Milling & Baking News - April 21, 2009 - 65

Ingredient Week

Soy Products

Soy flour sales were stronger last week.
Prices advanced as bullish momentum
continued to bolster the soy complex.
Soy flour sales, still mostly short term,
increased, pushing processor lead times
to deliver new orders to three weeks or
more. Lead times were affected in some
cases by planned maintenance downtime
by several processors over the next few
weeks. Processors urged buyers to cover
soy flour needs through old crop (September) because of rising prices, which were
prompted by more bullish fundamentals.
New crop coverage was slim to none.
Higher soybean prices encouraged
farmers to increase sales ahead of spring
fieldwork, resulting in a weakening of
the cash soybean basis, although the decline was more than offset by rising futures prices.
Soybean planting was under way in
most southern states with progress as of
April 12 behind averages in most cases.
Soy complex futures posted impressive gains, especially old crop. Ongoing
strong demand for soybeans from China,
largely the result of a smaller crop and
farmer unrest in Argentina, drew down
an already-snug U.S. supply. The Buenos Aires Grain Exchange estimated Argentine production at 37 million tonnes,
down from 39.4 million previously. Improved U.S. planting weather for corn
suggested fewer acres might be switched
to soybeans, trimming 2009-10 supply
prospects somewhat.
Export sales of U.S. soybeans for 200809 during the week ended April 9 were
808,300 tonnes, up 87% from a week earlier and double the prior four-week average, the U.S.D.A. said. China bought
50% of the total. MBN

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

-14
-14
-14¼
-14¾
-13¾
-14¾

-28¼
-29
-28¼
-28½
-27¼
-27¾

5.99½
6.13
6.22¾
6.21¼
6.31¼
6.35

+44
+39½
+33
+27
+13
+14

+55½
+46¼
+36¼
+24¾
+11¾
+12½

13.61½
13.77
13.67
13.25
12.81
12.94½

+15.40
+12.30
+9.90
+7.20
+1.30
+.70

+20.60
+12.70
+11.40
+6.70
+.30
+.20

346.70
351.70
346.50
333.00
311.50
309.50

bakingbusiness.com / world-grain.com

Corn meal sales were steady last week.
Prices declined. Demand was balanced
across all grit sizes with some millers
noting slightly stronger sales to snack
manufacturers. Running time averaged
about five days.
Corn planting in the 18 largest growing states was 2% completed as of April
12, even with last year but behind 6% as
the 2004-08 average for the date, the U.S.
Department of Agriculture said. While
most major Corn Belt states had yet to
begin planting, operations were well behind average in several states. Planting
was 13% completed in North Carolina
(33% as the average for the date), 4% in
Tennessee (34%), 2% in Kentucky (21%)
and 5% in Missouri (24%). Corn emergence as of April 12 was 26% in South
Carolina (41% as the average), 23% in
Alabama (24%), 75% in Louisiana (74%),
52% in Mississippi (60%), 16% in Arkansas (39%) and 50% in Texas (52%).
Corn futures prices received mixed signals last week and ended lower. Nearby
months slipped a bit further below the
$4-a-bu threshhold. A strong rally in soybean prices and large weekly export sales
offered support. But pressure mounted as
once bullish spring weather turned bearish. Forecasts for drier conditions across the
Corn Belt added to ongoing pressure from
weak demand for corn from the livestock
and poultry feed and ethanol sectors.
Export sales of U.S. corn for 2008-09
and 2009-10 during the week ended April
9 totaled 1,029,400 tonnes, down 5% from
the previous week's combined total and
above most trade expectations. Export
sales commitments for the marketing year
to date were 36% less than in the same period last year, the U.S.D.A. said. MBN

Oats

Bookings of food grade oat flakes were
steady last week. Prices declined 25c a cwt
following futures prices. Some additional
third-quarter bookings were made, giving
those buyers coverage through old crop.
The hot breakfast cereal season was winding down, which typically signals a slower
period for oat flake sales. Although oats
sales by Canadian farmers remained slow,
oats millers indicated they had sufficient
supplies through the old crop year.
U.S. oats planting was 37% completed
in the nine largest states as of April 12
compared with 34% last year and 41%
as the five-year average for the date,
the U.S.D.A. said. The crop was 29%
emerged, about average for the date. MBN

Rice

Milled rice prices were unchanged
last week. Byproduct prices were mixed
with bran unchanged, millfeed weaker
and hulls steady to stronger. U.S. Department of Agriculture 2008 crop world
milled rice prices were unchanged.
Rice planting as of April 12 was 22%
completed in the six major states, ahead of
15% last year but slightly behind 25% as
the five-year average, the U.S.D.A. said.
Seven per cent of the crop had emerged
compared with 10% as the average.
Rough rice futures prices declined on
pressure from weak weekly export sales
and Iraq's purchase of Thai and South
American rice instead of U.S. supply in
a recent tender.
Export sales of U.S. rice for 2008-09
during the week ended April 9 totaled
34,500 tonnes, down 22% from a week
earlier, the U.S.D.A. said. Sales commitments for the marketing year to date
were 17% less than a year ago. MBN

Rice

Soy products

- Change from - Year
Apr. 17 Apr. 10 Apr. 3
ago
3.76¼
3.85¾
3.95¼
4.07
4.19½
4.26¼
$ per bu
10.51
10.41½
10.13
9.71
9.35
9.44½
$ per ton
326.60
318.70
306.50
290.50
271.10
268.20

Corn Products

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Apr. 17
Apr. 10
Apr. 3
Soy flour
Bulk
21.82 @ 22.46 +.77@ +.89 +1.04 @+1.16
Sacked
22.82 @ 24.46 +.77@ +.89 +1.04 @+1.16

Corn meal
$ per cwt
Apr. 17
Chicago, bulk
13.65@ 17.69
Chicago, sacked 15.42@ 19.52
New York, bulk
15.32@ 19.42
New York, sacked 17.74@ 21.81

- Change from -
Apr. 10
Apr. 3
-.28@-.37 -.55@-.66
-.28@-.37 -.55@-.66
-.28@-.37 -.55@-.66
-.28@-.37 -.55@-.66

Oats
- Change from -
Minneapolis
Apr. 17
Apr. 10
Apr. 3
Food grade flakes, f.o.b.,
bagged, $ per cwt
21.75@22.25 -25c
-25c
Milling quality oats, No. 2 heavy,
$ per bu
2.04
-7c
-10c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Apr. 17
Apr. 10 Apr. 3 ago
Long grain
24.50@30.00
-
- 34.00
Medium grain 44.50@46.00
-
- 34.00
Parboiled
28.00@33.00
-
- 37.00
Second
heads, bulk 20.00@23.00
-
- 21.00
Brewers
18.50@22.00
-
- 19.00
f.o.b. mills, $ per ton
Rice millfeed
38.00
-2.00
-2.00 65.00
Rice bran
90.00@110.00
- -10.00 118.00
Rice hulls
25.00
+5.00 +5.00 25.00
U.S.D.A. 2008 crop world price milled - $ per cwt
Long grain
18.71
-
- 21.72
Medium/short
grain
18.47
-
-
...
Broken
12.59
-
- 14.62
C.B.O.T. rough rice futures - $ per cwt
May
12.83½
-0.56 +0.05½ 23.71
July
13.02½
-0.51½ +0.01 24.07
September
12.42½
-0.11½ +0.11 21.80
November
12.44½
-0.11½ +0.11 21.70
Milling & Baking News

April 21, 2009 / 55

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

Milling & Baking News - April 21, 2009

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