Cash corn prices are lower across the U.S. this week, with basis remaining steady as futures have fallen. Prices for DDGS FOB ethanol plants are steady/slightly higher, gaining $1-2/MT so far this week while Kansas City soymeal prices are up $7/MT. DDGS are priced at 185 percent of cash corn values, up from last week and above the three-year average of 106 percent. This is the third consecutive week in which the DDGS/cash corn ratio reached a new record high. The DDGS/soymeal price ratio is 0.64, down fractionally from the prior week and above the three-year average of 0.42.
On the export front, DDGS prices are lower this week as soymeal futures’ recent fall has pressured prices for that commodity and distillers’ grains. Barge CIF NOLA prices are down $7/MT for May shipments and are $13/MT lower for June. Merchandisers report that the barge market is active but DDGS prices are moving lower to remain competitive in feed rations. FOB NOLA offers are down $12/MT for May shipment reaching $243/MT. After multiple weeks of large price gain, offers for 40-foot containers to Southeast Asia are down $24/MT this week for May shipment. The average rate for containers to Southeast Asia reached $285/MT this week, up $41/MT from this time last year.