Milling & Baking News - June 25, 2013 - 45


Soy Products

Corn Products

Soy flour price changes were irregular
amid light losses in the July soybean meal
futures contract. Business was brisk, and
bookings were two to three weeks out.
Soybean futures prices fell about 2% last
week, primarily on profit-taking following
a run-up in prices last Wednesday. Deferred
contracts saw more pressure than the nearby. Fundamentals appeared more bearish
later in the week. Export sales reported by
the U.S. Department of Agriculture were
sluggish. The weather outlook was seen
as favorable for completing planting, and
fears that excessively wet conditions may
reduce yields appeared to be fading.
Soybeans were 85% planted as of June
16, compared with 91% as the five-year
average for the same date in the 18 major soybean-growing states, the U.S.D.A.
said in its latest Crop Progress report.
Soybean emergence was 66% as of June
16, well behind 80% as the five-year average, the U.S.D.A. said, reflecting planting
delays because of excessive rainfall, especially in the Upper Midwest.
In the first report on the condition of
the new crop, the U.S.D.A. said 64% of
the crop was in good-to-excellent condition in the 18 major states and 6% was in
very poor to poor condition, compared
with 56% good to excellent and 12%
poor to very poor a year earlier.
U.S. soybean weekly export sales in
the week ended June 13 were well below
trade expectations of 350,000 to 650,000
tonnes. The U.S.D.A. reported net sales
for 2012-13 were 52,600 tonnes. Sales for
2013-14 totaled 108,500 tonnes.
Soybean meal export sales during the
week were 26,600 tonnes for 2012-13 and
114,600 tonnes for 2013-14, the U.S.D.A. said,
which was within trade expectations. MBN

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

+6¾
+20¼
+23¼
+23
+22¼
+21½

-4½
+½
-2¼
-1¾
-2¼
-2½

5.91
5.51¼
5.54
5.65
5.71¾
5.77½

-23¼
-20¼
-26¾
-24¾
-27¼
-30½

-35
-42½
-58¼
-56¾
-58¾
-57¼

14.42½
14.26
13.94¼
13.75½
13.74
13.36

-3.00
-3.50
-5.50
-6.30
-6.00
-6.90

-4.80
-11.60
-15.80
-18.40
-19.10
-19.30

422.00
419.70
412.90
406.90
404.20
397.90

bakingbusiness.com / world-grain.com

conditions, while last year’s crop was
planted early because of a warm, dry
spring that evolved into a serious summer drought, the worst in 50 years.
U.S. corn export sales during the week
ended June 13 were within trade expectations of 200,000 to 400,000 tonnes. The
U.S.D.A. reported net sales of 133,400
tonnes for 2012-13 and 77,100 tonnes for
2013-14. MBN

Oats
Food-grade oats flakes prices were
about steady, reflecting a lack of change
in nearby oats futures prices and typical
summer demand.
In the nine main oats-growing states,
42% of the crop was headed by June 16
compared with 53% as the five-year average, the U.S.D.A. said. Fifty-seven per cent
of the crop was rated good to excellent and
13% was rated very poor to poor in the latest week, compared with 67% good to excellent and 8% poor to very poor last year. MBN

Rice
U.S. milled rice and rice byproduct prices were mostly unchanged except for rice
millfeed, which rose $5 a ton from a week
earlier. U.S.D.A. posted world milled and
rough rice prices were lower on the week.
In the six main rice-growing states, 68%
of the crop was rated in good to excellent
condition as of June 16, the same as last
year on the same date and compared with
62% the previous week, the U.S.D.A said.
Net export sales of rice during the week
ended June 13 took a tumble compared
with the previous week and the prior fourweek average. The U.S.D.A. reported net
sales of 34,900 tonnes for 2012-13, down
77% from a week earlier and down 52%
from the prior four-week average. MBN

Rice

Soy products

— Change from — Year
June 21 June 14 June 7
ago
6.61¾
5.92
5.56¼
5.67
5.73¾
5.79¾
$ per bu
14.93¼
14.13¾
13.15¾
12.73½
12.76½
12.73¼
$ per ton
447.70
419.60
397.90
379.30
377.50
377.70

Prices of corn meal and other corn
products such as corn flour, large flaking grits and extruded products rose last
week on strong seasonal demand and
the upward trajectory of corn futures. A
grain executive said very little cash grain
was moving in the country because of
exceptionally tight old crop inventories.
The cash basis strengthened as a result
of tight supplies and led futures higher
last week. The squeeze in old-crop supplies sent corn futures prices through the
100-day moving average last Wednesday. A decline in a private forecaster’s
corn planting estimate to below the most
recent U.S. Department of Agriculture
forecast furthered nervousness about the
long-term outlook for corn supplies and
also provided price support.
But the release of a lackluster weekly
export sales report for corn, coupled with
steep declines in the U.S. equities market
reacting to news that the Federal Reserve
may curtail its stimulus efforts and profittaking trimmed gains somewhat after midweek. Also furthering bearish sentiment
was the outlook for favorable weather for
the development of the crop, including
above-average temperatures and a good
chance of rain in much of the Corn Belt.
The 2013 corn crop was 92% emerged
as of June 16, compared with 97% as the
five-year average for the date, despite
earlier planting delays because of excessive rainfall in many areas of the Corn
Belt. The U.S.D.A. said 64% of the crop
in the 18 major states was in good-toexcellent condition as of June 16, up one
percentage point from both the previous
week and the previous year.
The 2013 crop experienced planting
delays amid cool, overly wet weather

Defatted, f.o.b. Midwest plant, $ per cwt
— Change from —
June 21
June 14
June 7
Soy ﬂour
Bulk
34.14 @ 34.83 +1.01@ -.15 -.52 @ -.25
Sacked
35.14 @ 36.83 +1.01@ -.15 -.52 @ -.25

Corn meal
$ per cwt
June 21
Chicago, bulk
26.18@ 30.49
Chicago, sacked 27.95@ 32.58
New York, bulk
27.85@ 32.48
New York, sacked 30.27@ 34.89

Ingredient Week

— Change from —
June 14
June 7
+.14@+.22 -.06@+.02
+.14@+.22 -.06@+.02
+.14@+.22 -.06@+.02
+.14@+.22 -.06@+.02

Oats
— Change from —
Minneapolis
June 21 June 14 June 7
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
32.25@32.50 —
-.25
Milling quality oats, No. 2 heavy,
$ per bu
4.20½
-4c
-12c
Oat hulls, $ per ton
25@35
—
—

Offers f.o.b. mills, $ per cwt, bagged
— Change from — Year
Cash
June 21
June 14 June 7 ago
Long grain
28@30
—
— 24.50
Medium grain 28.50@28.75
—
—
27
Parboiled
30.50@33
—
— 27.75
Second
heads, bulk 18@18.50
—
—
18
Brewers
14.50@16.50
—
—
17
f.o.b. mills, $ per ton
Rice millfeed
70@75
—
—
60
Rice bran
160@195
—
—
120
Rice hulls
15@20
—
—
20
U.S.D.A. 2012 crop world price milled - $ per cwt
Long grain
19.16
-0.14 +0.21 18.61
Medium/short
grain
18.84
-0.13 +0.21 18.39
Broken
13.56
-0.10 +0.15 13.17
C.B.O.T. rough rice futures - $ per cwt
July
15.91
-0.59½ +0.05½ 14.47
September
15.89½
-0.51½ +0.00½ 14.73
November
16.17½
-0.39 +0.14 14.99
January
16.40 ½ -0.33 ½ +0.18 ½ 15.24
Milling & Baking News June 25, 2013 / 45

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Milling & Baking News - June 25, 2013

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