Milling & Baking News - March 29, 2016 - 51

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Soy Products
Soy flour prices in the spot market
were raised last week in keeping with
gains in soybean meal futures during
the holiday-shortened week. A carry
in the market meant most buyers remained hand-to-mouth, although some
end-users felt comfortable they had a
solid picture of their needs and were
willing to extend coverage 60 to 90
days. Most bookings were about two to
three weeks forward.
The soy flour market continued to enjoy steady demand for the high-protein,
low-cost ingredient used in a number of
both food and industrial applications.
Bakers interested in increasing the shelf
life of their products, especially hamburger and hotdog buns, remained dependable soy flour buyers.
Soybean meal futures moved higher
last week along with soybean futures,
supported by short-covering and position-squaring in advance of the long
Easter weekend. May soybean futures
climbed almost non-stop all month since
lows were set in early March. Support
was derived from gains in crude oil
prices through the period. Soybean meal
futures have also firmed through March
but at a less significant pace.
Markets were closed on Good Friday.
On that day, exporters reported a private
sale of 304,000 tonnes of soybeans to unknown destinations with 214,000 tonnes
for delivery in 2015-16 and 90,000 tonnes
for delivery in 2016-17.
Market participants were beginning to
turn their attention to the key Prospective
Plantings and quarterly Grain Stocks reports set for release on March 31.
Net export sales of soybean meal in
the week ended March 17 were 468,700

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

+3
+2¾
+2½
+1¾
+1½
+1½

+5
+5
+4¾
+4½
+4¼
+4¾

3.91
3.99
4.06½
4.14¾
4.23¾
4.30¼

+13½
+13½
+13½
+13¼
+13
+12½

+14¾
+16¼
+16½
+16
+16
+15½

9.67¼
9.72¼
9.71¼
9.56¾
9.48¾
9.53½

+8.70
+8.50
+8.40
+8.40
+8.60
+8.60

+1.80
+1.60
+1.70
+1.90
+2.30
+2.50

321.40
320.40
319.10
317.20
313.90
314.10

bakingbusiness.com / world-grain.com

Corn Products
Cornmeal prices ended the week
higher in keeping with modest gains
in corn futures. Market activity was
relatively light in advance of the Easter
holiday, and buying interest was seen
likely to remain subdued for most corn
products until closer to Memorial Day
at the end of May, seen as the unofficial
start to the summer entertaining season,
when items such as brewers' grits and
extruded products used in snack manufacturing begin to experience stronger
demand.
Large flaking grits, though, continued
to sell well because of the steady readyto-eat cereal market. Demand for corn
flour used in the breading of fish was
weaker as sales related to the Lenten
season subsided.
Corn futures finished higher in a
shortened trading week that featured
mostly sideways trading. Short-covering
and position-squaring in advance of the
long weekend helped support prices.
Twenty-nine per cent of the corn crop
in Texas was planted as of March 20
compared with 20% the previous week,

13% a year ago and 31% as the five-year
average, the state's U.S. Department of
Agriculture field office said. Corn planting also was under way in the Delta
states, the Southeast and as far north
as southern Illinois. Rainfall was in the
forecast, especially in the Southeast,
which was expected to slow the pace of
planting for at least the next week.
Net export sales of corn in the week
ended March 17 were 803,200 tonnes for
2015-16, down 35% from the previous
week and down 27% from the prior fourweek average, the U.S.D.A. said. Net sales
for 2016-17 were 99,900 tonnes. Trade estimates for the combined crop years were
950,000 to 1.1 million tonnes. MBN

Oats
Food-grade oats flakes prices were
unchanged last week, reflecting little
change in oats futures.
The developing oats crop in Texas
and Oklahoma appeared to be in mostly
good shape, according to data released
by U.S.D.A. field offices. In Texas, 5% of
the crop was headed compared with 1%
a year ago and 5% as the five-year average. Recent rains in parts of south Texas
were beneficial to the crop. MBN

Rice
U.S. milled rice and rice byproducts
prices were mostly unchanged last
week. Prices posted by the U.S. Department of Agriculture for world milled rice
were higher by 12@21c a cwt.
Net export sales of U.S. rice in the
week ended March 17 were 14,500
tonnes for 2015-16, a marketing year low,
down 32% from the previous week and
down 82% from the prior four-week average, the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
Mar. 24 Mar. 18 Mar. 11 ago
3.70
3.74½
3.79¼
3.87¼
3.95½
4.00
$ per bu
9.10½
9.17¾
9.20
9.19½
9.22¾
9.26½
$ per ton
275.30
277.80
278.90
280.00
280.90
282.80

tonnes for 2015-16, a marketing year
high, and were up noticeably from the
previous week and the prior four-week
average. Net sales of 7,700 tonnes for
2016-17 also were reported. Trade expectations for the combined crop years were
50,000 to 250,000 tonnes.
Net export sales of soybeans for 201516 were 410,800 tonnes for 2015-16, down
34% from the previous week and down
5% from the prior four-week average.
The U.S.D.A. also reported net sales of
29,300 tonnes for 2016-17. Trade estimates
ranged from 350,000 to 650,000 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Mar. 24
Mar. 18
Mar. 11
Soy ﬂour
Bulk
24.91 @ 29.18 +.22@ +.44 +.14 @+.23
Sacked
25.91 @ 31.18 +.22@ +.44 +.14 @+.23

Corn meal
$ per cwt
Mar. 24
Chicago, bulk
16.79@ 18.09
Chicago, sacked 18.56@ 19.86
New York, bulk 18.46@ 19.76
New York, sacked 20.88@ 22.18

Ingredient Week

- Change from -
Mar. 18 Mar. 11
+.06@+.06 +.10@+.10
+.06@+.06 +.10@+.10
+.06@+.06 +.10@+.10
+.06@+.06 +.10@+.10

Oats
- Change from -
Minneapolis
Mar. 24 Mar. 18 Mar. 11
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
27.50@27.75
-
-
Milling quality oats, No. 2 heavy,
$ per bu
2.37
-1c
-4½c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Mar. 24
Mar. 18 Mar. 11 ago
Long grain
22.50@23.00
-
-1.50 23.50
Medium grain 23.50@24.50 +0.50 +0.50 29.25
Parboiled
24.00@25.50
-
-1.00 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
-
- 50.00
Rice bran
90@95
-
- 90.00
Rice hulls
10@15
-
-
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
14.38
+0.20
- 15.38
Medium/short
grain
14.01
+0.21
- 14.98
Broken
8.67
+0.12
-
9.28
C.B.O.T. rough rice futures - $ per cwt
May
10.26½
-0.18½ -0.06½ 10.99
July
10.54
-0.18
-0.06 11.24
September
10.70½
-0.17 -0.05½ 11.39
November
10.82
-0.18½ -0.07½ 11.55
Milling & Baking News XMarch 29, 2016 / 51

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Milling & Baking News - March 29, 2016

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