Milling & Baking News - March 17, 2015 - 54

Ingredient Week

Sweeteners
Sugar markets were a bit unsettled last
week with hints of firmness in Midwest
beet sugar values, continued shipments
from Mexico and news that a decision
from the U.S. International Trade Commission on its review of the suspension
agreements between the United States
and Mexico may come slightly earlier
than expected. There were no surprises
in the U.S. Department of Agriculture's
World Agricultural Supply and Demand
Estimates of March 10.
The I.T.C. said it would hold a public
meeting March 19, and on the agenda
was a vote on its review of whether the
suspension agreements, which lifted antidumping and countervailing duties of
about 56% on sugar exports from Mexico
in lieu of other requirements, removed
all harm from U.S. sugar producers. The
deadline for a decision was March 24.
During the I.T.C. review, the duties were
suspended, and shipments from Mexico
had resumed. Traders indicated Mexican
sugar in bags was being delivered into
Texas at prices comparable to slightly below U.S. sugar prices. Should the I.T.C.
leave the suspension agreements in
place, trading would continue without
duties but under the requirements of the
agreements. Should the I.T.C. invalidate
the agreements, duties would resume
with likelihood of another version of the
suspension agreements forthcoming.
The U.S. sugar market was mostly

Beet and cane sugar
- Change from -
Mar. 13
Mar. 6 Feb. 27
Midwest beet 35.00 @ 36.00
-
-
Paciﬁc beet
40.00 @ 42.00
-
-
Cane*
35.00 @ 37.00
-
-

Year
ago
26.50
27.50
28.50

*Spot raw plus 8.6% plus 9c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
Year
ago
22.10
22.10
22.40
22.80
23.00
23.15

Spot soybean oil
Decatur, Ill., bulk, cents per lb
55.00
50.00
45.00
40.00
35.00
30.00
25.00
S
Previous Year

54 / March 17, 2015

Delivered basis, cents per lb
42% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

Mar. 13
18⅞@ 19⅞
20¼@ 21¼
20⅜@ 21⅜
20@ 21
20⅞@ 22⅞

HFCS list price2

42% HFCS wet
Year ago
23.250
16⅜@ 18⅜
25.500
17¾@ 19¾
25.000
17⅞@ 19⅞
24.500
17½@ 19½
25.750
18⅜@ 21⅜

55% HFCS wet
27.250 net
29.750 net
29.500 net
29.000 net
30.250 net

Regular
corn
syrup3
27.250
29.500
29.500
30.500
31.750

Dextrose
East
37.00@39.00
Midwest 36.00@38.00
West
39.00@41.00

1-Variations in prices often tied to tank car versus truck deliveries. 2-Prices are the lowest available to the publication. 3-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks

- Change from -
Contract
Mar. 13 Mar. 6 Feb. 27
Nearby
24.00
-.20
-.50
April-June
24.00
-.20
-.50
July-September
24.20
-.35
-.25
October-December 24.05
-.70
-1.00
January-March
24.15
-.45
-.80
April-June
24.60
-.05
-.30

Edible Oils
Bookings of bakery shortening were
limited last week. Prices were mixed.
Dealings were lighter than normal,
with many key market participants out
of the office at an industry convention.

Soybean oil prices declined in keeping
with lower soybean oil prices. Soybean
futures retreated as the South American
soybean harvest advanced with estimates that Brazil has combined half of
its soybean crop. Soybean meal futures
also edged down on the week.
The cash soybean oil basis was unchanged. Many buyers continued to
keep contract balances extended 90 days.
The release of the U.S. Department of
Agriculture's March World Agricultural
Supply and Demand Estimates had little effect on the soybean oil sector. The U.S.D.A.
left its projection of soybean oil carryout on
Oct. 1, 2015, unchanged at 1,505 million lbs,
but raised its world soybean oil carryout
forecast to 3.61 million tonnes from 3.55
million tonnes in February.
Net export sales of U.S. soybean oil
in the week ended March 5 were 4,600
tonnes for 2014-15, down 18% from the
previous week and down 61% from the
prior four-week average. Trade expectations were from zero to 10,000 tonnes.
Palm oil prices advanced on news
that Malaysian production in February fell 3.4% from the previous period,
slightly more than analysts expected.
Cottonseed oil prices declined but continued to reflect an unusually firm basis
on tight supplies.
Canola prices declined. The cash basis on refined canola oil in the Midwest
weakened and was quoted at about 5c a
lb over soybean oil futures prices. MBN

Sweeteners

f.o.b. plant, cents per lb

quiet, and prices were unchanged but
with a firmer tone for bulk refined beet
sugar, which still was quoted at 35c to 36c
a lb f.o.b. Midwest. But individual, wellsold processors noted more activity at
the high end of the price range last week
compared with a couple of weeks earlier,
when prices as low as 34c were indicated.
Pricing for the October-December quarter
was said to be about a half-cent higher
as well. Offers for 2015-16 and calendar
2016 still were mostly at 35c a lb f.o.b.
Midwest. Cane sugar was priced about 1c
above beet sugar in most areas.
The U.S.D.A. in its WASDE forecast
2014-15 U.S. sugar ending stocks at
1,650,000 tons, raw value, down 16,000
tons from February, based on an ending stocks-to-use ratio of 13.5%, as prescribed under the U.S.-Mexico suspension agreements. To arrive at that ratio,
the U.S.D.A. lowered forecast imports of
sugar from Mexico by 76,000 tons, which
was partially offset by a 35,000-ton increase in domestic cane sugar output
and a 25,000-ton decrease in U.S. exports.
Corn sweetener markets were routine
and seasonally quiet. Concerns persisted
about the availability of dry products. MBN

D
Current Year

Milling & Baking News

Chicago soybean oil futures
Bulk in tank cars, cents per lb
Mar. 13
- Change from -
Delivery
close
Mar. 6
Feb. 27
March
30.19
-.95
-2.61
May
30.49
-.79
-2.46
July
30.69
-.77
-2.42
August
30.76
-.77
-2.35
September 30.81
-.73
-2.26
October
30.77
-.63
-2.06

Edible oils
Bulk, cents per lb
Year
ago
42.02
42.29
42.41
42.26
41.89
41.34

Crude soybean oil
Bulk in tank cars, cents per lb
Delivery
Decatur, Ill.
March
29.69 @30.19
April
30.09 @30.59
May
30.24 @30.74
June
30.34 @30.84
July
31.19 @31.69
August
31.26 @31.76
September
31.31 @31.81

Western points
29.19 @29.44
29.59 @29.84
29.74 @29.99
29.84 @30.09
30.69 @31.19
30.76 @31.26
30.81 @31.31

- Change from - Year
Mar. 13 Mar. 6 Feb. 27 ago
Soybean oil,
Decatur
Loose lard, Chicago
Edible tallow,
Chicago
Cottonseed oil,
Miss. PBSY
Palm oil, ports
Palm kernel oil,
ports
Coconut oil
Peanut oil,
Southeast
Corn oil, Decatur
Sunﬂowerseed oil,
Midwest
Canola oil, Midwest

30.00
29.00

-1.00
+1.00

-3.00 41.25
+1.00 39.00

32.00

-2.00

-1.00

44.50
35.00

-4.00
+.50

-5.00 69.50
+1.00 45.50

58.75
54.00

+3.00
+.25

+3.00 50.00
-1.50 65.50

54.50
38.75

-.75
-.25

60.00
44.00

65.00
35.00

-1.25
-3.00

-1.25
-5.00

58.00
45.75

38.50

bakingbusiness.com / world-grain.com

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Milling & Baking News - March 17, 2015

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