USGC Weekly Price Report 31 Mar 2023
The prospective planting report for 2023 was released on 31 Mar 2023. Corn area expected to be up 4% at 92 million acres against 2022. Soybean area is expected to be up slightly at 87.5 million acres.
Trade expects China to continue buying corn continues to buy corn from US, which could reduce corn stocks. The grain stock report released on 31 Mar 2023, also put stocks at 187.96 MMT as on Mar 01, 2023, down 5% against 1 Mar 2022. 104.39 MMT is stored on the farms, up 1% against last year. Off farm stocks are at 83.56 MMT are down 10% from year ago.
Due to lower stock expected, prices of corn have risen, even though are expected to be up. May USD 259.98/MT; Jul USD 250.37/MT and Sep USD 227.23/MT. Corn Prices on FOB basis were also reported up. US Gulf for the period Apr-Sep’23 indicated at USD 298-278/MT; FOB PNW indicated at USD 321-301/MT. US Corn #3 USD 320-300/MT (Aug).
Other origin prices were as under (Apr-Jun’23)
Argentina USD 285-245MT (Jul); Brazil USD 295-245/MT (Jul); FOB Ukraine USD 240-245/MT.
Brazil corn production (Safrina) is expected at 97.2 MMT due to weather related issues and Argentina corn crop is also expected to be down. EU overall corn production is expected at 62.3 MMT (recovery from last year’s 52.5 MMT)
Other grains, US Sorghum prices FOB Texas were indicated at USD 348-338/MT (Apr-Jun)
Barley prices were as under
France USD 292-295/MT; Argentina USD 290-295/MT; Black Sea USD 255-260/MT; Australia USD 265-270/MT.
DDGS prices are mixed, up at most due to higher SBM prices. FOB prices at US Gulf were indicated at USD 338-334/MT, (Apr-Jun); FOB PNW at USD 348-345/MT.
US DDGS delivered prices to the region, Vietnam USD 394-391/MT; Thailand 394-392/MT; Myanmar USD 385-384/MT. Prices of CGM on FOB basis were indicated at USD 805/MT and CGF at USD 300/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 49/MT and Ukraine USD 54/MT).
Source: Amit Sachdeva (U.S. GRAINS COUNCIL)