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 – January 17, 2026
Next Monday is a holiday in the US --- markets will be quiet.
This week was WASDE week or perhaps it was surprise week as some USDA WASDE numbers caught the market by surprise. US corn and soybean yields were increased by the USDA with corn having the biggest increase in production, yields and ending stocks --- certainly quickly became bearish for corn prices.
US corn prices were about USD 9 m/t lower at the end of the week while soybeans moved USD 2 m/t higher and soymeal slipped lower by almost USD 9 m/t. Us winter wheat prices were down by about USD 2 m/t while US spring wheat was steady on the week.
Corn prices tried to move a little higher on Friday with good export demand and expectations that E15 gasoline blending will be approved. However, the Friday small rally was not enough to overcome the WASDE related drop in corn prices. Everything looks quite bearish for corn prices and we are at the recent lows --- perhaps a further dip.
Soybeans actually fared quite well considering the WASDE numbers with the market going up slightly on the week. US export sales have been good and there are some stories that South American production may not be as high as estimates.
US wheat prices were up on Friday just enough to cover WASDE related losses earlier in the week. Reports were saying that US wheat is not particularly competitive in export markets at the moment and imply that wheat prices will not move higher.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $25.00 | Down $1.00 |
$25.00 | Down $1.00 | |
US Gulf Israel: Panamax m/t | $33.00 | Down $3.00 |
US Gulf to Egypt: Panamax | $33.00 | Down $3.00 |
US Gulf Turkey: Panamax m/t | $34.00 | Down $3.00 |
US Gulf Morocco: Handi | $36.00 | Down $3.00 |
US Gulf Algeria/Tunisia: Handi | $37.00 | Down $3.00 |
$39.00 | Steady | |
US Gulf other Med: Handi | $38.00 | Down $3.00 |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf Japan: Panamax | $49.00 | Down $2.00 |
US Gulf China: Panamax | $48.00 | Down $2.00 |
US PNW Egypt: Panamax via Panama | $37.00 | Down $2.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $28.00 | Steady |
US PNW China: Panamax | $27.00 | Steady |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | Closed | |
US Lakes – Morocco – 30,000 m/t | Closed | |
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 | $36.00 | Down $2.00 |
France/Germany to India: Panamax | $44.00 | Steady |
France/Germany to Iran: Panamax | $34.00 | Steady |
France/Germany to Jordan: Panamax | $40.00 | Down $2.00 |
France/Germany to Morocco: Handi | $32.00 | Steady |
France/Germany to Saudi Arabia: Panamax | $65.00 | Steady |
France/Germany to Turkey: Handi | $34.00 | Down $1.00 |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $36.00 | Steady |
Argentina to Japan: Panamax | $37.00 | Steady |
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 | $33.00 | Steady |
Brazil to Japan: Panamax | $34.00 | 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 | $40.00 | Steady |
Australia to Europe: Panamax | $53.00 | 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 $56 |
Black Sea to Indonesia: Panamax | $50 Russia | Ukraine $62 |
Black Sea to Bangladesh: Panamax | $45 Russia | N/A |
Black Sea to Egypt: 40/50,000 | $18 Russia | Ukraine $33 |
Black Sea to Egypt: 30,000 | $19 Russia | Ukraine $27 |
Black Sea to Iran: Panamax | $42 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 | $28 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $29 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $43 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $14 Russia | Ukraine $23 |
Black Sea to South Africa – Handi | $55 Russia | N/A |
Black Sea to Nigeria – Handi | N/A | Ukraine $45 |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $58.00 | |
Russia to Egypt – coaster 5,000 m/t | $62.00 | |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1567 | Down 127 |
Baltic Capesize Index | 2224 | Down 416 |
Baltic Panamax Index | 1458 | Up 176 |
Baltic Supramax Index | 967 | Down 109 |
Baltic Handisize Index | 588 | Down 97 |
Freightos/Baltic Container Index | 2437 | Down 24 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR February 2026/April 2026
Wheat, USA Soft Red Winter, US Gulf | USD 227<<232r |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 245 flat Apr |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 225<<230 |
Wheat, Romania 12.5 pro | USD 235<<240 |
Wheat, Superior, France | USD 230/233 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<220 |
Wheat, feed, Black Sea | USD 220<<225 |
Barley, France, Rouen port | USD 236/239 |
Barley, feed, Argentina, upriver | USD 230/235 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 245/250 |
Corn, 2YC FOB NOLA USA | USD 210>>205 |
Corn, 3YC FOB USA Pacific northwest | USD 220>>215 |
Corn, FOB Argentina port, upriver | USD 215>>200 |
Corn, FOB Brazil port | USD 225>>220 |
Corn, FOB France | USD 232/235 Spot |
Corn, FOB Romania | USD 225<<230 |
Corn, FOB Russia | USD 215<<220 |
Corn, FOB Ukraine, 30,000+ m/t | USD 215<<220 |
Sorghum, FOB Argentina port | USD 200<<210 |
Sorghum, FOB Texas | USD 215<<220 |
Soymeal, 48% protein, FOB NOLA | USD 350>>345 |
Soymeal, 48% protein, USA, Rotterdam | USD 380>>375 |
Soymeal, 47% pro, FOB Argentina | USD 330>>315 |
Soymeal, 48% protein, FOB Brazil | USD 325>>315 |
Soybeans, FOB NOLA | USD 425 flat to Apr |
Soybeans, Argentina, FOB | USD 410>>390 |
Soybeans, Brazil, FOB | USD 430>>410 |
Soybeans, Black Sea | USD 405<<410 |
Corn Gluten Meal, USA FOB NOLA | USD 610>>605 |
Corn Gluten Feed, USA FOB NOLA | USD 240>>235 |
DDGS corn, 35 profat, USA FOB NOLA | USD 245>>240 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Th North/Central fishing season is just about over --- catch is up to 1.57 million m/t leaving only about 60,000 m/t remaining on the quota and still two weeks to go. While it has been quite a low quota it will all be landed and total fishmeal production should reach close to 365,000 m/t. It the South region the catch is up to almost 39,000 m/t leaving 212,000 m/t on the quota.
According to trade reports the sales level for fishmeal is now close to 360,000 m/t which won’t leave much more available for sale. Prices are steady in both Peru and China. Sales for the next fishing season in April/May are estimated to be at 35 to 40,000 m/t.
Numbers out of China forecast that 2026 fishmeal imports will be down by about 4.5% to 1.9 mm/t a drop of 90,000 m/t from 2025.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1785 |
Danish standard fishmeal | 71% protein | $2495 |
Peru fishmeal | 65% protein | $2220 |
Chile fishmeal | 67% protein | $2240 |
Iceland fishmeal | 71% protein | $2580 |
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 | 1770/1790 | |
66% protein 120 TVN | 1810/1830 | |
67% protein 150 TVN | 1890/1910 | |
67% protein 120 TVN | 1970/1990 | 1990/2010 |
67% protein 1000 hist, 120 TVN | 2020/2040 | 2040/2060 |
68% protein 500 hist, 100 TVN | 2070/2090 | 2090/2110 |
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 | 4200/4300 | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2026 Wayne S. Bacon
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