Milling & Baking News - March 14, 2006 - 54

I N G R E D I E N T

Soy Products

Bookings of soy flour were steady last
week. Prices were modestly lower.
Soy flour sales were limited mostly to
a month or so out as buyers remained reluctant to reach too far ahead at current
prices. Few buyers were covered through
the crop year, and many still had needs
in the second quarter. But with mostly
bearish fundamentals, buyers still saw
limited upside price potential.
Soy complex futures prices traded lower early last week, pressured by speculative sales, the continued spread of avian
influenza, rain in the Midwest, and the
advancing Brazilian harvest. Also pressuring were ideas the U.S. Department
of Agriculture would boost soybean ending stocks in Friday's supply/demand
report. Futures gained ground Thursday,
and even Friday after the report, but still
ended the week lower.
The U.S.D.A. projected 2005-06 U.S.
soybean ending stocks at a record 565 million bus, up 10 million from February and
above average trade projections of 562 million. The increase was the result of a 10million-bu cut in export projections, to 900
million. Other numbers were unchanged
from February. The U.S.D.A. projected U.S.
soybean meal ending stocks at 250,000 tons,
unchanged from its February projection.
Domestic use was cut 200,000 tons, while
exports were increased by a like amount.
World oilseed production for 2005-06
was projected at a record 393 million
tonnes, up 3.7 million from February,
due mostly to larger soybean and rapeseed projections for China. The U.S.D.A.
left unchanged projected soybean production in Brazil, at 58.5 million tonnes,
despite recent estimates from Brazil that
put production below 58 million tonnes.

Chicago corn & soy futures
- Change from - Year
Corn Futures March 10 March 3 Feb. 24 ago
$ per bu
March
2.26
-2¾
-1¾
2.17½
May
2.34½
-5
-4¼
2.24¾
July
2.45
-4¼
-3
2.31½
September
2.53
-3¼
-1¼
2.36¾
December
2.63
-2½
-1¼
2.45
March
2.69¾
-1½
...
2.50¼
Soybeans
$ per bu
March
5.78¼
-15
+1
6.56¾
May
5.89¼
-16¾ -1
6.62½
July
6.00½
-16¾ -1
6.66½
August
6.06½
-15¼ +2½
6.63½
September
6.09
-13¼ +2
6.49
November
6.14¾
-12¾ +¾
6.34½
Soybean Meal $ per ton
March
172.40
-2.70 -3.10
196.00
May
174.30
-3.10 -3.00
198.10
July
177.10
-3.00 -2.70
199.90
August
178.50
-2.80 -2.50
200.10
September
179.20
-3.10 -2.60
199.00
October
179.00
-3.40 -2.50
195.00

bakingbusiness.com/world-grain.com

Also unchanged was Argentina's projected soybean crop at 40.5 million tonnes.
Net export sales of U.S. soybeans in the
week ended March 2 were 504,600 tonnes
for 2005-06, including 336,100 tonnes to
China. Sales were 37% above the previous
week, 5% over the prior four-week average
and were above trade expectations. For the
year to date, sales remained 22% behind
the same period last year. Sales of 245,400
tonnes for 2006-07 also were reported. Export sales of soybean meal, at 78,000 tonnes,
were down 13% from a week earlier and
31% below the four-week average. For the
year, sales commitments were 1% ahead of
the same period a year ago. MBN

Corn Products

Sales of corn meal remained slow last
week. Price changes were mixed.
Demand for all sizes of corn meal grits
remained seasonally slow, with interest
in fine product for breading because of
Lent about the only bright spot. Corn
mills ran about five days last week. Some
mills took the opportunity to fumigate
during the slow period.
Corn futures sank to three-week lows
by last Wednesday as commodity funds
sold contracts. Added pressure came
from timely rains in the Midwest, ahead
of the spring planting season, and growing concern that the global spread of avian
influenza would reduce feed demand. But
strong export sales reported Thursday
and positioning ahead of Friday's supply/demand report pared the losses. The
U.S.D.A. projected U.S. 2005-06 corn ending stocks at 2,351 million bus, down 50
million bus from February but above trade
estimates that averaged 2,338 million bus.
Projected exports were boosted 50 million
bus, to 1,900 million, while other numbers

were unchanged from a month earlier.
Export sales of corn rebounded in the
week ended March 2, with 1,424,300
tonnes reported for 2005-06. Sales were
more than twice the previous week, were
16% above the prior four-week average
and were well above trade expectations.
Year-to-date sales commitments were
11% ahead of the same date last year. MBN

Oats

Bookings of food grade oat flakes were
steady last week. Prices were unchanged.
Oat milling for the hot breakfast cereal
season slowed, with mills transitioning to
cold cereal season. Mills were current on
filling orders, typical for this time of year.
Chicago Board of Trade oat futures
prices were mostly lower last week. MBN

Rice

Cash rice prices were unchanged last
week. But the market tone remained
firm. Byproduct prices were steady to
lower, with bran steady to down $10 a
ton and hulls steady to off $1.
Rough rice futures fluctuated daily, but
strong export sales reported Thursday
pushed prices into positive territory for
the week. The U.S. Department of Agriculture projected U.S. 2005-06 rice ending
stocks at 30.5 million cwts, up 4 million
from February, based on a 3-million-cwt
cut in exports, to 118 million cwts, and a
1-million-cwt increase in imports.
Net export sales of rice in the week
ended March 2, at 148,100 tonnes, were
54% above the previous week and 45%
over the prior four-week average. Shipments of 139,200 tonnes for the week
were a marketing-year high. Export
commitments for the marketing year to
date were 23% ahead of a year ago. MBN

Rice

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
March 10
March 3
Feb. 24
Soy flour
Bulk
12.66 @ 13.16 -.20@ -.15 -.18 @ -.03
Sacked
13.66 @ 15.16 -.20@ -.15 -.18 @ -.03

Corn meal
$ per cwt
March 10
Chicago, bulk
10.93@ 12.88
Chicago, sacked 12.70@ 14.71
New York, bulk
12.60@ 14.61
New York, sacked 15.01@ 17.00

W E E K

- Change from -
March 3 Feb. 24
-.09@+.09 -.09@+.09
-.09@+.09 -.09@+.09
-.09@+.09 -.09@+.09
-.09@+.09 -.09@+.09

Oats
- Change from -
Minneapolis
March 10 March 3 Feb. 24
Food grade flakes, f.o.b.,
bagged, $ per cwt
21@21.50
-
-
Milling quality oats, No. 2 heavy,
$ per bu
2.00¼
-4¼c
-9½c
Oat hulls, $ per ton
10@15
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
March 10
March 3 Feb. 24 ago
Long grain
17.00@17.50
- +0.25 13.50
Medium grain 20.00@23.00
-
- 13.50
Parboiled
18.00@23.00
-
- 15.00
Second
heads, bulk 9.00@11.50
-
- 11.00
Brewers
8.75@11.00
-
- 10.50
Rice flour
...
...
...
...
f.o.b. mills, $ per ton
Rice bran
40.00@60.00 -10@0 -15@-5 63.00
Rice hulls
5.00
0@-1 0@-1
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
10.46
-
-
9.79
Medium grain
10.35
-
-
8.84
Short grain
10.29
-
-
8.83
Broken
5.23
-
-
4.90
C.B.O.T. rough rice futures - $ per cwt
May
8.69
+0.10½ +0.11 7.19½
July
8.95
+0.12 +0.15 7.36½
September
9.00
+0.10 +0.10
7.45
November
9.08
+0.04 +0.03
7.45

Milling & Baking News, March 14, 2006 / 55

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Milling & Baking News - March 14, 2006

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