Lower corn pricing offsets decline in coproduct credit
Basis bids around Decatur, IL during the March reconciliation period were up from January and February and up from basis bids in March 2022.
Corn gluten meal and feed prices are trending down. CG feed fell down both from February and from a year ago. CG meal fell down MOM and YOY. Cattle on feed, as of Mar. 1, were down compared to March 2022 and were the lowest number reported for March since 2017.
USDA and therefore the Wall Street Journal did not publish crude corn oil pricing in March due to the ongoing lack of reported commercial trading. Jacobsen pricing for crude corn oil went down about half a cent from their February average.
The coproduct credit in March was down from February, while cash corn pricing also fell. Net corn cost was down MOM and YOY. A year ago, the corn market was entering a red-hot March-July rally: Average spot futures jumped significantly between February and March 2022.
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