Milling & Baking News - March 15, 2016 - 51

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Soy Products
Soy flour values advanced last week
in keeping with gains in soybean meal
futures. With a carry in the market, most
buyers made purchases on a hand-tomouth basis, with bookings only about
two to three weeks forward. Some market participants, though, who had a good
handle on their longer-term needs for soy
flour, have felt comfortable extending
coverage to about 60 to 90 days to lock in
what they saw as favorable pricing.
Bakers continued to use small amounts
of soy flour in their flour blends to add to
the shelf life of their products and add protein. Smaller operators met these ingredient
needs by buying blended formulations.
Large baking companies were more likely
to buy soy flour directly from major U.S.
manufacturers and create their own flour
blends utilizing small amounts of soy flour.
Demand remained robust for soy flour
by soup and gravy manufacturers. It was
also sought as an ingredient in dairy substitutes and some special foods for diabetics.
Soymeal futures ended higher last
week, building on gains from the previous week. Soybean futures also advanced, hitting a three-week high amid
declines in the U.S. dollar and strength
in outside markets.
Minor adjustments in the March 9
World Agricultural Supply and Demand
Estimates had little market impact. The
U.S. Department of Agriculture forecast
soybean carryover on Sept. 1, 2016, at 460
million bus, up 10 million bus from the
February report based on a 10-million-bu
reduction in crushings for 2015-16, forecast
at 1,870 million bus, and nearly offsetting
changes in seed use and residual. Soybean
production in 2015 was revised down
725,000 bus, to 3,929 million bus, due to

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

+11½ +11½
+6¾ +5½
+6
+5¼
+5
+4½
+4¾ +4½
+4½
+4

3.74
3.80½
3.88
3.95½
4.04¾
4.13¾

+17½
+17¼
+17
+16¾
+16½
+15¾

+33
+32¼
+31½
+31
+30½
+30¾

9.68¼
9.74
9.78
9.76½
9.62¾
9.53¼

+4.30
+2.60
+3.00
+3.00
+2.60
+2.50

+14.80
+12.90
+12.90
+12.70
+12.10
+11.90

338.00
327.00
323.70
322.10
320.60
316.40

bakingbusiness.com / world-grain.com

Corn Products
Cornmeal prices in the spot market
moved higher, reflecting gains last week
in nearby corn futures. Overall demand
for corn products was seasonally lackluster, with the exception of a recent
uptick in corn flour purchases for use in
breading for fried fish, a popular food
item during the Lenten season.
A corn miller characterized the market
as "blah," with steady but subdued buying
interest in large flaking grits used in cold
cereals. Other items such as corn grits used
in hot cereals, extruded products used to
make snacks and brewers' grits included
in beer manufacturing also experienced
slack buying interest. The somewhat soft
demand was likely to continue until close
to Memorial Day, the unofficial beginning
of the summer season, when outdoor entertaining typically gives a boost to items
associated with party menus.
Planting of the new corn crop was under way on a limited basis in southernmost
growing areas. The Texas U.S.D.A. field

office said 5% of the state's corn crop was
planted as of March 6 compared with 5% a
year ago and 12% as the five-year average.
Corn futures advanced last week,
helped by solid gains in the wheat market. Market reaction was muted after the
March 9 release of World Agricultural
Supply and Demand Estimates by the
U.S. Department of Agriculture. The latest projection for corn carryover on Sept.
1, 2016, was left unchanged at 1,837 million bus, as were other corn numbers.
Net export sales of U.S. corn in the
week ended March 3 were 1,172,300
tonnes for 2015-16, up 7% from the previous week and up 37% from the prior
four-week average, and 20,000 tonnes
for 2016-17, the U.S.D.A. said. Trade expectations for the combined crop years
were 750,000 to 1.2 million tonnes. MBN

Oats
Food-grade oats flakes prices available for purchase in the spot market advanced last week, in keeping with gains
in oats futures that reflected strength in
other agricultural commodities.
The U.S.D.A. Texas field office pegged
conditions of the state's oats crop at 32%
good to excellent, 40% fair and 28% poor
to very poor as of March 6. MBN

Rice
U.S. milled rice and rice byproducts
prices mostly were unchanged last
week. Prices posted by the U.S.D.A. for
world milled rice also were unchanged.
Net export sales of U.S. rice in the
week ended March 3 were 145,900
tonnes for 2015-16, up 60% from the previous week, up noticeably from the prior
four-week average and a marketing-year
high, the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
March 11 March 4 Feb. 26 ago
3.66
3.65
3.69½
3.74½
3.82¾
3.91¼
$ per bu
8.88
8.95¾
9.01½
9.03½
9.03½
9.06¾
$ per ton
272.00
273.50
276.20
277.20
278.10
278.60

revisions resulting from resurveying of producers in South Carolina due to flooding.
Net export sales of U.S. soybean meal
in the week ended March 3 were 46,600
tonnes for 2015-16, down 65% from the
previous week and down 69% from the
prior four-week average, and 300 tonnes
for 2016-17, the U.S.D.A. said. Trade expectations for the combined crop years
ranged from 100,000 to 300,000 tonnes.
Net export sales for U.S. soybeans in
the same week were 475,200 tonnes for
2015-16, up 8% from the previous week
and up 2% from the prior four-week average, and 3,300 tonnes for 2016-17, the
U.S.D.A. said. Analysts' expectations
were for 450,000 to 750,000 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
March 11
March 4
Feb. 26
Soy ﬂour
Bulk
24.77 @ 28.95 +1.39@ +.13 +1.59 @+.65
Sacked
25.77 @ 30.95 +1.39@ +.13 +1.59 @+.65

Corn meal
$ per cwt
March 11
Chicago, bulk
16.69@ 17.99
Chicago, sacked 18.46@ 19.76
New York, bulk 18.36@ 19.66
New York, sacked 20.78@ 22.08

Ingredient Week

- Change from -
March 4 Feb. 26
+.14@+.14 +.11@+.11
+.14@+.14 +.11@+.11
+.14@+.14 +.11@+.11
+.14@+.14 +.11@+.11

Oats
- Change from -
Minneapolis
March 11 March 4 Feb. 26
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
27.50@27.75 +.25
+.25
Milling quality oats, No. 2 heavy,
$ per bu
2.41½
+9¾c
+7½c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
March 11 March 4 Feb. 26 ago
Long grain
24.00@24.50
-
- 23.50
Medium grain 23.00@25.00
-
- 29.25
Parboiled
25.00@25.50
-
- 25.50
Second
heads, bulk 15.25@18.00
-
- 18.50
Brewers
14.50@16.75
-
- 17.00
f.o.b. mills, $ per ton
Rice millfeed
50@55
- -15.00 50.00
Rice bran
90@100
- -30.00 95.00
Rice hulls
10@15
-
- 10.00
U.S.D.A. world price milled - $ per cwt
Long grain
14.38
-
- 15.48
Medium/short
grain
14.01
-
- 15.10
Broken
8.67
-
-
9.34
C.B.O.T. rough rice futures - $ per cwt
March
10.09½
-0.17 -0.29½ 11.25
May
10.33
-0.17½
-0.35 10.58
July
10.60
-0.17 -0.35½ 10.83
September
10.76
-0.17 -0.37½ 10.95
Milling & Baking News XMarch 15, 2016 / 51

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

Milling & Baking News - March 15, 2016

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