Cash corn values were $3.91/bushel this week, up significantly from last week, while FOB ethanol plant DDGS edged up as well to $129.74/MT. The DDGS/cash corn value is 84 percent, below the two-year average of 107 percent.
DDGS indications for FOB vessel Gulf are higher this week ($215/MT), driven by rising grain prices. Bids for product delivered to Asian markets are below offers as buyers wait to determine the longevity of the recent commodity rally. Exporters are defending offers as U.S. commodities are competitive on the world market.
Otherwise, DDGS indications were up across the board. Indications for 40-foot containers to Southeast Asia are up $4/MT, on average, with Malaysia seeing the largest jump from last week’s figure.