Weekly Report --- October 10, 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 10, 2026

 

  Market situation for the week.

·        US corn prices --- down by about USD 7 m/t

·        US soybean prices – down up USD 5 to 6 m/t

·        US soymeal prices --- down up USD 18 to 21 m/t

·        US winter wheat – down by USD 4 to 6 m/t

·        US spring wheat – no change for the week

 

This week was WASDE week --- amazing, scary and surprising WASDE week --- corn yields reported by the USDA as much higher than expected – no major changes for soybean crop and not much different for wheat of all types.

 

Corn yield was increased by the USDA WASDE from 178.5 bushels per acre to 181.2 when the trade was expecting 177.6 --- quite a surprise. Needless to say, corn prices moved lower on the WASDE estimate. Corn ending stocks moved higher as did total corn demand with little change in exports. 79.8% of USA total corn supply is used domestically --- 33.6% of total corn supply for feed and 31.6% for ethanol. 19.5% of USA corn is exported.

 

Soybeans had a mainly neutral WASDE with no major changes. The little strength in soybeans seems to be due to anticipation of increased exports although the trade opinions on exports vary widely and change daily --- no one knows what China will do for US beans. 58.4% of the US total soybean supply is used domestically.

 

USA wheat stocks are expected to be higher according to the WASDE as export numbers are lower. Wheat production estimates were steady but total wheat production is seen at the lowest level since 1970. 44% of the USA's total wheat supply is used domestically. 

 

 

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

 

US Gulf to Europe: Panamax	$28.00	Steady
US Gulf to Spain: Panamax	$28.00	Steady
US Gulf Israel: Panamax	$45.00	Steady
US Gulf to Egypt: Panamax	$45.00	Steady
US Gulf Turkey: Panamax	$46.00	Steady
US Gulf Morocco: Handi	$46.00	Steady
US Gulf Algeria/Tunisia: Handi	$47.00	Steady
US Gulf Nigeria: 30,000 MT	$51.00	Steady
US Gulf other Med: Handi	$48.00	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	$76.00	Steady
US Gulf China: Panamax	$75.00	Steady
US PNW Egypt: Panama via Panama	$52.00	Steady
US PNW South Africa – 40,000 MT	$61.00	Steady
US PNW Philippines: Panama	$36.00	Steady
US PNW Japan: Panama	$38.00	Up $1.00
US PNW China: Panama	$36.00	Up $1.00
US East Coast Nigeria: Handisize	$41.00	Steady
US Lakes, Duluth – Europe – 30,000 MT	$60.00	Down $2.00
US Lakes, Duluth – Morocco – 30,000 MT	$66.00	Down $2.00
France/Germany to Algeria: Handi	$33.00	Steady
France/Germany to Bangladesh 40,000 MT	$58.00	Steady
France/Germany to China: Panama	$70.00	Steady
France/Germany to Egypt: Panama	$35.00	Steady
France/Germany to India: Panama	$61.00	Steady
France/Germany to Iran: Panama	N/A
France/Germany to Jordan: Panama	$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: Panama – no top off	$59.00	Steady
Argentina to Japan: Panama – no top off	$60.00	Steady
Argentina to Egypt: Panama	$54.00	Steady
Argentina to Europe: Panama	$41.00	Steady
Argentina to Morocco: Handi	$45.00	Steady
Argentina to Libya: Handi	$46.00	Steady
Argentina to Jordan: Panama	$58.00	Steady
Argentina to Saudi Arabia: Panamax	$65.00	Steady
Argentina to Iran: Panama	N/A
Argentina to Indonesia: Panama	$60.00	Steady
Argentina to South Africa: Panamax	$38.00	Steady
Argentina to Kenya: Handi	$56.00	Stady
Argentina to Spain: Panama	$41.00	Steady
Argentina to Tunisia: Handi	$46.00	Steady
Brazil to Algeria/Tunisia: Handi	$37.00	Steady
Brazil to China: Panama	$58.00	Up $2.00
Brazil to Japan: Panama	$59.00	Up $2.00
Brazil to South Korea: Panamax	$58.00	Steady
Brazil to Europe: Panama	$37.00	Steady
Brazil to Morocco: Handi	$36.00	Steady
Brazil to Iran: Panama	N/A
Brazil to Saudi Arabia 30/40,000 MT	$64.00	Steady
Brazil to Spain: Panama	$37.00	Steady
Brazil to Turkey/Egypt: Panama	$59.00	Steady
Australia to Saudi: Panama	$46.00	Steady
Australia to Europe: Panama	$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 $57
Black Sea to Turkey – Handi	$85 Russia	Ukraine $30
Black Sea to South Africa – Handi	$95 Russia	N/A
Black Sea to Nigeria – Handi		Romania $48
Black Sea to Kenya –- Handi		Romania $55
Black Sea to Vietnam --- Handi		Romania $70
Black Sea to Bangladesh --- Handi		Romania $64
Black Sea to Egypt --- Handi		Romania $23
Black Sea to Europe --- Handi		Romania $30
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	$90
Ukraine to Egypt – coaster 5,000 MT	$105
Baltic Dry Index 40% Capesize, 30% Panama, 30% Supermax	2917	Down 231
Baltic Capesize Index	4340	Down 702
Baltic Panama Index	2424	Up 52
Baltic Supramax Index	1814	Up 25
Baltic Handisize Index	996	Down 11
Freightos/Baltic Container Index	3344	Down 8

 

 

 

 

 

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 283<<290
Wheat, USA Hard Red Winter 11 protein, US Gulf	USD 321<<324
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 265<<270
Wheat, Superior, France	USD 284/287 spot
Wheat, milling, 12.0%, Argentina, Upriver	USD 250>>245
Wheat, feed, Black Sea	USD 215<<220
Barley, France, Rouen port	USD 255/258 spot
Barley, feed, Argentina, upriver	USD 240/245
Barley, feed, Black Sea, 30,000+	USD 195/200
Barley, feed, Australia	USD 260/265
Corn, 2YC FOB NOLA USA	USD 220<<230
Corn, 3YC FOB USA Pacific Northwest	USD 240<<250
Corn, FOB Argentina port, upriver	USD 210<<220
Corn, FOB Brazil port	USD 220<<230
Corn, FOB France -- Atlantic	USD 335/338 spot
Corn, FOB Romania	USD 240<<245
Corn, FOB Russia	USD 215<<220
Corn, FOB Ukraine, 30,000+ MT	USD 225<<235
Sorghum, FOB Argentina port	USD 220<<230
Sorghum, FOB Texas	USD 257<<262
Soymeal, 48% protein, FOB NOLA	USD 445>> 430
Soymeal, 48% protein, USA, Rotterdam	USD 475>> 460
Soymeal, 47% pro, FOB Argentina	USD 435>> 420
Soymeal, 48% protein, FOB Brazil	USD 435>>405
Soybeans, FOB NOLA	USD 520<<525
Soybeans, Argentina, FOB	USD 510<<525
Soybeans, Brazil, FOB	USD 530>>500
Soybeans, Black Sea	No prices
Corn Gluten Meal, USA FOB NOLA	USD 715<<720
Corn Gluten Feed, USA FOB NOLA	USD 260<<270
DDGS corn, 35 profit, USA FOB NOLA	USD 290<<300

 

 

 

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

 

Central/North Peru details: The 2026 fishing period is officially closed as of August 21, 2026.

 

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)

 

There seems to be lots of discussion (or would that be panic) in Peru related to the possibility that there may not be a November/January fishing season or that if it is allowed may be with a reduced quota or regional limits. According to trade reports, the decision on the next fishing season could be announced on October 12. Overall world fishmeal production looks to be the lowest since 2016.

 

If there is no fishing, it will certainly keep world fishmeal prices high and accelerate the search for feed formulations with lower fishmeal portions. One more thing that the high fishmeal prices have accomplished is that every country in the world that does much fishing is now becoming a fishmeal exporter --- but much of the fishmeal of questionable quality.

 

China is on holiday so all is quiet from there this week.

 

October 19 to 21 are the dates for the IFFO Conference in Buenos Aires --- most of the fishmeal industry will be there. El Nino is expected to be a major topic along with whatever happens with a Peru fishing decision.

 

Just a note on alternate animal-based proteins --- European prices for poultry meal are very strong with prices up by about USD 300 m/t from the same time in 2025, now at almost USD 900 m/t, a 35% increase. Meat and bone meal, pork meal, feather meal and blood meal prices are also very strong.

 

 

European fishmeal prices – FOB North German port.

 

Type	Protein %	Price per MT USED
Standard Herring	64% protein	$2800
Danish standard fishmeal	71% protein	$3675
Peru fishmeal	65% protein	$3300
Chile fishmeal	67% protein	$3340
Iceland fish meal	71% protein	$3720

 

 

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

Minimum shipment of 200 MT for fishmeal

 

Specification	Price per MT FOB vessel Peru port	Price per MT 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	3300/3350
67% protein 1000 hist, 120 TVN	3000/3050	3300/3350
68% protein 500 hist, 100 TVN	3100/3150	3350/3400
Fish oil, crude bulk – feed grade	No prices	8300/8400
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