Milling & Baking News - April 19, 2011 - 43

Cash Wheat
HARD WINTER. Premiums on hard red winter wheat in Kansas City were unchanged to 48c a bu higher last week. The basis on low-protein wheat, particularly ordinary wheat, surged after languishing for months with values at huge discounts to the rest of the protein scale. Individual mills pressed for lower protein for blending, and exporters, who heretofore comprised virtually the only outlet for low-protein hard winter, entered the bidding fray. The low-protein cars offered spread well to several directions, which piqued competitive bidding. The basis across the middle of the protein scale advanced at the week’s end on reseller and mill demand. Premiums across the top third of the protein scale were untested. Indications were individual mills bought at least minimal additional supply of wheat for delivery in July-September, although fresh producer sales of new crop mostly were lacking. Growers in areas afflicted by drought conditions who sold some supply against their prospective new crop were concerned about their ability to meet their commitments. Winter wheat condition ratings continued to decline in Texas, Oklahoma, Kansas and Colorado, according to the U.S. Department of Agriculture’s weekly Crop Progress report. Winter wheat rated good to excellent on April 10 was 28% in Kansas (37% was rated poor to very poor), 11% in Oklahoma (60% poor to very poor), 11% in Texas (66% poor to very poor), 12% in Colorado (57% poor to very poor), 36% in Nebraska (44% fair), 67% in South Dakota (30% fair) and 69% in Montana (27% fair). The U.S.D.A. noted high winds and dry conditions continued to stress the wheat crop in Kansas, where the crop was 33% jointed on April 10 compared with 23%

last year and 39% as the recent five-year average for the date. Drought conditions prevailed in southern Texas; wheat in the state was 22% headed compared with 16% as the average. Oklahoma wheat was 85% jointed compared with 82% as the average for the date. Colorado wheat was 12% jointed compared with 14% as the average. Rain and even snow fell across eastern Colorado, Nebraska and much of Kansas toward the week’s end. Little precipitation was received in southwest Kansas and Oklahoma and Texas. Temperatures dipped below freezing across the western thirds of Kansas and Nebraska at the week’s end. HARD SPRING. Premiums on hard red spring wheat quoted as delivered Chicago/beyond values in relation to the Minneapolis May wheat future were 70c a bu higher to 35c lower last week. The cash spring wheat market bounced back from the previous week’s broad losses at some protein levels but remained weaker overall than a couple of weeks earlier. In the previous few weeks, railroads made progress in narrowing wide gaps between scheduled and actual shipping dates. But flooding across parts of North Dakota and Minnesota slowed that progress in the last week. Planting was slow to get started across the northern Plains. No wheat was planted by April 10 in North Dakota and Minnesota with average starting dates for fieldwork pegged at April 29 for North

Dakota and April 25 for Minnesota, in both cases, well behind normal. Spring wheat was 5% planted on April 10 in South Dakota compared with 1% a week earlier, 13% a year ago and 10% as the recent five-year average for the date. Montana spring wheat was 1% planted compared with 6% last year and 5% as the recent average. SOFT RED. Mill bids on soft red winter wheat were steady to 10c a bu higher last week. In Kansas City, No. 1 soft red bids were unchanged at 45c under K.C. May to 45c over. Gulf bids on soft red for April advanced 2c a bu, to 77c over Chicago May. St. Louis mill bids held at 15c over Chicago May. Chicago mill bids were 10c over Chicago May; new crop, 30c under July. Mill bids in Toledo for nearby advanced 10c, to 10c under Chicago May; new crop, 35c under July. Elevator bids were 20c under Chicago May; new crop, 45c under July. Cincinnati mill bids were 40c under Chicago May for old crop and 40c under July for new crop. Elevator bids for nearby were 18c under Chicago May; new crop, 40c under July. Michigan white wheat mill bids were 30@20c under Chicago May; new crop, 50c under July. Winter wheat rated good to excellent on April 10 was 57% in Arkansas, 70% in Missouri, 60% in Illinois, 57% in Indiana, 69% in Ohio, 70% in Michigan and 81% in North Carolina. Wheat jointing on April 10 was 10% in Indiana (13% as the recent five-year average for the date) and 6% in Ohio (8% as average). MBN

No. 1 hard spring
Basis Minneapolis May, delivered Chicago\beyond cents per bu Apr. 15 — Change from — Year Premium Apr. 8 Apr. 1 ago Ordinary ... ... ... … 11% ... ... ... … 12% -40 @ -30 -20 @ -10 -35 @ -85 -20 13% 75 @ 150 0 @ +70 -45 @ +25 15 @ 25 13.5% 170 @ 190 +30 @ -35 -30 @ -85 80 @ 85 14% 270 @ 335 +5 @ +10 -55 @ -15 160 @ 200 14.5% 350 @ 365 -25 @ -35 -25 @ -35 185 @ 235 15% 460 @ 560 +10 @ 0 -40 @ -40 325 16% ... ... ... … 17% ... ... ... …

Cash wheat
Apr. 15 — Change from — For shipment Bid Apr. 8 Apr. 1 No. 1 Soft White, Track, Portland $ per bu April ... ... ... May ... ... ... June 7.80 -.20 +.35 No. 1 Hard 11.5%, Track, Portland Basis Kansas City future, $ per bu April 0.45 — — May 0.45 — +.05 June 0.35 — ... No. 1 Spring 14%, Track, Portland Basis Minneapolis future, $ per bu April 3.00 +2.70 +.30 May 3.00 — +.30 June ... ... ... Year ago 4.75 4.75 4.75 0.45 0.40 …

No. 1 hard winter
Basis Kansas City May, cents per bu Apr. 15 — Change from — Premium Apr. 8 Apr. 1 Ordinary 0@ 15 +48 @ +48 +48@ +48 11% 0@ 15 +32 @ +32 +35@ +35 11.2% 0@ 15 +24 @ +24 +27@ +27 11.4% 2@ 17 — — 11.6% 15@ 30 — +5@ +5 11.8% 25@ 40 — +9@ +9 12% 40@ 55 +12 @ +12 +15@ +15 12.2% 40@ 55 +10 @ +10 +15@ +15 12.4% 40@ 55 +10 @ +10 +15@ +15 12.6% 40@ 55 +10 @ +10 +15@ +15 12.8% 40@ 55 +5 @ +5 +5@ +5 13% 65@ 80 — — 13.2% 70@ 85 — — 13.4% 80@ 95 — — 13.6% 80@ 95 — — 13.8% 90@ 105 — — 14% 95@ 110 — —
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Year ago -30 @ -15 -30 @ -15 -26 @ -11 -8 @ 7 -3 @ 12 0 @ 15 14 @ 29 16 @ 31 23 @ 38 30 @ 45 45 @ 60 60 @ 75 60 @ 75 63 @ 78 70 @ 85 80 @ 95 80 @ 95

Exporter bids and offers
For Apr. 15 shipment Bid Offer No. 1 Hard 12%, Track Gulf Basis Kansas City future, cents per bu April … … May +70 May … June +60 July … July +60 July … No. 2 Soft Red, c.i.f. New Orleans Basis Chicago future, cents per bu April +77 May 85 May +70 May 80 June +39 July 44 July +39 July 44 Year ago bid

… … +40 July +40 July

Canadian domestic milling wheat
Change from Year In-store, Thunder Bay, Apr. 15 Apr. 8 ago Canadian $ per tonne Western red spring 13.5% 413.00 -27.51 253.56 Soft white spring 300.30 -12.53 220 Amber durum 432.78 +2.20 223.73 U.S. $ per bu Western red spring 13.5% 11.69 -0.84 6.80 Soft white spring 8.50 -0.40 5.90 Amber durum 12.25 — 6.00
Milling & Baking News April 19, 2011 / 43

+35 +35 +23 +23

May May July July

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Ingredient Week

1.95 1.95 1.95
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Milling & Baking News - April 19, 2011

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