The recent year-over-year growth in coproduct pricing supported the coproduct credit in March as the cost of corn fell to $3.85 per bushel (basis Decatur, IL).
Futures during the March coproduct value reconciliation period averaged $3.65 per bushel, nearly unchanged from a year ago, but basis, at $0.20, was significantly stronger, leading to a YOY increase of 7 percent in the Decatur regional cash price.
Corn gluten feed pricing was up 7 percent YOY, meal 9 percent, and corn oil 39 percent, which boosted the coproduct credit by 15 percent from the year-ago level.
The net cost of corn fell to $1.96, down over 10 cents from the February value and nearly unchanged from a year ago.
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