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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – October 11, 2025
Sorry but there will not be a report next week due to travel plans --- just no time.
USA corn prices were down by about USD 2 m/t this week while US soybeans dropped by USD 5 m/t and soymeal was down by close to USD 3 m/t. US wheat had a very down week with winter wheat prices dipping by just over USD 6 m/t with US spring wheat down by about USD 3 m/t.
The US markets are suffering a little from a lack of information with the USDA closed down due to the current financial situation with the US government. We all get to depend a lot on all these daily/weekly/monthly USDA reports. Experts seem to feel that the US government will be closed down at least to the end of October.
Things don’t seem to be getting any better on tariffs between the US and China which is also having quite an effect on markets --- especially soybeans and sorghum. It seems that most everyday either the USD or China has a tariff increase or other retaliatory fees.
Rain and snow is expected in the Northern Central US next week which could slow the harvest.
Next week is the European Commodity Exchange in Berlin and 4,000 plus grain people are expected to attend the 2 day event ---- it is going to be very, very busy.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $27.00 | Steady |
$27.00 | Steady | |
US Gulf Israel: Panamax m/t | $43.00 | Down $1.00 |
US Gulf to Egypt: Panamax | $43.00 | Down $1.00 |
US Gulf Turkey: Panamax m/t | $44.00 | Down $1.00 |
US Gulf Morocco: Handi | $44.00 | Down $1.00 |
US Gulf Algeria/Tunisia: Handi | $45.00 | Down $1.00 |
$39.00 | Down $`.00 | |
US Gulf other Med: Handi | $46.00 | Down $1.00 |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $64.00 | Down $2.00 |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $51.00 | Steady |
US Gulf Japan: Panamax | $56.00 | Down $1.00 |
US Gulf China: Panamax | $55.00 | Down $1.00 |
US PNW Egypt: Panamax via Panama | $42.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Bangladesh: Panamax | $45.00 | Down $3.00 |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Vietnam: Panamax | $29.00 | Up $1.00 |
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 | $44.00 | Up $3.00 |
France/Germany to India: Panamax | $44.00 | Up $2.00 |
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 | $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 | $51 Russia | Ukraine $64 |
Black Sea to Bangladesh: Panamax | $44 Russia | |
Black Sea to Egypt: 40/50,000 | $20 Russia | Ukraine $33 |
Black Sea to Egypt: 30,000 | $20 Russia | Ukraine $27 |
Black Sea to Iran: Panamax | $45 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $23 |
Black Sea to East Spain -- Panamax | $23 Russia | Ukraine $18 |
Black Sea to Morocco – Handi | $30 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $29 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $24 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $30 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $44 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $12 Russia | Ukraine $27 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $53.00 | Steady |
Russia to Egypt – coaster 5,000 m/t | $71.00 | Down $3.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1936 | Up 35 |
Baltic Capesize Index | 2799 | Up 75 |
Baltic Panamax Index | 1764 | Up 102 |
Baltic Supramax Index | 1402 | Down 45 |
Baltic Handisize Index | 873 | Up 5 |
Freightos/Baltic Container Index | 1540 | Down 73 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR November 2025/January 2026
Wheat, USA Soft Red Winter, US Gulf | USD 222<<226 |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 222<<228 |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 230<<235 |
Wheat, Romania 12.5 pro | USD 235<<240 |
Wheat, Superior, France | USD 226/229 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 210<<215 |
Wheat, feed, Black Sea | USD 215<<220 |
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 240/245 |
Corn, 2YC FOB NOLA USA | USD 200<<205 |
Corn, 3YC FOB USA Pacific northwest | USD 205<<210 |
Corn, FOB Argentina port, upriver | USD 200<<205 |
Corn, FOB Brazil port | USD 205<<210 |
Corn, FOB France | USD 222/225 Spot |
Corn, FOB Romania | USD 220<<225 |
Corn, FOB Russia | USD 210<<215 |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 |
Sorghum, FOB Argentina port | USD 190<<205 |
Sorghum, FOB Texas | USD 195<<200 |
Soymeal, 48% protein, FOB NOLA | USD 325>>320 |
Soymeal, 48% protein, USA, Rotterdam | USD 355>>350 |
Soymeal, 47% pro, FOB Argentina | USD 290<<305 |
Soymeal, 48% protein, FOB Brazil | USD 295<<310 |
Soybeans, FOB NOLA | USD 400<<405 |
Soybeans, Argentina, FOB | USD 405>>400 |
Soybeans, Brazil, FOB | USD 440>>405 |
Soybeans, Black Sea | USD 410<<415 |
Corn Gluten Meal, USA FOB NOLA | USD 575>>570 |
Corn Gluten Feed, USA FOB NOLA | USD 225>>220 |
DDGS corn, 35 profat, USA FOB NOLA | USD 220>>215 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
A quiet week in fishmeal sales due to the Chinese holidays. All will be back to normal this coming week.
Prices both in Peru and China for the next fishing season are reported to be higher. Fishmeal stocks in China have dropped from recent high levels which has pushed prices up.
Everyone is waiting with anticipation for the results of the IMARPE research cruise with most “experts” still looking at a quota at or above 2.0 million m/t which will yield about 450,000 m/t of fishmeal.
There have been political problems in Peru this week with the vote to impeach the President. No one knows if this will have any effect on the government departments that oversee the fishing and fishmeal quotas and businesses. Everyone is hoping for business as usual with no effect on the new quota announcement.
Don’t forget the IFFO Annual Conference in Tokyo on October 20 to 22.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1745 |
Danish standard fishmeal | 71% protein | $2420 |
Peru fishmeal | 65% protein | $1830 |
Chile fishmeal | 67% protein | $1910 |
Iceland fishmeal | 71% protein | $2500 |
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 | 1720/1740 | |
67% protein 120 TVN | 1790/1810 | No prices |
67% protein 1000 hist, 120 TVN | 1830/1850 | 1790/1810 |
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
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