Weekly Report --- October 17 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 17, 2026

 

  USA Market situation for the week.

·        US corn prices --- down by about USD 3 m/t

·        US soybean prices – down by USD 11 to 13 m/t

·        US soymeal prices --- down by USD 8 to 10 m/t

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

·        US spring wheat – down by USD 5 to 7 m/t

 

Soybeans had good new sales to China this week but certainly didn’t stop soybean prices from moving lower. It seems that there are just too many soybeans in world markets and USA harvest pressure will keep trying to push prices lower. Looking at soybean export prices out a little, US soybeans will have some trouble competing with Brazil in export markets.

 

Corn actual exports and export potential still look very good but harvest supply is growing which is trying to push corn lower. Also, the current strength in the US dollar is trying to move export prices lower ---- quite a few things trying to move corn lower but this will probably only last until the US corn harvest is completed.  

 

Wheat prices continued lower again this week, which is quite contrary to the international wheat supply situation. Black Sea shipments of grain from all countries is suffering due to attacks on shipping, inoperable port facilities and loading and transport delays. There is lots of wheat in the US domestic supply and things look good so far for winter wheat which is probably a bigger factor in US domestic wheat prices than the international situation.

 

 

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	$44.00	Down $1.00
US Gulf to Egypt: Panamax	$44.00	Down $1.00
US Gulf Turkey: Panamax	$45.00	Down $1.00
US Gulf Morocco: Handi	$45.00	Down $1.00
US Gulf Algeria/Tunisia: Handi	$46.00	Down $1.00
US Gulf Nigeria: 30,000 MT	$51.00	Steady
US Gulf other Med: Handi	$47.00	Down $1.00
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	$77.00	Up $1.00
US Gulf China: Panamax	$6.00	Up $1.00
US PNW Egypt: Panamax	$54.00	Up $2.00
US PNW South Africa – 40,000 MT	$63.00	Up $2.00
US PNW Philippines: Panamax	$36.00	Steady
US PNW Japan: Panamax	$38.00	Steady
US PNW China: Panamax	$36.00	Steady
US East Coast Nigeria: Handisize	$41.00	Steady
US Lakes, Duluth – Europe – 30,000 MT	$64.00	Up $4.00
US Lakes, Duluth – Morocco – 30,000 MT	$70.00	Up $4.00
France/Germany to Algeria: Handi	$33.00	Steady
France/Germany to Bangladesh 40,000 MT	$58.00	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 $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	Steady
Argentina to China: Panamax – no top off	$59.00	Steady
Argentina to Japan: Panamax – no top off	$60.00	Steady
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	$40.00	Up $3.00
Brazil to China: Panamax	$59.00	Up $1.00
Brazil to Japan: Panamax	$60.00	Up $1.00
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 $62
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 $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	2511	Down 406
Baltic Capesize Index	3249	Down 1091
Baltic Panama Index	2314	Down 110
Baltic Supramax Index	1865	Up 51
Baltic Handisize Index	1011	Up 14
Freightos/Baltic Container Index	3560	Up 216

 

 

 

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<<287
Wheat, USA Hard Red Winter 11 protein, US Gulf	USD 316<<320
Wheat, Ukraine 11.5 pro, 30,000+ MT	USD 220<<225
Wheat, Russia 12.5 pro, 30,000+ MT	USD 214<<219
Wheat, Romania 12.5 pro	USD 275<<280
Wheat, Superior, France	USD 285/288 spot
Wheat, milling, 12.0%, Argentina, Upriver	USD 245<<250
Wheat, feed, Black Sea	USD 215<<220
Barley, France, Rouen port	USD 261/264 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 225<<230
Corn, 3YC FOB USA Pacific Northwest	USD 235<<245
Corn, FOB Argentina port, upriver	USD 215<<220
Corn, FOB Brazil port	USD 220<<230
Corn, FOB France -- Atlantic	USD 336/339 spot
Corn, FOB Romania	USD 240<<245
Corn, FOB Russia	USD 215>>195
Corn, FOB Ukraine, 30,000+ MT	USD 225<<235
Sorghum, FOB Argentina port	USD 220<<240
Sorghum, FOB Texas	USD 250<<255
Soymeal, 48% protein, FOB NOLA	USD 435>>420
Soymeal, 48% protein, USA, Rotterdam	USD 465>>450
Soymeal, 47% pro, FOB Argentina	USD 425>>385
Soymeal, 48% protein, FOB Brazil	USD 425>>385
Soybeans, FOB NOLA	USD 505<<515
Soybeans, Argentina, FOB	USD 490<<510
Soybeans, Brazil, FOB	USD 520>>475
Soybeans, Black Sea	No prices
Corn Gluten Meal, USA FOB NOLA	USD 715<<720
Corn Gluten Feed, USA FOB NOLA	USD 240<<250
DDGS corn, 35 profit, USA FOB NOLA	USD 280<<290

 

Animal protein prices in Europe and USA remain at very high levels as demand for fishmeal replacement is driving the market --- high price are expected well into 2027.

 

 

 

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)

 

It now is “official” that there will be no further fishing in North/Central Peru in 2027 although no official statement has been published. The biomass was seen to be at a low level of 5.1 million m/t with juveniles at a very high level – about 79%. Reproduction is also reported to be at a historically low level.

 

An official statement on the El Nino has very strong effect through January 2027 with continuing but moderating effect later in 2027. Trade reports say that this is the strongest El Nino event in 70 years.

 

It looks like the buyers who have outstanding fishmeal order will have to see the business rolled into the first fishing season in 2027 which will be about April/May.

 

Next week will see the IFFO conference in Buenos Aires ---- what will they all talk about now. There should certainly be a lot of talk about where the fishmeal supply will come from or about how to reduce fishmeal use in feed formulations.

 

Prime and Super Prime fishmeal prices from other origins look to be up by about USD 300 m/t --- no real surprise there.

 

I wonder if the fishmeal industry is heading back to those days years ago when there were mountains of unsold fishmeal and rock-bottom prices.

 

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