Milling & Baking News - March 15, 2016 - 52

Ingredient Week X

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
March 11 March 4 Feb. 26
Midwest beet 31.00 @ 31.50
-
-
Paciﬁc beet
37.00 @ 38.00
-
-
Cane*
32.50 @ 34.00
-
+.50

Year
ago
35.00
40.00
35.00

*Spot raw plus 8.6% plus 5.75c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
- Change from -
Contract
March 11 March 4 Feb. 26
Nearby
25.80
+.30
+.35
April-June
25.80
+.30
+.35
July-September
25.75
-.10
-.03
October-December 25.75
-.05
-.08
January-March
25.63
+.13
+.13
April-June
25.63
+.15
+.18

Year
ago
24.00
24.00
24.20
24.05
24.15
24.60

I.C.E. No. 11 raw sugar futures
cents per lb
18
16
14
12
10
M

Cash sugar markets were little changed
from a week earlier, with weakness in
beet sugar, firmness in cane sugar and
steady but uneventful trade. Focus appeared to shift to queries (and some buying) for 2017, although a number of users
still have uncovered needs for 2016 and
some beet processors still had sugar to
sell from the 2015 beet crop. Government
actions and reports were more eventful.
Bulk refined beet sugar prices for nearby
through Sept. 30, 2016, were steady at 31c
to 31.5c a lb, f.o.b. plant, although there appeared to be some activity slightly below
the range and at least one offer above the
range, with supply available. Bulk refined
cane sugar prices for this year were unchanged at 32.5c to 34c a lb f.o.b. plant, with
supplies on the tight side. Pricing for 2017
was said to be mostly 1c to 2c a lb above
2016 levels for both beet and cane sugar,
although one seller offered beet and cane
sugar at the same price spot through 2017.
As expected, the Office of the U.S. Trade
Representative on March 7 announced the
reallocation of 86,533 tonnes, raw value, of
the original tariff-rate quota for raw cane
sugar for the current year from countries
that were unable to fill their quotas to

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

March 11
22⅜@ 23⅜
23¾@ 24¾
23⅞@ 24⅞
23½@ 24½
24⅜@ 26⅜

HFCS list price2

42% HFCS wet
Year ago
26.750
18⅞@ 19⅞
29.000
20¼@ 21¼
28.500
20⅜@ 21⅜
28.000
20@ 21
29.250
20⅞@ 22⅞

55% HFCS wet
31.750 net
34.250 net
34.000 net
33.500 net
34.750 net

Regular
corn
syrup3
31.75
34.00
34.00
35.00
36.25

Dextrose
East
39.00@41.00
Midwest 38.00@40.00
West
41.00@43.00

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

countries that had available supply. While
the amount is far short of the volume some
refiners said was needed, it should provide some relief to tight raw cane supplies.
The U.S. Department of Agriculture in
its March 9 World Agricultural Supply
and Demand Estimates raised its U.S.
sugar supply forecast from February.
The U.S.D.A. forecast 2015-16 U.S. sugar
ending stocks at 1,646,000 short tons,
raw value, up 5% from February but
down 9% from 1,809,000 tons in 2014-15,
with the latter revised up 2% due to a
decrease in domestic deliveries for food.
The closely watched ending stocks-touse ratio was raised to 13.5% for 201516, the minimum required in the U.S.Mexico Countervailing Duty Suspension
Agreement. The 2014-15 ratio was raised
to 14.8% from 14.4% in February.
Forecast sugar production for 201516 was cut 21,901 tons as a 5,591-ton increase in beet sugar was more than offset
by a 27,492-ton reduction in Florida cane
sugar. Although sugar cane production in
Florida was raised from February, cane
sugar production was lowered due to an
expected 2.5% fall in sucrose recovery as
the result of a prolonged harvest period.
The reallocation of T.R.Q. imports was
expected to reduce the import shortfall
by 71,650 tons, boosting T.R.Q. imports
by a like amount and resulting in a
33,424-ton reduction in 2015-16 imports
needed from Mexico, now forecast at
1,299,000 tons. The result was a net increase from February of 58,000 tons in
total supply, forecast at 13,836,000 tons.
Forecast domestic deliveries for food
use for 2015-16 were unchanged.
Corn sweetener markets were quiet
with shipments on schedule. MBN

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52 / March 15, 2016 XMilling & Baking News

bakingbusiness.com / world-grain.com

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