $25 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $24 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $18 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $25 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $44 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $12 Russia | Ukraine $26 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Bangladesh - Panamax | $44 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $39.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $57.00 | Down $2.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1979 | Down 46 |
Baltic Capesize Index | 2835 | Down 90 |
Baltic Panamax Index | 1802 | Down 45 |
Baltic Supramax Index | 1456 | Down 9 |
Baltic Handisize Index | 787 | Up 20 |
Freightos/Baltic Container Index | 2035 | Up 138 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR October 2025/December 2025
Wheat, USA Soft Red Winter, US Gulf | USD 229<<237 Jan |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 232<<239 Jan |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 Jan |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 230<<235 Jan |
Wheat, Romania 12.5 pro | USD 230<<235 Jan |
Wheat, Superior, France | USD 224/227 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 230>>220 Jan |
Wheat, feed, Black Sea | USD 215<<220 Jan |
Barley, France, Rouen port | USD 220/225 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 225/230 |
Barley, feed, Australia | USD 245/250 |
Corn, 2YC FOB NOLA USA | USD 200<<205 Jan |
Corn, 3YC FOB USA Pacific northwest | USD 210<<215 Jan |
Corn, FOB Argentina port, upriver | USD 200<<210 Jan |
Corn, FOB Brazil port | USD 205<<215 Jan |
Corn, FOB France | USD 226/229 Spot |
Corn, FOB Romania | USD 220<<230 Jan |
Corn, FOB Russia | USD 210<<215 Jan |
Corn, FOB Ukraine, 30,000+ m/t | USD 210<<220 Jan |
Sorghum, FOB Argentina port | USD 195<<200 Jan |
Sorghum, FOB Texas | USD 195<<200 Jan |
Soymeal, 48% protein, FOB NOLA | USD 325<<330 Jan |
Soymeal, 48% protein, USA, Rotterdam | USD 355<<360 Jan |
Soymeal, 47% pro, FOB Argentina | USD 300<<310 Jan |
Soymeal, 48% protein, FOB Brazil | USD 305<<315 Jan |
Soybeans, FOB NOLA | USD 405<<415 Jan |
Soybeans, Argentina, FOB | USD 415<<420 Jan |
Soybeans, Brazil, FOB | USD 450>>430 Jan |
Soybeans, Black Sea | USD 410<<415 Jan |
Corn Gluten Meal, USA FOB NOLA | USD 560<<570 Dec |
Corn Gluten Feed, USA FOB NOLA | USD 210<<215 Dec |
DDGS corn, 35 profat, USA FOB NOLA | USD 220<<225 Dec |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Not much new in the Peru fishmeal business this week ---- still no fishing in the South region and the current IMARPE cruise has been delayed by bad weather.
Only the dregs of fishmeal left for sale in Peru --- less than 5,000 m/t according to trade reports. The market is really missing the normal production from the South --- normally quite small but important when the North/Central stocks are sold out.
Fishmeal stocks in China ports still seen as very high --- just at the 300,000 m/t level. Local China fishmeal production period will start shortly.
As previously reported, there has been some business done for the next season but with prices to be set later – quantity not known.
There has been lots of talk about the quota for the next season with the trade seeming to feel that the quota will be set at 2.0 million m/t or a little higher.
Peru fishmeal exports to the end of July are at just about 917,000 m/t with 749,000 m/t going to China. The next biggest buyer is Germany with 44,000 m/t then Ecuador with 35,000 m/t.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1740 |
Danish standard fishmeal | 71% protein | $2380 |
Peru fishmeal | 65% protein | $1720 |
Chile fishmeal | 67% protein | $1850 |
Iceland fishmeal | 71% protein | $2470 |
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 | 1510/1520 | |
67% protein 150 TVN | 1560/1570 | |
67% protein 120 TVN | 1610/1620 | No prices |
67% protein 1000 hist, 120 TVN | 1670/1680 | 1730/1740 |
68% protein 500 hist, 100 TVN | 1770/1780 | 1770/1780 |
Fish oil, crude bulk – feed grade | 2500/2600 | 2300/2400 |
Fish oil, crude in drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 2900/3400 | 3400/3500 |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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