Milling & Baking News - July 20, 2004 - 44

I N G R E D I E N T

W E E K

were prices for raw and refined sugar
could decline as a result. The 2003-04
O.A.Q. was unchanged.
In its supply/demand report, the
U.S.D.A. put 2004-05 U.S. sugar carryover
at 2,145,000 tons, raw value, down 181,000
tons from June and down 34 tons from
2003-04. Total beet and cane sugar production for 2004-05 was projected at
8,480,000 tons, down 110,000 from June.
The U.S.D.A. put beet sugar output at
4,432,000 tons, down 88,000 tons, and cane
sugar at 4,048,000 tons, down 22,000 tons.
Total supply was projected at 12,250,000
tons, down 131,000 tons from June and
about even with last year. Exports were
increased by 50,000 tons, to 200,000 tons.
Total deliveries were unchanged from
June at 9,905,000 tons.
The U.S.D.A. lowered 2003-04 produc-

tion by 96,000 short tons, raw value, to
8,844,000 tons. Beet sugar output was
4,799,000 tons, down 64,000 tons from
June, and cane output was 4,045,000 tons,
down 32,000 tons. The U.S.D.A. estimated
2003-04 carryover at 2,179,000 tons, down
21,000 tons from the June estimate.
The industry showed little reaction to
the revised supply/demand data, saying
it made little difference ahead of the
O.A.Q. announcement. Lower production and stock numbers would simply
mean fewer blocked stocks, some noted.
Others were surprised that the U.S.D.A.
did not reduce sugar demand (food deliveries). The U.S.D.A. projection of
9,715,000 short tons, raw value for food
use, up 45,000 tons from 2003-04 and up
249,000 tons from 2002-03, was unrealistic under current and long-term diet and

Spot Raw Cane Sugar

Spot 42% HFCS

Bulk, delivered U.S. refineries, cents per lb

Delivered basis, cents per lb
July 16
Midwest
93/8 @ 97/8
Northeast
103/4 @ 111/4
Southeast
111/8 @ 115/8
Southwest
103/4 @ 111/4
West
113/4 @ 121/4

Year ago
93/8 @ 103/8
103/4 @ 113/4
111/8 @ 121/8
103/4 @ 113/4
113/4 @ 123/4

Variations in prices often tied to tank car versus truck deliveries.

Beet and Cane Sugar
f.o.b. plant, cents per lb
Midwest beet
Pacific beet
Cane*

42% High Fructose Corn Syrup

Week's
change
-
-
-.20

July 16
23.50 @ 24.50
25.00 @ 26.00
25.10 @ 25.15

Year
ago
27.50
27.50
27.80

*Spot raw plus 7% plus 3c with 2% cash discount.

Bulk, delivered Midwest plant, cents per lb

Raw Cane
Delivered refiner, cents per lb
Contract
Nearby
July-September
October-December
January-March
April-June
July-September

Price
20.20
20.25
20.45
20.90
21.05
21.25

Week's
change
-.25
-.25
-.15
-.15
-.15
-.15

Year
ago
21.30
21.30
21.35
21.25
21.40
21.60

Eggs
f.o.b. plant, $ per lb

Milk Products
f.o.b. plant, $ per lb
July 16
.25 @ .26

Nonhygroscopic whey
Delactose whey,
(20% min. protein),
Regular edible
.30
Whey protein concentrate,
(34% protein), Regular edible .641/2
High-heat nonfat dry milk,
Chicago
.95
Buttermilk powder
1.05

Week's
change
-

July 16
Whole egg solids
2.15 @ 2.20
Egg yolk solids
1.50 @ 1.55
Egg white solids
4.95 @ 5.25
Blends (whole with sweetener) 1.65 @ 1.75

@ .35

-

Cocoa

@ .661/2

-

East Coast, $ per lb

@ 1.20
@ 1.25

-
-

July 16
10-12% natural butterfat .85 @ .95
Red alkalized
1.30 @ 1.40

44 / Milling & Baking News, July 20, 2004

Week's
change
-
+.10
-.20
+.02

Week's change
-
-

consumption trends, they said.
Sweetener shipments were seasonal. MBN

Milk
Milk product prices were steady to
weak, with declines noted at the high end
of the price ranges for dry whey and lactose. Butter declined sharply as the price
on the Chicago Mercantile Exchange
plunged 16¼c a lb, to $1.70 a lb, last
Wednesday.
Dry whey prices remained weak on
light demand and adequate to full stocks.
Some manufacturers offered discounts,
but buyers hesitated as prices declined.
Lactose prices weakened as domestic
and export demand declined amid balanced to ample stocks.
Traders attributed some of the extended price weakness to the sell-off of
products stockpiled when prices had
been much higher. The stockpiles had
been built because some anticipated even
higher prices this summer. MBN

Eggs
Egg product prices were mixed last
week, with egg yolk solids up 10c a lb,
whites down 20c and other products
about steady. Supplies were adequate to
ample for most products. Retail egg demand remained weak, and some graded
eggs moved as breaking stock, but at a
slower pace than in recent weeks.
Shipments of dried egg products remained slow as buyers were reluctant to
add coverage in what many still consider
a declining market. Traders concurred
that egg whites had room to decline further, but other products were stabilizing.
Dried eggs processed in the latest week
were up 13% from a week earlier and up
30% from a year ago, while shell egg
breaking stock inventory was up 10% for
the week, the U.S.D.A. reported. MBN

Cocoa
The cocoa powder market was quiet as
many traders attended the Institute of
Food Technologists' annual meeting.
Cash prices were unchanged. Futures
prices continued their upward climb,
topping $1,500 per tonnes in the September contract at midweek.
While much of the surge in futures
prices was technical in nature, traders
noted that dryness and low prices could
limit the Ivory Coast cocoa bean crop in
2004-05 but also added that world cocoa
supplies remained at a surplus.
U.S. second-quarter cocoa grind data
released Friday was 98,070 tonnes, up 534
tonnes, or 0.5%, from 97,536 tonnes last
year. Earlier in the week, second-quarter
European cocoa grind was reported at
250,689 tonnes, up 2.3% from last year
but in line with expectations. MBN
bakingbusiness.com / world-grain.com
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - July 20, 2004

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