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 – November 01, 2025
This week has been China/USA tariff week with the result being probably lower tariffs in both directions with China said to be planning to buy 25 million m/t of US soybeans per year. Of course, all the little details still have to be worked out but the US soybean farmers are smiling again.
US corn prices finished the week up by only about USD 3 m/t while soybeans were up by about USD 20 m/t on positive China news --- US soymeal was up by USD 25 m/t on the week. USA winter wheat increased by about USD 8 m/t while spring wheat was down by a dollar or two m/t.
Soybeans were much higher as longer term plans were discussed and China appeared to have booked a number of US cargoes of soybeans. Chinese crushers are probably happy as Brazil beans have been priced higher than US origin. Brazil FOB soybean prices are reported to be moving lower. The USA soybean harvest is reported to be 84% done.
Needless to say, the higher prices for soymeal were related to the rally in US soybeans. Experts say that the soymeal rally took prices too high which could mean a little softening next week.
US corn prices did very little this week. Prices were just up a very little each day. The USA corn harvest is now at 75% completed.
Concern over the soil moisture level for US winter wheat was the main factor in this week’s price rally and a change in the LA Nina forecast for South America added some upward pressure to winter wheat.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $28.00 | Up $2.00 |
$28.00 | Up $2.00 | |
US Gulf Israel: Panamax m/t | $35.00 | Down $3.00 |
US Gulf to Egypt: Panamax | $35.00 | Down $3.00 |
US Gulf Turkey: Panamax m/t | $36.00 | Down $3.00 |
US Gulf Morocco: Handi | $36.00 | Down $2.00 |
US Gulf Algeria/Tunisia: Handi | $37.00 | Down $2.00 |
$39.00 | Steady | |
US Gulf other Med: Handi | $38.00 | Down $2.00 |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $57.00 | Down $3.00 |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $52.00 | Steady |
US Gulf Japan: Panamax | $57.00 | Steady |
US Gulf China: Panamax | $56.00 | Steady |
US PNW Egypt: Panamax via Panama | $41.00 | Up $1.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Bangladesh: Panamax | $47.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Vietnam: Panamax | $30.00 | 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 | $60.00 | Up $3.00 |
US Lakes – Morocco – 30,000 m/t | $66.00 | Up $3.00 |
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 | 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 | $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 $38 |
Black Sea to Egypt: 30,000 | $22 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 | $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 | $49.00 | Down $2.00 |
Russia to Egypt – coaster 5,000 m/t | $67.00 | Down $3.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1966 | Down 25 |
Baltic Capesize Index | 2871 | Up 58 |
Baltic Panamax Index | 1821 | Down 103 |
Baltic Supramax Index | 1326 | Down 110 |
Baltic Handisize Index | 847 | Down 31 |
Freightos/Baltic Container Index | 1880 | Up 3 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR November 2025/January 2026
Wheat, USA Soft Red Winter, US Gulf | USD 238<<241 |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 240<<243 |
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 230<<235 |
Wheat, Superior, France | USD 229/232 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 205/210 |
Barley, feed, Black Sea, 30,000+ | USD 215/220 |
Barley, feed, Australia | USD 235/240 |
Corn, 2YC FOB NOLA USA | USD 205<<210 |
Corn, 3YC FOB USA Pacific northwest | USD 215<<220 |
Corn, FOB Argentina port, upriver | USD 205<<210 |
Corn, FOB Brazil port | USD 215<<220 |
Corn, FOB France | USD 224/227 Spot |
Corn, FOB Romania | USD 220<<225 |
Corn, FOB Russia | USD 215<<220 |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 |
Sorghum, FOB Argentina port | USD 185<<195 |
Sorghum, FOB Texas | USD 200<<205 |
Soymeal, 48% protein, FOB NOLA | USD 385>>375 |
Soymeal, 48% protein, USA, Rotterdam | USD 415>>405 |
Soymeal, 47% pro, FOB Argentina | USD 350<<355 |
Soymeal, 48% protein, FOB Brazil | USD 340<<345 |
Soybeans, FOB NOLA | USD 440<<445 |
Soybeans, Argentina, FOB | USD 445>>435 |
Soybeans, Brazil, FOB | USD 455>>420 |
Soybeans, Black Sea | USD 425<<430 |
Corn Gluten Meal, USA FOB NOLA | USD 565>>560 |
Corn Gluten Feed, USA FOB NOLA | USD 230>>225 |
DDGS corn, 35 profat, USA FOB NOLA | USD 230>>225 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
The IMARPE research cruise ended last week and the bits of information that one hears all seem to be positive --- juvenile level is not too bad, spawning is coming to an end, adult count looks good. Of course, none of this information is official, just stories in the trade.
Everyone is still convinced that we will have a 2.0 million m/t or higher quota --- we are all waiting. However, there are late reports that the biomass is lower than expected which could see a new quota below the 2.0 mm/t level --- only time will tell. The new quota is expected in the next couple of days. Some experts are now saying that a quota of only 1.5 mm/t could be possible.
Some trade estimates for presold fishmeal are as high as almost 300,000 m/t --- this is certainly a big chunk of the new season’s fishmeal production --- if accurate.
Prices in China are said to be down a little, but much of this small drop is due to the end of the aqua season with lower spot demand.
Peru prices for fishmeal are up a little this week probably due to concern over a lower fishing quota.
Container services out of Callao port now say they can do Peru to China/South Korea in 23 days.
European fishmeal prices – FOB North German port.
No change in prices this week.
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 | 1670/1690 | |
66% protein 120 TVN | 1710/1730 | |
67% protein 150 TVN | 1730/1750 | |
67% protein 120 TVN | 1820/1840 | 1810/1830 |
67% protein 1000 hist, 120 TVN | 1850/1870 | 1840/1860 |
68% protein 500 hist, 100 TVN | 1870/1890 | 1870/1890 |
Fish oil, crude bulk – feed grade | 2500/2800 | 2400/2500 |
Fish oil, crude in drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 3300/3500 | 3400/3500 |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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