Milling & Baking News - March 31, 2015 - 67

Ingredient Week

Soy Products
Soy flour prices edged lower last
week, reflecting weakness in soybean
meal futures. Demand for the gluten-free
baking ingredient remained robust and
bookings were a few weeks forward.
With the bearish backdrop of a recordlarge soybean harvest currently under
way in South America, U.S. soybean
meal futures eased last week. Dollar
strength against a basket of international
currencies also exerted downward pressure on prices of agricultural commodities such as soybeans, hurting their export competitiveness.
But losses in the soybean meal market
were constrained by better-than-expected
exports, despite any ramifications of a
stronger dollar. The U.S. Department of
Agriculture reported a private sale of
108,863 tonnes of soybean meal to Canada last week. And weekly net export sales
of soybean meal exceeded expectations.
Soybean futures also declined last
week, in part on ideas that 2015 acres
planted to soybeans will be increased
from the previous year. Market participants were awaiting the March 31 release
of the U.S.D.A.'s Planting Intentions report, which will offer survey-based forecasts of producers' plans for 2015 plantings of a variety of crops as of March 1.
Meanwhile, expectations have been
that China will switch most of its buying to less-expensive South American
soybeans as they become available, but
no collapse in Chinese demand for U.S.
soybeans has been noted as of yet.
Evidence that China remained a significant buyer of U.S soybeans was
found in news last week of a private
sale of 280,000 tonnes of U.S. soybeans
for delivery in 2015-16 to unknown

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

Corn Products
Cornmeal and corn flour prices advanced last week in keeping with gains
in corn futures. Demand for packaged
grits sold in grocery stores showed some
seasonal softening as warmer weather
limited buying interest in some hot cereals. Hominy feed prices were steady.
Corn futures ended the week modestly higher. Futures advanced during
the first three days of last week but
turned lower on disappointment about
the pace of exports, a pickup in farmer
selling, fund liquidation in advance of
key reports from the U.S. Department of
Agriculture on March 31 and a strengthening dollar.
Net export sales of U.S. corn in the
week ended March 19 were 435,000
tonnes for 2014-15, down 13% from the
previous week and down 29% from
the prior four-week average, and were
29,000 tonnes for 2015-16, the U.S.D.A.
said. Trade estimates for both years
ranged from 400,000 to 700,000 tonnes. MBN

Rice
U.S. milled rice prices were steady last
week while byproducts - bran, hulls and
millfeed - were steady to $5 a ton lower.
Prices posted by the U.S.D.A. for world
milled and rough rice were unchanged.
Net export sales of U.S. rice in the week
ended March 19 were 108,400 tonnes for
2014-15, up 42% from a week earlier and up
34% from the prior four-week average. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Mar. 27
Mar. 20
Mar. 13
Soy ﬂour
Bulk
26.29 @ 31.26 -.80@ -.07 -.95 @ -.22
Sacked
27.29 @ 33.26 -.80@ -.07 -.95 @ -.22

+6
+6¼
+6¼
+5½
+5
+4¾

+10½
+11
+11
+10
+10
+9¾

4.92
4.96¼
4.91¼
4.87¼
4.95¼
5.01

-6½
-5¾
-6
-5¾
-7½
-7½

-6¾
-5¾
-5¼
-6
-4½
-4½

14.36½
14.07¾
13.51½
12.47
11.90½
11.95½

Mar. 27
Chicago, bulk
18.05@ 19.11
Chicago, sacked 19.82@ 20.88
New York, bulk 19.72@ 20.78
New York, sacked 22.14@ 23.20

-2.60
-1.50
-1.50
-2.00
-2.10
-2.20

-5.60
-3.30
-3.00
-3.40
-2.50
-2.00

468.40
453.70
430.90
405.50
379.90
377.20

Minneapolis
Mar. 27
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
29.50@30
Milling quality oats, No. 2 heavy,
$ per bu
3.22¼
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

Food-grade oats flakes prices were
modestly lower, reflecting the softer tone
of the oats futures market. Hot cereals and
snack foods containing oats continued to
enjoy good consumer interest.
Inventories of Canadian oats in the
United States climbed significantly in
March as railroads performed well, an
industry source said. He said U.S. stocks
of Canadian-origin oats reached 14 million bus by the end of March compared
with 3.5 million bus at the same time a
year ago, when Canadian railroads were
executing poorly because of extreme
winter weather. Most of Canada's oats
exports come to the United States, which
imports more oats than it produces.
Canadian 2015 oats plantings were
expected to reach 3 million to 3.2 million
acres, up 10% to 15% from 2014. While
the increase may appear to be bearish,
the market is hoping for more acres in the
hopes of alleviating tight 2014 carryout.
An increase in demand may occur this
year as feed use returns to normal after
a period in which some buyers switched
from oats to favorably priced corn.
"That should resolve itself fairly
soon," the oats industry source added,
with corn's recent acceleration in price
from lows made in mid-March. MBN

Soy products

- Change from - Year
Mar. 27 Mar. 20 Mar. 13 ago
3.91
3.99
4.06½
4.14¾
4.23¾
4.30¼
$ per bu
9.67¼
9.72¼
9.71¼
9.56¾
9.48¾
9.53½
$ per ton
321.40
320.40
319.10
317.20
313.90
314.10

Oats

destinations - a designation usually
assumed to mean China.
Net export sales of U.S. soybeans in
the week ended March 19 were 505,800
tonnes for 2014-15, up 48% from the previous week and up 54% from the prior fourweek average, and were 220,200 tonnes for
2015-16, the U.S.D.A. said. Trade estimates
ranged from 100,000 to 400,000 tonnes.
Soybean meal net export sales in the
week ended March 19 were 224,300
tonnes for 2014-15, up 10% from the
previous week and up noticeably from
the four-week average, and were 3,900
tonnes for 2015-16, the U.S.D.A. said.
Trade estimates were in the range of
50,000 to 200,000 tonnes. MBN

Corn meal
$ per cwt
- Change from -
Mar. 20 Mar. 13
+.12@+.12 +.21@+.04
+.12@+.12 +.21@+.04
+.12@+.12 +.21@+.04
+.12@+.12 +.21@+.04

Oats
- Change from -
Mar. 20 Mar. 13
-.25

-.25

-6¾c
-

-5½c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Mar. 27
Mar. 20 Mar. 13 ago
Long grain
23.50@24.50
-
- 27.50
Medium grain 29.25@29.50
-
- 28.00
Parboiled
25.50@27.50
-
- 30.50
Second
heads, bulk 18.50@21.00
-
- 22.00
Brewers
17.00@19.00
-
- 19.00
f.o.b. mills, $ per ton
Rice millfeed
50.00
-
- 75.00
Rice bran
90@115
-5.00
-5.00 205.00
Rice hulls
5@15
-5.00
-5.00 40.00
U.S.D.A. world price milled - $ per cwt
Long grain
15.38
-
-0.10 17.72
Medium/short
grain
14.98
-
-0.12 17.35
Broken
9.28
-
-0.06 12.14
C.B.O.T. rough rice futures - $ per cwt
May
10.99
+0.07 +0.41 15.51
July
11.23½
+0.07 +0.40½ 15.60
September
11.39
+0.09½ +0.44½ 14.38
November
11.55
+0.09½ +0.44½ 14.39
Milling & Baking News

March 31, 2015 / 67

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

Milling & Baking News - March 31, 2015

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