Milling & Baking News - October 20, 2009 - 37



 Soy Products

Soy flour bookings were active last
week as buyers continued to secure supply month-to-month. Price changes were
irregular. Weather-delayed soybean
harvesting in the Midwest created supply issues for some processers and kept
soybean meal basis levels stronger than
expected in some areas but also the basis
irregular. Lead times to deliver new orders stretched to about three weeks.
Harvest delays from snow and rainy
weather continued to dominate the market,
pushing soybean futures to six-week highs
early last week. Higher crude oil prices and
the weaker dollar also provided support.
Gains were trimmed later in the week on
forecast warmer, drier weather and the
prospect of a record-large soybean crop.
The U.S. Department of Agriculture
said 23% of soybeans in the 18 major
states were harvested as of Oct. 11, up
from 15% a week earlier but far behind
49% last year and 57% as the 2004-08 average for the date. The crop still in the
field was rated 65% good to excellent,
well above 57% a year ago.
Net export sales of U.S. soybeans in the
week ended Oct. 8 were 654,500 tonnes for
2009-10, up 45% from a week earlier, the
U.S.D.A. said. Net sales of soybean meal
for export in 2009-10 were 466,100 tonnes
for the week, down 22% from a week earlier. Both soybean and soybean meal sales
exceeded trade expectations. MBN

 Corn Products

Corn meal sales were seasonal last
week with demand spread across all
grit sizes. Prices advanced. Mills ran 5½
to six days. Some mills struggled to get
adequate corn supplies because of harvest delays. One source noted improved

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

+9¾
+9¼
+9½
+10
+8
+7¼

+38½
+37¼
+37
+36¾
+33¾
+29¾

4.03
4.20½
4.31¾
4.43
4.51
4.58

+13½
+15
+17¼
+17¾
+18½
+20½

+92½
+90
+90
+88¾
+86¼
+88½

8.94
9.06¾
9.16¾
9.26
9.32¾
9.35½

-2.60
-1.80
-
+.80
+1.70
+2.00

+26.90
+25.80
+26.30
+25.80
+24.90
+24.10

258.20
259.80
262.70
265.30
267.80
268.30

bakingbusiness.com / world-grain.com

 Oats

Bookings of food grade oat flakes
were seasonally strong last week with
coverage taken through the third quarter of 2010 in some cases. Some buyers
added coverage just before the run-up in
oats futures prices, which have gained
about 15% since Oct. 1. Oat flake prices
were unchanged last week. Oats mills
ran heavy and shipments were brisk.
Wintry weather including snow and
near-record cold stalled the oats harvest
in northern Saskatchewan, where about
half of the crop remained in the field with
much of it swathed (cut) but not yet combined, adding to concerns about quality
deterioration. Farmers were expected to
remain reluctant sellers of oats until they
are more certain the harvest will be finished and because they still considered
prices too low. Combining in other provinces was completed. MBN

 Rice

Milled rice prices were mostly unchanged last week. Rice byproduct prices
were steady to $5 a ton higher. U.S. Department of Agriculture 2009 crop world
milled rice prices were unchanged.
Rough rice futures prices rose to ninemonth highs on strong export sales and
crop concerns in the U.S. and in Asia.
The rice crop in the six major states was
69% harvested as of Oct. 11, behind 79%
last year and well behind 87% as the 200408 average, the U.S.D.A. said. The harvest
in top-producing Arkansas was only 60%
completed versus 88% as the state's average.
Net export sales of U.S. rice for 2009-10
during the week ended Oct. 8 were 95,200
tonnes, up 83% from a week earlier, the
U.S.D.A. said. Export shipments of 74,800
tonnes were a marketing year high. MBN

Rice

Soy products

- Change from - Year
Oct. 16
Oct. 9 Oct. 2
ago
3.72
3.83¾
3.92½
4.00½
4.06
4.12½
$ per bu
9.77½
9.82
9.85¼
9.82¼
9.82¼
9.80½
$ per ton
294.70
292.00
290.30
287.30
287.10
287.00

milling quality of new crop corn compared with last year's crop. Milling
sources continued to express concern
that wet, late-harvested corn not dried
properly might create problems. Some
corn still in the field had moisture content above 25%, with a level below 15%
desirable for milling. Corn dried too
quickly may crack, which makes production of large flaking grits difficult.
The forecast freeze and wintry weather came to fruition and was followed by
widespread rain, potentially harming
immature corn and raising quality concerns as harvesting was delayed across
the Corn Belt much of last week. The
futures market responded by pushing
prices toward the $4-a-bu mark nearby
and above that level in deferred months.
Continued weakness in the U.S. dollar
and strong gains in crude oil prices also
were supportive. Dry and warm conditions expected over the past weekend
and early this week should allow the
harvest to resume, likely pushing corn
prices back down, traders predicted.
The corn crop in the 18 major states
was only 13% harvested as of Oct. 11,
up slightly from 10% a week earlier but
well behind 20% last year and 35% as the
2004-08 average for the date, the U.S. Department of Agriculture said. The crop
was 74% mature compared with 92%
as the five-year average. Rated good to
excellent was 70% of the crop still in the
field, unchanged from a week earlier
and well above 62% a year ago.
Net export sales for 2009-10 of U.S.
corn in the week ended Oct. 8 were
631,800 tonnes, up 21% from a week earlier but down 25% from the prior fourweek average, the U.S.D.A. said. Sales
were at the low end of trade estimates. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Oct. 16
Oct. 9
Oct. 2
Soy flour
Bulk
21.00 @ 21.84 +.06@ -.56 +1.17 @+1.34
Sacked
22.00 @ 23.84 +.06@ -.56 +1.17 @+1.34
$ per cwt
Oct. 16
Chicago, bulk
14.43@ 17.95
Chicago, sacked 16.20@ 19.78
New York, bulk
16.10@ 19.68
New York, sacked 18.52@ 22.07

Ingredient Week

- Change from -
Oct. 9
Oct. 2
+.20@+.30 +.78@+.86
+.20@+.30 +.78@+.86
+.20@+.30 +.78@+.86
+.20@+.30 +.78@+.86

Oats
- Change from -
Minneapolis
Oct. 16
Oct. 9
Oct. 2
Food grade flakes, f.o.b.,
bagged, $ per cwt
23.50@23.75 -
+1
Milling quality oats, No. 2 heavy,
$ per bu
2.46½
+11½c
+26c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Oct. 16
Oct. 9 Oct. 2 ago
Long grain
23.50@25
-
-
36
Medium grain 31.50@33
-
-
44
Parboiled
27.50@31
-
- 39.50
Second
heads, bulk
18@19
-
-
28
Brewers
16@18
-
-
25
f.o.b. mills, $ per ton
Rice millfeed
35@40
-
-
60
Rice bran
85@100
-
-
120
Rice hulls
8@12
-
-
30
U.S.D.A. 2009 crop world price milled - $ per cwt
Long grain
16.85
-
-0.33 26.14
Medium/short
grain
16.62
-
-0.35 25.82
Broken
11.60
-
-0.23 17.59
C.B.O.T. rough rice futures - $ per cwt
November
13.65½ +0.25½ +0.55 15.23
January
13.90
+0.24½ +0.54 15.55
March
14.12
+0.21½ +0.50½ 15.88
May
14.36½
+0.21 +0.50 16.20
Milling & Baking News October 20, 2009 / 37

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

Milling & Baking News - October 20, 2009

Table of Contents for the Digital Edition of Milling & Baking News - October 20, 2009