Milling & Baking News - June 15, 2010 - 44


Soy Products
Soy flour sales were steady last week.
Prices advanced. Most buying was
month to month, but sellers encouraged
users to complete old crop coverage
(through September) and even add some
new crop coverage due to tight soybean
supplies. Lead times to deliver new orders remained two to three weeks.
Soybean and soybean meal futures
prices advanced last week as prospects
of a bumper 2010 U.S. crop, increasing
global supplies and mostly neutral U.S.
Department of Agriculture supply-anddemand data were overshadowed by
firm cash prices, support from other
markets and late-week fund buying.
The carryover of U.S. soybeans on Sept.
1, 2011, was projected by the U.S.D.A. at
360 million bus, down 5 million bus, or
1%, from 365 million bus forecast in May
but up 96% from this year's carryover of
185 million bus, which also was reduced
by 5 million bus from May. Soybean
production in 2010 was projected at 3,310
million bus, unchanged from May. Also
unchanged from May were projected
2010-11 soybean crushings at 1,640 million
bus, exports at 1,350 million bus, seed use
at 88 million bus and residual at 66 million
bus. Estimated crushings for 2009-10 were
raised 5 million bus, to 1,740 million bus.
The average farm price of soybeans
was projected to range from $8 to $9.50 a
bu, unchanged from May and compared
with $9.50 this year and $9.97 in 2008-09.
Soybean planting was 84% completed
in the 18 major states as of June 6, even
with the 2005-09 average but about a
week ahead of 76% at the same time last
year, the U.S.D.A. said. Crop condition in
the 18 states was rated 75% good to excellent, 21% fair and 4% poor to very poor. MBN

Chicago corn and soy futures
- Change from - Year
Corn Futures June 11 June 4 May 28 ago
$ per bu
July
3.49½
+9½
-9½
4.25½
September
3.59
+9¾
-10
4.34½
December
3.71
+11½ -9
4.47¾
March
3.84¼
+11¾ -8½
4.59½
May
3.93¼
+11¾ -8
4.67
July
4.01¼
+10½ -8
4.74½
Soybeans
$ per bu
July
9.46¼
+11¼ +8½
12.45½
August
9.29¼
+10¾ +1½
11.71¼
September
9.10¾
+5
-4
11.08½
November
9.09¼
+9¼
+1½
10.76½
January
9.19½
+9
+2¼
10.83
March
9.25½
+7½
-
10.79½
Soybean Meal $ per ton
July
289.70
+12.50 +16.20 422.70
August
276.50
+7.70 +9.00 385.70
September
266.50
+4.20 +5.00 362.80
October
257.70
+2.70 +3.60 345.50
December
255.90
+2.80 +3.50 336.70
Jaunary
256.60
+2.70 +3.70 333.10
bakingbusiness.com / world-grain.com

Corn Products

Oats

Bookings of corn meal products increased last week. Prices advanced.
While month-to-month buying continued, some users added coverage
through September or even through the
end of the calendar year in some cases.
Corn mills ran five to 6½ days to make
sufficient volumes of large flaking grits
from the poor-milling 2009 crop.
Corn futures prices rallied from ninemonth lows early last week and pressure
from outstanding 2010 crop prospects to
post mostly double-digit gains on technical trading, talk of more buying by
China and bullish U.S. Department of
Agriculture supply-and-demand data.
The U.S. corn carryover on Sept. 1,
2011, was projected at 1,573 million bus,
down 245 million bus, or 13%, from 1,818
million bus forecast in May and down
30 million bus from an estimated 2010
carryout of 1,603 million bus, which was
reduced 135 million bus, or 8%, from May.
Corn production in 2010 was forecast
at 13,370 million bus, unchanged from
May. Also unchanged were 2010-11
feed and residual use, projected at
5,350 million bus, and exports at 2,000
million bus. Food, seed and industrial
use was projected at 6,060 million bus,
up 110 million bus from May, based on
a 100-million-bu boost in projected use
of corn for ethanol, to 4,700 million bus,
and a 10-million-bu increase in food and
seed use to 1,360 million bus.
The average farm price of corn was
projected to range from $3.30 to $3.90 a
bu, up 10c from the May forecast.
Corn emergence in the 18 major states
was at 94% as of June 6, the U.S.D.A. said.
The crop was rated 76% good to excellent
compared with 69% last year. MBN

Bookings of food grade oat flakes were
active last week, prompted by sharply
higher futures prices and concerns supplies may tighten due to weather problems
in Canada. Prices were unchanged. Many
buyers already were booked through September (old crop), but more coverage was
added last week, and in a couple of cases,
coverage was taken for the entire new crop
season through September 2011.
Excessive wetness in the major growing
areas of Canada, the main source of milling
oats, raised concerns about reduced seedings as the deadline to file for crop insurance was at hand. As a result, farmers tightly held remaining 2009 supplies and basis
levels soared. Most mills had adequate supply contracted through September.
U.S. oats in the nine major states on
June 6 were rated 82% good to excellent
compared with 78% a week earlier and
55% a year ago, the U.S.D.A. said. MBN

Rice
Milled rice and rice byproduct prices
were mostly unchanged last week. U.S.
Department of Agriculture world milled
rice prices held steady.
Rough rice futures recovered from
new contract lows to post gains for the
week on friendly U.S.D.A. data.
In its June 10 World Agricultural Supply and Demand Estimates, the U.S.D.A.
projected the carryover of U.S. rice on
Aug. 1, 2011, at 45.4 million cwts, down
6 million cwts from the May forecast but
still 60% above the estimated 2010 carryover of 28.4 million cwts, which was
reduced by 2 million cwts from May.
The rice crop in the six major states was
rated 76% good to excellent as of June 6, up
from 55% a year ago, the U.S.D.A. said. MBN

Rice

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 11
June 4
May 28
Soy flour
Bulk
21.34 @ 21.48 +.64@ +.63 +.81 @ +.81
Sacked
22.48 @ 23.34 +.63@ +.64 +.81 @ +.81

Corn meal
$ per cwt
June 11
Chicago, bulk
14.05@ 15.73
Chicago, sacked 15.82@ 17.56
New York, bulk
15.72@ 17.46
New York, sacked 18.14@ 19.85

Ingredient Week

- Change from -
June 4
May 28
+.19@+.61 +.13@-.38
+.19@+.61 +.13@-.38
+.19@+.61 +.13@-.38
+.19@+.61 +.13@-.38

Oats
- Change from -
Minneapolis
June 11
June 4 May 28
Food grade flakes, f.o.b.,
bagged, $ per cwt
22.75@23.25 -
+75c
Milling quality oats, No. 2 heavy,
$ per bu
2.57
+33c
+66c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
June 11
June 4 May 28 ago
Long grain
21.50@24.00
-
-1.00 24.00
Medium grain 26.50@30.00
-
-1.00 44.50
Parboiled
24.50@28.50
-
-1.00 27.00
Second
heads, bulk 18.00@19.00
-
- 18.50
Brewers
16.50@17.50
-
- 17.50
f.o.b. mills, $ per ton
Rice millfeed
28@32
-
-2.00 27.00
Rice bran
60@70
-
-5.00 85.00
Rice hulls
8@10
-
-
5.00
U.S.D.A. 2009 crop world price milled - $ per cwt
Long grain
14.36
-
-0.43 16.82
Medium/short
grain
14.09
-
-0.43 16.58
Broken
9.89
-
-0.29 11.32
C.B.O.T. rough rice futures - $ per cwt
July
11.01
+0.17½ -0.62½ 12.93
September
10.94½
+0.16
-0.72 12.85
November
11.09½
+0.14
-0.67 12.88
January
11.36½ +0.12½ -0.67½ 13.03
Milling & Baking News June 15, 2010 / 45

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Milling & Baking News - June 15, 2010

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