Milling & Baking News - March 9, 2010 - 58



 Soy Products

Soy flour sales were strong last week.
Prices declined. Values were near year-ago
levels, which bottomed about this time last
year. Most sales were on a month-to-month
basis as many buyers and sellers anticipated still more weakness in soy complex
prices this year. A smattering of longer-term
sales occurred with some buyers covering
their soy flour needs for the remainder of
2010. Lead times required to deliver new
orders ranged from two to four weeks.
Farmer sales of soybeans remained
light, keeping basis levels firm last week.
Soybean futures prices traded with
slight changes last week before plunging
more than 20c a bu on Thursday as outside
markets turned negative, lining up with
already bearish fundamentals of recordlarge production in South America and
waning export demand. The soybean harvest in Brazil was nearly 30% completed
late last week. There were no significant
soybean sales to China for the current
marketing year during the week ended
Feb. 25, according to the U.S. Department of Agriculture's weekly grain export
sales report. Soybean meal futures prices
were pressured by unexpected deliveries
against the March futures contract.
Net export sales of U.S. soybeans during the week ended Feb. 25 totaled 182,400
tonnes for 2009-10, down 24% from the
previous week, down 36% from the prior
four-week average and a marketing year
low, the U.S.D.A. said. Net sales of 188,000
tonnes were reported for 2010-11 with the
two-year total exceeding trade expectations. Export sales of soybean meal for
the week were 85,700 tonnes for 2009-10,
up 5% from the previous week but down
39% from the prior four-week average.
Net marketing year sales commitments

Chicago corn and soy futures
- Change from - Year
Corn Futures March 5 Feb. 26 Feb. 19 ago
$ per bu
March
3.64¾
-13¼ +4¾
3.52¾
May
3.75½
-13½ +3¾
3.61½
July
3.86½
-13¼ +3¾
3.71
September
3.95
-11
+4¼
3.79¼
December
4.02½
-10½ +4¼
3.90¾
March
4.13¼
-9¾
+3¾
4.02¼
Soybeans
$ per bu
March
9.34¾
-16¼ -10¼
8.79
May
9.42¾
-18¼ -11¾
8.67
July
9.50½
-18½ -11½
8.66
August
9.47¾
-17½ -10¾
8.53
September
9.35
-16½ -5
8.28
November
9.25
-16
-1
8.15
Soybean Meal $ per ton
March
257.90
-15.30 -18.50 274.20
May
257.70
-12.30 -12.30 265.30
July
258.60
-11.00 -10.40 262.00
August
257.60
-9.90 -8.60
257.00
September
255.80
-9.20 -6.20
249.00
October
248.90
-9.80 -4.60
240.80
bakingbusiness.com / world-grain.com

for soybeans were 32% ahead of the same
period last year and were 71% ahead for
soybean meal, the U.S.D.A. said. MBN

 Corn Products

Bookings of corn meal products were
steady last week. Price changes were irregular. Some new contracting through
the second quarter was noted, but coverage for the second half of the year remained light. Mills continued to run extra hard to produce a sufficient supply of
large flaking grits for cold breakfast cereal
manufacturers. Production was difficult
because of the high moisture in the 2009
crop. As a result, supplies of corn flour,
some smaller-size grits and hominy feed
were ample. Mills ran 5½ to 6½ days.
Farmers remained hesitant sellers of
corn, and cash basis levels remained
strong. Pockets of high vomitoxin levels,
notably in the Central states and East,
have narrowed outlets for distillers' dried
grains from ethanol plants and for some
other corn byproducts from corn mills.
Corn futures prices declined with
most price movement the result of influences from outside markets, including fluctuations in the value of the U.S.
dollar and crude oil prices. Fundamental
features remained mostly bearish, but
speculation that planting of the 2010
U.S. corn crop might be delayed by a wet
spring offered support.
Traders awaited the March 10 U.S. Department of Agriculture World Agricultural Supply and Demand Estimates and
the March 31 Prospective Plantings report.
Net export sales of U.S. corn during the
week ended Feb. 25 were 761,400 tonnes
for 2009-10, up 90% from a week earlier
and even with the four-week average, the
U.S.D.A. said. Net sales of 72,000 tonnes

were reported for 2010-11. Sales exceeded
trade expectations. Net sales commitments of corn for the marketing year to
date were 10% ahead of the same period
a year-ago, the U.S.D.A. said. MBN

 Oats

Sales of food grade oat flakes were
steady last week. Prices were unchanged.
Heavy sales a few weeks back when oats
futures prices dropped sharply from midJanuary highs appeared to have capped
most demand. Many buyers have a large
amount of their needs covered through
the crop year, although volume was
down slightly from year-ago levels.
Canadian farmers remained reluctant
oats sellers and were expected to remain
so for at least a few more weeks until
planting intentions are known. Oats has
lost value to other crops in recent weeks,
which could reduce expected Canadian
oats plantings from sharply higher earlier projections. MBN

 Rice

Milled rice prices were unchanged
last week. Byproducts were unchanged
except for bran, which was steady to
down $5 a ton. U.S. Department of Agriculture world milled rice prices declined
$1.33@1.93 a cwt last week.
Rough rice futures prices sank to
eight-month lows on weakening global
rice values, which were expected to limit
export opportunities for U.S. rice.
Net export sales of U.S. rice during the
week ended Feb. 25 were 55,800 tonnes for
2009-10, down 25% from a week earlier
and down 33% from the prior four-week
average, the U.S.D.A. said. Net sales commitments for the marketing year to date
were up 14% from a year ago. MBN

Rice

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
March 5
Feb. 26
Feb. 19
Soy flour
Bulk
19.37 @ 19.64 -.76@ -.77 -.94 @ -.98
Sacked
20.37 @ 21.64 -.76@ -.77 -.94 @ -.98

Grits
$ per cwt
March 5
Chicago, bulk
14.30@ 17.02
Chicago, sacked 16.07@ 18.85
New York, bulk
15.97@ 18.75
New York, sacked 18.39@ 21.14

Ingredient Week

- Change from -
Feb. 26
Feb. 19
-.26@+.52 +.10@+.85
-.26@+.52 +.10@+.85
-.26@+.52 +.10@+.85
-.26@+.52 +.10@+.85

Oats
- Change from -
Minneapolis
March 5 Feb. 26 Feb. 19
Food grade flakes, f.o.b.,
bagged, $ per cwt
23.25@23.75 -
-50c
Milling quality oats, No. 2 heavy,
$ per bu
2.26½
+5½c
-3½c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
March 5
Feb. 26 Feb. 19 ago
Long grain
24.50@26
-
-0.25 25.50
Medium grain 29.50@32
-
-1
46
Parboiled
27.50@32
-
-0.25 28.50
Second
heads, bulk 18.50@20
-
-
22
Brewers
16.50@18.50
-
-
21
f.o.b. mills, $ per ton
Rice millfeed
50
-
-
75
Rice bran
110@120
0@-5 0@-5
120
Rice hulls
12
-
-
30
U.S.D.A. 2009 crop world price milled - $ per cwt
Long grain
17.75
-1.93
-1.93 19.38
Medium/short
grain
17.45
-1.91
-1.91 19.13
Broken
12.22
-1.33
-1.33 13.04
C.B.O.T. rough rice futures - $ per cwt
March
12.82½
-0.60½ -0.80½ 12.12
May
13.09
-0.67
-0.88 12.33
July
13.37½
-0.66½ -0.89½ 12.53
September
13.11
-0.27
-0.33 11.86
Milling & Baking News March 9, 2010 / 51

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Milling & Baking News - March 9, 2010

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