St Remy De Provence, 13210 France
Phone: +33.6.8068.4564
Email: wbacon@hammersmith.biz
WWW: hammersmithltd.blogspot.com
WEEKLY USA GRAIN AND PROTEIN REPORT – March 28, 2026
Not much change in US corn prices at all this week perhaps down by USD 1 or 2 m/t. Soybeans too didn’t change much this week but soymeal did drop by USD 10 to 14 m/t. US hard red winter wheat was up by about USD 10 m/t on the week US spring wheat up by about USD 7 m/t.
US wheat was the most traded item on the futures exchange this week with spring wheat up by 3.2% and winter wheat by 4.4%.
Next week we will have the release of the USDA Prospective Plantings report for 2026 with the trade expecting corn planting to be down a little and soybeans up a little with lower plantings on wheat. Looking at stocks, the trade sees corn stocks up by 11%, soybeans up by 8% and wheat up by 5%.
The weather for the next few days is expected to show some rain for most grain areas but there will still be some dry areas not covered.
There is lots of discussions in the news about the possible fertilizer shortages for new crop planting in many countries. Asia, Africa and Europe are all very concerned about shortages or if not shortages then very, very high prices as the market prices in replacement cost.
Food and fuel prices are expected to move higher most everywhere in coming weeks.
Here in the south of France the summer tourist business has started to feel the fuel cost pinch as summer holiday bookings are not near normal levels and cancellations are rife. The 25% higher auto fuel cost is affecting the market since most summer tourists drive to the south of France.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $29.00 | Up $2.00 |
$29.00 | Up $2.00 | |
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 |
$40.00 | Down $1.00 | |
US Gulf other Med: Handi | $36.00 | Down $2.00 |
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 | $61.00 | Down $1.00 |
US Gulf China: Panamax | $60.00 | Down $1.00 |
US PNW Egypt: Panamax via Panama | $48.00 | Down $3.00 |
US PNW South Africa – 40,000 m/t | $60.00 | Down $5.00 |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $34.00 | Down $1.00 |
US PNW China: Panamax | $33.00 | Down $1.00 |
US East Coast Nigeria: Handisize | $41.00 | Down $4.00 |
US Lakes – Europe – 30,000 m/t | $58.00 | Open |
US Lakes – Morocco – 30,000 m/t | $64.00 | Open |
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 | $67.00 | Up $1.00 |
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 | Up $4.00 |
Argentina to China: Panamax | $55.00 | Down $1.00 |
Argentina to Japan: Panamax | $56.00 | Down $1.00 |
Argentina to Egypt: Panamax | $54.00 | Up $2.00 |
Argentina to Europe: Panamax | $42.00 | Up $2.00 |
Argentina to Morocco: Handi | $45.00 | Up $4.00 |
Argentina to Libya: Handi | $47.00 | Up $4.00 |
Argentina to Jordan: Panamax | $57.00 | Up $2.00 |
Argentina to Saudi Arabia: Panamax | $64.00 | Up $2.00 |
Argentina to Iran: Panamax | N/A | |
Argentina to Indonesia: Panamax | $60.00 | Up $2.00 |
Argentina to South Africa: Panamax | $37.00 | Up $2.00 |
Argentina to Kenya: Handi | $56.00 | Up $3.00 |
Argentina to Spain: Panamax | $42.00 | Up $2.00 |
Argentina to Tunisia: Handi | $46.00 | Up $4.00 |
Brazil to Algeria/Tunisia: Handi | $37.00 | Steady |
Brazil to China: Panamax | $52.00 | Down $1.00 |
Brazil to Japan: Panamax | $53.00 | Down $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 | $49.00 | Down $2.00 |
Australia to Europe: Panamax | $63.00 | Down $3.00 |
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 $57 |
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 | $23 Russia | Ukraine $28 |
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 | $35 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $34 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $28 Russia | Ukraine $30 |
Black Sea to Libya – Handi | $35 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $43 Russia | Ukraine $49 |
Black Sea to Turkey – Handi | $23 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 | $53.00 | Up $1.00 |
Russia to Egypt – coaster 5,000 m/t | $71.00 | Steady |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2031 | Down 25 |
Baltic Capesize Index | 3032 | Up 61 |
Baltic Panamax Index | 1756 | Down 82 |
Baltic Supramax Index | 1206 | Down 18 |
Baltic Handisize Index | 713 | Down 33 |
Freightos/Baltic Container Index | 1770 | Up 26 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR April 2026/June 2026
Wheat, USA Soft Red Winter, US Gulf | USD 259>>254 July |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 280<<285 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 240>>245 |
Wheat, Superior, France | USD 242/245 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225<<235 |
Wheat, feed, Black Sea | USD 230>>225 |
Barley, France, Rouen port | USD 236/239 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 205<<210 |
Corn, FOB Brazil port | USD 230>>220 |
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 225<<230 |
Sorghum, FOB Texas | USD 240<<245 |
Soymeal, 48% protein, FOB NOLA | USD 380>>365 |
Soymeal, 48% protein, USA, Rotterdam | USD 410<<395 |
Soymeal, 47% pro, FOB Argentina | USD 350>>340 |
Soymeal, 48% protein, FOB Brazil | USD 345>>340 |
Soybeans, FOB NOLA | USD 455<<465 |
Soybeans, Argentina, FOB | USD 425<<435 |
Soybeans, Brazil, FOB | USD 425<<445 |
Soybeans, Black Sea | USD 425<<435 |
Corn Gluten Meal, USA FOB NOLA | USD 600>>595 |
Corn Gluten Feed, USA FOB NOLA | USD 205>>200 |
DDGS corn, 35 profat, USA FOB NOLA | USD 260>>250 |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Another week of almost no catch in the South Region of Peru.
Correction to last week – I mentioned a possible 500,000 m/t catch quota for the next season --- this was actually meant to be an “advance quota” not the full quota for the next fishing season. This “advance quota” is only a supposition not a final position.
The IMARPE cruise is expected to end sometime this week in the North/Central region which could mean a new quota in a week or so --- perhaps just after the Easter holidays. Unofficial reports mention that the juvenile level seems to be high but nothing official.
Prices in both Peru and Chile are reported to be unchanged this week.
Business booked for the next fishing season is estimated to now be up to 100,000 m/t.
China’s fishmeal imports for January/February 2026 are at 191,400 m/t, down by about 15% from 2025.
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1880 |
Danish standard fishmeal | 71% protein | $2870 |
Peru fishmeal | 65% protein | $2330 |
Chile fishmeal | 67% protein | $2420 |
Iceland fishmeal | 71% protein | $2895 |
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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