World corn prices were down as trade looks as US weather data. The cup condition on 23rd July was also an improvement. Next 7 days forecast is for good rains in the corn belt.
Corn production in South Africa is expected at 16.3 MMT.
US corn prices on CBOT were up by USD 8-9/MT:
Sep USD 205.10/MT; Dec USD 208.72/MT and Mar 2024 USD 213.21/MT
FOB prices US Gulf for the period Aug’23 – Jan’24 indicated at USD 242-253/MT, same as last week; FOB PNW indicated at USD 276-283/MT. US Corn #3 USD 265-270/MT (Oct).
Other origin prices were as under (Aug-Oct’)
Argentina USD 215-220/MT (Oct); Brazil USD 230-235/MT (Oct); FOB Ukraine USD 190-195/MT.
Other grains, US Sorghum prices FOB Texas were indicated at USD 271-273/MT (Aug-Oct),
Barley prices were as under:
France USD 250-255/MT; Argentina USD 260-265/MT; Black Sea USD 200-210/MT; Australia USD 235-240/MT. Barley production for EU is expected at 4.74 MMT, down 3% and spring barley yields down 14%.
DDGS prices on FOB basis were up a bit, but not majorly. FOB prices at US Gulf were indicated at USD 284-278/MT, (Aug-Oct); FOB PNW at USD 293-295/MT.
US DDGS delivered prices to the region, Vietnam USD 318-324/MT; Thailand 325-332/MT; Myanmar USD 314-323/MT. With SBM prices continuing to move up, it is priced at USD 11.14 per % protein, while DDGS is priced at USD 9.13 per % protein with additional energy via oil. (The prices are on FOB basis) US Corn DDGS provides cheaper protein with additional energy via oil. Prices of CGM on FOB basis were indicated at USD 650/MT and CGF at USD 250/MT
Freight rates (Bulk) are steady , US Gulf to India at USD 47/MT; Argentina to India USD 62/MT; Argentina- Bangladesh at USD 66/MT; Black Sea to Bangladesh (Russia USD 35/MT (down) and Ukraine USD 56/MT.
Source: Amit Sachdeva (U.S. GRAINS COUNCIL)
