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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – September 13, 2025
This was WASDE week and there were some surprises in the report.
Looking at prices, US corn finished the week up by about USD 5 m/t while US soybeans were up just over USD 7 m/t and soymeal up by almost USD 5 m/t. US winter wheat was also up by about USD 5 m/t for the week and spring wheat was up by a couple of dollars.
While the WASDE report was bearish due to higher yield and production numbers the confidence in higher demand, domestic and export, for coming months was enough to give the market some strength after the WASDE.
Corn planting is going to be at the highest level since 1936 and that is quite a record but the yields per acre were reduced by about 1.2% to 186.7 bushels per acre (4.75 m/t). Overall, the corn crop is still going to be at record levels and so are the corn exports. The market feeling is that in the longer term the corn prices will probably move lower --- just a lot of corn in the world this year.
US soybean yields change very little but production estimate for September is up from last month but is still lower than 2024. US soybean crush is at record levels according to the WASDE but soybean exports are seen at the lowest level in 6 years.
US wheat export numbers are seen as higher for 2025/26 but the WASDE sees the US farm price for wheat moving lower.
There were no major changes in US 2025/26 ending stocks ---- corn and soybean stocks seen as a little lower while wheat stocks projected to be a little higher.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $28.00 | Up $3.00 |
$28.00 | Up $3.00 | |
US Gulf Israel: Panamax m/t | $42.00 | Up $2.00 |
US Gulf to Egypt: Panamax | $42.00 | Up $2.00 |
US Gulf Turkey: Panamax m/t | $43.00 | Up $2.00 |
US Gulf Morocco: Handi | $43.00 | Up $2.00 |
US Gulf Algeria/Tunisia: Handi | $44.00 | Up $2.00 |
$38.00 | Up $1.00 | |
US Gulf other Med: Handi | $45.00 | Up $2.00 |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $65.00 | Up $3.00 |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $53.00 | Steady |
US Gulf Japan: Panamax | $57.00 | Up $1.00 |
US Gulf China: Panamax | $56.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $42.00 | Up $1.00 |
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 | $56.00 | Up $3.00 |
US Lakes – Morocco – 30,000 m/t | $62.00 | Up $3.00 |
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 | $37.00 | Up $2.00 |
France/Germany to India: Panamax | $40.00 | Up $3.00 |
France/Germany to Iran: Panamax | $37.00 | Up $2.00 |
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 | Steady |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $44.00 | Up $1.00 |
Argentina to Japan: Panamax | $45.00 | Up $1.00 |
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 | $40.00 | Up $1.00 |
Brazil to Japan: Panamax | $41.00 | Up $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 | $57.00 | 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 | $44 Russia | Ukraine $57 |
Black Sea to Indonesia: Panamax | $53 Russia | Ukraine $64 |
Black Sea to Egypt: 40/50,000 | $20 Russia | Ukraine $34 |
Black Sea to Egypt: 30,000 | $20 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 $18 |
Black Sea to Morocco – Handi | $25 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $24 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $24 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $25 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $45 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 | $43.00 | Up $4.00 |
Russia to Egypt – coaster 5,000 m/t | $60.00 | Up $3.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2126 | Up 147 |
Baltic Capesize Index | 3070 | Up 235 |
Baltic Panamax Index | 2006 | Up 204 |
Baltic Supramax Index | 1492 | Up 38 |
Baltic Handisize Index | 804 | Up 17 |
Freightos/Baltic Container Index | 2024 | Down 11 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR October 2025/December 2025
Wheat, USA Soft Red Winter, US Gulf | USD 227<<232 Jan |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 237<<241 Jan |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 Jan |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 225<<230 Jan |
Wheat, Romania 12.5 pro | USD 225<<230 Jan |
Wheat, Superior, France | USD 230/233 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225>>215 Jan |
Wheat, feed, Black Sea | USD 215<<220 Jan |
Barley, France, Rouen port | USD 225/230 |
Barley, feed, Argentina, upriver | USD 230/235 |
Barley, feed, Black Sea, 30,000+ | USD 225/230 |
Barley, feed, Australia | USD 240/245 |
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<<215 Jan |
Corn, FOB Brazil port | USD 215<<220 Jan |
Corn, FOB France | USD 226/229 Spot |
Corn, FOB Romania | USD 225<<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 200<<210 Jan |
Sorghum, FOB Texas | USD 195<<200 Jan |
Soymeal, 48% protein, FOB NOLA | USD 335>>325 Jan |
Soymeal, 48% protein, USA, Rotterdam | USD 365>>355 Jan |
Soymeal, 47% pro, FOB Argentina | USD 310<<315 Jan |
Soymeal, 48% protein, FOB Brazil | USD 315<<320 Jan |
Soybeans, FOB NOLA | USD 410<<420 Jan |
Soybeans, Argentina, FOB | USD 425<<430 Jan |
Soybeans, Brazil, FOB | USD 455>>430 Jan |
Soybeans, Black Sea | USD 410<<415 Jan |
Corn Gluten Meal, USA FOB NOLA | USD 570<<580 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:
Still no fishing in the South Region of Peru --- bad weather abounds.
Not much activity in new season sales --- all is quiet on both the buying and selling sides. Buyers are all hoping for lower prices for the next season while sellers are just waiting to see what happens when we get closer to the fishing season.
Trade reports say that there is quite a bit of demand for fishmeal just no one willing to jump into buying quite yet.
Meanwhile we are all waiting to see the results of the IMARPE cruises.
Trade still saying that the next Peru fishing quota will be at 2.0 mm/t or higher.
15,000 m/t of bulk fishmeal loading for Germany in three vessels. Total bulk shipments to Germany in 2025 are now up to almost 59,000 m/t.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1750 |
Danish standard fishmeal | 71% protein | $2385 |
Peru fishmeal | 65% protein | $1720 |
Chile fishmeal | 67% protein | $1850 |
Iceland fishmeal | 71% protein | $2495 |
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 | 1500/1510 | |
67% protein 150 TVN | 1570/1580 | |
67% protein 120 TVN | 1620/1630 | No prices |
67% protein 1000 hist, 120 TVN | 1700/1710 | 1720/1730 |
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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