Weekly Report --- Oct 31 2026

 

    Hammersmith Reports

 

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 – October 31, 2026

 

  USA Market situation for the week.

·        US corn prices --- down by about USD 4 m/t

·        US soybean prices – down by USD 12 m/t

·        US soymeal prices --- down by USD 18 to 20 m/t

·        US winter wheat – down by USD 8 m/t

·        US spring wheat – down by USD 6 m/t

 

As the wee recap above shows, prices were all down on the week as harvest pressure seems to be in charge.

 

Corn prices continued to move lower as the US harvest chugs along. Most trade reports feel that the pressure will ease soon as the harvest gets closer to its end and that we could see some recovery to higher levels from the very low corn prices of today. Brazil will be the next major factor for corn prices as any delay in second-crop corn planting will tend to move prices higher.

 

Soybeans and soymeal prices continued to slide lower but trade reports do seem to favor a move to higher US prices in days to come --- some reports say that US farmers just don’t want to sell their cash beans at this price level. From a technical point of view, reports say that both soybeans and soymeal futures are oversold which could lead to a price rally.

 

Wheat prices in the US were lower again this week but export sales were good – probably as a result of lower US prices. Trade reports do say that there are quite a few international buyers looking closely at US wheat due to serious logistics problems with Black Sea wheat supply ---- Black Sea prices may be lower but can buyers get delivery when needed. Sometimes it is best to spend an extra buck to insure the logistics.

 

 

Estimated Bulk Grain Freight in USD per MT, basis heavy grains.

 

US Gulf to Europe: Panamax	$27.00	Down $1.00
US Gulf to Spain: Panamax	$27.00	Down $1.00
US Gulf Israel: Panamax	$45.00	Up $1.00
US Gulf to Egypt: Panamax	$45.00	Up $1.00
US Gulf Turkey: Panamax	$46.00	Up $1.00
US Gulf Morocco: Handi	$45.00	Steady
US Gulf Algeria/Tunisia: Handi	$46.00	Steady
US Gulf Nigeria: 30,000 MT	$51.00	Steady
US Gulf other Med: Handi	$47.00	Steady
US Gulf South Africa: Handi	$52.00	Steady
US Gulf India: Panamax	$52.00	Steady
US Gulf to Philippines: Panamax	$52.00	Steady
US Gulf Japan: Panamax	$75.00	Down $2.00
US Gulf China: Panamax	$74.00	Down $2.00
US PNW Egypt: Panamax	$53.00	Steady
US PNW South Africa – 40,000 MT	$63.00	Steady
US PNW Philippines: Panamax	$36.00	Steady
US PNW Japan: Panamax	$40.00	Up $2.00
US PNW China: Panamax	$38.00	Up $2.00
US East Coast Nigeria: Handisize	$41.00	Steady
US Lakes, Duluth – Europe – 30,000 MT	$64.00	Down $1.00
US Lakes, Duluth – Morocco – 30,000 MT	$70.00	Down $1.00
France/Germany to Algeria: Handi	$33.00	Steady
France/Germany to Bangladesh 40,000 MT	$60.00	Up $2.00
France/Germany to China: Panamax	$70.00	Steady
France/Germany to Egypt: Panamax	$35.00	Steady
France/Germany to India: Panamax	$62.00	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	$46.00	Steady
Argentina to China: Panamax – no top off	$57.00	Down $2.00
Argentina to Japan: Panamax – no top off	$68.00	Down $2.00
Argentina to Egypt: Panamax	$54.00	Steady
Argentina to Europe: Panamax	$41.00	Steady
Argentina to Morocco: Handi	$45.00	Steady
Argentina to Libya: Handi	$46.00	Steady
Argentina to Jordan: Panamax	$58.00	Steady
Argentina to Saudi Arabia: Panamax	$65.00	Steady
Argentina to Iran: Panamax	N/A
Argentina to Indonesia: Panamax	$60.00	Steady
Argentina to South Africa: Panamax	$38.00	Steady
Argentina to Kenya: Handi	$56.00	Stady
Argentina to Spain: Panamax	$41.00	Steady
Argentina to Tunisia: Handi	$46.00	Steady
Brazil to Algeria/Tunisia: Handi	$37.00	Steady
Brazil to China: Panamax	$54.00	Down $4.00
Brazil to Japan: Panamax	$55.00	Down $4.00
Brazil to South Korea: Panamax	$58.00	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 MT	$64.00	Steady
Brazil to Spain: Panamax	$37.00	Steady
Brazil to Turkey/Egypt: Panamax	$59.00	Steady
Australia to Saudi: Panamax	$46.00	Steady
Australia to Europe: Panamax	$59.00	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   Accurate freight prices for Black Sea shipments are very difficult to obtain.
Black Sea to China: Panamax	$95 Russia	Ukraine $56
Black Sea to Indonesia: Panamax	$95 Russia	Ukraine $63
Black Sea to Bangladesh: Panamax	$95 Russia	N/A
Black Sea to Egypt: 40/50,000	$90 Russia	Ukraine $28
Black Sea to Egypt: 30,000	$90 Russia	Ukraine $27
Black Sea to Iran: Panamax	N/A	N/A
Black Sea to Europe: Panamax	$46 Russia	Ukraine $28
Black Sea to East Spain – Panamax	$44 Russia	Ukraine $23
Black Sea to Morocco – Handi	$105 Russia	Ukraine $29
Black Sea to Tunisia/Algeria – Handi	$105 Russia	Ukraine $28
Black Sea to Jordan: Panamax	$82 Russia	Ukraine $30
Black Sea to Libya – Handi	$105 Russia	Ukraine $29
Black Sea to Saudi: Panamax	$82 Russia	Ukraine $58
Black Sea to Turkey – Handi	$85 Russia	Ukraine $31
Black Sea to South Africa – Handi	$95 Russia	N/A
Black Sea to Nigeria – Handi		Romania $48
Black Sea to Kenya –- Handi		Romania $58
Black Sea to Vietnam --- Handi		Romania $73
Black Sea to Bangladesh --- Handi		Romania $67
Black Sea to Egypt --- Handi		Romania $24
Black Sea to Europe --- Handi		Romania $37
Russia to Turkey (Izmir)– coaster 5,000 MT	No info
Russia to Egypt – coaster 5,000 MT	$120
Ukraine to Turkey – coaster 5,000 MT	$106	Romania $34
Ukraine to Egypt – coaster 5,000 MT	$122	Romania $41
Baltic Dry Index 40% Capesize, 30% Panama, 30% Supermax	2714	Up 54
Baltic Capesize Index	4126	Up 335
Baltic Panama Index	1889	Down 220
Baltic Supramax Index	1887	Down 22
Baltic Handisize Index	1014	Down 6
Freightos/Baltic Container Index	3514	Up 1

 

 

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 November 2026<<January 2027

 

Wheat, USA Soft Red Winter, US Gulf	USD 262<<265
Wheat, USA Hard Red Winter 11 protein, US Gulf	USD 288<<291
Wheat, Ukraine 11.5 pro, 30,000+ MT	USD 220<<225
Wheat, Russia 12.5 pro, 30,000+ MT	USD 213<<218
Wheat, Romania 12.5 pro	USD 275<<280
Wheat, Superior, France	USD 259/262 spot
Wheat, milling, 12.0%, Argentina, Upriver	USD 240<<245
Wheat, feed, Black Sea	USD 215<<220
Barley, France, Rouen port	USD 237/240 spot
Barley, feed, Argentina, upriver	USD 240/245
Barley, feed, Black Sea, 30,000+	USD 195/200
Barley, feed, Australia	USD 255/260
Corn, 2YC FOB NOLA USA	USD 215<<225
Corn, 3YC FOB USA Pacific Northwest	USD 225<<235
Corn, FOB Argentina port, upriver	USD 205<<210
Corn, FOB Brazil port	USD 210<<220
Corn, FOB France -- Atlantic	USD 311/314 spot
Corn, FOB Romania	USD 240<<250
Corn, FOB Russia	USD 210<<220
Corn, FOB Ukraine, 30,000+ MT	USD 225<<240
Sorghum, FOB Argentina port	USD 220<<230
Sorghum, FOB Texas	USD 232<<236
Soymeal, 48% protein, FOB NOLA	USD 400>>395
Soymeal, 48% protein, USA, Rotterdam	USD 430>>425
Soymeal, 47% pro, FOB Argentina	USD 380>>365
Soymeal, 48% protein, FOB Brazil	USD 365>>355
Soybeans, FOB NOLA	USD 490<<505
Soybeans, Argentina, FOB	USD 485<<505
Soybeans, Brazil, FOB	USD 500>>455
Soybeans, Black Sea	No prices
Corn Gluten Meal, USA FOB NOLA	USD 715<<720
Corn Gluten Feed, USA FOB NOLA	USD 235<<245
DDGS corn, 35 profit, USA FOB NOLA	USD 275<<280

 

 

 

SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:

 

South Peru details: No change this week ---- New quota 251,000 m/t, landed 4,524 m/t, fishmeal produced 1,131 – balance on quota 246,476 m/t to December 31, 2026.

(fishmeal and fishoil production are estimated)

 

Exploratory fishing of white anchovy – samasa - has begun in the North/Central region of Peru with the total catch at 2,500 m/t.

 

China held its China Fisheries and Seafood Expo this past week which did see attendance by a number of Peruvian folks.

 

According to the IFFO its next mid-year meeting will be in Madrid, Spain on April 26 to 28 2027 with the 2027 IFFO Conference scheduled for October in Prague, Czech Republic.

 

All is quiet in Peru with no buying or selling --- just sweeping up to keep active

 

Fishmeal prices in China for stocks on hand are reported to have moved higher by as much as US$ 150 m/t.   

 

The Peru prices shown blow are just best estimates of about where the prices would be if there was anyone willing to sell ---- really just a best guess.

 

Peru exports numbers for January to September show exports down by 56% from the same period in 2025 --- no surprises there – we are all well aware.

 

 

European fishmeal prices – FOB North German port.

 

Type	Protein %	Price per MT USED
Standard Herring	64% protein	$2800
Danish standard fishmeal	71% protein	$3620
Peru fishmeal	65% protein	$3290
Chile fishmeal	67% protein	$3330
Iceland fish meal	71% protein	$3750

 

 

ALL PRICES SHOWN ARE IN CONTAINERS, ON VESSELS, AT ORIGIN --- US DOLLARS

Minimum shipment of 200 MT for fishmeal

 

Specification	Price per MT FOB Peru port	Price per MT FOB Chile port
65% protein standard steam	2600/2650
66% protein 120 TVN	2650/2700
67% protein 150 TVN	2700/2750
67% protein 120 TVN	2800/2850	3150/3200
67% protein 1000 hist, 120 TVN	3000/3050	3200/3250
68% protein 500 hist, 100 TVN	3100/3150	3250/3300
Fish oil, crude bulk – feed grade	No prices	7700/8000
Fish oil, crude in drums	No prices	No prices
Fish oil, flexi tank	No prices	No prices
Fish oil, Omega 3: 28% EPA/DHA	12,000+	No prices

 

INFORMATION: TVN = total volatile nitrogen, hist = histamine

 

The information contained herein is based on sources that we believe to be dependable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy. All references to prices are subject to change without notice. Any opinions expressed herein are solely those of the author.

 

Copyright © 2026 Wayne S. Bacon