Cash corn values were $3.88/bushel this week, down from last week, while FOB ethanol plant DDGS are up to $140.24/MT. The DDGS/cash corn value is 92 percent, up from last week but still below the two-year average of 107 percent.
DDGS indications for FOB vessel Gulf are higher this week ($218/MT for July delivery) as buyers wait for corn and soybean futures to settle. Merchandisers report that the bid-offer spread is aligning and expect Asian buyers to reenter the market soon.
Otherwise, DDGS indications were mostly up. Indications for 40-foot containers to Southeast Asia increased $9/MT, on average, with Myanmar seeing the largest jump from last week’s figure.