Milling & Baking News - May 20, 2008 - 42

Ingredient Week

Soy Products

Soy flour bookings were steady last
week. Prices advanced.
Demand for soy flour remained strong
with lead times for new orders stretching
to four weeks for some processors but
holding at two to three weeks for others.
Most new sales still were month-to-month,
with bookings for the summer into the fall
still light. Shipments were brisk.
Soybean planting was falling well
behind the average pace this season, although the window for planting the oilseed crop remains open longer. The U.S.
Department of Agriculture said 11% of the
crop was planted in the 18 major states as
of May 11, well behind 29% as the 2003-07
average for the date. Planting was 4%
completed in Iowa (29% as the average),
7% in Illinois (32%), 19% in Indiana (35%),
21% in Ohio (46%), 3% in Minnesota (30%)
and 6% in Nebraska (19%).
Soybean and soybean meal futures
were higher. Support came from ideas
improved planting weather across the
Midwest would limit the amount of
switching to soybeans from corn and
from the ongoing farmers' strike in Argentina, which could shift export demand to the U.S. Also supportive was
a forecast from a well-known analytical
group that U.S. soybean plantings would
fall below that indicated in the March
U.S.D.A. Prospective Plantings report.
Net export sales of U.S. soybeans for
2007-08 during the week ended May 8
were 201,400 tonnes, almost five times
the previous week's marketing year low
but still 33% below the prior four-week
average, the U.S.D.A. said. Soybean meal
sales for 2007-08 in the week were 115,600
tonnes, down 5% from the previous week
and 7% below the four-week average. MBN

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

-38¼
-37½
-33¼
-31¾
-31¾
-31½

-22½
-19¾
-12¾
-10½
-9¼
-10

3.76
3.77¼
3.75
3.85¾
3.94
3.98

+20
+24
+34½
+45½
+46
+46½

+73½
+85¼
+104¾
+130¾
+129½
+128¾

8.12½
8.19½
8.26¼
8.41½
8.49¾
8.56

+11.50
+13.00
+16.00
+19.50
+20.70
+21.50

+12.00
+16.00
+22.00
+32.50
+34.20
+3.80

218.20
220.60
223.00
223.90
227.10
227.10

bakingbusiness.com / world-grain.com

Sales of corn meal were steady to stronger last week. Prices declined sharply.
An increase in longer-term contracting of corn products was noted by some
mills. Some major buyers, such as breakfast cereal manufacturers, booked flaking
grits through the end of the calendar year,
while mid-size and smaller buyers tended
to add coverage through the third quarter.
Short-term or month-to-month sales were
common as well. Sales remained well balanced across all grit sizes. Corn mills ran
five to seven days, with some running
extra to offset planned downtime over
Memorial Day weekend.
Although still well behind a year ago
and the average for the date, good progress was made in corn planting as of May
11. Planting in the 18 major states was 51%
completed, up from 27% a week earlier
but well behind 71% last year and 77% as
the 2003-07 average, the U.S. Department
of Agriculture said. Eleven per cent of the
crop had emerged, compared with 33% as
the average. Planting was 46% completed
in Iowa (82% as the average), 60% in Illinois (88%), 61% in Indiana (72%), 50% in
Ohio (78%) and 32% in Minnesota (82%).
Corn futures prices declined on prospects that dryer weather across the Midwest
would allow farmers to get corn planted
before significant yield reductions occurred
or before they would have to switch to soybeans. In fact, a private analytical firm last
week forecast U.S. corn plantings above
those indicated in March by the U.S.D.A.
Export sales of U.S. corn for 2007-08
during the week ended May 8 were
547,200 tonnes, up 62% from the previous week's marketing year low, the
U.S.D.A. said. Sales of 139,300 tonnes
were reported for 2008-09. MBN

Oats

Bookings of food grade oat flakes were
steady last week. Prices eased 50c a cwt
due to declines in oats futures prices.
Oats supplies to millers were adequate
even though weight restrictions on roads
in some northern production areas of
Canada persisted longer this year. Oats
seeding in Canada made good progress
but some areas needed rain.
The U.S. oats crop was 83% planted
as of May 11, slightly behind 90% as the
five-year average for the date. Oats were
52% emerged, behind 70% as the average
for the date, the U.S.D.A. said. MBN

Rice

Milled rice prices remained firm last
week. Medium-grain rice was steady to $5
a cwt higher with other classes unchanged.
Byproduct prices were mixed. U.S. Department of Agriculture 2007 crop world milled
rice prices were unchanged last week.
Rice was 74% planted in the six major
states as of May 11 compared with 80%
as the 2003-07 average for the date, the
U.S.D.A. said. Planting in Arkansas was
68% completed, well behind 90% as the
average for the date.
Rough rice futures in Chicago were
sharply lower, pressured by drier weather across the South that was expected to
boost planting progress and by forecasts
for a record-large 2008-09 world crop.
Some contracts were limit down three
consecutive days with nearby months at
one point dropping about 20% from record highs in late April, which were set
on fears of a global rice shortage.
Net export sales of U.S. rice in the week
ended May 8 were 84,000 tonnes, down
18% from a week earlier and 13% below the
four-week average, the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
May 16
May 9 May 2
ago
5.91
6.03½
6.16¾
6.29¼
6.37¼
6.44½
$ per bu
13.78
13.77¼
13.59¼
13.49¼
13.61¾
13.71¾
$ per ton
350.00
350.50
345.00
334.00
332.70
333.50

Corn Products

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
May 16
May 9
May 2
Soy flour
Bulk
22.35 @ 22.60 +.58@ +.44 +.65 @ +.70
Sacked
23.60 @ 24.35 +.44@ +.58 +.70 @ +.65

Corn meal
$ per cwt
May 16
Chicago, bulk
16.43@ 21.89
Chicago, sacked 18.20@ 23.72
New York, bulk
18.10@ 23.62
New York, sacked 20.52@ 26.01

- Change from -
May 9
May 2
-.67@-.75 -.45@-.14
-.67@-.75 -.45@-.14
-.67@-.75 -.45@-.14
-.67@-.75 -.45@-.14

Oats
- Change from -
Minneapolis
May 16
May 9
May 2
Food grade flakes, f.o.b.,
bagged, $ per cwt
30.50@31.50 -50c
+50c
Milling quality oats, No. 2 heavy,
$ per bu
3.99
-4c
-3c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
May 16
May 9 May 2 ago
Long grain
40.00@45.00
-
-2.50 18.50
Medium grain 36.00@45.00
-
-1.50 20.00
Parboiled
47.00@51.00
- +1.50 20.00
Second
heads, bulk 26.00@30.00
-
- 15.00
Brewers
25.00@27.00
-
- 14.50
Rice flour
...
...
...
...
f.o.b. mills, $ per ton
Rice bran
110@125
+5.00
-5.00 78.00
Rice hulls
32@37
-3.00
-3.00 15.00
U.S.D.A. world price milled - $ per cwt
Long grain
29.27
- +7.55 12.08
Medium grain
28.26
- +7.31 11.90
Short grain
28.23
- +7.30 11.93
Broken
19.70
- +5.08
6.04
C.B.O.T. rough rice futures - $ per cwt
July
20.07
-2.91
-0.88 10.12
September
18.75
-1.25 +0.17 10.46
November
18.75
-1.25 +0.20 10.78
January
19.10
-1.18 +0.25 11.05
Milling & Baking News

May 20, 2008 / 43

http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - May 20, 2008

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