International Corn prices down; DDGS prices up on higher demand and lower production

US corn prices moved lower this week. Consider that a correction and market nervousness ahead of US presidential elections on 3 Nov 2020. Domestic demand and exports remain good. As on 30 Oct 2020, US corn prices were down on CME. Dec corn down $10/MT and closed at $156.84/MT; Mar down $6/MT and closed at $158.73/MT; May down $6/MT and closed at $159.83/MT. Lower prices were also reflected in FOB prices. US Gulf down $7/MT and indicated at $218-217/MT for the period Nov’20 – Jan’21. FOB PNW indicated at $236-232/MT, down $7/MT. Other origin corn also down, Argentina reported down $9/MT and indicated at $223-226/MT; Brazil down $8/MT and indicated at $229-232/MT and Black sea corn down $7/MT and indicated at $229-232. US corn remains the cheapest at this time. Brazil’s Cereal Exporters Association reported that the corn prices in Brazil are up 30% against last month. China domestic corn prices are also higher and reports indicate lot of wheat use as well in livestock rations

Other grains, namely Sorghum prices were also down by $5/MT and FOB NOLA indicated at $289-288/MT; FOB Texas at $277-276/MT. Sorghum purchases too are up by China. Last week China purchased 56,400 MT of US Sorghum as well.

Barley prices also were down and French Barley on FOB basis reported down $10/MT at $228-230/MT; Argentina down $1/MT at $229-231/MT; Black Sea Barley reported up $3/MT at $219-222/MT; Australian Barley down $2/MT and indicated at $207.5/MT; Russian feed barley at $203/MT down $1/MT. Barley too continues to be bought for feed purposes from the world market. Jordan purchased 60,000 MT of Barley @ $238.75/MT.

DDGS prices continue to be volatile due to increased domestic demand and a downtrend in Ethanol/DDGS production. While the FOB prices of DDGS at US Gulf were reported down $5/MT at $262-258/MT for the period Nov’20-Jan’21, FOB prices at PNW were indicated up by $2/MT at $260-264/MT. Prices on FOB basis remain volatile due to US rail freight, which remains tight as it is full for corn and Soybeans/Soymeal movement. On CNF basis, prices were up by $8-10/MT. Vietnam $291/MT; China $293/MT; Chittagong $306/MT and Myanmar $301/MT. CGM prices on FOB basis were up by $10/MT for Jan’21 shipments and ranged between $590-600/MT; CGF prices up by %5-8/MT and indicated at $215-218/MT.

Amit Sachdev, Serving Agriculture and Livestock in India, Bangladesh and Sri Lanka * E Mail:

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