St Remy De Provence, 13210 France
Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – February 28, 2026
US corn prices finished the week almost USD 4 m/t higher with US soybeans up by USD 6 m/t and US soymeal up by USD 5 m/t. US winter wheat was up by as much as USD 6 m/t with spring wheat moving up by USD 5 m/t.
The biggest world news this morning is the US/Israel attack on Iran and the follow up Iran attacks on USA bases in the region. This expected action by the US and Isreal will push oil prices higher and will probably result in some panic buying in other markets, like the grain futures market. Overnight trading in grain/oilseed futures will give us a good idea where prices are starting off next week.
Looking at the February US futures market activities --- soyoil prices were up by 14.4% with winter wheat being up by as much as 8.3%, corn up by 2.9% but soybeans down by 8.7% for the month.
US corn prices seemed to have moved higher on good export demand continuing for US corn and on higher ethanol production.
US soybeans are said to be “overbought” on the futures market but prices didn’t seem to have too much trouble moving higher. There are also some market concerns about the condition of the Argentina soybean crop with the Good/Excellent level of the crop dropping from 33% to 26%.
Trade reports say that the better weather in the wheat belt should lead to lower prices but so far good US export strength and poorer crops in France and Ukraine have helped to keep wheat prices steady to higher.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $27.00 | Steady |
$27.00 | Steady | |
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 | Steady |
US Gulf Algeria/Tunisia: Handi | $42.00 | Steady |
$40.00 | Down $2.00 | |
US Gulf other Med: Handi | $43.00 | Steady |
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 | Steady |
US Gulf China: Panamax | $53.00 | Steady |
US PNW Egypt: Panamax via Panama | $43.00 | Steady |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | 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 | 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 | Steady |
France/Germany to India: Panamax | $53.00 | Steady |
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 | $43.00 | Down $1.00 |
Argentina to China: Panamax | $45.00 | Up $1.00 |
Argentina to Japan: Panamax | $46.00 | Up $1.00 |
Argentina to Egypt: Panamax | $52.00 | Steady |
Argentina to Europe: Panamax | $40.00 | Steady |
Argentina to Morocco: Handi | $42.00 | Down $1.00 |
Argentina to Libya: Handi | $44.00 | 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 | $43.00 | Down $1.00 |
Brazil to Algeria/Tunisia: Handi | $38.00 | Down $1.00 |
Brazil to China: Panamax | $42.00 | Up $1.00 |
Brazil to Japan: Panamax | $43.00 | Up $1.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Steady |
Brazil to Morocco: Handi | $37.00 | Down $1.00 |
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 | $54 Russia | Ukraine $62 |
Black Sea to Bangladesh: Panamax | $42 Russia | N/A |
Black Sea to Egypt: 40/50,000 | $20 Russia | Ukraine $26 |
Black Sea to Egypt: 30,000 | $21 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 | $30 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $29 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $28 Russia | Ukraine $30 |
Black Sea to Libya – Handi | $30 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $43 Russia | Ukraine $49 |
Black Sea to Turkey – Handi | $14 Russia | Ukraine $27 |
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 | $46.00 | Down $5.00 |
Russia to Egypt – coaster 5,000 m/t | $2.00 | Down $4.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2140 | Up 97 |
Baltic Capesize Index | 3056 | Up 5 |
Baltic Panamax Index | 1942 | Up 104 |
Baltic Supramax Index | 1338 | Up 179 |
Baltic Handisize Index | 776 | Up 67 |
Freightos/Baltic Container Index | 1929 | Down 30 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR March 2026/Mayl 2026
Wheat, USA Soft Red Winter, US Gulf | USD 248>>238 |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 256>>252 |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 230>>225 |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 235>>225 |
Wheat, Romania 12.5 pro | USD 240>>235 |
Wheat, Superior, France | USD 244/247 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 215<<225 |
Wheat, feed, Black Sea | USD 225>>220 |
Barley, France, Rouen port | USD 245/248 |
Barley, feed, Argentina, upriver | USD 235/240 |
Barley, feed, Black Sea, 30,000+ | USD 230/235 |
Barley, feed, Australia | USD 260/265 |
Corn, 2YC FOB NOLA USA | USD 215>>210 |
Corn, 3YC FOB USA Pacific northwest | USD 220>>215 |
Corn, FOB Argentina port, upriver | USD 205<<210 |
Corn, FOB Brazil port | USD 225>>220 |
Corn, FOB France | USD 235/238 Spot |
Corn, FOB Romania | USD 230<<235 |
Corn, FOB Russia | USD 220<<225 |
Corn, FOB Ukraine, 30,000+ m/t | USD 220<<225 |
Sorghum, FOB Argentina port | USD 210<<220 |
Sorghum, FOB Texas | USD 225<<230 |
Soymeal, 48% protein, FOB NOLA | USD 375<<380 |
Soymeal, 48% protein, USA, Rotterdam | USD 405<<410 |
Soymeal, 47% pro, FOB Argentina | USD 350>>335 |
Soymeal, 48% protein, FOB Brazil | USD 355>>345 |
Soybeans, FOB NOLA | USD 475>>470 |
Soybeans, Argentina, FOB | USD 435>>425 |
Soybeans, Brazil, FOB | USD 430<<440 |
Soybeans, Black Sea | USD 420<<425 |
Corn Gluten Meal, USA FOB NOLA | USD 580>>575 |
Corn Gluten Feed, USA FOB NOLA | USD 220>>215 |
DDGS corn, 35 profat, USA FOB NOLA | USD 255>>250 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
South Region fishing dropped off this week to only 4,600 m/t bringing the total landed to almost 150,000 m/t and leaving 101,000 m/t on the quota. Fishmeal production is estimated at 34,300 m/t and fish oil at 3,400 m/t.
If you happen to receive a copy of the Andes Connections Peru Fishing Report there were a number of errors in the figures shown this week --- such as the juvenile level at 158% and fishmeal yield at 94.5% --- I expect that they will correct it all for next week.
According to trade reports it looks like the expected mild El Nino event has started with temperatures expected to move higher for both water and air. Air temperature in Lima Peru reached 34.5 C, the highest seen in many years according to reports.
Prices are steady due to Chinese New Year and the lack of any buying activity from Asia. However, producer prices are said to be moving up by about USD 50 m/t for next season. Presales in advance of next season are reported at 60,000 m/t with sales on the last season reported at 400,000 m/t. Unsold fishmeal stocks on hand in Peru said to be about 15,000 m/t.
According to information seen in this week’s MSICeres Report, fishmeal shipments to Europe reached 114,500 m/t for 2025 with Germany (55,500 m/t) and Denmark (35,600 m/t) being the main buyers getting about 85% of the shipments. Spain (8,000 m/t) and Norway (5,000) accounted for another 11%.
So, again this week things were very quiet for Peru fishmeal.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1810 |
Danish standard fishmeal | 71% protein | $2495 |
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 | 1890/1910 | |
66% protein 120 TVN | 1920/1950 | |
67% protein 150 TVN | 1970/200 | |
67% protein 120 TVN | 2120/2150 | No prices |
67% protein 1000 hist, 120 TVN | 2170/2190 | 20170/2190 |
68% protein 500 hist, 100 TVN | 2200/2220 | 2200/2220 |
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 | 4200/4300 | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright ? 2026 Wayne S. Bacon
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