Milling & Baking News - March 25, 2008 - 59

Ingredient Week

Soy Products

Soy flour bookings were steady last
week. Prices declined sharply and were
the lowest since November 2007.
Lower prices for soybean meal failed to
generate new interest in booking last week.
Buyers hoped for additional declines with
the advance of soybean harvest in South
America and confirmation of increased
planting intentions in the U.S. from the
U.S. Department of Agriculture's March
31 Prospective Plantings report. Month-tomonth sales remained at a good pace and
soy processors still required three to four
weeks lead time to ship new orders.
The soybean harvest in Brazil was
more than a third completed, behind the
year-ago pace but ahead of the five-year
average. The U.S.D.A. projected 2007-08
Brazilian soybean production at a record
61 million tonnes. Planted area in Brazil
was forecast to increase 5% to 10% next
year because of strong soybean prices.
The soy complex ended the holidayshortened week drastically lower. Soybeans
sank their 50c daily limit three out of four
days. Soybeans and meal succumbed to a
general selloff of most commodities by commodity funds, prompted by economic uncertainty. Both soybeans and soybean meal
lost about 10% of their value last week.
Net export sales of U.S. soybeans for
2007-08 in the week ended March 13 were
438,400 tonnes, up 70% from a week earlier
and 5% above the recent four-week average,
the U.S.D.A. said. Sales of 66,000 tonnes also
were reported for 2008-09. Soybean meal
sales of 175,800 tonnes for 2007-08 were up
19% from the previous week and 88% over
the prior four-week average. Sales of 12,500
tonnes were reported for 2008-09. Total net
sales of soybeans and soybean meal both
exceeded trade expectations. Marketing

Chicago corn and soy futures
- Change from - Year
Corn Futures March 20 March 14 March 7 ago
$ per bu
May
5.07½
-51¾ -39¾
4.03¼
July
5.19¼
-52
-39¾
4.15¼
September
5.23
-50¼ -36
4.10
December
5.21¼
-53¾ -38
4.09¾
March
5.29¼
-53¾ -37½
4.19
May
5.35
-50
-37
4.24½
Soybeans
$ per bu
May
12.07
-145¾ -201¾ 7.69½
July
12.22
-146¾ -199
7.85¼
August
12.16
-145
-194
7.92¼
September
11.90
-134
-165
8.00
November
11.40
-139
-171½ 8.13
January
11.51
-140
-168
8.21½
Soybean Meal $ per ton
May
310.30
-33.50 -40.00 219.30
July
314.50
-35.30 -39.30 224.20
August
311.50
-36.30 -37.30 227.20
September
301.30
-38.20 -37.50 229.00
October
274.00
-43.50 -43.00 230.20
December
271.50
-42.80 -41.00 233.10
bakingbusiness.com / world-grain.com

year-to-date sales of soybeans were even
with a year ago while soybean meal sales
were up 6%, the U.S.D.A. said. MBN

Corn Products

Corn meal sales were steady last
week. Prices declined to their lowest levels since the first of the year.
The pace of corn product sales was unchanged. Interest in longer-term booking
was minimal with most sales still monthto-month even as corn prices declined.
Some mills reported steady sales across
all grit sizes while others said they could
use more sales of mid-size grits. Corn
mills ran four to six days, with some taking the three-day Easter weekend off.
Corn planting was under way across
the South and Southeast. As of March 16,
corn was 40% planted and 3% emerged
in Texas, 7% planted and just beginning
to emerge in Georgia and 3% planted in
Louisiana, the U.S. Department of Agriculture said. Wet conditions delayed
some operations last week.
Corn futures prices plunged at least
50c a bu (about 10%) last week, with
some months trading down their 20c
daily limit three out of four days. Corn
was caught up in the general selloff by
commodity funds with additional pressure from huge losses in soybeans.
Export sales of U.S. corn during the
week ended March 12 totaled 749,500
tonnes for 2007-08, down 3% from the
previous week and 5% below the recent
four-week average, the U.S.D.A. said. Net
sales of 151,000 tonnes were reported for
2008-09. Sales for both marketing years
were at the high end of the range of trade
expectations. Marketing year-to-date corn
sales were 28% ahead of the same period
last year, the U.S.D.A. said. MBN

Oats

Bookings of food grade oat flakes held
steady even as the hot breakfast cereal
season neared its end. Oat flake prices
declined $1@1.50 a cwt due to sharply
lower futures prices.
Oats futures prices dropped sharply
last week in step with declines in other
grains and commodities. Prices have
dropped enough that millers were encouraging buyers to book additional coverage. Some reported they had booked as
much as 50% of their October-December
needs the past couple weeks.
Milling oats supplies were adequate
even as weight limits were imposed on
Canadian roads during the spring thaw.
Farmer sales typically decline for a few
weeks until restrictions are lifted. MBN

Rice

Milled rice prices were steady to $2 a
cwt higher last week. Long-grain rice was
$1@1.50 higher, parboiled was $0.50@1
higher, second heads were firm to up $2,
and medium-grain and brewers' grain
were steady to up 50c. Rice byproducts
were firmer with bran up $5 a ton. U.S. Department of Agriculture 2007 crop world
milled rice prices were unchanged.
Rice was 2% planted in Louisiana as of
March 16, the U.S.D.A. said. Other states
will begin reporting weekly crop progress after April 1.
Rough rice futures prices declined last
week, but losses were small compared
with plunges in many other commodities. Strong export sales were supportive.
Net export sales of rice during the
week ended March 13 totaled 94,300
tonnes, 89% above the previous week
and more than twice the prior four-week
average, the U.S.D.A. said. MBN

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
March 20
March 14
March 7
Soy flour
Bulk
20.12 @ 20.77
-1.67
-2.34 @-1.98
Sacked
21.77 @ 22.12
-1.67
-1.98 @-2.34

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

- Change from - Year
Cash
March 20 March 14 March 7 ago
Long grain
29.00@31.50 +1.00
+3.00 19.00
Medium grain 26.50@31.00 +0.50
+0.50 20.00
Parboiled
31.00@33.50 +0.50
+2.50 20.00
Second
Corn meal
heads, bulk
19.00
+2.00
+2.00 15.50
$ per cwt
17.00@18.00 +0.50
+2.00 15.00
- Change from - Brewers
...
...
...
...
March 20 March 14 March 7 Rice flour
Chicago, bulk
14.78@ 19.56 -1.02@-1.49 -.77@-.53 f.o.b. mills, $ per ton
115@120
+5.00 +15.00 95.00
Chicago, sacked 16.55@ 21.39 -1.02@-1.49 -.77@-.53 Rice bran
25@30
-
- 20.00
New York, bulk
16.45@ 21.29 -1.02@-1.49 -.77@-.53 Rice hulls
New York, sacked 18.87@ 23.68 -1.02@-1.49 -.77@-.53 U.S.D.A. world price milled - $ per cwt
Long grain
18.49
-
- 12.36
Oats
Medium grain
18.29
-
- 12.18
18.27
-
- 12.22
- Change from - Short grain
Minneapolis
12.44
-
- 6.18
March 20 March 14 March 7 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade flakes, f.o.b.,
18.03½
-0.39½ +0.48½ 9.79
bagged, $ per cwt
29@29.50 -1@-1.50 -1@-1.50 May
July
18.30
-0.40
+0.47 10.10
Milling quality oats, No. 2 heavy,
16.65
-0.07
-0.04 10.42
$ per bu
3.29
-53½c
-60¼c September
November
16.70
-0.12
-0.08 10.70
Oat hulls, $ per ton
25@35
-
-
Milling & Baking News

March 25, 2008 / 61

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Milling & Baking News - March 25, 2008

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