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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – February 07, 2026
Once again this week there was very little change in USA corn prices – up or down about on dollar. US soybeans were up very strongly this week gaining about USD 19 m/t with soymeal moving USD 10 m/t higher. USA winter wheat slipped lower by about USD 4 m/t with US spring wheat also down by about USD 4 m/t.
The strong rally in soybeans looks to be mainly due to expected much larger US soybean imports by China. Soybeans were the most traded item on the commodity futures exchanges this week. According to the World Perspectives Market Commentary, buying US soybeans could cost China as much as USD 240 million compared to buying Brazilian --- but it would help the USA/China trade relationship.
US corn export prices are said to be about USD 15 m/t higher than Argentina corn which will bring a slowdown to US’s very good corn export year. It was reported by Reuters that Brazil is increasing its exports of corn based DDGS which will cut into an export market that has been almost 100% US product for a long time.
Wheat is said to be lower as the very bad US winter weather seems to be coming to an end and things look better in the US wheat belt.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $28.00 | Up $1.00 |
$28.00 | Up $100 | |
US Gulf Israel: Panamax m/t | $34.00 | Down $2.00 |
US Gulf to Egypt: Panamax | $34.00 | Down $2.00 |
US Gulf Turkey: Panamax m/t | $35.00 | Down $2.00 |
US Gulf Morocco: Handi | $34.00 | Down $2.00 |
US Gulf Algeria/Tunisia: Handi | $35.00 | Down $2.00 |
$39.00 | Steady | |
US Gulf other Med: Handi | $36.00 | Down $2.00 |
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 | $54.00 | Up $2.00 |
US Gulf China: Panamax | $53.00 | Up $2.00 |
US PNW Egypt: Panamax via Panama | $39.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $30.00 | Up $1.00 |
US PNW China: Panamax | $29.00 | 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 | $35.00 | Down $2.00 |
France/Germany to India: Panamax | $50.00 | Up $2.00 |
France/Germany to Iran: Panamax | N/A | |
France/Germany to Jordan: Panamax | $41.00 | 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 | $40.00 | Up $2.00 |
Argentina to Japan: Panamax | $41.00 | Up $2.00 |
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 | $38.00 | Up $2.00 |
Brazil to Japan: Panamax | $39.00 | Up $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 | $42.00 | Steady |
Australia to Europe: Panamax | $55.00 | 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 | $53 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 | $20 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 | $53.00 | Up $5.00 |
Russia to Egypt – coaster 5,000 m/t | $67.00 | Up $5.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 1923 | Down 225 |
Baltic Capesize Index | 2918 | Down 589 |
Baltic Panamax Index | 1652 | Down 91 |
Baltic Supramax Index | 1104 | Up 37 |
Baltic Handisize Index | 638 | Up 20 |
Freightos/Baltic Container Index | 1980 | Down 227 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR March 2026/Mayl 2026
Wheat, USA Soft Red Winter, US Gulf | USD 233<<237 |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 256>>245 |
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 234/237 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<220 |
Wheat, feed, Black Sea | USD 220<<225 |
Barley, France, Rouen port | USD 241/243 |
Barley, feed, Argentina, upriver | USD 230/235 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 250/255 |
Corn, 2YC FOB NOLA USA | USD 225>>210 |
Corn, 3YC FOB USA Pacific northwest | USD 230>>225 |
Corn, FOB Argentina port, upriver | USD 210>>205 |
Corn, FOB Brazil port | USD 220>>215 |
Corn, FOB France | USD 234/237 Spot |
Corn, FOB Romania | USD 225<<230 |
Corn, FOB Russia | USD 215<<220 |
Corn, FOB Ukraine, 30,000+ m/t | USD 210<<215 |
Sorghum, FOB Argentina port | USD 195<<200 |
Sorghum, FOB Texas | USD 228<<231 |
Soymeal, 48% protein, FOB NOLA | USD 360>>355 |
Soymeal, 48% protein, USA, Rotterdam | USD 390>>385 |
Soymeal, 47% pro, FOB Argentina | USD 330>>325 |
Soymeal, 48% protein, FOB Brazil | USD 335>>325 |
Soybeans, FOB NOLA | USD 455<<450 |
Soybeans, Argentina, FOB | USD 420>>410 |
Soybeans, Brazil, FOB | USD 415<<425 |
Soybeans, Black Sea | USD 410<<420 |
Corn Gluten Meal, USA FOB NOLA | USD 595>>580 |
Corn Gluten Feed, USA FOB NOLA | USD 240>>235 |
DDGS corn, 35 profat, USA FOB NOLA | USD 245>>235 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Final numbers for the North/Central fishing quota are at 1,586,159 m/t producing 380,100 m/t of fishmeal and 58,490 of fishoil ---- the open balance on the quota is 43,841 m/t. Looking at previous year’s performance one can see that, while close to 100% of the quota was landed, the actual quota was much lower than the average of the past few years ---- this quota at 1.63 mm/t is really the lowest since 2017 although the total catch compares well with the actual performance over the last 10 years.
Fishing in the South Region is now up to 102,000 m/t leaving 149,000 m/t on the quota. Estimated fishmeal production is at 22,600 m/t and fishoil at 2,200 m/t.
Reports say that there could be a weak El Nino warming event in Peru from March through October 2026 --- no comment on any possible effect on the next fishing season.
Current fishmeal sales are estimated at 390,000 m/t --- prices are unchanged this week but some trade reports that higher prices may not be too far away.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1815 |
Danish standard fishmeal | 71% protein | $2500 |
Peru fishmeal | 65% protein | $2220 |
Chile fishmeal | 67% protein | $2240 |
Iceland fishmeal | 71% protein | $2750 |
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 | No prices |
67% protein 1000 hist, 120 TVN | 2020/2040 | 2090/2110 |
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
