Cash corn prices are firmer across the U.S. this week with basis rising to 10 cents under March futures. Prices for DDGS FOB ethanol plants are steady while cash soybean meal prices continued last week’s recovery and are $4/MT higher. DDGS are priced at 107 percent of cash corn values, equal with last week and slightly above the three-year average. The DDGS/soymeal price ratio is 0.49, down from the prior week and above the three-year average.
DDGS markets are firmer this week with demand increasing for various destination markets. Merchandisers are reporting a “decent amount” of export sales in the past few days. That has supported DDGS values across the board. Barge CIF NOLA values are $2/MT higher while FOB Gulf offers are up $5/MT for March/April/May positions. U.S. rail rates have firmed again following last week’s weakness and are $2-3/MT higher. Offers for 40-foot containers to Asia are mostly higher with rates to Vietnam, Japan, and Myanmar up $2-3/MT while prices for product to Thailand and Indonesia are down slightly after rising last week. The average offer for containers to Southeast Asia is unchanged from last week at $253/MT for March shipment and $250/MT for April.