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Email: wbacon@hammersmith.biz
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WEEKLY USA GRAIN AND PROTEIN REPORT – March 21, 2026
Aha, just one of those exciting weeks in the market once again --- just too much going on in the world. US corn didn’t have too bad a week and was up by about USD 4 m/t while soybeans had an exciting week and dropped by about USD 18 m/t with soymeal up by about USD 2 m/t. US winter wheat was down by about USD 3 m/t with US spring wheat down by only a dollar or two.
Friday’s futures markets showed a down day for most everything especially US wheat prices. Wheat was said to be lower because the risk of winterkill for US wheat seems to be about over. Add to that situation the expected large stocks of wheat and the market slipped lower. Trade reports say that US wheat prices had been pushed higher by rainfall and winterkill concerns in recent weeks but a drop in prices could be coming.
Corn prices continue to reflect the strong demand for corn both for export and local consumption --- ethanol production in the US remains strong.
The drop in prices in soybeans is reported to be due to the postponement of Trump’s trip to China in a soybean market that was looking for additional US soybean sales to China.
There were some trade comments this week that there is a shortage of rainfall for new crop planting in the southern US. Also saw quite few comments about possible fertilizer shortages that might affect USA crops in months to come --- depending on the Iran situation. There are lots of concerns about fertilizer shortages in Africa, Asia and Europe which could change production forecasts if shortages do occur.
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 | $36.00 | Down $4.00 |
US Gulf to Egypt: Panamax | $36.00 | Down $4.00 |
US Gulf Turkey: Panamax m/t | $37.00 | Down $4.00 |
US Gulf Morocco: Handi | $36.00 | Down $4.00 |
US Gulf Algeria/Tunisia: Handi | $37.00 | Down $4.00 |
$41.00 | Down $3.00 | |
US Gulf other Med: Handi | $38.00 | Down $4.00 |
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 | $62.00 | Up $2.00 |
US Gulf China: Panamax | $61.00 | Up $2.00 |
US PNW Egypt: Panamax via Panama | $51.00 | 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 | $35.00 | Up $1.00 |
US PNW China: Panamax | $34.00 | Up $1.00 |
US East Coast Nigeria: Handisize | $41.00 | Down $4.00 |
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 | $66.00 | Up $4.00 |
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 | $42.00 | Down $1.00 |
Argentina to China: Panamax | $56.00 | Up $1.00 |
Argentina to Japan: Panamax | $57.00 | Up $1.00 |
Argentina to Egypt: Panamax | $52.00 | Steady |
Argentina to Europe: Panamax | $40.00 | Steady |
Argentina to Morocco: Handi | $41.00 | Down $1.00 |
Argentina to Libya: Handi | $43.00 | Down $1.00 |
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 | $42.00 | Down $1.00 |
Brazil to Algeria/Tunisia: Handi | $37.00 | Steady |
Brazil to China: Panamax | $53.00 | Up $1.00 |
Brazil to Japan: Panamax | $54.00 | Up $1.00 |
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 | $50.00 | Up $1.00 |
Australia to Europe: Panamax | $66.00 | Up $2.00 |
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 | $60 Russia | Ukraine $65 |
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 | $34 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $33 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $28 Russia | Ukraine $30 |
Black Sea to Libya – Handi | $34 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $43 Russia | Ukraine $49 |
Black Sea to Turkey – Handi | $22 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 | $52.00 | Up $3.00 |
Russia to Egypt – coaster 5,000 m/t | $71.00 | Up $1.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2056 | Up 28 |
Baltic Capesize Index | 2971 | Up 91 |
Baltic Panamax Index | 1838 | Up 66 |
Baltic Supramax Index | 1224 | Down 59 |
Baltic Handisize Index | 744 | Down 52 |
Freightos/Baltic Container Index | 1744 | Up 11 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR April 2026/June 2026
Wheat, USA Soft Red Winter, US Gulf | USD 257>>249 July |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 275>>271 July |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 235>>230 |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 240>>230 |
Wheat, Romania 12.5 pro | USD 245>>240 |
Wheat, Superior, France | USD 243/246 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225<<230 |
Wheat, feed, Black Sea | USD 230>>220 |
Barley, France, Rouen port | USD 240/243 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 225>>220 |
Corn, 3YC FOB USA Pacific northwest | USD 225<<230 |
Corn, FOB Argentina port, upriver | USD 210<<215 |
Corn, FOB Brazil port | USD 230>>225 |
Corn, FOB France | USD 249/252 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 225<<230 |
Sorghum, FOB Texas | USD 240<<245 |
Soymeal, 48% protein, FOB NOLA | USD 385>>375 |
Soymeal, 48% protein, USA, Rotterdam | USD 415<<405 |
Soymeal, 47% pro, FOB Argentina | USD 365>>350 |
Soymeal, 48% protein, FOB Brazil | USD 355>>345 |
Soybeans, FOB NOLA | USD 460<<465 |
Soybeans, Argentina, FOB | USD 425>>435 |
Soybeans, Brazil, FOB | USD 425<<445 |
Soybeans, Black Sea | USD 420<<430 |
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 255>>245 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Again this week, there was no catch to speak of in the South Region. Total catch stands at 153,000 m/t with the quota balance at 98,000 m/t.
The IMARPE research cruise continues and us now in the Central region near Callao.
There are some talks about a possible quota of only 500,000 m/t of catch for the next period --- still, only talk. MSI Ceres says that “chances of a big quota are slim”.
Fishmeal prices continue to move higher in both Peru and China. There is nothing left to sell in Peru.
No new business has been booked so prices are really just best estimates of what might be done for the next season. Total fishmeal sales against the next season are still said to be at about 80,000 m/t.
There doesn’t seem to be any reason to expect a drop in fishmeal prices for now.
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 | 2220/2240 | |
66% protein 120 TVN | 2280/2300 | |
67% protein 150 TVN | 2280/2300 | |
67% protein 120 TVN | 2320/2340 | 2220/2240 |
67% protein 1000 hist, 120 TVN | 2350/2370 | 2300/2320 |
68% protein 500 hist, 100 TVN | 2380/2400 | 2320/2340 |
Fish oil, crude bulk – feed grade | 4400/4500 | 3400/3500 |
Fish oil, crude in drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | No prices | No prices |
INFORMATION: TVN = total volatile nitrogen, hist = histamine
Copyright © 2026 Wayne S. Bacon
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