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 – October 04, 2025
It was a quiet week this week for some items --- corn prices were about unchanged for the
Week, wheat prices were up by about USD 3 m/t and even soybean prices were only up by about USD 2 m/t and about the same for soymeal --- just a quiet pre-WASDE week.
It looks like the trade forecasting services are lowering their estimates of the corn yields for the current harvest. The feeling is that a lack of late rainfall and hot temperatures could bring corn yields down. Even with slightly lower yields we would still have a record corn crop.
Soybean prices don’t seem to know what to do --- will see a solution to the China problem or will the government announce a giant aid program for soybean farmers ---- an aid program seems to be the most expected with news expected next Tuesday.
Wheat prices did very little this week but US wheat still must face very large wheat supplies in international markets ---- every producing/exporting nation seems to have record or near record supplies of wheat this year. No one is talking about seriously higher wheat prices.
The US dollar continues to be in the doldrums, moving a little lower again this week.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $27.00 | Up $1.00 |
$27.00 | Up $1.00 | |
US Gulf Israel: Panamax m/t | $44.00 | Up $1.00 |
US Gulf to Egypt: Panamax | $44.00 | Up $1.00 |
US Gulf Turkey: Panamax m/t | $45.00 | Up $1.00 |
US Gulf Morocco: Handi | $45.00 | Up $1.00 |
US Gulf Algeria/Tunisia: Handi | $46.00 | Up $1.00 |
$40.00 | Up $2.00 | |
US Gulf other Med: Handi | $47.00 | Up $1.00 |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $66.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $51.00 | Down $1.00 |
US Gulf Japan: Panamax | $57.00 | Steady |
US Gulf China: Panamax | $56.00 | Steady |
US PNW Egypt: Panamax via Panama | $42.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Bangladesh: Panamax | $48.00 | Down $2.00 |
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 | Steady |
US Lakes – Morocco – 30,000 m/t | $63.00 | 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 | $41.00 | Up $2.00 |
France/Germany to India: Panamax | $42.00 | Up $2.00 |
France/Germany to Iran: Panamax | $35.00 | 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 | $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 | $44.00 | 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 | $52 Russia | Ukraine $64 |
Black Sea to Egypt: 40/50,000 | $21 Russia | Ukraine $34 |
Black Sea to Egypt: 30,000 | $21 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $45 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $26 |
Black Sea to East Spain -- Panamax | $23 Russia | Ukraine $18 |
Black Sea to Morocco – Handi | $28 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $27 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $24 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $28 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $42 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $12 Russia | Ukraine $27 |
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 | $53.00 | Up $6.00 |
Russia to Egypt – coaster 5,000 m/t | $74.00 | Up $7.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1901 | Down 358 |
Baltic Capesize Index | 2724 | Down 903 |
Baltic Panamax Index | 1662 | Down 170 |
Baltic Supramax Index | 1447 | Down 32 |
Baltic Handisize Index | 868 | Up 27 |
Freightos/Baltic Container Index | 1613 | Down 347 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR October 2025/December 2025
Wheat, USA Soft Red Winter, US Gulf | USD 228<<232 Jan |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 229<<235 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 235<<240 Jan |
Wheat, Superior, France | USD 228/231 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<220 Jan |
Wheat, feed, Black Sea | USD 215<<220 Jan |
Barley, France, Rouen port | USD 220/225 |
Barley, feed, Argentina, upriver | USD 210/215 |
Barley, feed, Black Sea, 30,000+ | USD 225/230 |
Barley, feed, Australia | USD 235/240 |
Corn, 2YC FOB NOLA USA | USD 200<<205 Jan |
Corn, 3YC FOB USA Pacific northwest | USD 205<<210 Jan |
Corn, FOB Argentina port, upriver | USD 200<<205 Jan |
Corn, FOB Brazil port | USD 205<<210 Jan |
Corn, FOB France | USD 221/224 Spot |
Corn, FOB Romania | USD 225<<230 Jan |
Corn, FOB Russia | USD 210<<215 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>>320 Jan |
Soymeal, 48% protein, USA, Rotterdam | USD 355>>350 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 410<<415 Jan |
Soybeans, Brazil, FOB | USD 450>>415 Jan |
Soybeans, Black Sea | USD 410<<415 Jan |
Corn Gluten Meal, USA FOB NOLA | USD 570>>565 Dec |
Corn Gluten Feed, USA FOB NOLA | USD 225>>220 Dec |
DDGS corn, 35 profat, USA FOB NOLA | USD 225>>220 Dec |
A couple of readers asked me this week why it is that the weekly report no longer shows any information about animal protein --- meat and bone meal, poultry meal, feather meal, etc. The reason is that it became next to impossible to find reasonably accurate indication prices for these items without incurring high costs for information subscriptions. Can’t justify the added costs for a free report.
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Still no catch in the South Region of Peru due to bad weather.
The IMARPE Research Cruise is said to be going well with the results expected in early November and the new quota for North/Central Region shortly thereafter.
Chinese buyers are on holidays which has made the market very quiet this past week.
Advanced sales for the next fishing season are now seen as up to 140,000 m/t.
Trade reports suggest that there will be a great deal of demand for the new crop fishmeal with buyers just sitting and waiting to jump into the market ---- this would seem to suggest steady to higher fishmeal prices, no matter what fishing quota is set.
Peru is reported to be introducing new quality grade levels for export fishmeal due to the shortage of Super Prime and Prime grades. Two new 66% grades have been announced both with 120 TVN also there is a new 65% grade (Prime 65) with 120 TVN.
European fishmeal prices – FOB North German port.
Sorry, updated prices are not available this week.
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 | 1610/1630 | |
66% protein 120 TVN | 1700/1720 | |
67% protein 150 TVN | 1670/1690 | |
67% protein 120 TVN | 1720/1740 | No prices |
67% protein 1000 hist, 120 TVN | 1770/1800 | 1770/1790 |
68% protein 500 hist, 100 TVN | 1850/1870 | 1820/1840 |
Fish oil, crude bulk – feed grade | 2500/2800 | 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 | 3200/3400 | 3400/3500 |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
