Milling & Baking News - April 2, 2013 - 73


Soy Products
Soy flour prices fell in a week of lackluster demand before the three-day Easter
weekend. Orders were about a week forward, down from the recent lead time of
about three weeks.
Soybean meal futures prices gained
ground until most market participants
moved to the sidelines ahead of the Thursday midday release of two key U.S. Department of Agriculture reports, Grain Stocks
and Prospective Plantings.
The reports showed March 1 soybean
stocks down 27% from a year earlier but 5%
above average trade expectations. Soybean
planting intentions were down slightly
from 2012 and below the average of trade
expectations. Prices collapsed with nearby
soybean futures falling 45c a bu or more.
For the week, old crop contracts dropped
2% to 3%, and new crop months eased
about 1%.
The Prospective Plantings report
showed growers intend to plant 77,126,000
acres of soybeans in 2013, down slightly
from 77,198,000 acres in 2012 and below the
average trade estimate of 78.5 million acres.
“Compared with 2012, planted area
is down across the Great Plains with the
exception of North Dakota,” the U.S.D.A.
said. “Nebraska and Minnesota are
expecting the largest declines, while Illinois
and North Dakota are expecting the largest
increases.”
The Grain Stocks report said soybeans
stored in all positions on March 1 totaled
999,280,000 bus, down 27% from March 1,
2012, including on-farm stocks estimated
at 456,700,000 bus, down 18%, and offfarm stocks at 542,580,000 bus, down 34%.
Indicated December 2012-February 2013
soybean disappearance was 967 million
bus, down 3% from a year earlier.

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

-31
-32½
-33¾
-26¾
-26¼
-26

-21¾
-24¼
-23¾
-23¼
-23¼
-22¾

6.44
6.43¾
5.63¼
5.40¼
5.51¾
5.59¾

-35¾
-32½
-26¼
-16¼
-12¼
-12

-21¼
-25¼
-23½
-16½
-9½
-9½

14.03
14.08¼
14.00½
13.76
13.58
13.54½

-14.70 -14.20
-13.50 -12.70
-10.70 -11.20
-7.40 -8.40
-7.00 -7.80
-7.00 -7.90

388.70
389.70
385.50
378.50
370.30
364.50

bakingbusiness.com / world-grain.com

Corn Products
Cornmeal prices tumbled with corn
futures prices last week. Trading of corn
products was mostly quiet as market participants awaited the midday Thursday
release of the Grain Stocks and Prospective
Plantings reports by the U.S. Department of
Agriculture.
Corn futures prices showed a modest
upward bias on supply concerns before the
U.S.D.A. reports were released. After the
reports were issued, old crop corn futures
contracts fell the 40c-a-bu daily limit while
new crop contracts dropped about 25@30c.
For the week, corn futures prices dropped
about 24@34c a bu, or 4% to 6%.
The U.S.D.A. Grain Stocks report
showed March 1 corn stocks in all positions
down 10% from March 1, 2012, at 5,399 million bus, including on-farm stocks of 2,669
million bus, down 16%, and off-farm stocks
of 2,730 million bus, down 4%. Indicated
December-February corn disappearance
was 2.63 billion bus, down 27%.
Though down 10% from a year earlier,
the corn stocks number was 7% above the
average trade expectation at 5,030 million
bus and was the primary pressuring feature
in the futures market.
In the Prospective Plantings report, the
U.S.D.A. said farmers indicated they intend
to plant 97,282,000 acres of corn in 2013, up
slightly from 97,155,000 acres in 2012 and
near trade expectations.
“If realized, this will represent the highest
planted acreage in the United States since
1936 when an estimated 102 million acres

were planted,” the U.S.D.A. said. “Most
states in the Corn Belt, which experienced
severe drought in 2012, expect slightly less
planted acreage.”
U.S. corn weekly export sales, which
have been lackluster in recent months,
were within analysts’ estimates of 200,000
to 400,000 tonnes for 2012-13 and 2013-14
combined. The U.S.D.A. reported net sales
in the week ended March 21 of 314,000
tonnes for the two years. MBN

Oats
Demand for food-grade oats flakes remained strong as cool weather prevailed
across parts of the United States and
much of Canada. Prices were unchanged.
Oats supplies were hard to obtain, and
cash-market prices remained firm. Oats
futures made new highs before tumbling
with other grains last Thursday after the
U.S.D.A., in its Prospective Plantings
report, indicated U.S. farmers intend to
plant 2,901,000 acres of oats in 2013, up
5% from 2012 but still the third lowest on
record.
A grain executive said 2013 would be
another “tricky year” when producers in
Saskatchewan and Manitoba may choose
to plant less oats because of wet soil conditions. Heavy snow cover and prospects
for flooding may delay planting. MBN

Rice
U.S. milled rice and rice byproduct prices
were mostly unchanged last week, although rice
bran firmed by $10 a ton and rice millfeed prices
were quoted after weeks of inactivity.
Prices posted by the U.S.D.A. for world
milled rice were 9@13c a cwt lower.
The U.S.D.A., in its Prospective Plantings report, said farmers intend to plant
2,611,000 acres to rice in 2013, down 3%
from 2012. MBN

Soy products

— Change from — Year
March 29 March 22 March 15 ago
6.95¼
6.76
5.63
5.38½
5.48¼
5.55½
$ per bu
14.04¾
13.85½
13.46¾
12.85
12.51½
12.56¼
$ per ton
404.60
400.50
385.50
363.10
347.90
346.70

The U.S.D.A. said net export sales of
soybeans in the week ended March 21
for 2012-13 and 2013-14 combined were
674,100 tonnes, which fell within the range
of analysts’ expectations of 500,000 to
850,000 tonnes. MBN

Ingredient Week

Defatted, f.o.b. Midwest plant, $ per cwt
— Change from—
March 29
March 22
March 15
Soy ﬂour
Bulk
32.00@32.57 -.96@-.75
-.89@-.73
Sacked
33.00@34.57 -.96@-.75
-.89@-.73

Rice
Offers f.o.b. mills, $ per cwt, bagged

— Change from — Year
Cash
March 29
March 22 March 15 ago
Long grain
28.00@29.00
—
— 25.00
Medium grain 28.50@28.75
—
— 27.00
Parboiled
30.50@33.00
—
— 27.50
Second
Corn meal
heads, bulk
18.50
—
— 18.00
$ per cwt
14.50@16.50
—
— 17.00
— Change from — Brewers
March 29
March 22 March 15 f.o.b. mills, $ per ton
75.00
…
… 65.00
Chicago, bulk
26.20@ 29.90 -.60@-.63 -.40@-.45 Rice millfeed
175@200 0@+10 0@+5 120.00
Chicago, sacked 27.97@ 31.99 -.60@-.63 -.40@-.45 Rice bran
20@25
—
— 20.00
New York, bulk
27.87@ 31.89 -.60@-.63 -.40@-.45 Rice hulls
New York, sacked 30.29@ 34.30 -.60@-.63 -.40@-.45 U.S.D.A. 2012 crop world price milled - $ per cwt
Long grain
19.19
-0.13
-0.13 17.78
Oats
Medium/short
18.87
-0.11
-0.11 17.56
— Change from — grain
Minneapolis
13.58
-0.09
-0.09 12.58
March 29 March 22 March 15 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade ﬂakes, f.o.b.,
May
15.36
+0.46 +0.68 14.77
bagged, $ per cwt
32.25@32.50 —
—
July
15.65
+0.46 ½ +0.68 ½ 15.04
Milling quality oats, No. 2 heavy,
September
15.32
+0.31 +0.58 15.27
$ per bu
4.26¼
—
-5½c
November
15.50½ +0.30 ½ +0.60 15.52
Oat hulls, $ per ton
25@35
—
—
Milling & Baking News April 2, 2013 / 73

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Milling & Baking News - April 2, 2013

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