September corn gluten meal and feed prices were close to August values but remained well below last year’s elevated levels. Meal averaged $566 per ton, up 1 percent month over month but down 19 percent YOY, while feed averaged $157 per ton, nearly unchanged from August but down 27 percent from September 2022. Meal and feed prices tend to decline further in October before seeing seasonal strengthening November through March. 

Formula-based crude corn oil pricing (derived from a 93.2 percent correlation to soybean oil futures) averaged near 59.6 cents per pound in September, down 5 percent from August. Corn oil accounted for 35 percent of the coproduct credit, a slightly lower share than in July and August. 

The coproduct credit was around $2.66 per bushel, down about 5 cents from August and 20 percent lower YOY. Net corn cost fell much more sharply due to drop in corn futures. Spot futures averaged $4.71 per bushel during the September reconciliation period (compared to $4.90 in August and almost $6.81 last September), putting net corn cost around $2.14 per bushel, down 25 percent month over month and down 46 percent YOY. 

The full version of this commentary appeared on our IQ platform Sep. 28, 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.