Milling & Baking News - February 22, 2005 - 53

I N G R E D I E N T

W E E K

were at 23½@24c a lb f.o.b. and Pacific at
24½@25c f.o.b. Individual Midwestern
beet sugar processors claimed they were
currently selling scattered lots of sugar
at 24@24½c f.o.b., and some Michigan
business took place at 24½@25c. Still,
additional reports surfaced on the East
coast that Midwest beet sugar there
continued to trade at the equivalent of
23@23½c. Traders in south central states
pointed to business at 24½@25c f.o.b.
Some participants predicted a firming
market into the spring. Available sugar
seemingly was in the hands of only a
few sellers. Individual Gulf refineries
reportedly were operating near full
capacity. There also were isolated
reports of storage problems involving
Midwest sugar beets, although other
companies were approaching the end

of their campaigns. Some cited recent
U.S. Department of Agriculture data
indicating sugar deliveries in OctoberDecember had increased 2.2% from
the same quarter in 2003. At the same
time, individual companies reported
business barely equal to a year back, and
some observed sizable cutbacks, in part
attributable to customers closing facilities
and moving them outside the U.S.
In any event, many sellers said that
bookings to date represented about 80%
to 90% of potential business, while many
sellers continued to look for business.
The
Kansas
City
Commodity
Office Feb. 16 announced no awards
were made in the proposed sale of
Commodity Credit Corp. sugar. The
C.C.C. immediately reoffered 24,000
tons of sugar stored in Idaho.

Spot Raw Cane Sugar

Spot 42% HFCS

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

Delivered basis, cents per lb
Feb. 18
Midwest
93/8 @ 97/8
Northeast
103/4 @ 111/4
Southeast
107/8 @ 113/8
Southwest
101/2 @ 11
West
113/4 @ 121/4

Year ago
93/8 @ 97/8
103/4 @ 111/4
111/8 @ 115/8
103/4 @ 111/4
113/4 @ 121/4

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
-
-
-

Feb. 18
23.50 @ 24.00
24.50 @ 25.00
25.15 @ 25.20

Year
ago
23.50
25.50
25.55

*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
January-March
April-June
July-September
October-December
January-March

Price
20.25
20.25
20.25
20.60
20.70
20.70

Week's
change
-
-
-
-
-.10
-

Year
ago
20.60
20.60
20.60
20.70
21.00
20.95

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

Milk Products
Week's
Feb. 18
change
.24 @ .24½
-

Feb. 18
Whole egg solids
1.40 @ 1.57
Egg yolk solids
1.35 @ 1.60
Egg white solids
2.30 @ 2.70
Blends (whole with sweetener) 1.35 @ 1.50

.30 @ .35

-

Cocoa

.74 @ .76

+2c

East Coast, $ per lb

.97 @ 1.08
.95 @ .97

-
+3c

10-12% natural butterfat
Red alkalized

f.o.b. plant, $ per lb
Nonhygroscopic whey
Delactose whey,
(20% min. protein),
Regular edible
Whey protein concentrate,
(34% protein), Regular edible
High-heat nonfat dry milk,
Chicago
Buttermilk powder

52 / Milling & Baking News, February 22, 2005

Feb. 18
.65 @ .75
.85 @ .95

Week's
change
-
-
-.10
-

Week's change
-
-.05

The corn sweetener market was quiet.
Sellers have booked virtually all of their
prospective 2005 production. MBN

 Milk

Ongoing strengthening persisted in
milk products last week. Production
was down, while demand remained
active. There was less C.C.C. powder on
the market. Export demand, especially
for items such as buttermilk powder,
was especially active. While whey was
steady to firm, whey protein concentrate
ended 2c a lb higher, and buttermilk
powder gained 3c. Caseinate jumped 10c
in response to a reduction in a European
Union subsidy. High-heat nonfat dry
milk and lactose were steady.
Much of the activity in whey again
involved contractual commitments.
Processors indicated stocks were either
in balance or tight. The West coast
market showed some strengthening, and
numbers in the Northeast and Southeast
were unchanged.
Whey protein concentrate continued
to move higher despite ongoing imports
from India and Israel.
Tight nonfat dry milk prodded some
users to look for substitutes, including
buttermilk powder. Still, processors
chose to produce condensed material
instead of the dried product. MBN

 Eggs

Most dried egg product prices held
steady last week in relatively light
trading. An exception was egg white
solids, which broke 10c a lb to the lowest
levels in about two years. Aggressive
discounting accounted for losses at
the lower end of the range, but some
breakers stoutly maintained quotes.
Some processors continued to contract
for the April-June and July-September
quarters, while others attempted
to restrict offers mainly to monthly
commitments. Processors stressed that
egg numbers still were inadequate to
justify current dried numbers. While
egg prices historically have moved up
significantly in advance of Easter, only
limited gains were anticipated this year.
Some looked for considerable weakness
following the holiday. MBN

 Cocoa

Some new setbacks emerged in cocoa
powder last week. While natural was
unchanged, red alkalized declined 5c a
lb. Traders reported business completed
across a wide range. Indonesian cocoa
reportedly sold as low as 58c a lb, while
better African cocoa moved at 82c.
Most cocoa powder buyers remained
on sidelines looking for lower levels. MBN

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Milling & Baking News - February 22, 2005

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