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WEEKLY USA GRAIN AND PROTEIN REPORT – December 06, 2025
There was no change in US corn prices this week but soybeans dropped by USD 11 m/t and soymeal was down by about USD 12 m/t. US winter wheat was perhaps USD 2 higher while spring wheat was about USD 2 m/t lower.
According to the USGBC this year will see the highest US corn crop in at least 15 years with production of 425 million m/t. They add that the broken corn and foreign matter level is the lowest that thy have ever reported in the “Harvest Quality Report” ---- the full report is available at: grains.org/corn_report/corn-harvest-quality-report-2025-2026.
Soybeans moved lower and carried soymeal along as confidence in China business slipped a little as experts felt that 12 million m/t of China soybean business may not be done. China’s commitments to US soybeans are much lower than the trade had hoped which is taking some wind out of the sales, as they say.
What prices moved around a little this week seeming to follow the direction of international wheat prices. Other than the bog Algerian tender, there wasn’t a great deal of wheat news this week.
Next week is WASDE week again but according to trade reports there is little expectation of any major changes --- maybe some increase in export trade and a little lower ending stocks.
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 | $41.00 | Steady |
US Gulf to Egypt: Panamax | $41.00 | Steady |
US Gulf Turkey: Panamax m/t | $42.00 | Steady |
US Gulf Morocco: Handi | $41.00 | Down $1.00 |
US Gulf Algeria/Tunisia: Handi | $42.00 | Down $1.00 |
$39.00 | Steady | |
US Gulf other Med: Handi | $43.00 | Down $1.00 |
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 | Down $1.00 |
US Gulf China: Panamax | $56.00 | 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 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Vietnam: Panamax | $30.00 | Steady |
US PNW Japan: Panamax | $31.00 | Steady |
US PNW China: Panamax | $30.00 | Steady |
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 | $37.00 | 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 | $35.00 | 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 | Down $1.00 |
Brazil to Japan: Panamax | $40.00 | Down $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 | $49 Russia | Ukraine $57 |
Black Sea to Indonesia: Panamax | $53 Russia | Ukraine $65 |
Black Sea to Bangladesh: Panamax | $45 Russia | |
Black Sea to Egypt: 40/50,000 | $20 Russia | Ukraine $27 |
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 $19 |
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 | Steady |
Russia to Egypt – coaster 5,000 m/t | $63.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2727 | Up 167 |
Baltic Capesize Index | 5083 | Up 602 |
Baltic Panamax Index | 1837 | Down 115 |
Baltic Supramax Index | 1436 | Down 5 |
Baltic Handisize Index | 841 | Up 14 |
Freightos/Baltic Container Index | 1941 | Up 178 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR December 2025/February 2026
Wheat, USA Soft Red Winter, US Gulf | USD 243>>235 Mar |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 242>>239 Mar |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 228<<235 Mar |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 228<<235 Mar |
Wheat, Romania 12.5 pro | USD 233<<240 Mar |
Wheat, Superior, France | USD 228/231 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<220 Mar |
Wheat, feed, Black Sea | USD 223<<230 Mar |
Barley, France, Rouen port | USD 235/238 |
Barley, feed, Argentina, upriver | USD 225/228 |
Barley, feed, Black Sea, 30,000+ | USD 225/230 |
Barley, feed, Australia | USD 240/245 |
Corn, 2YC FOB NOLA USA | USD 208 flat to Mar |
Corn, 3YC FOB USA Pacific northwest | USD 223 flat to Mar |
Corn, FOB Argentina port, upriver | USD 217>>200 Mar |
Corn, FOB Brazil port | USD 225 flat to Mar |
Corn, FOB France | USD 226/229 Spot |
Corn, FOB Romania | USD 230<<235 Mar |
Corn, FOB Russia | USD 220<<225 Mar |
Corn, FOB Ukraine, 30,000+ m/t | USD 218<<222 Mar |
Sorghum, FOB Argentina port | USD 195<<200 Mar |
Sorghum, FOB Texas | USD 220<<225 Mar |
Soymeal, 48% protein, FOB NOLA | USD 370<<75 Mar |
Soymeal, 48% protein, USA, Rotterdam | USD 4000<<405 Mar |
Soymeal, 47% pro, FOB Argentina | USD 345>>335 Mar |
Soymeal, 48% protein, FOB Brazil | USD 345>>335 Mar |
Soybeans, FOB NOLA | USD 440<<445 Mar |
Soybeans, Argentina, FOB | USD 425>>410 Mar |
Soybeans, Brazil, FOB | USD 430>>420 Mar |
Soybeans, Black Sea | USD 420<<425 Mar |
Corn Gluten Meal, USA FOB NOLA | USD 590>>585 |
Corn Gluten Feed, USA FOB NOLA | USD 235>>230 |
DDGS corn, 35 profat, USA FOB NOLA | USD 235>>225 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
The catch this week in the North/Central region of Peru was at 106,000 m/t which brings the total catch to 840,000 m/t leaving 780,000 m/t on the quota, Fishmeal production is at about 187,000 m/t with fishoil at 35,600 m/t. Just under 300 vessels were working. In the South region that catch is now up to 60,000 m/t with about 190,000 m/t open on the quota.
Peru fishmeal sales are now estimated to be getting close to 280,000 m/t with a full quota able to yield close to 390,000 m/t of fishmeal ---- therefore about 110,000 m/t unsold at most.
Fishing was not as good this week as the wee anchovies are hiding which has made some “experts” wonder if the full quota will be landed. Hopefully, December will be a good fishing month because January normally isn’t.
The second biggest problem for Peru, after fishing, will be the logistics of getting fishmeal shipped with all the December and early January holidays coming.
According to trade reports, prices for fishmeal in both Peru and China were steady this week.
Peru’s export stats show a total of 1,175,000 m/t of fishmeal exported in 10 months of 2025 to the end of October ---- 86.5% of exports, 1,016,000 m/t went to Asia and 8.6% - 100,000 m/t to Europe.
European fishmeal prices – FOB North German port.
No change in prices this week.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1800 |
Danish standard fishmeal | 71% protein | $2485 |
Peru fishmeal | 65% protein | $2210 |
Chile fishmeal | 67% protein | $2250 |
Iceland fishmeal | 71% protein | $2540 |
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 | 1950/1970 | |
66% protein 120 TVN | 2020/2040 | |
67% protein 150 TVN | 2070/2090 | |
67% protein 120 TVN | 2120/2140 | 2150/2170 |
67% protein 1000 hist, 120 TVN | 2170/2190 | 2200/2220 |
68% protein 500 hist, 100 TVN | 2220/2240 | 2250/2270 |
Fish oil, crude bulk – feed grade | 3400/3500 | 3200/3300 |
Fish oil, crude in drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 4,300/4,500 | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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