Corn basis: Basis bids around Decatur, IL averaged around +63 cents during the July reconciliation period, compared to +56 in June and +108 in July 2022. (Last July was the highest average for a NCC period since August 2013.) 

Corn oil: In July, formula-based crude corn oil pricing (derived from a 93.2 percent correlation to soybean oil futures) averaged around 61.5 cents per pound, up more than 12 cents in equivalent pricing from June due to the 25 percent jump in average soybean oil futures for the period. At this price, corn oil accounted for 35 percent of the coproduct credit, its highest share since June 2022.   

Net corn cost: The coproduct credit in July was around $2.69 per bushel, up 8 percent from June and down just 14 percent from a year ago thanks to higher corn oil prices. Net corn cost, at $3.54 per bushel, was down 27 percent from last July. 

The full version of this commentary appeared on our IQ platform Jul. 28, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers. Learn more about becoming a subscriber.


Source: 123rf.com
Posted by: Information Services
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