Milling & Baking News - December 9, 2014 - 37

Ingredient Week

Soy Products
Soy flour prices edged higher last
week in sync with gains in soybean meal
futures prices. Bookings were about two
weeks forward.
Soybean and soybean meal futures
ended higher last week on continued
strong export demand, including unexpected news Friday from private exporters that 240,000 tonnes of soybeans were
sold to "unknown" - a designation that
usually means China.
Substantial gains of about 25c a bu in
soybean futures Friday built on the boost
Thursday that reflected strong weekly
export sales. Ample world supplies,
buoyed by predictions of a large South
American crop, depressed prices at midweek, but the strong export story exerted
a bigger influence on prices late.
The record soybean harvest was virtually completed, with a couple of southern-tier states still needing to combine
more than 10% of their crops as of late
November, when the U.S. Department
of Agriculture published its final weekly
crop progress update.
Statistics Canada reported its November estimate of 2014 soybean production at
a record 6,000,000 tonnes, up slightly from
the September estimate of 5,960,800 tonnes
and up 13% from 5,358,900 tonnes in 2013.
Net export sales of U.S. soybeans in
the week ended Nov. 27 were 1,179,700
tonnes for 2014-15, down 16% from the
previous week but up 5% from the prior
four-week average, the U.S.D.A. said.
Sales were above trade expectations
ranging from 600,000 to 850,000 tonnes.
Net export sales of soybean meal for
the week ended Nov. 27 were 226,800
tonnes for 2014-15 and 400 tonnes for
20215-16, also well above analysts'

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

Corn Products

Oats

Cornmeal prices were adjusted higher
last week in keeping with gains in corn
futures prices. Mills continued to run
strong ahead of yearend holidays.
Corn futures prices traded in a relatively narrow range and ended the week higher, buoyed Friday by big gains in the soy
complex fueled by strong export demand.
Profit-taking, fund liquidation, a reversal in wheat futures and indications of
larger-than-expected Chinese corn inventories pressured prices early last week. But
unforeseen strength in export sales, underscored by news of a private sale to Mexico
of 196,000 tonnes for 2014-15, erased declines and led the price move upward.
Analysts said overall export demand
for corn, though impressive last week,
was not likely to be strong enough to
counter the bearish influence of the recently concluded record harvest, even
though many farmers were keeping tight
hold of their grain in storage in an attempt to nudge cash prices higher. Many
producers increased their on-farm storage capacity after several profitable crop
years and they were taking advantage of
it following this year's bumper harvest.
In its Dec. 4 report on production of
principal field crops, Statistics Canada
estimated corn production at 11,487,000
tonnes, up from the September estimate
of 11,396,900 tonnes but down 19% from
14,193,000 tonnes in 2013.
Net export sales of U.S. corn in the
week ended Nov. 27 were 1,170,700
tonnes for 2014-15, up 24% from the previous week and up 65% from the prior
four-week average, the U.S. Department

Rice
U.S. milled rice and rice byproduct
prices were unchanged last week except
for a downward adjustment of $1 a cwt
for brewers' grains, the U.S.D.A. said.
Prices posted by the U.S.D.A. for world
milled rice were steady.
Rice futures prices see-sawed lower
last week in quiet dealings. Trading in
the cash market was minimal, typical of
a lull in activity often noted in December.
Net export sales of U.S. rice in the
week ended Nov. 27 were 152,500 tonnes
for 2014-15, with 120,000 tonnes bought
by Iraq, the U.S.D.A. said. MBN

Rice

+8¾
+9¾
+9¼
+8¾
+6½
+7

4.24
4.34¼
4.42¾
4.49¾
4.56
4.63¾

+20
+19½
+19
+20¼
+19½
+19½

-3
-4
-4
-2¾
-3½
-2¼

13.25½
13.10½
12.96½
12.87¾
12.58½
12.01½

Dec. 5
Chicago, bulk
18.28@ 19.18
Chicago, sacked
20.05@ 20.95
New York, bulk
19.95@ 20.85
New York, sacked 22.37@ 23.27

447.30
427.40
419.10
408.80
403.00
391.30

Minneapolis
Dec. 5
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
30@30.50
Milling quality oats, No. 2 heavy,
$ per bu
3.52¾
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

Food-grade oats flakes prices advanced
last week amid ongoing brisk demand
and seasonal strength during colder
weather across much of the United States.
Statistics Canada estimated 2014 oats
production at 2,908,000 tonnes, down
26% from 3,905,600 tonnes in 2013 but
above the September estimate of 2,685,800
tonnes. The reduction from 2013 reflected
an 18% decline in Canadian harvested
area and a 9% decline in average yield.
Rail movement of oats across Canada
and to the United States has shown sustained improvement over the past six
months and was not a significant problem, said an oats industry executive.
Oats futures prices edged higher, consolidating after a tumble in prices in late
November. Futures prices have switched
from an inverted pattern earlier in 2014, reflecting tight supplies, to a "carry market"
for the foreseeable future, reflecting more
ample inventories, a trade source said. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Dec. 5
Nov. 28
Nov. 21
Soy ﬂour
Bulk
30.01 @ 34.64 +.15@ +.15 +.76 @+.80
Sacked
31.01 @ 36.64 +.15@ +.15 +.76 @+.80

+5¾
+6¼
+6½
+6¼
+5
+6

+3.10 +15.80
+.10
-.80
+3.10 -.70
+6.50 +.90
+6.70 +.70
+6.80 +.80

of Agriculture said. Trade expectations
were 600,000 to 850,000 tonnes. MBN

Soy products

- Change from - Year
Dec. 5 Nov. 28 Nov. 21 ago
3.81½
3.95
4.03½
4.10
4.14
4.22¾
$ per bu
10.36
10.42
10.48¼
10.53½
10.52¼
10.31
$ per ton
394.20
366.40
354.20
349.40
348.20
347.30

expectations of a 50,000-tonne reduction
to 75,000 tonnes. MBN

Corn meal
$ per cwt
- Change from -
Nov. 28 Nov. 21
+.12@+.12 +.12@+.18
+.12@+.12 +.12@+.18
+.12@+.12 +.12@+.18
+.12@+.12 +.12@+.18

Oats
- Change from -
Nov. 28 Nov. 21
+.25

-.50

8¼c
-

-24c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Dec. 5
Nov. 28 Nov. 21 ago
Long grain
24.00@27.00
-
- 27.50
Medium grain
30.00
-
- 28.00
Parboiled
26.00@30.00
-
- 29.75
Second
heads, bulk 21.00@22.50
-
-1.00 19.00
Brewers
18.00@19.00 -1.00
-1.00 17.50
f.o.b. mills, $ per ton
Rice millfeed
65.00
-
- 65.00
Rice bran
125@145
-
- 185.00
Rice hulls
30@35
-
- 40.00
U.S.D.A. world price milled - $ per cwt
Long grain
17.12
-
-0.22 18.36
Medium/short
grain
16.56
-
-0.21 18.01
Broken
10.33
-
-0.13 12.58
C.B.O.T. rough rice futures - $ per cwt
January
12.06½
-0.27
-0.53 15.55
March
12.32½
-0.27
-0.53 15.71
May
12.57½
-0.26½
-0.52 15.84
July
12.77½
-0.26½
-0.52 15.69
Milling & Baking News

December 9, 2014 / 37

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

Milling & Baking News - December 9, 2014

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