Milling & Baking News - July 1, 2008 - 35

Ingredient Week

Soy Products

Soy flour sales were strong last week
but remained month-to-month as prices
continued to rise. Some operations still
were recovering from recent floods. Lead
times to deliver new orders of soy flour
were at least a week.
Soybean meal basis levels for JuneSeptember rose in some areas due to tight
supplies until new crop is available.
Soybean and soybean meal futures
prices posted strong gains with soybeans
approaching $16 a bu and meal above
$400 a ton amid concerns that expected
heavy rainfall in the Midwest would further damage the soybean crop and limit
late plantings.
Most analysts expected soybean planted area in the U.S. Department of Agriculture June 30 Acreage report to decline
slightly from March intentions.
The U.S. soybean crop, reflecting drier
weather during the week ended June 22,
was rated 57% good to excellent and 10%
poor to very poor in the 18 major states,
compared with 56% and 10%, respectively, a week earlier and 66% and 8%,
a year ago, the U.S.D.A. said. Planting
progress as of June 22 advanced to 91%
completed, up from 84% a week earlier
but still behind 96% as the 2003-07 average for the date. Emergence was at 82%,
well behind the 93% average.
Export sales of U.S. soybeans during
the week ended June 19 recorded a net
reduction of 268,100 tonnes for 2007-08
but an increase of 2,289,400 tonnes for
2008-09, of which 98% were for China,
the U.S.D.A. said. Soybean meal export
sales for 2007-08 at 34,600 tonnes during the week were a marketing year low,
the U.S.D.A. said. Sales of 38,400 tonnes
were reported for 2008-09. MBN

Chicago corn and soy futures
- Change from - Year
Corn Futures June 27 June 20 June 13 ago
$ per bu
July
7.54¾
+33½ +23
3.29½
September
7.67¾
+32¼ +22
3.40
December
7.87
+31½ +22
3.50¾
March
8.03¾
+33½ +27¼ 3.63¾
May
8.11
+33½ +30½ 3.75
July
8.14
+35
+32½ 3.82¾
Soybeans
$ per bu
July
15.81½
+49
+21½ 8.50
August
15.79
+44
+19¼ 8.55¾
September
15.66½
+51
+26½ 8.65½
November
15.59½
+50½ +28½ 8.81¾
January
15.74½
+52½ +30½ 8.92
March
15.80
+54¼ +34
8.96¾
Soybean Meal $ per ton
July
427.90
+16.20 +18.70 229.20
August
424.70
+15.80 +17.00 231.20
September
421.70
+17.80 +19.00 233.70
October
412.00
+31.20 +22.00 236.70
December
409.70
+21.80 +23.20 240.50
January
411.70
+22.10 +24.70 242.00
bakingbusiness.com / world-grain.com

Corn Products

Corn meal sales were steady last week.
Prices advanced sharply. Transportation
problems from Midwest flooding eased
but were not eliminated.
Reduced demand for large flaking grits
from breakfast cereal manufacturers continued, as did good demand for medium
and fine grits, although some mills noted
balanced demand. Sales still were mostly
short term. Corn mills operated five to
seven days with some running through
last weekend to make up for downtime
over the upcoming holiday weekend.
Corn futures prices rallied to new
all-time highs last week with the July
2009 contract hitting $8.21½ a bu during Thursday's session. Sharp gains late
last week were prompted by more heavy
rainfall in areas of the Midwest that already were saturated, prompting ideas
of additional crop and yield losses.
Analysts forecast corn planted area in
the U.S.D.A. June 30 Acreage report to
drop less than 1% from March intentions.
The condition of the corn crop in the 18
major states improved slightly with 59%
rated good to excellent on June 22, up
from 57% a week earlier but below 71% as
the recent five-year average, the U.S.D.A.
said. Corn rated good to excellent was
50% in Iowa (49% a week earlier), 62% in
Minnesota (63%), 43% in Missouri (45%),
57% in Wisconsin (60%), 56% in Illinois
(48%) and 59% in Indiana (55%).
Export sales of corn for the week ended
June 19 were 231,000 tonnes for 2007-08,
down 51% from the prior four-week
average and a marketing year low, the
U.S.D.A. said. Sales of 171,500 tonnes also
were reported for 2008-09. Traders said
the drop in exports could signal rationing
due to record-high corn prices. MBN

Oats

Bookings of food grade oat flakes were
light last week, although some contracting
through December was noted. Prices rose
50c a cwt and were record high. Some milling and shipping disruptions persisted
due to recent flooding in the Midwest.
Oats futures posted wide gains on
reduced Canadian oats plantings and
record-high corn prices with some deferred months over $5 a bu.
Statistics Canada last week said 2008
oats plantings were 4,382,000 acres, down
2% from March intentions, off 19% from
2007 and 9% under the 2003-07 average.
The Canadian oats crop benefited
from warmer weather during the past
couple of weeks.
The U.S. oats crop was rated 66% good
to excellent as of June 22, up from 62% a
week earlier but below 72% last year, the
U.S.D.A. said. The crop was 47% headed,
behind 62% as the 2003-07 average. MBN

Rice

Milled rice prices were unchanged last
week. Byproducts were steady to weaker
with hulls $5 a ton lower. U.S. Department of Agriculture 2007 crop world
milled rice prices were $1.42@2.11 a cwt
lower after holding at the same level the
previous four weeks.
The U.S. rice crop was rated 70% good
to excellent as of June 22, down from
74% a year ago, the U.S.D.A. said.
Rough rice futures were sharply lower
on speculative selling and sagging export demand.
Net exports sales of rice for 2007-08
and 2008-09 during the week ended June
19 totaled 20,400 tonnes, with a reduction of 1,800 tonnes for the current year
that ends July 31, the U.S.D.A. said. MBN

Rice

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 27
June 20
June 13
Soy flour
Bulk
26.37 @ 27.39 +.81@+1.80 +.93 @+1.93
Sacked
28.37 @ 28.39 +1.78@ +.83 +1.91 @ +.95

Corn meal
$ per cwt

Chicago, bulk
Chicago, sacked
New York, bulk
New York, sacked

June 27
19.72@ 26.43
21.49@ 28.26
21.39@ 28.16
23.81@ 30.55

- Change from -
June 20 June 13
+.69@+.44 +.47@+.77
+.69@+.44 +.47@+.77
+.69@+.44 +.47@+.77
+.69@+.44 +.47@+.77

Oats
- Change from -
Minneapolis
June 27 June 20 June 13
Food grade flakes, f.o.b.,
bagged, $ per cwt
32.50@33.50 +.50c
+.75c
Milling quality oats, No. 2 heavy,
$ per bu
4.27
+16½c
+7c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
June 27
June 20 June 13 ago
Long grain
40.00@45.00
-
- 19.00
Medium grain 42.00@45.00
-
- 20.00
Parboiled
47.00@51.00
-
- 20.00
Second
heads, bulk 28.50@30.00
-
- 15.50
Brewers
25.00@27.00
-
- 15.00
Rice flour
...
...
...
...
f.o.b. mills, $ per ton
Rice bran
90@100
-
- 78.00
Rice hulls
15@20
-5.00
-5.00 15.00
U.S.D.A. world price milled - $ per cwt
Long grain
25.89
-2.11
-2.11 12.08
Medium grain
24.99
-2.04
-2.04 11.90
Short grain
24.96
-2.03
-2.03 11.93
Broken
17.42
-1.42
-1.42
6.04
C.B.O.T. rough rice futures - $ per cwt
July
18.69
-1.34
-1.61 10.39
September
18.47
-0.94
-0.57 10.68
November
18.70
-0.90
-0.39 11.00
January
19.00
-0.95
-0.39 11.27
Milling & Baking News

July 1, 2008 / 35

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

Milling & Baking News - July 1, 2008

Table of Contents for the Digital Edition of Milling & Baking News - July 1, 2008