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Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT – October 25, 2025
Corn finished the week almost unchanged but US soybeans were up by about USD 9 m/t with soymeal up by USD 12 m/t. US winter wheat was higher by USD 4 m/t while US spring wheat was up by just over USD 3 m/t.
China seems to be the cause of all the activity with soybeans. No one really knows what is going to happen between the US and China regarding the soybean business and not knowing is enough to keep the market very active. Much of the soymeal action was due to the very low prices in the market ---- buyers are scooping up as much low priced soymeal as the can.
There wasn’t much exciting in the US corn market this week but there is some rainfall that is slowing down the end of the harvest. Demand for corn in the US is very good as the ethanol industry is busy and feed producers are building supplies for the winter. US corn exports continue to be strong especially to countries that are usually supplied from the Black Sea where export corn supplies remain limited.
Winter wheat planting in parts of the US has been delayed a little by too much rain but the rain will prove to be good in the long term. World demand for wheat remains strong, which is helping to hold prices ---- even though wheat supplies seem high everywhere the demand is equally high for wheat.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $26.00 | |
$26.00 | ||
US Gulf Israel: Panamax m/t | $38.00 | |
US Gulf to Egypt: Panamax | $38.00 | |
US Gulf Turkey: Panamax m/t | $39.00 | |
US Gulf Morocco: Handi | $38.00 | |
US Gulf Algeria/Tunisia: Handi | $39.00 | |
$39.00 | ||
US Gulf other Med: Handi | $40.00 | |
US Gulf South Africa: Handi | $41.00 | |
US Gulf India : Panamax | $52.00 | |
US Gulf Bangladesh: Panamax | $60.00 | |
US Gulf to Philippines: Panamax | $52.00 | |
US Gulf to Vietnam: Panamax | $52.00 | |
US Gulf Japan: Panamax | $57.00 | |
US Gulf China: Panamax | $56.00 | |
US PNW Egypt: Panamax via Panama | $41.00 | |
US PNW South Africa – 40,000 m/t | $65.00 | |
US PNW Bangladesh: Panamax | $47.00 | |
US PNW Philippines: Panamax | $34.00 | |
US PNW Vietnam: Panamax | $30.00 | |
US PNW Japan: Panamax | $30.00 | |
US PNW China: Panamax | $29.00 | |
US East Coast Nigeria: Handisize | $45.00 | |
US Lakes – Europe – 30,000 m/t | $57.00 | |
US Lakes – Morocco – 30,000 m/t | $63.00 | |
France/Germany to Algeria: Handi | $33.00 | |
France/Germany to Bangladesh 40,000 m/t | $54.00 | |
France/Germany to China: Panamax | $70.00 | |
France/Germany to Egypt: Panamax | $45.00 | |
France/Germany to India: Panamax | $45.00 | |
France/Germany to Iran: Panamax | $35.00 | |
France/Germany to Jordan: Panamax | $42.00 | |
France/Germany to Morocco: Handi | $32.00 | |
France/Germany to Saudi Arabia: Panamax | $65.00 | |
France/Germany to Turkey: Handi | $37.00 | |
France/Germany to Yemen: Handi | $66.00 | |
Argentina to Algeria: Handi | $46.00 | |
Argentina to China: Panamax | $43.00 | |
Argentina to Japan: Panamax | $44.00 | |
Argentina to Egypt: Panamax | $53.00 | |
Argentina to Europe: Panamax | $37.00 | |
Argentina to Morocco: Handi | $45.00 | |
Argentina to Libya: Handi | $46.00 | |
Argentina to Jordan: Panamax | $55.00 | |
Argentina to Saudi Arabia: Panamax | $62.00 | |
Argentina to Iran: Panamax | $61.00 | |
Argentina to Indonesia: Panamax | $58.00 | |
Argentina to South Africa: Panamax | $35.00 | |
Argentina to Kenya: Handi | $53.00 | |
Argentina to Spain: Panamax | $37.00 | |
Argentina to Tunisia: Handi | $46.00 | |
Brazil to Algeria/Tunisia: Handi | $42.00 | |
Brazil to China: Panamax | $39.00 | |
Brazil to Japan: Panamax | $40.00 | |
Brazil to South Korea: Panamax | $48.00 | |
Brazil to Europe: Panamax | $37.00 | |
Brazil to Morocco: Handi | $41.00 | |
Brazil to Iran: Panamax | $61.00 | |
Brazil to Saudi Arabia 30/40,000 m/t | $64.00 | |
Brazil to Spain: Panamax | $37.00 | |
Brazil to Turkey/Egypt: Panamax | $59.00 | |
Australia to Saudi: Panamax | $43.00 | |
Australia to Europe: Panamax | $56.00 | |
South Africa to Italy -- Handisize | $46.00 | |
South Africa to Turkey – Handisize | $47.00 | |
South Africa to Japan – Handisize | $43.00 | |
South Africa to China -- Handisize | $43.00 | |
Black Sea freight | ||
Black Sea to China: Panamax | $44 Russia | Ukraine $57 |
Black Sea to Indonesia: Panamax | $52 Russia | Ukraine $64 |
Black Sea to Bangladesh: Panamax | $44 Russia | |
Black Sea to Egypt: 40/50,000 | $20 Russia | Ukraine $36 |
Black Sea to Egypt: 30,000 | $21 Russia | Ukraine $27 |
Black Sea to Iran: Panamax | $45 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $27 Russia | Ukraine $23 |
Black Sea to East Spain -- Panamax | $23 Russia | Ukraine $18 |
Black Sea to Morocco – Handi | $31 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $30 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $24 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $31 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $45 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 | $51.00 | |
Russia to Egypt – coaster 5,000 m/t | $70.00 | |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1991 | |
Baltic Capesize Index | 2871 | |
Baltic Panamax Index | 1924 | |
Baltic Supramax Index | 14369 | |
Baltic Handisize Index | 878 | |
Freightos/Baltic Container Index | 1877 | |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR November 2025/January 2026
Wheat, USA Soft Red Winter, US Gulf | USD 229<<233 |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 232<<235 |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 230<<235 |
Wheat, Romania 12.5 pro | USD 230<<235 |
Wheat, Superior, France | USD 226/229 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 210<<215 |
Wheat, feed, Black Sea | USD 220<<225 |
Barley, France, Rouen port | USD 225/230 |
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 |
Corn, 3YC FOB USA Pacific northwest | USD 210<<215 |
Corn, FOB Argentina port, upriver | USD 205<<210 |
Corn, FOB Brazil port | USD 210<<215 |
Corn, FOB France | USD 220/223 Spot |
Corn, FOB Romania | USD 215<<220 |
Corn, FOB Russia | USD 215<<220 |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 |
Sorghum, FOB Argentina port | USD 190<<195 |
Sorghum, FOB Texas | USD 200<<205 |
Soymeal, 48% protein, FOB NOLA | USD 350>>340 |
Soymeal, 48% protein, USA, Rotterdam | USD 380>>370 |
Soymeal, 47% pro, FOB Argentina | USD 320<<325 |
Soymeal, 48% protein, FOB Brazil | USD 320<<325 |
Soybeans, FOB NOLA | USD 415<<420 |
Soybeans, Argentina, FOB | USD 415>>420 |
Soybeans, Brazil, FOB | USD 445>>425 |
Soybeans, Black Sea | USD 425<<430 |
Corn Gluten Meal, USA FOB NOLA | USD 550<<555 |
Corn Gluten Feed, USA FOB NOLA | USD 225<<230 |
DDGS corn, 35 profat, USA FOB NOLA | USD 230>>225 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
No fishing at all in the South Region of Peru --- no vessels at all according to trade reports as all are off getting ready for the next North/Central fishing season.
The IMARPE research cruise is reported to have completed on October 22 with results available shortly followed by the new fishing quota. Everyone is still looking at a quota of 2.0 million m/t or more.
The IFFO Conference in Tokyo was reported to be a great success --- everyone was there. The feeling seems to be that fishmeal prices will not be coming down as there is just too much demand.
Trade reports say that presales of fishmeal against the next quota could be as high as 230,000 m/t.
China’s imports of fishmeal to the end of September look to be at about 1.59 million m/t with 843,000 m/t – 53.1% - being from Peru. Followed by Vietnam, Chila and Russia at 376,000 m/t for 23.7%.
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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