Average cash corn pricing around Decatur, IL in July was down 66 cents from July and down $1.22 from August 2022.
During the reconciliation period, corn gluten meal averaged up 5.0 percent from July but down 16 percent year on year, while feed pricing averaged around down 3 percent month on month and down 18 percent YOY. On a per-bushel basis, the increase in meal pricing offset the decline in feed.
In August, formula-based crude corn oil pricing (derived from a 93.2 percent correlation to soybean oil futures) averaged up about 1 cent from equivalent pricing from July. At this price, corn oil accounted for 36 percent of the coproduct credit.
The coproduct credit in August was up slightly from July and down 12 percent YOY. Net corn cost was down 19 percent MOM and down 23 percent YOY.
The full version of this commentary appeared on our IQ platform Aug. 29, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers.Learn more about becoming a subscriber.
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.