Milling & Baking News - August 14, 2007 - 34

Soy Products

Soy flour bookings were strong last
week. Prices were sharply higher.
Short-term buying of soy flour continued at a brisk pace, causing some processors to fall three to four weeks behind on
shipments. Some fourth-quarter booking
took place, but on a limited scale. Little if
any coverage has been taken into 2008.
In its first survey-based forecast of
the year, the U.S. Department of Agriculture on Aug. 10 projected the 2007
soybean crop at 2,625,274,000 bus, down
18% from the 2006 record-large crop of
3,188,247,000 bus. Yield based on Aug.
1 conditions was forecast at 41.5 bus an
acre, down 1.2 bus from last year.
In its August supply/demand report,
the U.S.D.A. projected 2007-08 soybean
ending stocks at 220 million bus, down
25 million from July and 355 million below 2006-07. Total supply was reduced 24
million bus from the July forecast due to
a lower carry-in at 3,205 million bus. Total
use was unchanged at 2,985 million bus.
Soybean and soybean meal futures
prices were volatile, trading higher most
of last week on concerns about hot, dry
weather in the southern Corn Belt and in
the Delta stats during the key pod-filling
stage. Despite the lower-than-expected
crop forecast, futures declined Friday but
still posted strong gains for the week.
Condition ratings for the U.S. soybean
crop slipped for the fifth consecutive
week with 56% rated good to excellent
as of Aug. 5, the U.S.D.A. said. Sixty-nine
per cent of the crop was setting pods.
Net export sales of U.S. soybeans for
2006-07 and 2007-08 in the week ended
Aug. 2 totaled 530,400 tonnes, the U.S.D.A.
said. Net soybean meal export sales for
both years were 200,900 tonnes. MBN

Chicago corn and soy futures
Corn Futures
$ per bu
September
December
March
May
July
September
Soybeans
August
September
November
January
March
May
Soybean Meal
August
September
October
December
January
March

Oats

Bookings of food grade oat flakes were
steady. Oat flake prices were unchanged.
The oats harvest made early progress
in Canada. As of Aug. 5, the crop was 1%
combined in Saskatchewan, where hot,
dry weather was detrimental to crop
conditions. Harvesting was earlier than
normal in Manitoba.
The U.S.D.A. forecast 2007 U.S. oats
production at 98,341,000 bus, down 3%
from July but up 5% from a year ago.
The harvest of the U.S. oats crop was
74% completed as of Aug. 5, well ahead
of 60% as the 2002-06 average for the
date, the U.S.D.A. said. MBN

Rice

Milled rice prices were unchanged last
week. Byproducts were steady to $5 a ton
higher. U.S. Department of Agriculture
world milled rice prices were steady.
In its first survey-based forecast of the
year, the U.S.D.A. estimated 2007 rice
production at 190.4 million cwts, down
2% from 2006. Ending stocks for 2007-08
were projected at 27.1 million cwts, up
400,000 cwts from July but down 14.8
million from 2006-07.
Rough rice futures prices were slightly lower last week on speculative buying
and selling and some commercial selling
late in the week.
The U.S. rice crop was 66% headed as
of Aug. 5, slightly ahead of average, the
U.S.D.A. said. Rated good to excellent
was 73% of the crop, down slightly from
74% a week earlier. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Aug. 10
Aug. 3
July 27
Soy flour
Bulk
16.36 @ 16.67 +.96@ +.77 +.89 @+1.14
Sacked
17.67 @ 18.36 +.77@ +.96 +1.14 @ +.89

+6½
+7½
+7
+6½
+8
+6¾

+12
+14
+14
+13
+14¾
+11¼

2.24¾
2.41¾
2.56¾
2.65½
2.74½
2.82¼

+11
+11¼
+10¾
+12¼
+12
+10

+34½
+32¼
+31¼
+30¼
+30½
+27

5.51
5.55¼
5.68¼
5.82
5.91¼
6.01

Aug. 10
Chicago, bulk
12.60@ 15.22
Chicago, sacked 14.37@ 17.05
New York, bulk
14.27@ 16.95
New York, sacked 16.69@ 19.34

+10.30
+10.40
+10.30
+11.90
+10.30
+9.60

+18.90
+17.90
+17.50
+18.40
+17.30
+15.50

159.30
159.00
160.20
163.20
164.30
166.50

Minneapolis
Aug. 10
Food grade flakes, f.o.b.,
bagged, $ per cwt
24@25
Milling quality oats, No. 2 heavy,
$ per bu
2.70½
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

2006-07 were a marketing year low 311,900
tonnes in the week ended Aug. 2, sales
for this and next year combined totaled
1,336,300 tonnes, the U.S.D.A. said. MBN

Corn meal sales were steady last week.
Prices advanced.
Corn millers noted balanced sales
across all grit sizes. Most sales still were
short-term because of strong prices. Corn
mills ran five to 5½ days.
In its first survey-based forecast of the
year, the U.S.D.A. projected 2007 corn
production at a record 13,053,617,000
bus, up 24% from last year. Based on
Aug. 1 conditions, yield was forecast at
152.8 bus an acre, up 3.7 bus from 2006
and the second highest on record. Harvested area was estimated at 85,418,000
acres, up 21% from last year and the
most since 1933.
In its August supply/demand report,
the U.S.D.A. projected 2007-08 corn ending stocks at 1,516 million bus, up 14 million from July and up 379 million from
2006-07. Total supply was projected at
14,206 million bus, up 214 million bus
from July. Total use was raised 200 million bus from July, to 12,690 million, due
to a 50-million-bu increase in feed use, to
5,750 million bus, and a 150-million-bu
increase in exports, to 2,150 million bus.
Corn futures price changes were choppy last week, with most trading focused
on positioning ahead of Friday's report.
Weather was becoming less of a focus.
Prices ended the week higher even after
the larger-than-expected corn crop forecast pressured prices early Friday.
The U.S. corn crop condition slipped
below a year ago as of Aug. 5, with 56%
rated good to excellent, down from 58%
a week earlier and 57% last year, the
U.S.D.A. said. Nine per cent of the crop
was dented (9% as the 2002-06 average)
and 41% was in the dough stage (34%).
Although net export sales of corn for

Soy products

- Change from - Year
Aug. 10 Aug. 3 July 27 ago
3.33
3.50½
3.65¾
3.75¼
3.85½
3.90¼
$ per bu
8.50
8.56
8.71¾
8.86½
8.97½
9.04
$ per ton
232.50
234.30
236.50
241.20
242.50
245.50

Corn Products

Corn meal
$ per cwt
- Change from -
Aug. 3
July 27
+.13@+.13 +.23@+.70
+.13@+.13 +.23@+.70
+.13@+.13 +.23@+.70
+.13@+.13 +.23@+.70

Oats
- Change from -
Aug. 3 July 27
-

-2½c
-

-½c
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Aug. 10
Aug. 3 July 27 ago
Long grain
19.00@19.50
-
- 17.50
Medium grain 20.00@25.00
-
- 20.00
Parboiled
20.00@23.00
-
- 18.50
Second
heads, bulk 15.50@16.00
-
- 10.00
Brewers
15.00@15.50
-
-
9.25
Rice flour
...
...
...
...
f.o.b. mills, $ per ton
Rice bran
100@105 +5@+5 +5@+5 62.00
Rice hulls
15@20
0@+2 0@+2
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
11.47
-
-0.64 10.79
Medium grain
11.30
-
-0.62 10.65
Short grain
11.28
-
-0.67 10.63
Broken
7.72
- +1.66
5.40
C.B.O.T. rough rice futures - $ per cwt
September
10.40
-0.05 +0.07
9.62
November
10.74
-0.04½ +0.07
9.90
January
11.04
-0.06 +0.04 10.08
March
11.32
-0.03 +0.03 10.27
Milling & Baking News

August 14, 2007 / 35

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Milling & Baking News - August 14, 2007

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