Grain futures showed fluctuations due to various factors throughout the week. A drier Brazilian forecast and Conab reducing its estimate for Brazil’s 2023/24 soybean production were key contributors. Another driver was sluggish domestic demand combined with large global stocks as well as the disappointing export sales figures reported by the USDA, reflecting China’s continuous cancellation of orders from both the U.S. and Australia.
DDGS prices have declined in the Channahon, IL, Indiana, and Ohio markets this week on week, while other locations have maintained steady levels. Market participants said that the market has weakened as corn and soybean meal softened. On the other hand, market sources emphasized the need of demand for livestock usage.
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