Corn basis: Basis bids around Decatur, IL were considerably higher during the April reconciliation period, compared to March 2023 and April 2022.
Corn gluten meal and feed: Corn gluten meal and feed prices continue to decline, both seasonally and year over year. April CG feed was down 5 percent from March, and down 15 percent YOY. CG meal was down 7 percent from the previous month, and down 11 percent YOY. Cattle on feed as of Apr. 1, were down slightly from March, and down 4.4 percent vs. April 2022.
Corn oil: As of April 2023, we have changed how we report corn oil pricing due to USDA and Wall Street Journal discontinuing their corn oil price series. There are a range of formulas being suggested, but our study of the historical correlation between soybean oil futures and crude corn oil pricing suggests crude corn oil at 93.2 percent of soybean oil futures. For April, formula-based crude corn oil pricing was down about 2 cents from equivalent pricing in March.
Net corn cost: Net corn cost was up 20 percent MOM, and up 41 percent YOY.
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Posted by: Information Services Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.