Milling & Baking News - March 29, 2005 - 53

I N G R E D I E N T

Soy Products

Bookings of soy flour were steady
to stronger last week as prices moved
lower. Shipments were strong before
scheduled downtime on Good Friday.
Two consecutive weeks of declining
soy flour prices prompted several users
who had held off buying during the
fund-driven rally in the soy complex
to fill gaps in second quarter coverage.
Buying remained restrained, however,
as most anticipated additional price declines. Farmer sales of soybeans slowed
as futures prices declined.
Sales of U.S. soybean meal abroad for
the week ended March 17 totaled 149,900
tonnes, well above expectations. Total export commitments for the marketing year
to date were 31% ahead of last year.
The sell-off in soybean and soybean
meal futures that began the previous
Thursday continued last week, with
pressure attributed to a stronger U.S.
dollar and active commodity fund selling. Nearby May ended the week 52¼c
a bu below the rally's high set early the
previous week. Prices, especially for
meal, firmed in light trading Thursday.
The South American harvest was estimated to be near the half way point late
last week. New private and government
crop estimates ranged from 52 million to
58 million tonnes, down sharply from
earlier projections but still near or above
last year's record outturn.
Sales of U.S. soybeans abroad in the
week ended March 17 were 346,900
tonnes, a marketing year low for 2004-05,
and 77,700 tonnes for 2005-06, with the
total at the low end of trade expectations.
Total commitments for the marketing year
to date were 15% ahead of last year. MBN

Chicago corn & soy futures
- Change from - Year
Corn Futures March 24 March 18 March 11 ago
$ per bu
May
2.10½
-9¼
-14¼
3.05½
July
2.18½
-9
-13
3.09¾
September
2.24¾
-9½
-12
3.05½
December
2.33¾
-9¼
-11¼
3.01¾
March
2.39¾
-9
-10½
3.04
May
2.43
-8¾
-10¾
3.06
Soybeans
$ per bu
May
6.28¾
-20¼ -33¾
10.13
July
6.34
-19
-32½
10.03
August
6.30½
-20
-33
9.67½
September
6.14½
-26
-34½
8.58½
November
6.04
-22
-30½
7.67½
January
6.06
-21
-30½
7.66
Soybean Meal $ per ton
May
188.40
-3.70 -9.70
316.90
July
189.70
-5.10 -10.20 313.10
August
190.20
-5.20 -9.90
303.80
September
188.70
-5.50 -10.30 281.50
October
185.60
-5.40 -9.40
242.50
December
185.90
-5.50 -8.60
233.50

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Corn Products

Sales of corn meal remained active last
week. Prices were lower. Corn mills ran
mostly four days because of the Good
Friday-Easter holiday.
Demand for flaking grits used to make
cold breakfast cereals was strong and
expected to build as temperatures warm
into spring. Snack meal sales also held
strong. Corn flour sales again were mixed,
with some mills reporting strong interest
but others only average demand. Sales of
brewer's grits were seasonally slow.
Most buying of corn meal was for
fill-in second quarter needs by small to
medium-size users, encouraged by last
week's lower prices. Farmer selling of
corn slowed as futures prices declined,
but mills had bought significant amounts
when selling was active. Farmers still
were thought to be holding a high percentage of the record-large 2004 crop.
Corn futures prices moved lower last
week as the previously bullish commodity
funds turned sellers. Market fundamentals remained weak, and early ideas that
the March 31 prospective plantings report
could show increased corn plantings from
2004, and the grain stocks report of large
supplies of stored corn, added pressure.
Net export sales of U.S. corn in the
week ended March 17 totaled 880,100
tonnes, at the high end of expectations;
total commitments for the marketing year
to date were 10% behind a year ago. MBN

Oats

Bookings of food grade oat flakes held
strong for this late into the hot breakfast
cereal season. Prices were unchanged.
Some buyers continued to book coverage through June. Most mills were down

W E E K

an extra day for the Good Friday-Easter
holiday.
Deliveries of oats to mills by farmers in Canada remained active. It was
expected weight restrictions will be put
into place on thawing roads in early to
mid-April. MBN

Rice

Cash rice prices were mostly steady
last week, while futures advanced.
Prices of milled long grain, medium
grain, parboiled and brewers were steady.
Rice byproduct prices continued to drop.
Volume of rice milled increased, adding
to the supply of byproducts. Rice bran
was removed from some feed formulations in favor of cheaper products after
February highs. Also, demand typically
eases as pastures green up in the spring.
The U.S. Department of Agriculture
world milled rice prices were up 15@31c
per cwt from a week earlier. The U.S.D.A.
last week also announced 2005 national
average loan rates for rough rice were $6.66
per cwt for long grain, $6.04 for medium
and $6.07 for short. Loan rates for milled
rice were $10.54 per cwt for long, $9.54 for
medium/short and $5.27 for brokens.
Trading in rough rice futures at the
Chicago Board of Trade was relatively
quiet last week, but prices advanced
counter to most other grains and oilseeds. Traders watched the drouth situation in Thailand.
Sales of U.S. rice for export in the week
ended March 17 totaled 71,000 tonnes.
Total commitments for the marketing
year to date were 3% below last year.
The Philippines said it would "reorder"
another 100,000 tonnes of mostly Vietnamese rice to meet 2005 demand. MBN

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
March 24
March 18
March 11
Soy flour
Bulk
13.15 @ 14.17 -.60@ -.33 -.65 @ -.05
Sacked
14.15 @ 16.17 -.60@ -.33 -.65 @ -.05

Rice
offers f.o.b. mills, $ per cwt, bagged

- Change from - Year
Cash
March 24 March 18 March 11 ago
Long grain
13.50@15.00
-
-
...
Medium grain 13.50@13.75
-
-
...
Parboiled
15.00@18.00
-
-
...
Second
Corn meal
heads, bulk 11.00@12.00
-
-
...
$ per cwt
10.50@11.00
-
-
...
- Change from - Brewers
...
...
...
...
March 24 March 18 March 11 Rice flour
Chicago, bulk
11.24@ 12.50 -.22@-.39 -.36@-.12 f.o.b. mills, $ per ton
45.00@50.00
- -18.00
...
Chicago, sacked 13.01@ 14.33 -.22@-.39 -.36@-.12 Rice bran
4.00@5.00
-
-1.00
...
New York, bulk
12.91@ 14.23 -.22@-.39 -.36@-.12 Rice hulls
New York, sacked 15.32@ 16.62 -.22@-.39 -.36@-.12 U.S.D.A. world price milled - $ per cwt
Long grain
10.10
+0.31 +0.31
8.32
Oats
Medium grain
9.12
+0.28 +0.28
7.85
9.11
+0.28 +0.28
7.83
- Change from - Short grain
Minneapolis
5.05
+0.15 +0.15
4.16
March 24 March 18 March 11 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade flakes, f.o.b.,
May
7.21
+0.19 +0.02
...
bagged, $ per cwt
20.25@20.50 -
-
July
7.41
+0.18 +0.05
...
Milling quality oats, No. 2 heavy,
September
7.58
+0.23 +0.13
...
$ per bu
1.88¼
+3¾c
+¾c
November
7.69
+0.27 +0.24
...
Oat hulls, $ per ton
10@15
-
-

Milling & Baking News, March 29, 2005 / 35

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Milling & Baking News - March 29, 2005

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