US has been experiencing weather related issues, which is leading to some price volatility in the market. Early in the week, prices were up as drought conditions were prevailing and by end of the week corn belt did get some rains, which lead to a downtrend in prices. Prices are down by almost USD 3/Mt against last week’s close.
US corn prices on CBOT were as under:
Jul USD 248.25/MT; Sep USD 230.14/MT and Dec USD 231.48/MT.
FOB prices US Gulf for the period Jul-Dec’23 indicated at USD 281-279/MT; FOB PNW indicated at USD 307-305/MT. US Corn #3 USD 295-290/MT (Sep).
As on Jun 18, 2023, 96% of the US corn has emerged as against 94% for the five year average (218-2022). The good to excellent condition is at 55%, which was 61% in the earlier week (because of less rains) and 70% previous year.
Other origin prices were as under (Jun-Aug’23)
Argentina USD 220-225/MT (Sep); Brazil USD 225-230/MT (Sep); FOB Ukraine USD 205-190/MT.
Other grains, US Sorghum prices FOB Texas were indicated at USD 305-296/MT (Jul-Sep)
Barley prices were as under:
France USD 240-245/MT; Argentina USD 240-245/MT; Black Sea USD 175-180/MT; Australia USD 230-235/MT.
DDGS prices on FOB basis are up as corn prices moved up in the week. FOB prices at US Gulf were indicated at USD 281-279/MT, (Jul-Sep); FOB PNW at USD 298-297/MT.
US DDGS delivered prices to the region, Vietnam USD 331/MT; Thailand 335/MT; Prices of CGM on FOB basis were indicated up at USD 680/MT and CGF at USD 230/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 47/MT and Ukraine USD 56/MT.
Source: Amit Sachdeva (U.S. GRAINS COUNCIL)