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 – August 09, 2025
The weeks certainly flash past --- another USDA-WASDE report will be issued next week and it hardly seems like a month since the last report.
Trade reports seem to favor the USDA as increasing the corn yield numbers with an increase in the overall US corn production. The USDA is also expected to increase the soybean yield estimates which will give small increase to total soybean production. Wheat production is expected to drop a little in the August WASDE report, which might change wheat prices to bullish.
Looking at USA prices this week, corn prices were down by USD 2 or 3 m/t for the week while new crop US soybeans were almost unchanged on the week – soymeal did move about USD 5 to 6 m/t higher. All US wheat prices were about unchanged at the end of the week from the previous week.
Weather for most of the US looks quite good for the next couple of weeks, which should certainly keep the farmers and the crops happy. With the good weather and the big crops, it is tough to see any major rallies in grains and oilseeds in the near term. Unless the WASDE report is a big surprise we should probably see a trading range for price for a bit until something exciting happens.
And a bit on tariffs --- the EU has decided to hold off for 6 months on any reciprocal tariffs against USA products that may have affected grains, oilseeds and protein items. So, for now, with the EU, it is all as normal for grain/oilseeds/etc.
Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.
US Gulf to Europe: Panamax | $27.00 | Up $1.00 |
$27.00 | Up $1.00 | |
US Gulf Israel: Panamax m/t | $33.00 | Down $1.00 |
US Gulf to Egypt: Panamax | $33.00 | Down $1.00 |
US Gulf Turkey: Panamax m/t | $34.00 | Down $1.00 |
US Gulf Morocco: Handi | $37.00 | Steady |
US Gulf Algeria/Tunisia: Handi | $38.00 | Steady |
$37.00 | Steady | |
US Gulf other Med: Handi | $39.00 | Steady |
US Gulf South Africa: Handi | $41.00 | Steady |
US Gulf India : Panamax | $52.00 | Steady |
US Gulf to Philippines: Panamax | $52.00 | Steady |
US Gulf Japan: Panamax | $55.00 | Steady |
US Gulf China: Panamax | $54.00 | Steady |
US PNW Egypt: Panamax via Panama | $38.00 | Down $1.00 |
US PNW South Africa – 40,000 m/t | $65.00 | Steady |
US PNW Philippines: Panamax | $34.00 | Steady |
US PNW Japan: Panamax | $29.00 | Steady |
US PNW China: Panamax | $28.00 | Steady |
US East Coast Nigeria: Handisize | $45.00 | Steady |
US Lakes – Europe – 30,000 m/t | $53.00 | Steady |
US Lakes – Morocco – 30,000 m/t | $59.00 | Steady |
France/Germany to Algeria: Handi | $33.00 | Steady |
France/Germany to Bangladesh 40,000 m/t | $54.00 | New |
France/Germany to China: Panamax | $70.00 | Steady |
France/Germany to Egypt: Panamax | $46.00 | Steady |
France/Germany to Iran: Panamax | $38.00 | Steady |
France/Germany to Jordan: Panamax | $42.00 | Steady |
France/Germany to Morocco: Handi | $32.00 | Steady |
France/Germany to Saudi Arabia: Panamax | $65.00 | Steady |
France/Germany to Turkey: Handi | $37.00 | Steady |
France/Germany to Yemen: Handi | $66.00 | Steady |
Argentina to Algeria: Handi | $46.00 | Steady |
Argentina to China: Panamax | $47.00 | Steady |
Argentina to Japan: Panamax | $48.00 | Steady |
Argentina to Egypt: Panamax | $53.00 | Steady |
Argentina to Europe: Panamax | $37.00 | Steady |
Argentina to Morocco: Handi | $45.00 | Steady |
Argentina to Libya: Handi | $46.00 | Steady |
Argentina to Jordan: Panamax | $55.00 | Steady |
Argentina to Saudi Arabia: Panamax | $62.00 | Steady |
Argentina to Iran: Panamax | $61.00 | Steady |
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 | $37.00 | Steady |
Argentina to Tunisia: Handi | $46.00 | Steady |
Brazil to Algeria/Tunisia: Handi | $42.00 | Steady |
Brazil to China: Panamax | $40.00 | Down $2.00 |
Brazil to Japan: Panamax | $41.00 | Down $2.00 |
Brazil to South Korea: Panamax | $48.00 | Steady |
Brazil to Europe: Panamax | $37.00 | Steady |
Brazil to Morocco: Handi | $41.00 | Steady |
Brazil to Iran: Panamax | $61.00 | Steady |
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 | $43.00 | Steady |
Australia to Europe: Panamax | $53.00 | 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 | ||
Black Sea to China: Panamax | $41 Russia | Ukraine $50 |
Black Sea to Indonesia: Panamax | $53 Russia | Ukraine $64 |
Black Sea to Egypt: 40/50,000 | $16 Russia | Ukraine $39 |
Black Sea to Egypt: 30,000 | $15 Russia | Ukraine $28 |
Black Sea to Iran: Panamax | $42 Russia | Ukraine $61 |
Black Sea to Europe: Panamax | $28 Russia | Ukraine $29 |
Black Sea to East Spain -- Panamax | $25 Russia | Ukraine $23 |
Black Sea to Morocco – Handi | $23 Russia | Ukraine $29 |
Black Sea to Tunisia/Algeria – Handi | $22 Russia | Ukraine $28 |
Black Sea to Jordan: Panamax | $18 Russia | Ukraine $29 |
Black Sea to Libya – Handi | $23 Russia | Ukraine $29 |
Black Sea to Saudi: Panamax | $41 Russia | Ukraine $50 |
Black Sea to Turkey – Handi | $12 Russia | Ukraine $25 |
Black Sea to South Africa – Handi | $55 Russia | |
Black Sea to Nigeria – Handi | Ukraine $45 | |
Russia to Turkey (Izmir)– coaster 5,000 m/t | $32.00 | Up $7.00 |
Russia to Egypt – coaster 5,000 m/t | $52.00 | Up $10.00 |
Ukraine to Turkey – coaster 5,000 m/t | No info | |
Ukraine to Egypt – coaster 5,000 m/t | No info | |
Baltic Dry Index 40% Capesize, 30% Panamax, 30% Supermax | 2051 | Up 33 |
Baltic Capesize Index | 3342 | Up 46 |
Baltic Panamax Index | 1635 | Down 9 |
Baltic Supramax Index | 1320 | Up 51 |
Baltic Handisize Index | 683 | Up 5 |
Freightos/Baltic Container Index | 2135 | Down 167 |
All shipments in bulk grain vessels unless stated otherwise.
(NOLA is New Orleans, Louisiana, USA.)
FOB port or location specified. Prices in US$, in metric tons:
ALL PRICES ARE FOR August 2025/October 2025
Wheat, USA Soft Red Winter, US Gulf | USD 222<<239 Dec |
Wheat, USA Hard Red Winter 11 protein, US Gulf | USD 233<<243 Dec |
Wheat, Ukraine 11.5 pro, 30,000+ m/t | USD 235<<240 Dec |
Wheat, Russia 12.5 pro, 30,000+ m/t | USD 240<<245 Dec |
Wheat, Romania 12.5 pro | USD 240<<250 Dec |
Wheat, Superior, France | USD 236/239 spot |
Wheat, milling, 12.0%, Argentina, Upriver | USD 225<<230 Dec |
Wheat, feed, Black Sea | USD 220<<225 Dec |
Barley, France, Rouen port | USD 225/230 |
Barley, feed, Argentina, upriver | USD 220/225 |
Barley, feed, Black Sea, 30,000+ | USD 220/225 |
Barley, feed, Australia | USD 250/255 |
Corn, 2YC FOB NOLA USA | USD 195<<200 Dec |
Corn, 3YC FOB USA Pacific northwest | USD 200<<215 Dec |
Corn, FOB Argentina port, upriver | USD 200<<205 Dec |
Corn, FOB Brazil port | USD 210<<215 Dec |
Corn, FOB France | USD 232/235 Spot |
Corn, FOB Romania | USD 250<<260 Dec |
Corn, FOB Russia | USD 230<<240 Dec |
Corn, FOB Ukraine, 30,000+ m/t | USD 240<<215 Dec |
Sorghum, FOB Argentina port | USD 200<<210 Dec |
Sorghum, FOB Texas | USD 190<<195 Dec |
Soymeal, 48% protein, FOB NOLA | USD 315<<320 Dec |
Soymeal, 48% protein, USA, Rotterdam | USD 345<<350 Dec |
Soymeal, 47% pro, FOB Argentina | USD 295<<310 Dec |
Soymeal, 48% protein, FOB Brazil | USD 300<<315 Dec |
Soybeans, FOB NOLA | USD 395<<400 Dec |
Soybeans, Argentina, FOB | USD 410<<415 Dec |
Soybeans, Brazil, FOB | USD 455<<450 Dec |
Soybeans, Black Sea | USD 410<<420 Dec |
Corn Gluten Meal, USA FOB NOLA | USD 570<<580 Oct |
Corn Gluten Feed, USA FOB NOLA | USD 205>>200 Oct |
DDGS corn, 35 profat, USA FOB NOLA | USD 225>>215 Oct |
SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN “INDICATION” FISHMEAL PRICES:
Fishing in the South Region totals about 30,200 m/t after last week which should yield about 6,800 m/t of fishmeal and 650 m/t of fishoil. The balance open on the South quota is now at just under 221,000 m/t.
Trade reports say that as soon as any supply of fishmeal appears from the South it is quickly snapped up by buyers.
Estimates for current fishmeal sales are now up to 555,000 m/t which should still leave a little fishmeal available for sale --- but not much and not high grades.
Fishmeal prices in China are reported to be steady to higher with high stocks on hand and lower sales recorded --- while this may sound a little bearish due to heavy supplies most reports see the China market tending to be more bullish than bearish.
MSI Ceres was saying this week that they expect activity for the next fishing season “will happen very soon” but they add that producers will probably have to look at lower export prices. As they say in their newsletter – “why not start buying early to get to the front of the line.”
European fishmeal prices – FOB North German port.
Type | Protein % | Price per m/t USD |
Standard Herring | 64% protein | $1710 |
Danish standard fishmeal | 71% protein | $2350 |
Peru fishmeal | 65% protein | $1695 |
Chile fishmeal | 67% protein | $1830 |
Iceland fishmeal | 71% protein | $2405 |
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 |
65% protein standard steam | 1420/1440 | |
67% protein 150 TVN | 1520/1530 | |
67% protein 120 TVN | 1600/1610 | No prices |
67% protein 1000 hist, 120 TVN | 1650/1660 | 1680/1690 |
68% protein 500 hist, 100 TVN | 1710/1720 | 1710/1720 |
Fish oil, crude bulk – feed grade | 2500/2600 | 2100/2200 |
Fish oil, crude drums | No prices | No prices |
Fish oil, flexi tank | No prices | No prices |
Fish oil, Omega 3: 28%EPA/DHA | 2900/3000 | 3100/3300 |
INFORMATION: gtee = guarantee, TVN = total volatile nitrogen, hist = histamine
Copyright © 2025 Wayne S. Bacon