Milling & Baking News - March 24, 2009 - 54

Ingredient Week

Soy Products

Soy flour sales were steady to slower
last week. Prices were higher.
A limited amount of month-to-month
bookings were noted as buyers refrained
from long-term contracting. Coverage was light beyond the second quarter. Some awaited the U.S. Department
of Agriculture's March 31 Prospective
Plantings report in the hope large soybean acreage indications would pressure
prices. Lead time for new orders ranged
from less than a week to the standard
two to three weeks.
Soybean complex futures prices posted impressive gains mostly on support
from outside markets. Early in the week,
soybeans and soybean meal were bolstered by rising crude oil prices, seen as
positive for potential biodiesel demand,
and weakness in the dollar, which may
make U.S. soybeans more competitive
in world markets. Stronger equity prices
lent broad support. On Thursday, prices
shot higher as the value of the dollar
tumbled after the U.S. Federal Reserve
said late Wednesday it would buy up
to $1.2 trillion in government securities.
Again, stronger exports were eyed.
Offering mild resistance to rising
prices were ideas of a much larger U.S.
soybean planted area in 2009 and export
sales of U.S. soybeans and soybean meal
in the previous week that were well below trade expectations.
Export sales of U.S. soybeans during
the week ended March 12 were 143,300
tonnes for 2008-09, down 83% from the
previous week, 76% below the prior
four-week average and a marketing
year low, the U.S.D.A. said. When coupled with net sales of 196,500 tonnes for
2009-10, the total still was below trade

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

+8
+8¾
+9½
+10
+10
+9¾

+35
+36
+36¾
+37¼
+37
+35¼

5.07½
5.19¼
5.23
5.21¼
5.29¼
5.35

+75½
+73¾
+71
+69¾
+69¼
+69½

+85
+83
+79½
+77½
+78
+79¼

12.07
12.22
12.16
11.90
11.40
11.51

+23.80
+22.60
+21.30
+19.80
+18.80
+18.80

+35.20
+33.80
+32.00
+31.00
+29.00
+29.00

310.30
314.50
311.50
301.30
274.00
271.50

bakingbusiness.com / world-grain.com

Corn Products

Corn meal sales were steady last week.
Prices advanced. Demand was balanced
across all grit sizes with still strong buying by snack and breakfast cereal manufacturers. Mills ran about five days.
Corn planting was active in most
southern states, although many won't
report weekly progress until April 1. As
of March 15, the crop was 30% planted
in Texas (4% emerged), 10% in Louisiana
and 12% in Georgia, state field offices of
the U.S. Department of Agriculture said.
Corn futures prices were buoyed by
the same influences as the soy complex,
with the added impetus of competing with soybeans to secure adequate
planted area in 2009. Crude oil's close
Thursday above $50 a barrel for the first
time in 2009 was especially supportive
to corn and the sagging ethanol industry. Although the expected smaller corn
planted area in 2009 also offered support,
large carryover stocks, weak domestic
feed demand and slow export sales offered formidable resistance as corn posted only modest gains for the week.
Export sales of U.S. corn for 2008-09 in
the week ended March 12 totaled 440,600
tonnes, down 60% from a week earlier,
the U.S.D.A. said. Sales were below trade
expectations. For the marketing year to
date, corn export sales commitments were
42% behind the same period last year. MBN

Oats

Bookings of food grade oat flakes were
steady last week. Prices were unchanged.
Sales continued to lag the year-ago volume with the hot breakfast cereal season
coming to an end in a few weeks.
Milling oats stocks were ample and
supplies to mills were adequate. Canadian producers typically market some
oats before spring weight restrictions on
thawing country roads. MBN

Rice

Milled rice prices were steady to
weaker last week. Long-grain, mediumgrain and parboiled rice prices were unchanged. Second heads were steady to
$3 a cwt lower, and brewers' grain was
steady to $2 lower. Rice byproduct prices
were steady to weaker. U.S. Department
of Agriculture 2008 crop world milled
rice prices were unchanged.
The Louisiana rice crop was 4% planted as of March 15, the U.S.D.A. said.
Other rice states did not report progress.
After sinking to 18-month lows last Monday, Chicago rice futures prices rebounded
to end the week with impressive gains,
mostly related to ideas of improved export
interest at the lower price levels. That idea
was supported at midweek by news Iraq
bought 120,000 tonnes of U.S. rice, the first
purchase from the U.S. since October 2007.
Weakness in the dollar after midweek also
was supportive to export potential.
Export sales of U.S. rice for 2008-09 in
the week ended March 12 totaled 54,400
tonnes, down 48% from a week earlier
and 33% below the prior four-week average, the U.S.D.A. said. Total export sales
commitments of rice for the marketing
year to date were 19% below the same
period last year. MBN

Rice

Soy products

- Change from - Year
Mar. 20 Mar. 13 Mar. 6
ago
3.96½
4.07
4.16
4.28
4.39¼
4.45¼
$ per bu
9.52
9.49
9.32½
9.05½
8.93
9.03
$ per ton
300.50
295.80
289.00
280.00
269.80
268.00

expectations. Soybean meal export sales
for 2008-09 were 33,400 tonnes in the
week, off 77% from a week earlier. Sales
of 40,800 tonnes were reported for 200910. Net export sales commitments for the
marketing year to date were 6% ahead of
the same period last year for soybeans
but 12% behind for soybean meal. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Mar. 20
Mar. 13
Mar. 6
Soy flour
Bulk
20.47 @ 21.48 +.64@+1.14 +1.27 @+1.71
Sacked
21.47 @ 23.48 +.64@+1.14 +1.27 @+1.71

Corn meal
$ per cwt
Mar. 20
Chicago, bulk
13.94 @ 18.11
Chicago, sacked 15.71 @ 19.94
New York, bulk 15.61 @ 19.84
New York, sacked 18.03 @ 22.23

- Change from -
Mar. 13
Mar. 6
+.14 @+.14 +.94 @+1.28
+.14 @+.14 +.94 @+1.28
+.14 @+.14 +.94 @+1.28
+.14 @+.14 +.94 @+1.28

Oats
- Change from -
Minneapolis
Mar. 20
Mar. 13
Mar. 6
Food grade flakes, f.o.b.,
bagged, $ per cwt
21.75@22.25 -
-
Milling quality oats, No. 2 heavy,
$ per bu
2.15
+14c
+17¼c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Mar. 20
Mar. 13 Mar. 6 ago
Long grain
25.50@30.00
-
- 29.00
Medium grain 43.50@46.00
-
-2.50 26.50
Parboiled
28.50@33.00
-
- 31.00
Second
heads, bulk 22.00@23.00
-
- 19.00
Brewers
20.00@23.00
-
-1.00 17.00
f.o.b. mills, $ per ton
Rice millfeed
75.00
-
- 63.00
Rice bran
120.00@135.00
-
- 115.00
Rice hulls
30.00@40.00
-
- 25.00
U.S.D.A. 2008 crop world price milled - $ per cwt
Long grain
18.71
-
-0.67 18.49
Medium/short
grain
18.47
-
-0.66
...
Broken
12.59
-
-0.45 12.44
C.B.O.T. rough rice futures - $ per cwt
May
12.82½
+1.20 +0.49½ 18.04
July
12.99
+1.16 +0.46 18.30
September
12.18½ +0.62½ +0.32½ 16.65
November
12.25
+0.65 +0.31 16.70
Milling & Baking News

March 24, 2009 / 55

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

Milling & Baking News - March 24, 2009

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