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Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – September 20, 2025
USA corn prices were lower by USD 3 m/t this week with soybeans lower by at USD 8 m/t and soymeal down by close to USD 5 m/t. Both US winter and spring wheats were lower this week with hard red winter down by almost USD 3 m/t with hard red spring down only a dollar or two m/t.
Corn had a quiet week with not too much excitement in the market, One trade report said that there is a lot of uncertainty about what the corn yield is going to be which means that so far there is no long-term trend in corn prices. Export sales were quite good for the week and Taiwan/USA signed an agreement that should increase its Ag imports by about 25%.
Soybeans are reported to be lower due to the lack of China business. There are very high level talks going on with China but so far no positive results for US soybean back into China. Actually, there have not been any positive results reported for anything but the talking continues.
US wheat prices slipped a little during the week as the world situation for wheat just kept showing more and more wheat. Too much supply from too many wheat exporting countries all with highly competitive prices seems to be ruling the wheat market these days.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $28.00 | Steady |
$28.00 | Steady | |
US Gulf Israel: Panamax m/t | $40.00 | Down $2.00 |
US Gulf to Egypt: Panamax | $40.00 | Down $2.00 |
US Gulf Turkey: Panamax m/t | $41.00 | Down $2.00 |
US Gulf Morocco: Handi | $41.00 | Down $2.00 |
US Gulf Algeria/Tunisia: Handi | $42.00 | Down $2.00 |
$38.00 | Steady | |
US Gulf other Med: Handi | $43.00 | Down $2.00 |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $65.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $53.00 | Steady |
US Gulf Japan: Panamax | $58.00 | Up $1.00 |
US Gulf China: Panamax | $57.00 | Up $1.00 |
US PNW Egypt: Panamax via Panama | $41.00 | Down $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 | $57.00 | Up $1.00 |
US Lakes – Morocco – 30,000 m/t | $63.00 | Up $1.00 |
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 | $39.00 | Up $2.00 |
France/Germany to India: Panamax | $40.00 | Steady |
France/Germany to Iran: Panamax | $36.00 | Down $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 | Steady |
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 | $44.00 | Up $1.00 |
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 | $27 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $26 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $24 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $27 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $43 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 | $46.00 | Up $3.00 |
Russia to Egypt – coaster 5,000 m/t | $65.00 | Up $5.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2203 | Up 77 |
Baltic Capesize Index | 3437 | Up 367 |
Baltic Panamax Index | 845 | Down 161 |
Baltic Supramax Index | 1489 | Down 3 |
Baltic Handisize Index | 815 | Up 11 |
Freightos/Baltic Container Index | 1932 | Down 92 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, 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 232<<239 Jan |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 Jan |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 230<<235 Jan |
Wheat, Romania 12.5 pro | USD 235<<240 Jan |
Wheat, Superior, France | USD 231/234 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 225/230 |
Barley, feed, Black Sea, 30,000+ | USD 225/230 |
Barley, feed, Australia | USD 240/245 |
Corn, 2YC FOB NOLA USA | USD 204<<207 Jan |
Corn, 3YC FOB USA Pacific northwest | USD 213<<216 Jan |
Corn, FOB Argentina port, upriver | USD 200<<210 Jan |
Corn, FOB Brazil port | USD 210<<215 Jan |
Corn, FOB France | USD 227/230 Spot |
Corn, FOB Romania | USD 225<<230 Jan |
Corn, FOB Russia | USD 215<<220 Jan |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 Jan |
Sorghum, FOB Argentina port | USD 195<<205 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 310<<320 Jan |
Soybeans, FOB NOLA | USD 400<<410 Jan |
Soybeans, Argentina, FOB | USD 415<<420 Jan |
Soybeans, Brazil, FOB | USD 450>>425 Jan |
Soybeans, Black Sea | USD 410<<420 Jan |
Corn Gluten Meal, USA FOB NOLA | USD 580<<590 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:
Another week has passed with no catch in the South Region of Peru according to trade reports this is 5 weeks without any landings.
The latest statement on the El Nino/La Nina situation is that all looks quite good into the first quarter of 2026 --- no major events are seen, so fishing should not suffer from these events.
Fishmeal stocks in China are a little lower at 280,000 m/t as end-user increase their offtake of fishmeal supply in advance of the upcoming Golden Week Holidays. Prices in China have moved a little higher due to the pre-holiday demand.
Trade reports also say that new booking for the next fishing season are at about 60,000 m/t with some saying that the bookings look to be at slightly higher prices.
Overall, the fishmeal export market in Peru is quiet as neither buyers nor sellers seem too interested in making large commitments before seeing the results of the IMARPE research cruises. However, sellers see the higher prices in China and look to see the same trend in Peru.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1760 |
Danish standard fishmeal | 71% protein | $2450 |
Peru fishmeal | 65% protein | $1750 |
Chile fishmeal | 67% protein | $1890 |
Iceland fishmeal | 71% protein | $2520 |
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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