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WEEKLY USA GRAIN AND PROTEIN REPORT – November 22, 2025
US corn prices finished the week down by about US$ 3 m/t with soybeans almost unchanged on the week US soymeal down by US$ 5 m/t. USA winter wheat was only a couple of dollars m/t higher on the week while US spring wheat was unchanged.
US markets are expected to be quiet next week due to the Thanksgiving holiday on Thursday.
Trade reports this week seem to be bullish on corn prices even with increased world corn production --- much of the bullishness comes from strong exports for ethanol and DDGS.
It looks like there will be some rain next week for the wheat area with temperatures a little lower than normal but no risk seen to the winter wheat crop. Increased production for Argentina is expected to keep all wheat prices from moving higher --- just a lot of wheat everywhere this year.
There are more rumors in the market that China will be booking more US soybeans and washing out some South American purchases --- but only rumors.
This week the International Grains Council(IGC) published its lates crop estimates and they show world corn/wheat production up by about 5%. The IGC also lowered soybean production levels slightly but did increase world soybean consumption a little.
Russia’s SovEcon has lowered its Russia wheat estimate for 2026 by 5.4%.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $28.00 | Down $1.00 |
$28.00 | Down $1.00 | |
US Gulf Israel: Panamax m/t | $43.00 | Steady |
US Gulf to Egypt: Panamax | $43.00 | Steady |
US Gulf Turkey: Panamax m/t | $44.00 | Steady |
US Gulf Morocco: Handi | $43.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $44.00 | Steady |
$39.00 | Steady | |
US Gulf other Med: Handi | $45.00 | Steady |
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 | Steady |
US Gulf China: Panamax | $56.00 | Steady |
US PNW Egypt: Panamax via Panama | $43.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Bangladesh: Panamax | $45.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Vietnam: Panamax | $30.00 | Steady |
US PNW Japan: Panamax | $31.00 | Up $1.00 |
US PNW China: Panamax | $30.00 | Up $1.00 |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | $58.00 | Steady |
US Lakes – Morocco – 30,000 m/t | $64.00 | 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 | $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 | 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 | $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 | $45 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 | $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 | $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 $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 | $45.00 | Down $3.00 |
Russia to Egypt – coaster 5,000 m/t | $63.00 | Down $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2275 | Up 150 |
Baltic Capesize Index | 3653 | Up 401 |
Baltic Panamax Index | 1928 | Up 31 |
Baltic Supramax Index | 1432 | Up 113 |
Baltic Handisize Index | 820 | Up 1 |
Freightos/Baltic Container Index | 1853 | Down 311 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR December 2025/February 2026
Wheat, USA Soft Red Winter, US Gulf | USD 236<<239 Mar |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 241<<244 Mar |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230<<235 Mar |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 230<<235 Mar |
Wheat, Romania 12.5 pro | USD 235<<240 Mar |
Wheat, Superior, France | USD 229/232 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 210<<220 Mar |
Wheat, feed, Black Sea | USD 220<<225 Mar |
Barley, France, Rouen port | USD 230/235 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 220/225 |
Barley, feed, Australia | USD 235/240 |
Corn, 2YC FOB NOLA USA | USD 205<<210 Mar |
Corn, 3YC FOB USA Pacific northwest | USD 220<<225 Mar |
Corn, FOB Argentina port, upriver | USD 210>>200 Mar |
Corn, FOB Brazil port | USD 215>>210 Mar |
Corn, FOB France | USD 226/229 Spot |
Corn, FOB Romania | USD 225<<230 Mar |
Corn, FOB Russia | USD 215<<220 Mar |
Corn, FOB Ukraine, 30,000+ m/t | USD 210<<220 Mar |
Sorghum, FOB Argentina port | USD 190<<200 Mar |
Sorghum, FOB Texas | USD 210<<215 Mar |
Soymeal, 48% protein, FOB NOLA | USD 375<<385 Mar |
Soymeal, 48% protein, USA, Rotterdam | USD 405<<415 Mar |
Soymeal, 47% pro, FOB Argentina | USD 340>>350 Mar |
Soymeal, 48% protein, FOB Brazil | USD 335<<350 Mar |
Soybeans, FOB NOLA | USD 450>>445 Mar |
Soybeans, Argentina, FOB | USD 445>>430 Mar |
Soybeans, Brazil, FOB | USD 450>>415 Mar |
Soybeans, Black Sea | USD 420<<425 Mar |
Corn Gluten Meal, USA FOB NOLA | USD 590>>585 |
Corn Gluten Feed, USA FOB NOLA | USD 230>>225 |
DDGS corn, 35 profat, USA FOB NOLA | USD 235>>230 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Landings in the North/Central region are now up to 481,000 m/t which leaves 1,149,000 m/t on the quota ---- fishmeal production is estimated at 107,000 m/t and fishoil at 21,600 m/t. In the South region of Peru, the catch is now at 44,700 m/t leaving 206,300 m/t on the quota --- South fishmeal production is at just over 10,000 m/t.
Fishing has been good in the North/Central region and most experts feel that the full quota will be landed. The juvenile level remains low in some areas.
Reports say that China is in the market looking for additional fishmeal supplies in Peru but add that producers are not in much of a selling mood for now. Assuming that all the quota can be landed and deducting known sales it sems that there is just over 125,000 m/t of fishmeal that could still be sold ---- this assumes about 250,000 m/t of sales to date.
For the January to October period China has imported 1.76 million m/t of fishmeal with almost 940,000 m/t coming from Peru – 53.6% of total imports. Other origins shipment to China show Vietnam at 177,000 m/t, Chile at 135,000 m/t, Russia at 116,000 followed by Thailand at 84,400 m/t, India at 76,800 m/t and the USA at 51,100 m/t. India’s fishmeal shipments to China are up by 53% while fishmeal shipments from Africa are down strongly. (info from Shanghai JC Intelligence Co.)
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 | 1870/1890 | |
66% protein 120 TVN | 1920/1940 | |
67% protein 150 TVN | 2020/2040 | |
67% protein 120 TVN | 2070/2090 | No prices |
67% protein 1000 hist, 120 TVN | 2120/2140 | 2120/2140 |
68% protein 500 hist, 100 TVN | 2170/2190 | 2170/2190 |
Fish oil, crude bulk – feed grade | 3500/3600 | 3000/3500 |
Fish oil, crude in drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 4,000/4,200 | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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