Cash corn values were $3.36/bushel this week while FOB ethanol plant DDGS are down from last week to $147.20/MT. The DDGS/cash corn value is 111 percent, above the two-year average of 107 percent.
DDGS values were mixed this week compared to last for indications offered in this report. DDGS indications for U.S. rail rates, including rates to Mexico and Canada, were down. CIF barge rates in New Orleans fell as well (-$5/MT) and FOB vessel U.S. Gulf indications were down for both the nearby and deferred month(s) delivery. FOB vessel U.S. Gulf is now at $203/MT for May delivery. Generally, river logistics have improved which has helped pressure prices.
Internationally, 40-foot containers to Southeast Asia were up $2/MT on average for May delivery amid a flurry of buying activity. Regarding export activity, U.S. Census Bureau data for the month of February 2019 showed Mexico as the top buyer of U.S. DDGS, accounting for 22 percent of total U.S. exports. South Korea, Indonesia, Vietnam and Canada rounded out the top five export markets for U.S. DDGS in February.