Milling & Baking News - September 2, 2014 - 41


Soy Products
Soy flour prices eased last week with
small declines in new-crop soybean meal
futures. Old-crop supplies were tight
with only a few weeks before harvest of
an expected record soybean crop begins.
Business was brisk, and bookings were
two to three weeks forward.
Both old-crop and new-crop soybean
futures prices moved lower last week on
mostly favorable weather, although a few
scattered growing areas received excessive rain. Despite tight old-crop soybean
supplies, the September contract tumbled
as expiration approached. Higher wheat
futures prices on escalating geopolitical
tensions in the Black Sea region helped
limit losses in new crop soybean futures,
as did talk of a possible outbreak of disease
in some growing areas and short-covering
before the long Labor Day weekend.
Old-crop soybean meal futures prices
rose, but new-crop contracts declined.
The U.S. Department of Agriculture in its
latest Crop Progress report said 90% of the
soybean crop in the 18 major states was setting pods as of Aug. 24 compared with 82%
on the same date last year and 89% as the
five-year average for the date. Seventy per
cent of the crop was rated good to excellent
compared with 71% the previous week and
58% on the same date a year ago. In the top
two soybean states, good-to-excellent ratings were 73% in Iowa and 78% in Illinois.
Soybean demand from China remained active. On Friday, the U.S.D.A.
reported a private sale of 123,000 tonnes
of soybeans to "unknown destinations,"
presumably China, for 2014-15 delivery.
The U.S.D.A. reported a net reduction in
export soybean transactions in the week
ended Aug. 21 of 62,800 tonnes for 201314 (which ends Aug. 31), and net sales

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

-6½
-6¾
-6½
-6
-5¾
-5½

-6¾
-12¼
-12½
-19½
-18¾
-19

4.95
4.82
4.94½
5.02½
5.08¾
5.12

-76½
-17¾
-16¼
-14½
-13¼
-12¼

-13
-27¾
-28½
-28½
-30
-31½

14.24
13.57½
13.54¾
13.34¼
13.11¾
13.07¾

+6.20 +51.20
-4.00 +5.20
-2.00 -2.80
-2.00 -4.10
-1.80 -4.80
-2.10 -6.30

bakingbusiness.com / world-grain.com

Corn Products
Prices of corn meal and other corn
products were lower last week in keeping with modest price declines in corn
futures. Seasonal sales were strong for
extruded products used in snack manufacturing to meet demand for back-toschool needs and entertaining during
the football season. End-users also were
stocking up on corn meal, edible grits and
corn flour used in cooler-weather foods.
Both old-crop and new-crop corn futures prices declined modestly last week
on continued strong prospects for a record-large crop. Weather was favorable.
Prices have moved generally sideways
since late July with a modestly lower
bias in recent days, reflecting the fact
that the market has largely priced in the
forecast for a crop over 14 billion bus.
The corn harvest was under way in
the deep South last week with excellent
yields reported.
Thirty-five per cent of the corn crop in
the 18 major states was in the dent stage
as of Aug. 24, the U.S.D.A. said in its latest Crop Progress report, compared with
43% as the five-year average. Eighty-three
per cent of the crop had reached the dough
stage compared with 78% as the average.
The U.S.D.A. said 73% of the crop was
rated good to excellent as of Aug. 24,

compared 72% a week earlier and 59%
a year ago. In top-producing Iowa, 75%
of the crop was rated good to excellent.
Export sales of corn in the week ended
Aug. 21 showed a net reduction of 32,700
tonnes for 2013-14, which ends Aug. 31.
Net sales for 2014-15 were 695,600 tonnes.
Trade estimates for the combined crop
years were 300,000 to 800,000 tonnes. MBN

Oats
Food-grade oats flake prices were lower
in sync with weakness in the oats futures
market. Both old-crop and new-crop oats
futures had a volatile week but ended
lower. Rail shippers in Canada, which is a
major supplier of oats to U.S. millers, continued to struggle with logistical issues.
The oats harvest in the nine major
states was 74% completed as of Aug.
24 compared with 86% as the five-year
average, the U.S.D.A. said. In North Dakota, the harvest was 28% completed
compared with 54% as the average. MBN

Rice
U.S. milled rice prices last week were
steady, and byproduct prices were unchanged except for rice hulls, which
were $5 a ton lower. U.S.D.A. world
milled rice prices were unchanged.
The U.S.D.A. said 11% of the rice crop
in the six major states was harvested as of
Aug. 24 compared with 17% as the fiveyear average for the date. Seventy-four
per cent of the crop was rated good to
excellent in the latest week, unchanged
from a week earlier, although the crop in
top-producing Arkansas was rated only
65% good to excellent.
Net export sales of U.S. rice in the
week ended Aug. 21 were 58,700 tonnes
for 2014-15, the U.S.D.A. said. MBN

Soy products

- Change from - Year
Aug. 29 Aug. 22 Aug. 15 ago
3.59
3.64¾
3.77¾
3.86
3.92¾
3.99¼
$ per bu
10.89½
10.24¼
10.32½
10.40½
10.46¼
10.50¼
$ per ton
439.50
363.10
350.70
347.60
345.40
344.50

were 1,290,800 tonnes for 2014-15. The
bulk of those sales were to China, which
purchased 655,000 tonnes. Trade expectations for the combined crop years were
600,000 to 1.1 million tonnes.
Net export sales of soybean meal
in the week ended Aug. 21 were 1,100
tonnes for 2013-14 and 76,100 tonnes for
2014-15, below analysts' expectations of
150,000 to 300,000 tonnes. MBN

468.20
428.40
423.70
422.00
413.50
401.80

Ingredient Week

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Aug. 29
Aug. 22
Aug. 15
Soy ﬂour
Bulk
33.04 @ 36.30 -.20@ -.20 +1.78 @+2.05
Sacked
34.04 @ 38.30 -.20@ -.20 +1.78 @+2.05

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

- Change from - Year
Cash
Aug. 29
Aug. 22 Aug. 15 ago
Long grain
27.00@28.50
-
- 28.00
Medium grain 32.00@34.25
-
- 28.50
Parboiled
28.50@31.50
-
- 30.50
Second
Corn meal
heads, bulk 22.00@25.00
-
- 18.50
$ per cwt
19.00@25.00
-
- 16.00
- Change from - Brewers
Aug. 29
Aug. 22 Aug. 15 f.o.b. mills, $ per ton
60.00
-
- 65.00
Chicago, bulk
17.05@ 19.05 -.07@-.23 -.06@-.09 Rice millfeed
125@150
-
- 160.00
Chicago, sacked 18.82@ 20.82 -.07@-.23 -.06@-.09 Rice bran
40.00
-5.00 +10.00 20.00
New York, bulk 18.72@ 20.72 -.07@-.23 -.06@-.09 Rice hulls
New York, sacked 21.14@ 23.14 -.07@-.23 -.06@-.09 U.S.D.A. world price milled - $ per cwt
Long grain
18.60
- +0.09 18.53
Oats
Medium/short
18.02
- +0.11 18.16
- Change from - grain
Minneapolis
11.22
- +0.05 12.70
Aug. 29 Aug. 22 Aug. 15 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade ﬂakes, f.o.b.,
September
12.58½
-0.24
-0.32 15.81
bagged, $ per cwt
33@34
-1.00
+.50
November
12.66½
-0.06
-0.08 15.75
Milling quality oats, No. 2 heavy,
January
12.86
+0.03½ -0.07½ 15.92
$ per bu
4.12¼
-21¾c
-2¾c
March
13.04
-0.06
-0.08 16.15
Oat hulls, $ per ton
25@35
-
-
Milling & Baking News September 2, 2014 / 41

http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - September 2, 2014

Table of Contents for the Digital Edition of Milling & Baking News - September 2, 2014