Milling & Baking News - November 17, 2009 - 39



 Cash Wheat

HARD WINTER. Premiums on hard
red winter wheat in Kansas City surged
2@20c a bu last week. Gains of 5c, 6c
and 2c a bu applied to ordinary wheat,
13.8%-protein wheat and 14%-protein
supply, respectively; otherwise, the basis soared 12@20c. Upward adjustments
made Nov. 13 created a flat basis from
12.2% through 14%. The week's gains
build on those of the previous couple of
weeks and reflected broadening mill and
reseller demand in the face of decreasing wheat offers because of the country's
preoccupation with the fall crop harvest.
While there were no accounts of delayed shipments of contracted wheat
with railroads still current on most obligations, some pipelines were wearing
thin, and wheat buyers were concerned
the delayed fall crop harvest might continue to constrain spot offers of wheat in
the next few weeks. Also a factor in the
basis strength was the excellent quality
of some of the wheat offered.
Mills continued to buy wheat in the
to-arrive market in increments. Wheat
buyers were wary about being caught
short of wheat in a volatile market. There
was no urgency in the buying, especially in view of the dearth of bakery flour
bookings in the past few weeks.
Rallying wheat futures prices and advancing cash wheat premiums encouraged additional farmer selling. In many
cases, sales involved transfer of ownership of stocks already stored in purchasing elevators.
After a week with weather favorable to
fieldwork, the U.S. Department of Agriculture indicated winter wheat planting
on Nov. 8 was 90% completed in Kansas
(97% as the recent five-year average for
the date), 88% in Oklahoma (95%), 82%
in Texas (88%), 100% in Nebraska (100%),
99% in Colorado (100%), 100% in South

No. 1 hard winter
Basis Kansas City December, cents per bu
Nov. 13 - Change from - Year
Premium Nov. 6
Oct. 30
ago
Ordinary -18 @ -3 +5 @ +5 +5 @ +5 25 @ 60
11%
5 @ 20 +20 @ +20 +20 @ +20 48 @ 63
11.2%
22 @ 37 +18 @ +18 +27 @ +27 49 @ 64
11.4%
28 @ 43 +12 @ +12 +15 @ +15 50 @ 65
11.6%
37 @ 52 +15 @ +15 +18 @ +18 61 @ 76
11.8%
40 @ 55 +15 @ +15 +21 @ +21 70 @ 85
12%
46 @ 61 +16 @ +16 +23 @ +23 70 @ 85
12.2%
49 @ 64 +19 @ +19 +26 @ +26 70 @ 85
12.4%
49 @ 64 +19 @ +19 +26 @ +26 70 @ 85
12.6%
49 @ 64 +19 @ +19 +26 @ +26 70 @ 85
12.8%
49 @ 64 +19 @ +19 +25 @ +25 70 @ 85
13%
49 @ 64 +15 @ +15 +20 @ +20 70 @ 85
13.2%
49 @ 64 +15 @ +15 +20 @ +20 75 @ 90
13.4%
49 @ 64 +15 @ +15 +20 @ +20 78 @ 93
13.6%
49 @ 64 +15 @ +15 +15 @ +15 84 @ 99
13.8%
49 @ 64 +6 @ +6 +6 @ +6 87 @ 102
14%
49 @ 64 +2 @ +2 +2 @ +2 90 @ 105
bakingbusiness.com / world-grain.com

Dakota (100%) and 98% in Montana
(99%). Wheat emergence was 78% in Kansas (87% as the average for the date), 79%
in Oklahoma (84%), 68% in Texas (72%),
97% in Nebraska (99%), 89% in Colorado
(100%), 92% in South Dakota (96%) and
79% in Montana (92%).
Wheat rated good to excellent on Nov.
8 was 75% in Kansas, 77% in Oklahoma,
45% in Texas (44% fair), 73% in Nebraska, 75% in Colorado, 68% in South Dakota and 48% in Montana (44% fair).
HARD SPRING. Premiums on hard
red spring wheat in Minneapolis were
50c a bu higher to 25c lower last week.
Losses applied to low-protein wheat and
to wheat with 14.5% protein. Wheat with
15% protein surged 50c.
The cash spring wheat basis has rallied in recent weeks as producer and elevator preoccupation with the delayed
fall crop harvest sharply reduced wheat
loadings and shipments. Mills needing
wheat to fill gaps left by shipments of
wheat against November contracts were
forced to hike bids to secure supply. Mills
also continued to buy wheat for JanuaryMarch in limited volume out of concern
market volatility would extend into 2010.
There was value in protein with the
protein average of the 2009 crop at only
13.1%. On Nov. 12, 15%-protein spring
wheat was trading $1.25 a bu above
14%-protein wheat, and 14%-protein
wheat was trading $1.75 above 13%-protein supply.
Advancing wheat prices prompted an

increase in farmer wheat selling despite
ongoing fieldwork.
SOFT RED. Mill bids on soft red winter
wheat were 25c higher to 5c lower last
week retaining a firm tone during the delayed fall crop harvest. In Kansas City,
No. 1 soft red bids were 45c under K.C.
December to 10c over, up 5c on the top
end of the range. Gulf bids on soft red for
nearby advanced 5c, to 25c over Chicago
December. St. Louis mill bids advanced
25c, to 20c over Chicago December. Chicago mill bids for nearby advanced 5c, to
40c under Chicago December. Mill bids in
Toledo for nearby were unchanged at 60c
under Chicago December; December, 55c
under; January, 50c under March. Elevator
bids were 90c under December. Cincinnati mill bids declined 5c, to 85c under
Chicago December. Elevator bids were
100c under December; new crop, 50c under July. Michigan white wheat mill bids
ranged up to 120c over Chicago December.
The U.S.D.A. indicated winter wheat
planting on Nov. 8 was 38% completed
in Missouri (80% as the average for the
date), 63% in Illinois (96%), 73% in Indiana (96%), 92% in Ohio (96%) and 87%
in Michigan (97%). Wheat emergence
was 21% in Missouri (61% as the average), 37% in Illinois (85%), 40% in Indiana (83%), 63% in Ohio (87%) and 64%
in Michigan (87%). Winter wheat rated
good to excellent on Nov. 8 was 55% in
Missouri, 38% in Illinois (50% fair), 39%
in Indiana (54% fair), 61% in Ohio and
65% in Michigan. MBN

No. 1 hard spring

Cash wheat

Milling quality, basis Minneapolis December, cents per bu
Nov. 13
- Change from -
Year
Premium
Nov. 6
Oct. 30
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
5 @ 25
...
+15 @ +35
...
13%
15
-15 @ -25 +10 @ -5
40
13.5%
75 @ 90 +15 @ +25 +45 @ +40 70 @ 90
14%
160 @ 180 +40 @ +30 +45 @ +40 115 @ 180
14.5%
210
-20
...
210
15%
315 @ 325 +50 @ +50 +85 @ +75 240 @ 250
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
Nov. 13
shipment
Bid
Offer
No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
November
+75 Dec.
...
December
+77 Dec.
...
January
+66 March
...
February
+66 March
...
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
November
+25 Dec.
...
December
+25 Dec.
40
January
+15 March
25
February
+15 March
25

Ingredient Week

Year ago
bid

...
+88 Dec.
...
...

-35
-35
-50
-50

Dec.
Dec.
March
March

Nov. 13 - Change from -
For shipment
Bid
Nov. 6 Oct. 30
No. 1 Soft White, Track, Portland
$ per bu
Nearby
4.90
+.05
+.15
November
4.90
+.05
+.15
December
4.95
+.05
+.15
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
Nearby
...
...
...
November
...
...
...
December
0.30
-
-
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
Nearby
1.55
-
-
November
1.55
-
-
December
1.60
-
-

Year
ago
...
...
5.50
...
...
0.32

1.85
1.85
1.85

Canadian domestic milling wheat
Change from Year
In-store, Thunder Bay,
Nov. 13
Nov. 6
ago
Canadian $ per tonne
Western red spring 13.5% 276.35 +24.95
350.21
Soft white spring
214.29
+7.50
261
Amber durum
237.45
-4.79
472.5
U.S. $ per bu
Western red spring 13.5%
7.16
0.78
7.78
Soft white spring
5.55
0.30
5.80
Amber durum
6.15
-
10.50
Milling & Baking News November 17, 2009 / 39
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - November 17, 2009

Table of Contents for the Digital Edition of Milling & Baking News - November 17, 2009
