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Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
Season’s Greetings to all --- both a great family Christmas and a happy New Year.
WEEKLY USA GRAIN AND PROTEIN REPORT – December 20, 2025
This is the last report for 2025 --- the next report will be on January 02, 2026
There was almost no change in US corn prices as the week ended but soybeans were down by USD 10 m/t but soymeal was unchanged on the week. US soft red winter wheat was down by almost USD 10 m/t while US spring wheat was up by a couple of dollars m/t.
Corn prices looked like they wanted to go lower this week but strong export sales kept prices steady. On major trade house said that they expected corn prices to move up by USD 10 m/t or so in coming weeks if export demand stays good.
Soybean markets are not moving higher on export sales as the feeling is that higher exports to China are already in the price and that if expected sales to China don’t get shipped then soybean prices will continue lower. No one sees new sales to China as new business; everyone just sees this apart of the original 12 million m/t sale ---- if total sales to China get to exceeding 12 mm/t then soybeans could rally.
US wheat prices just look like they are wanting to move lower, matching what seems to be happening in all world wheat markets. For 2026 there just looks to be too much wheat available ---- demand is still very strong but supply is at record levels. Wheat importing countries should see buying opportunities in 2026.
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 | $39.00 | Down $2.00 |
US Gulf to Egypt: Panamax | $39.00 | Down $2.00 |
US Gulf Turkey: Panamax m/t | $40.00 | Down $2.00 |
US Gulf Morocco: Handi | $40.00 | Down $1.00 |
US Gulf Algeria/Tunisia: Handi | $41.00 | Down $1.00 |
$39.00 | Steady | |
US Gulf other Med: Handi | $42.00 | Down $1.00 |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf Bangladesh: Panamax | $56.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf to Vietnam: Panamax | $49.00 | Steady |
US Gulf Japan: Panamax | $54.00 | Down $2.00 |
US Gulf China: Panamax | $53.00 | Down $2.00 |
US PNW Egypt: Panamax via Panama | $42.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Bangladesh: Panamax | $44.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Vietnam: Panamax | $28.00 | Steady |
US PNW Japan: Panamax | $28.00 | Down $2.00 |
US PNW China: Panamax | $27.00 | Down $2.00 |
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 | $34.00 | Down $3.00 |
France/Germany to India: Panamax | $43.00 | Down $1.00 |
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 | $39.00 | Down $4.00 |
Argentina to Japan: Panamax | $40.00 | Down $4.00 |
Argentina to Egypt: Panamax | $52.00 | Steady |
Argentina to Europe: Panamax | $40.00 | 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 | $40.00 | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $42.00 | Steady |
Brazil to China: Panamax | $36.00 | Down $2.00 |
Brazil to Japan: Panamax | $37.00 | Down $2.00 |
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 | $45 Russia | |
Black Sea to Egypt: 40/50,000 | $19 Russia | Ukraine $27 |
Black Sea to Egypt: 30,000 | $20 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 | $29 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $28 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $24 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $29 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 | $35.00 | Down $3.00 |
Russia to Egypt – coaster 5,000 m/t | $52.00 | Down $6.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2023 | Down 704 |
Baltic Capesize Index | 3624 | Down 82 |
Baltic Panamax Index | 1323 | Down 365 |
Baltic Supramax Index | 1222 | Down 149 |
Baltic Handisize Index | 746 | Down 59 |
Freightos/Baltic Container Index | 2097 | Up 140 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR January 2026/March 2026
Wheat, USA Soft Red Winter, US Gulf | USD 228<<231 Apr |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 234<<237 Apr |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 Apr |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 225<<230 Apr |
Wheat, Romania 12.5 pro | USD 230<<235 Apr |
Wheat, Superior, France | USD 228/231 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<220 Apr |
Wheat, feed, Black Sea | USD 220<<225 Apr |
Barley, France, Rouen port | USD 230/233 |
Barley, feed, Argentina, upriver | USD 225/228 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 240/245 |
Corn, 2YC FOB NOLA USA | USD 212 flat to Apr |
Corn, 3YC FOB USA Pacific northwest | USD 222 flat to Apr |
Corn, FOB Argentina port, upriver | USD 215>>205 Apr |
Corn, FOB Brazil port | USD 225 flat to Apr |
Corn, FOB France | USD 229/232 Spot |
Corn, FOB Romania | USD 225<<230 Apr |
Corn, FOB Russia | USD 220<<225 Apr |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 Apr |
Sorghum, FOB Argentina port | USD 200<<205 Apr |
Sorghum, FOB Texas | USD 220<<225 Apr |
Soymeal, 48% protein, FOB NOLA | USD 355<<360 Apr |
Soymeal, 48% protein, USA, Rotterdam | USD 385<<390 Apr |
Soymeal, 47% pro, FOB Argentina | USD 340>>325 Apr |
Soymeal, 48% protein, FOB Brazil | USD 330>>325 Apr |
Soybeans, FOB NOLA | USD 420<<425 Apr |
Soybeans, Argentina, FOB | USD 415>>395 Apr |
Soybeans, Brazil, FOB | USD 430>>405 Apr |
Soybeans, Black Sea | USD 420<<425 Apr |
Corn Gluten Meal, USA FOB NOLA | USD 585>>580 |
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:
Fishing was more difficult in Peru this week with the catch in the North/Central region only at 89,000 MT which brings the total catch close to 1.21 million m/t with about 430,000 m/t still open on the quota. In the South region fishing was at just over 20,000 m/t with total catch to date now up to 77,000 m/t with 174,000 m/t left on the quota.
Peru fishing has been tough, juvenile level is higher and several mini-bans reduced the catch --- anchovies have been more difficult to find as they moved closer to the coastline to avoid cooler ocean waters.
The fishmeal trade in Peru seems quite confident that the full quota, or close to it, will be landed. Everyone is hoping for fewer mini bans in coming days/weeks.
Fishmeal sales are now thought to be close to 300,000 m/t with buying interest seen only from China.
Prices for fishmeal in China are reported to be lower for stocks on hand as everyone is trying to reduce their last season stocks to make room for current season shipments.
European fishmeal prices – FOB North German port.
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 | 1970/1990 | |
66% protein 120 TVN | 2010/2030 | |
67% protein 150 TVN | 2050/2070 | |
67% protein 120 TVN | 2150/2170 | 2170/2190 |
67% protein 1000 hist, 120 TVN | 2170/2190 | 2220/2240 |
68% protein 500 hist, 100 TVN | 2240/2260 | 2240/2260 |
Fish oil, crude bulk – feed grade | 3400/3500 | 3000/3100 |
Fish oil, crude in drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 4,200/4,400 | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon
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