Milling & Baking News - July 4, 2006 - 42

I N G R E D I E N T

Soy Products

Bookings of soy flour remained strong
last week. Prices were mixed.
Shipments of soy flour remained brisk.
Demand was strong. Sales were on a shortterm basis only, with no long-term contracting indicated.
Soybean futures sank to 2½-month lows
early last week, mostly on favorable growing weather. But prices bounced to end the
week higher on less favorable weather,
friendly U.S. Department of Agriculture
planting and stocks data, and technical
buying. Soybean meal futures prices were
narrowly mixed last week.
The U.S.DA. estimated 2006 soybean
plantings at 74,930,000 acres, down 3%
from the March intentions report but up 4%
from 2005. The estimate was below the average of trade expectations. North Dakota,
Kansas and Pennsylvania had record-large
areas planted to soybeans.
Stocks of soybeans in all positions on
June 1 totaled 990,140,000 bus, up 42% from
a year ago and the largest ever for the date,
the U.S.D.A. said. The number was below
average trade expectations.
The soybean crop was rated 67% good
to excellent as of June 25, unchanged from
each of the previous two weeks and eight
points better than a year ago, the U.S.D.A.
said. The crop was 97% emerged and 6% in
bloom, ahead of last year and average.
Net export sales of U.S. soybeans in the
week ended June 22 were 377,800 tonnes
for 2005-06 and 155,000 tonnes for 200607. Soybean meal sales for 2005-06 totaled
109,500 tonnes, with sales for 2006-07 at
30,900 tonnes. Both were above trade expectations. For the year to date, sales commitments of soybeans were 18% behind the
year-ago pace, but soybean meal export
commitments were 4% ahead. MBN

Chicago corn and soy futures
- Change from - Year
Corn Futures June 30 June 23 June 16 ago
$ per bu
July
2.35½
+7¼
-
2.16½
September
2.46
+6¼
-1
2.25½
December
2.62½
+7¼
+1¼
2.35¾
March
2.72
+4¼
-¼
2.43¾
May
2.80
+4
+1¼
2.47½
July
2.88¾
+3¾
+2
2.51¼
Soybeans
$ per bu
July
5.94¾
+14¼ -5½
6.73½
August
6.00½
+14
-6
6.76
September
6.08
+14½ -5½
6.78½
November
6.22½
+16
-4½
6.86
January
6.30½
+14
-4¾
6.89½
March
6.39
+13¾ -4¼
6.76½
Soybean Meal $ per ton
July
174.60
-1.90 -6.30
209.50
August
176.50
-1.20 -5.40
210.50
September
177.70
-.30
-5.20
211.20
October
179.70
+1.30 -4.10
209.70
December
182.00
+1.60 -4.60
211.70
January
181.70
+.50
-5.80
211.50

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Corn Products

Sales of corn meal were steady last week
but were expected to slow during the holiday week. Prices were mixed.
Corn meal sales continued to be balanced
across all grit sizes for some mills, but others had slower sales for medium and larger
flaking grits. Some cold breakfast cereal
manufacturers will shut down the entire
holiday week, which will curb demand. But
corn mills will run only about four days.
Last week, mills ran close to six days.
Corn futures prices advanced last week
despite improved crop conditions ratings.
Supportive were forecasts for hot, dry
weather in the Midwest as fields enter the
early stage of pollination, strong exports
and smaller-than-expected plantings.
The U.S. Department of Agriculture
estimated 2006 area planted to corn at
79,366,000 acres, up 2% from the March intentions report but down 3% from 2005. The
number was below the average trade estimate but within the range of expectations.
The U.S.D.A. said some farmers switched
to crops with lower input costs than corn.
Corn stocks in all positions on June 1 totaled 4,363 million bus, the U.S.D.A. said.
Stocks were up 1% from a year ago and almost even with trade expectations.
The condition of the U.S. corn crop improved. As of June 25, the crop was rated
71% good to excellent, up three percentage
points from a week earlier and six points
better than a year ago, the U.S.D.A. said.
Five per cent of the crop was in the silk
stage.
Export sales of corn in the week ended
June 22 were 1,353,800 tonnes for 2005-06
and 673,800 tonnes for 2006-07. Sales exceeded trade expectations. For the year to
date, sales commitments were 19% ahead
of the same period last year. MBN

W E E K

Oats

Bookings of food grade oat flakes were
seasonally slow last week. Prices rose ½c
a lb based on strong futures and basis.
Sales of old crop oats by Canadian
farmers remained slow, even with the
highest flat prices in years. But with
large acreage in Canada this year, prices
could drop sharply once the U.S. harvest
begins in about a month, traders said.
The U.S.D.A. said 2006 area planted to
oats was 4,312,000 acres, down slightly
from March intentions but up 2% from
2005. Stocks of oats in the U.S. on June
1 totaled 52,591,000 bus, down 9% from
a year ago.
The U.S. oats crop was rated 43% good
to excellent as of June 25, unchanged
from a week earlier but well below 67%
last year, the U.S.D.A. said. The crop
continued to mature rapidly, with 76%
headed, versus 59% as average. MBN

Rice

Milled rice prices were unchanged last
week. Byproducts were steady to higher.
U.S. Department of Agriculture world
rice prices also were unchanged.
Rough rice futures prices began last
week lower but ended sharply higher
on commercial buying, spread trading
and reduced plantings. The U.S.DA. estimated area planted to rice at 2,913,000
acres, down 2% from March intentions
and down 14% from 2005. The trade had
expected an increase from March.
Rated good to excellent on June 25
was 61% of the nation's rice crop, up
from 56% a week earlier and about even
with last year, the U.S.D.A. said.
Net export sales of rice for 2005-06 the
week ended June 22 were 44,200 tonnes,
down 68% from a week earlier. MBN

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 30
June 23
June 16
Soy flour
Bulk
13.20 @ 13.32 +.11@ 0 -.10 @ -.22
Sacked
14.32 @ 15.20 +.23@ -.12 +.02 @ -.34

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

- Change from - Year
Cash
June 30
June 23 June 16 ago
Long grain
17.00@18.00
-
- 13.50
Medium grain 20.00@23.00
-
- 13.50
Parboiled
18.00@23.00
-
- 15.00
Second
Corn meal
heads, bulk 9.00@12.00
-
- 11.00
$ per cwt
8.75@11.50
-
- 10.75
- Change from - Brewers
...
...
...
...
June 30
June 23 June 16 Rice flour
Chicago, bulk
10.71@ 12.59 +.16@-.12 +.35@-.08 f.o.b. mills, $ per ton
40.00@60.00
-
- 30.00
Chicago, sacked 12.48@ 14.42 +.16@-.12 +.35@-.08 Rice bran
3@5
+2.00 +2.00
1.00
New York, bulk
12.38@ 14.32 +.16@-.12 +.35@-.08 Rice hulls
New York, sacked 14.80@ 16.71 +.16@-.12 +.35@-.08 U.S.D.A. world price milled - $ per cwt
Long grain
10.62
-
-
9.43
Oats
Medium grain
10.50
-
-
8.49
10.44
-
-
8.49
- Change from - Short grain
Minneapolis
5.31
-
-
4.72
June 30 June 23 June 16 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade flakes, f.o.b.,
9.20
+0.19½ +0.35
6.33
bagged, $ per cwt
22@22.50 +.50c
+.50c July
September
9.48½
+0.17½ +0.28½ 6.58½
Milling quality oats, No. 2 heavy,
November
9.64½
+0.14½ +0.25½
6.74
$ per bu
2.21¾
-10¼c
-4¾c
January
9.80
+0.11 +0.30
6.90
Oat hulls, $ per ton
10@15
-
-

Milling & Baking News, July 4, 2006 / 43

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Milling & Baking News - July 4, 2006

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