Weekly Report --- OCT 24 2026

2026-10-24T12:52:55.281+02:00

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 24, 2026

USA Market situation for the week.

· US corn prices --- down by about USD 6 m/t

· US soybean prices – down by USD 3 m/t

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

· US winter wheat – down by USD 15 m/t

· US spring wheat – down by USD 13 m/t

US corn prices are said to be still moving lower on harvest pressure but good export demand is limiting price losses. The corn harvest is running behind normal harvest levels but this does not seem to be much of a market price factor as the harvest can catch up very quickly.

US soybeans were lower but were stopped from dropping further by China’s purchases of US soybeans. Some experts have said that the recent China orders may not be enough to keep US soybean prices from moving lower as the soybean trade may have assumed larger purchases by China from the US. Brazil’s 2027 soybean crop is seen increasing very slightly while 2927 exports are seen at a little lower due to increased crushing in Brazil. Soymeal prices are said to be lower due to expected increased price competition from Brazil and record Brazil soymeal exports.

US winter wheat and spring both had a bad week with prices moving lower on limited export demand. The Black Sea shipment difficulties don't seem to be too much of a factor in US wheat prices. While lower, they are still too high for most international demand.

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	Steady
US Gulf to Egypt: Panamax	$44.00	Steady
US Gulf Turkey: Panamax	$45.00	Steady
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	$77.00	Steady
US Gulf China: Panamax	$76.00	Steady
US PNW Egypt: Panamax	$53.00	Down $1.00
US PNW South Africa – 40,000 MT	$63.00	Steady
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	$65.00	Up $1.00
US Lakes, Duluth – Morocco – 30,000 MT	$71.00	Up $1.00

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	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	$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	$37.00	Steady
Brazil to China: Panamax	$58.00	Down $1.00
Brazil to Japan: Panamax	$59.00	Down $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 $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 $25
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	2660	Up 149
Baltic Capesize Index	3791	Up 542
Baltic Panama Index	2109	Down 205
Baltic Supramax Index	1887	Up 22
Baltic Handisize Index	1020	Up 9

Freightos/Baltic Container Index	3513	Down 47

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 270<<273
Wheat, USA Hard Red Winter 11 protein, US Gulf	USD 299<<302
Wheat, Ukraine 11.5 pro, 30,000+ MT	USD 220<<225
Wheat, Russia 12.5 pro, 30,000+ MT	USD 210<<215
Wheat, Romania 12.5 pro	USD 275<<280
Wheat, Superior, France	USD 271/274 spot
Wheat, milling, 12.0%, Argentina, Upriver	USD 245<<250
Wheat, feed, Black Sea	USD 215<<220

Barley, France, Rouen port	USD 243/246 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 230<<240
Corn, FOB Argentina port, upriver	USD 215<<220
Corn, FOB Brazil port	USD 215<<225
Corn, FOB France -- Atlantic	USD 327/330 spot
Corn, FOB Romania	USD 245<<250
Corn, FOB Russia	USD 215<<220
Corn, FOB Ukraine, 30,000+ MT	USD 225<<235
Sorghum, FOB Argentina port	USD 225<<240
Sorghum, FOB Texas	USD 243<<248

Soymeal, 48% protein, FOB NOLA	USD 425>>415
Soymeal, 48% protein, USA, Rotterdam	USD 455>>445
Soymeal, 47% pro, FOB Argentina	USD 415>>380
Soymeal, 48% protein, FOB Brazil	USD 405>>375

Soybeans, FOB NOLA	USD 505<<510
Soybeans, Argentina, FOB	USD 490<<510
Soybeans, Brazil, FOB	USD 525>>475
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 280<<285

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)

The IFFO Conference in Buenos Aires finished this week and from all the reports it was a very good conference with a great deal to talk about and many very high quality presentations. The 2027 IFFO Annual Conference will be in Prague, Czech Republic.

As expected there was no trading of Peru fishmeal at the IFFO Buenos Aires conference.

Peru announced a 15 day “exploratory” fishing period for white anchovy only (samasa) with a limit of 20% undersized fish. Fishing will be only with smaller vessels, maximum 110 cubic meter hold size.

Sea surface temperatures in Peru remain 4 to 8 degrees above normal with the forecasts for a “extraordinary” El Nino event remaining at 80 to 98% until January 2027 and falling off quickly in February.

China fishmeal prices are unchanged this week with local China fishmeal production said to be much below normal levels.

China’s fishmeal imports to the end of September are at 1.11 million m/t with just 390,000 m/t from Peru, down by 54% from 2025. Vietnam fishmeal imports by China were at 176,000 m/t, up 14.4%, India at 104,000 m/t, up 42%, Russia at 104,000 m/t, down 5% and Chile at 93,000 m/t, down 18%.

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 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	3250/3300
68% protein 500 hist, 100 TVN	3100/3150	3350/3400

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.

HAMMERSMITH Reports

Weekly Report --- OCT 24 2026