Milling & Baking News - March 27, 2007 - 49

 Soy Products

Bookings of soy flour were steady last
week. Prices moved slightly higher.
While demand for soy flour remained
strong and shipments brisk, sales were
routine. Short-term booking was the
norm as users remained unwilling to
book longer term at current prices, especially with the much-awaited U.S.
Department of Agriculture's Prospective
Plantings report coming out March 30.
Anticipation of this Friday's planting report also limited trading and supported soy
complex futures prices last week. Soybean
futures posted strong gains and soybean
meal was up modestly in anticipation of
a much smaller soybean planted area this
year as farmers switch to corn. Concern
about acreage in the U.S. overshadowed
increased soybean production forecasts
in South America. The Brazilian Vegetable
Oil Industries Association increased its
forecast of Brazilian 2006-07 soybean production by 1.5 million tonnes, to a record
58.6 million tonnes. And Argentina's Agriculture Secretariat raised its forecast for
that nation's soybean crop about 3 million
tonnes, to a record 45.6 million tonnes.
Net export sales of U.S. soybeans for
2006-07 in the week ended March 15 totaled
523,200 tonnes, 16% above the previous
week and even with the recent four-week
average, the U.S.D.A. said. Sales were within trade expectations. Net soybean meal
export sales for 2006-07 were 17,500 tonnes,
down 94% from the previous week's marketing-year-high and 87% under the recent
four-week average, the U.S.D.A. said. Sales
of 93,900 tonnes also were reported for the
2007-08 marketing year. Year-to-date export
sales commitments for soybeans were 29%
ahead of the same period last year, with
soybean meal sales 17% ahead. MBN

Chicago corn and soy futures
- Change from - Year
Corn Futures March 23 March 16 March 9 ago
$ per bu
May
4.03¼
+3¾
-14¼
2.18¾
July
4.15¼
+4½
-12¼
2.29¾
September
4.10
+6¼
-6¾
2.39½
December
4.09¾
+6¾
+2
2.51½
March
4.19
+7½
+2¼
2.60½
May
4.24½
+8½
+4
2.65¾
Soybeans
$ per bu
May
7.69½
+16
+9¾
5.73¾
July
7.85¼
+16¼ +9½
5.87
August
7.92¼
+16¾ +11¾ 5.91½
September
8.00
+19
+12½ 5.94½
November
8.13
+19½ +13½ 6.03¼
January
8.21½
+19¾ +17½ 6.11½
Soybean Meal $ per ton
May
219.30
+1.30 -2.50
175.30
July
224.20
+1.10 -1.90
177.60
August
227.20
+1.90 -.90
178.80
September
229.00
+1.60 -.80
180.00
October
230.20
+2.00 -.20
180.20
December
233.10
+2.10 -
182.00
bakingbusiness.com / world-grain.com

 Corn Products

Corn meal sales were about steady
last week. Prices advanced.
Sales of large flaking grits used to
manufacture cold breakfast cereals held
steady after declining at some mills the
previous week. Some corn mills noted
balanced sales across all grit sizes, while
others said demand for mid-size grits
was steady but somewhat weaker than
for other sizes. Corn mills ran about five
days. Shipments remained current.
Corn planting progressed ahead of average in most Southern states. As of March
18, the U.S.D.A. reported 46% of the corn
was planted in Texas, compared with 29%
as the five-year average. The crop was 10%
emerged. Corn planting in Oklahoma was
18% completed, compared with 3% as average. Corn was 25% planted in Georgia,
compared with 21% as average. The crop
was 6% emerged. Corn planting in Louisiana was 54% complete, well ahead of 19%
as average for the date.
Corn futures prices posted solid gains,
with most strength again in new crop
months, although much of the trade was
in a holding pattern ahead of the March
30 U.S.D.A. Prospective Plantings report.
Traders expected that report to show a
large increase in corn planting intentions
as farmers respond to 10-year highs in corn
prices, which resulted from strong demand
for corn from the ethanol industry.
Net export sales of corn for 2006-07 in
the week ended March 15 were 641,000
tonnes, 15% below a week earlier and
13% less than the recent four-week average, the U.S.D.A. said. Sales of 37,900
tonnes were reported for 2007-08. Total
sales were below trade expectations.
Year-to-date export sales commitments
were 14% ahead of last year. MBN

 Oats

Sales of food grade oat flakes held
steady last week. Prices rose $1 a cwt
because of sharply higher oats futures
prices. Some oats futures contracts were
at life-of-contract and 10-year highs.
With the arrival of warmer spring
weather, the hot breakfast cereal season
was nearing its end, and demand should
decline through April.
Rail-delivered milling grade oats from
Canada were flowing more routinely,
easing supply tightness at U.S. mills that
had developed because of a recent strike
by workers of the Canadian National
Railway. Shipments were slow to resume
after the strike was settled.
Farmer sales of oats in Canada remained slow. Sales could slow even more
in coming weeks as weight restrictions
are imposed on thawing roadways. MBN

 Rice

Milled rice and rice byproduct prices
were unchanged last week. Byproduct
supplies remained tight. U.S. Department of Agriculture world milled rice
prices were unchanged.
Rice planting in Louisiana was 4%
completed as of March 18, even with the
five-year average, the U.S.D.A. said.
The U.S.D.A. identified as the source
of the bioengineered material found in
Clearfield 131 rice the herbicide-tolerant
protein approved in several other crops
but not in rice. CL131 from previous
years was released to the market, but a
ban on planting remained in effect.
Rough rice futures prices declined
sharply over concern about the slow pace
of exports and release of CL131 stocks.
Iraq purchased 60,000 tonnes of U.S.
rice last week for April-May shipment. MBN

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
March 23
March 16
March 9
Soy flour
Bulk
15.47 @ 15.67 +.07@ +.07 -.13 @ -.37
Sacked
16.67 @ 17.47 +.07@ +.07 -.37 @ -.13

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

- Change from - Year
Cash
March 23 March 16 March 9 ago
Long grain 19.00@19.50
-
- 17.00
Medium grain 20.00@25.00
-
- 20.00
Parboiled
20.00@24.50
-
- 18.00
Second
Corn meal
heads, bulk 15.50@16.50
- +1.50@0
9.00
$ per cwt
15.00@16.50
- +1.00@0
8.75
- Change from - Brewers
...
...
...
...
March 23 March 16 March 9 Rice flour
Chicago, bulk
13.41@ 16.85 +.27@+.20 -.07@-.22 f.o.b. mills, $ per ton
-
- 40.00
Chicago, sacked 15.18@ 18.68 +.27@+.20 -.07@-.22 Rice bran 95.00@120.00
20@30
-
-
1.00
New York, bulk
15.08@ 18.58 +.27@+.20 -.07@-.22 Rice hulls
New York, sacked 17.50@ 20.97 +.27@+.20 -.07@-.22 U.S.D.A. world price milled - $ per cwt
Long grain
12.36
-
- 10.46
Oats
Medium grain
12.18
-
- 10.35
12.22
-
- 10.29
- Change from - Short grain
Minneapolis
6.18
-
-
5.23
March 23 March 16 March 9 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade flakes, f.o.b.,
May
9.79
-0.54
-0.92½
8.48
bagged, $ per cwt
25@26
+$1
+$1
July
10.10
-0.54
-0.88
8.75
Milling quality oats, No. 2 heavy,
September
10.42
-0.50
-0.82
8.91
$ per bu
3.04
+12½c
+29c
November
10.70
-0.51
-0.77
9.06
Oat hulls, $ per ton
25@35
-
-
Milling & Baking News

March 27, 2007 / 51
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Milling & Baking News - March 27, 2007

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