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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – March 14, 2026
The situation in Iran continues to lead the market --- if not with grain certainly with fuel costs. Ocean freight rates are moving higher due to greatly increased fuel cost and higher insurance costs. Fuel costs in Asian ports are reported to be up by at least 50% and availability could become a problem.
Soybeans were the most actively traded futures item traded this week.
US corn prices were up by about USD 3 m/t this week with soybeans up by close to USD 10 m/t and soymeal up by USD 5 m/t. US wheat prices were about steady on the week until we got to Friday and then prices push higher on what is said to have been “technical buying”. Of course, with wheat there is still some drought concern in parts of the wheat belt.
Corn export shipments remain very good, which helps to keep US corn prices steady to higher. The expected shift of business from US corn to Brazil corn has not happened yet. Also, record ethanol production in the US keeps corn demand strong.
The Iran situation is causing some concern with US farmers about the cost and supply of fertilizer in the US for the spring crops. This concern will have a continuing effect on corn and soybean prices.
Soybean prices were higher on the week as the market seemed to be anticipating new soybean demand from China – there will be China/USA talks on soybeans this week.
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 | $40.00 | Down $5.00 |
US Gulf to Egypt: Panamax | $40.00 | Down $5.00 |
US Gulf Turkey: Panamax m/t | $41.00 | Down $5.00 |
US Gulf Morocco: Handi | $40.00 | Down $5.00 |
US Gulf Algeria/Tunisia: Handi | $41.00 | Down $5.00 |
$44.00 | Steady | |
US Gulf other Med: Handi | $42.00 | Down $5.00 |
US Gulf South Africa: Handi | $43.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf Japan: Panamax | $60.00 | Up $2.00 |
US Gulf China: Panamax | $59.00 | Up $2.00 |
US PNW Egypt: Panamax via Panama | $53.00 | Up $4.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $34.00 | Up $1.00 |
US PNW China: Panamax | $33.00 | 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 | Steady |
France/Germany to India: Panamax | $62.00 | Up $7.00 |
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 | $43.00 | Down $2.00 |
Argentina to China: Panamax | $55.00 | Up $5.00 |
Argentina to Japan: Panamax | $56.00 | Up $5.00 |
Argentina to Egypt: Panamax | $52.00 | Steady |
Argentina to Europe: Panamax | $40.00 | Steady |
Argentina to Morocco: Handi | $42.00 | Down $2.00 |
Argentina to Libya: Handi | $44.00 | Down $2.00 |
Argentina to Jordan: Panamax | $55.00 | Steady |
Argentina to Saudi Arabia: Panamax | $62.00 | Steady |
Argentina to Iran: Panamax | N/A | |
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 $2.00 |
Brazil to Algeria/Tunisia: Handi | $37.00 | Steady |
Brazil to China: Panamax | $52.00 | Up $3.00 |
Brazil to Japan: Panamax | $53.00 | Up $3.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Steady |
Brazil to Morocco: Handi | $36.00 | Steady |
Brazil to Iran: Panamax | N/A | |
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 | $49.00 | Up $7.00 |
Australia to Europe: Panamax | $64.00 | Up $9.00 |
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 | $50 Russia | Ukraine $56 |
Black Sea to Indonesia: Panamax | $56 Russia | Ukraine $62 |
Black Sea to Bangladesh: Panamax | $50 Russia | N/A |
Black Sea to Egypt: 40/50,000 | $22 Russia | Ukraine $27 |
Black Sea to Egypt: 30,000 | $24 Russia | Ukraine $27 |
Black Sea to Iran: Panamax | N/A | N/A |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $23 |
Black Sea to East Spain -- Panamax | $23 Russia | Ukraine $19 |
Black Sea to Morocco – Handi | $33 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $32 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $28 Russia | Ukraine $30 |
Black Sea to Libya – Handi | $33 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 | $49.00 | Up $3.00 |
Russia to Egypt – coaster 5,000 m/t | $70.00 | Up $8.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2028 | Up 18 |
Baltic Capesize Index | 2880 | Up 249 |
Baltic Panamax Index | 1838 | Down 124 |
Baltic Supramax Index | 1283 | Down 103 |
Baltic Handisize Index | 796 | Down 31 |
Freightos/Baltic Container Index | 1733 | Up 17 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR April 2026/June 2026
Wheat, USA Soft Red Winter, US Gulf | USD 262>>255 July |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 281>>277 July |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 235>>225 |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 240>>225 |
Wheat, Romania 12.5 pro | USD 245>>240 |
Wheat, Superior, France | USD 244/247 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 220<<225 |
Wheat, feed, Black Sea | USD 230>>220 |
Barley, France, Rouen port | USD 239/242 spot |
Barley, feed, Argentina, upriver | USD 235/240 |
Barley, feed, Black Sea, 30,000+ | USD 235/240 |
Barley, feed, Australia | USD 270/275 |
Corn, 2YC FOB NOLA USA | USD 215<<220 |
Corn, 3YC FOB USA Pacific northwest | USD 220<<230 |
Corn, FOB Argentina port, upriver | USD 210<<215 |
Corn, FOB Brazil port | USD 230>>225 |
Corn, FOB France | USD 247/250 Spot |
Corn, FOB Romania | USD 230<<235 |
Corn, FOB Russia | USD 220<<225 |
Corn, FOB Ukraine, 30,000+ m/t | USD 225<<230 |
Sorghum, FOB Argentina port | USD 220<<230 |
Sorghum, FOB Texas | USD 235<<240 |
Soymeal, 48% protein, FOB NOLA | USD 370<<375 |
Soymeal, 48% protein, USA, Rotterdam | USD 400<<405 |
Soymeal, 47% pro, FOB Argentina | USD 350>>345 |
Soymeal, 48% protein, FOB Brazil | USD 355>>345 |
Soybeans, FOB NOLA | USD 480<<485 |
Soybeans, Argentina, FOB | USD 450>>440 |
Soybeans, Brazil, FOB | USD 435<<455 |
Soybeans, Black Sea | USD 425<<435 |
Corn Gluten Meal, USA FOB NOLA | USD 600>>595 |
Corn Gluten Feed, USA FOB NOLA | USD 200>>195 |
DDGS corn, 35 profat, USA FOB NOLA | USD 265>>250 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
No catch reported in the South Region last week ---- total catch is at 151,300 m/t producing 34,000 m/t of fishmeal and 3,300 m/t of fish oil --- balance on the quota stands at 99,700 m/t.
Southern ports are all closed due to very bad weather.
While the fishmeal market is very quiet, world events have pushed prices higher --- Super Prime and Prime prices in Peru are quoted up by at least USD 100 m/t. China prices are also up very strongly.
Trade reports say that domestic costs in Peru – production, transport and handling – have all moved higher which could keep prices firm.
The IMARPE exploratory cruise is still chugging along nicely and the trade is speculating that the new fishing season could see smaller quota but this will depend on the biomass and the IMARPE results.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1790 |
Danish standard fishmeal | 71% protein | $2800 |
Peru fishmeal | 65% protein | $2220 |
Chile fishmeal | 67% protein | $2240 |
Iceland fishmeal | 71% protein | $2875 |
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 | 1950/1970 | |
66% protein 120 TVN | 2140/2160 | |
67% protein 150 TVN | 2180/2200 | |
67% protein 120 TVN | 2220/2240 | No prices |
67% protein 1000 hist, 120 TVN | 2280/2300 | 2170/2190 |
68% protein 500 hist, 100 TVN | 2320/2340 | 2220/2240 |
Fish oil, crude bulk – feed grade | 3400/3500 | 3100/3200 |
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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