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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – November 15, 2025
This week was USDA WASDE week --- the first WASDE in a while --- and everyone had an opinion on what the report would say. Corn, soybeans and soymeal had a quite active trading week while wheat markets seemed quiet.
After the WASDE the corn market ended the week almost unchanged --- soybeans were up by about USD 3 m/t while soymeal was up by USD 6 m/t. US winter wheat had almost no price change but US spring wheat did move up by about USD 2 m/t.
World wheat production was up almost everywhere according to the WASDE and US wheat stocks are seen moving higher pushing prices a little lower on average. USA corn yields were lowered a little but ending corn stocks were increased and the estimated price was moved a little higher. WASDE numbers on soybean yields, production and stocks were all a little lower and average soymeal price is ass as higher.
Other than the excitement of the WASDE there was little other excitement. All the shouting about a China/USA soybean agreement is yet to see anything actually happen --- perhaps it will or not.
USA sorghum prices continue to move higher which is making the existing sorghum supply mountain a little less attractive to export buyers. What can be done with the millions of tons of US sorghum that are waiting for the hope of export buying interest?
This week’s activity and the WASDE didn’t give any really good idea of where prices will go in the weeks to come.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $29.00 | Up $1.00 |
$29.00 | Up $1.00 | |
US Gulf Israel: Panamax m/t | $43.00 | Up $6.00 |
US Gulf to Egypt: Panamax | $43.00 | Up $6.00 |
US Gulf Turkey: Panamax m/t | $44.00 | Up $6.00 |
US Gulf Morocco: Handi | $43.00 | Up $5.00 |
US Gulf Algeria/Tunisia: Handi | $44.00 | Up $5.00 |
$39.00 | Steady | |
US Gulf other Med: Handi | $45.00 | Up $5.00 |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $58.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $51.00 | 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 | $43.00 | Up $2.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Bangladesh: Panamax | $45.00 | Down $1.00 |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Vietnam: Panamax | $30.00 | Up $1.00 |
US PNW Japan: Panamax | $30.00 | Up $1.00 |
US PNW China: Panamax | $29.00 | Up $1.00 |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | $58.00 | Down $1.00 |
US Lakes – Morocco – 30,000 m/t | $64.00 | Down $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 | $45.00 | Steady |
France/Germany to India: Panamax | $45.00 | Steady |
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 | Up $1.00 |
Argentina to Japan: Panamax | $44.00 | 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 | $39.00 | Up $1.00 |
Brazil to Japan: Panamax | $40.00 | 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 | $56.00 | 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 Bangladesh: Panamax | $44 Russia | |
Black Sea to Egypt: 40/50,000 | $20 Russia | Ukraine $28 |
Black Sea to Egypt: 30,000 | $21 Russia | Ukraine $27 |
Black Sea to Iran: Panamax | $44 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 | $45 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $12 Russia | Ukraine $26 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $48.00 | Down $1.00 |
Russia to Egypt – coaster 5,000 m/t | $64.00 | Down $2.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2125 | Up 21 |
Baltic Capesize Index | 3252 | Down 89 |
Baltic Panamax Index | 1897 | Up 64 |
Baltic Supramax Index | 1319 | Up 89 |
Baltic Handisize Index | 819 | Up 9 |
Freightos/Baltic Container Index | 2164 | Down 21 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR November 2025/January 2026
Wheat, USA Soft Red Winter, US Gulf | USD 236<<240 Feb |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 243<<246 Feb |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 Feb |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 230<<235 Feb |
Wheat, Romania 12.5 pro | USD 235<<240 Feb |
Wheat, Superior, France | USD 229/232 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 210<<215 Feb |
Wheat, feed, Black Sea | USD 220<<225 Feb |
Barley, France, Rouen port | USD 230/235 |
Barley, feed, Argentina, upriver | USD 215/220 |
Barley, feed, Black Sea, 30,000+ | USD 215/220 |
Barley, feed, Australia | USD 235/240 |
Corn, 2YC FOB NOLA USA | USD 208<<212 Feb |
Corn, 3YC FOB USA Pacific northwest | USD 223<<227 Feb |
Corn, FOB Argentina port, upriver | USD 208<<212 Feb |
Corn, FOB Brazil port | USD 217<<220 Feb |
Corn, FOB France | USD 228/231 Spot |
Corn, FOB Romania | USD 225<<230 Feb |
Corn, FOB Russia | USD 220<<225 Feb |
Corn, FOB Ukraine, 30,000+ m/t | USD 217<<220 Feb |
Sorghum, FOB Argentina port | USD 185<<195 Feb |
Sorghum, FOB Texas | USD 205<<210 Feb |
Soymeal, 48% protein, FOB NOLA | USD 390>>385 Feb |
Soymeal, 48% protein, USA, Rotterdam | USD 420>>415 Feb |
Soymeal, 47% pro, FOB Argentina | USD 350>>360 Feb |
Soymeal, 48% protein, FOB Brazil | USD 345<<350 Feb |
Soybeans, FOB NOLA | USD 445<<450 Feb |
Soybeans, Argentina, FOB | USD 455>>435 Feb |
Soybeans, Brazil, FOB | USD 450>>420 Feb |
Soybeans, Black Sea | USD 425<<430 Feb |
Corn Gluten Meal, USA FOB NOLA | USD 605>>600 Jan |
Corn Gluten Feed, USA FOB NOLA | USD 230>>225 Jan |
DDGS corn, 35 profat, USA FOB NOLA | USD 230>>225 Jan |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
The North/Central fishmeal quota has been adjusted higher to 1.63 million m/t effective November 12, 2025. There was some catch in the South Region of Peru, about 3,600 m/t, with the total now up to 35,200 m/t.
The total North/Central catch to November 11 is seen at 191,500 m/t which represents about 42,700 m/t of fishmeal and 7,800 m/t of fish oil. 1,438,500 m/t remain on the current quota.
The increase in the fishing quota this week from 500,000 m/t to 1.63 million m/t seemed not to have any effect on the rallying fishmeal prices ----- with about 250,000 m/t of fishmeal presold the maximum available and unsold, assuming a full quota, will be about 120,000 m/t --- prices are currently very strong.
A report was published this week by Rabobank that says fishmeal will be in short supply by 2028 as production grows very little but demand continues to increase. Work continues on finding alternate ingredients for fishmeal or in revising feed formulations to reduce the fishmeal required but in many instances there seems to be limited or no good alternative to fishmeal. There are alternatives in the works but to date prices are too high and supplies too limited.
China’s fishmeal supply requirement for 2025 is estimated at 2.30 million m/t, up very slightly over 2024. Close to 2.0 million m/t will be imported and just over 250,000 m/t produced locally.
European fishmeal prices – FOB North German port.
No change in prices this week.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1765 |
Danish standard fishmeal | 71% protein | $2410 |
Peru fishmeal | 65% protein | $1860 |
Chile fishmeal | 67% protein | $1980 |
Iceland fishmeal | 71% protein | $2450 |
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 | 1800/1820 | |
66% protein 120 TVN | 1850/1870 | |
67% protein 150 TVN | 1900/1920 | |
67% protein 120 TVN | 2000/2020 | No prices |
67% protein 1000 hist, 120 TVN | 2100/2120 | 2100/2120 |
68% protein 500 hist, 100 TVN | 2150/2170 | 2150/2170 |
Fish oil, crude bulk – feed grade | 3500/2600 | 3400/3500 |
Fish oil, crude in drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 4,000/4,20000 | 3400/3500 |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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