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WEEKLY USA GRAIN AND PROTEIN REPORT – January 24, 2026
It was a short work week in the US this week due to the Monday holiday. US corn prices finished the week up by about USD 2 m/t with soybeans up by about USD 4 m/t and soymeal up by USD 7 m/t. All US wheat was up by USD 4 to 5 m/t at the end of the week.
Wheat prices were up on good export demand and concern over the expected “massive” winter storm that will hit the wheat belt next week. Total wheat exports are just a little higher than last year’s level. There were also news stories that Russian wheat faces winterkill due to very low temperatures.
US corn and soybeans also had good export levels this week, which helped to firm-up prices. As with wheat, the corn belt will get hit by the upcoming winter storm. The storm is not a worry for the 2026 crops, which are not yet planted, but for some reason still can move prices a little.
According to futures trading numbers, soymeal and soy oil were the most active commodities on the futures exchanges.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $27.00 | Up $2.00 |
$27.00 | Up $2.00 | |
US Gulf Israel: Panamax m/t | $34.00 | Up $1.00 |
US Gulf to Egypt: Panamax | $34.00 | Up $1.00 |
US Gulf Turkey: Panamax m/t | $35.00 | Up $1.00 |
US Gulf Morocco: Handi | $35.00 | Down $1.00 |
US Gulf Algeria/Tunisia: Handi | $36.00 | Down $1.00 |
$39.00 | Steady | |
US Gulf other Med: Handi | $37.00 | Down $1.00 |
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 | $51.00 | Up $2.00 |
US Gulf China: Panamax | $50.00 | Up $2.00 |
US PNW Egypt: Panamax via Panama | $38.00 | Up $1.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $29.00 | Up $1.00 |
US PNW China: Panamax | $28.00 | Up $1.00 |
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 | $37.00 | Up $1.00 |
France/Germany to India: Panamax | $46.00 | Up $2.00 |
France/Germany to Iran: Panamax | $34.00 | Steady |
France/Germany to Jordan: Panamax | $41.00 | Up $1.00 |
France/Germany to Morocco: Handi | $32.00 | Steady |
France/Germany to Saudi Arabia: Panamax | $65.00 | Steady |
France/Germany to Turkey: Handi | $35.00 | Up $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 | $34.00 | Up $1.00 |
Brazil to Japan: Panamax | $35.00 | Up $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 | $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 | $42 Russia | Ukraine $56 |
Black Sea to Indonesia: Panamax | $52 Russia | Ukraine $62 |
Black Sea to Bangladesh: Panamax | $42 Russia | N/A |
Black Sea to Egypt: 40/50,000 | $19 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 | $28 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $27 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $28 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $28 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $43 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $14 Russia | Ukraine $25 |
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 | $48.00 | Down $10.00 |
Russia to Egypt – coaster 5,000 m/t | $60.00 | Down $2.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1762 | Up 195 |
Baltic Capesize Index | 2583 | Up 350 |
Baltic Panamax Index | 1612 | Up 154 |
Baltic Supramax Index | 967 | Up 59 |
Baltic Handisize Index | 600 | Up 12 |
Freightos/Baltic Container Index | 2382 | Down 55 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR February 2026/April 2026
Wheat, USA Soft Red Winter, US Gulf | USD 231<<235r |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 250 flat Apr |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 225<<230 |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 230<<235 |
Wheat, Romania 12.5 pro | USD 230<<235 |
Wheat, Superior, France | USD 232/235 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<225 |
Wheat, feed, Black Sea | USD 220<<225 |
Barley, France, Rouen port | USD 240/243 |
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 225>>220 |
Corn, FOB Argentina port, upriver | USD 215>>200 |
Corn, FOB Brazil port | USD 230>>220 |
Corn, FOB France | USD 235/238 Spot |
Corn, FOB Romania | USD 225<<230 |
Corn, FOB Russia | USD 220<<225 |
Corn, FOB Ukraine, 30,000+ m/t | USD 220<<225 |
Sorghum, FOB Argentina port | USD 195<<205 |
Sorghum, FOB Texas | USD 215<<220 |
Soymeal, 48% protein, FOB NOLA | USD 355>>345 |
Soymeal, 48% protein, USA, Rotterdam | USD 385>>375 |
Soymeal, 47% pro, FOB Argentina | USD 340>>325 |
Soymeal, 48% protein, FOB Brazil | USD 330>>320 |
Soybeans, FOB NOLA | USD 430 flat to Apr |
Soybeans, Argentina, FOB | USD 415>>395 |
Soybeans, Brazil, FOB | USD 420 flat to Apr |
Soybeans, Black Sea | USD 400<<410 |
Corn Gluten Meal, USA FOB NOLA | USD 625>>620 |
Corn Gluten Feed, USA FOB NOLA | USD 250>>255 |
DDGS corn, 35 profat, USA FOB NOLA | USD 250>>245 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
The North/Central region is only about 30,000 m/t from full quota according to the latest numbers. Very few vessels are still out fishing. Fishing in the South is steady with landings to Friday up to about 54,000 m/t which leaves 197,000 m/t on the quota.
According to production numbers the North/Central fishmeal production is at 380,000 m/t with fishoil around 75,000 m/t. South region is at 13,000 m/t of fishmeal.
Fishmeal prices were steady this week both in China and Peru export prices. Trade expectations are that fishmeal prices could move higher due to the fact that stock is about sold out.
China’s final fishmeal import levels for 2025 are at 2.019 mm/t which trade reports say is a new high import record. Peru fishmeal was 1.022 mm/t of the total.
Looking at the next fishing season there is a little concern about a “mild” El Nino event which could warm the ocean and have an effect on fishing. The next research cruise looking at the biomass is expected in mid-February.
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 | 1920/1940 | 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 | 4100/4200 | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright ? 2026 Wayne S. Bacon
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