US weather has been good, which did lead to drop in corn prices. Also the acreage report that was out on 30th June suggests that corn planted area in 2023 is much higher and is estimated at 94.1 million acres (38 mill hac), up 6 percent or 5.52 million acres (2 mill hac) from last year. This represents the third highest planted acreage in the United States since 1944. Compared with last year, planted acreage is expected to be up or unchanged in 43 of the 48 estimating States.
Area harvested for grain, at 86.3 million acres (35 million hac), is up 9 percent from last year, which would mean an increased production of corn in 2023. Because of the weather and estimated higher area under corn, old corn crop prices were down by USD 30/MT and new crop by USD 37/MT.
US corn prices on CBOT were as under:
Jul USD 218.25/MT; Sep USD 192.27/MT and Dec USD 194.71/MT.
FOB prices US Gulf for the period Jul-Dec’23 indicated at USD 249-241/MT; FOB PNW indicated at USD 281-266/MT. US Corn #3 USD 270-255/MT (Oct).
As on Jun 26, 2023, 4% of the US corn is in silking stage (Same as 5 year average). The good to excellent condition is at 46%, which was 55% in the earlier week.
Other origin prices were as under (Jun-Aug’23)
Argentina USD 215-205/MT (Oct); Brazil USD 215-210/MT (Oct); FOB Ukraine USD 200-210/MT.
Other grains, US Sorghum prices FOB Texas were indicated at USD 294-261/MT (Jul-Sep)
Barley prices were as under:
France USD 225-230/MT; Argentina USD 240-245/MT; Black Sea USD 180-185/MT; Australia USD 230-235/MT.
DDGS prices on FOB basis are down as corn prices moved down in the week. FOB prices at US Gulf were indicated at USD 276-277/MT, (Jul-Sep); FOB PNW at USD 280-277/MT.
US DDGS delivered prices to the region, Vietnam USD 316/MT; Thailand 320/MT; Prices of CGM on FOB basis were indicated up at USD 670/MT and CGF at USD 225MT
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 47/MT and Ukraine USD 60/MT.
Source: Amit Sachdeva (U.S. GRAINS COUNCI
