Milling & Baking News - July 4, 2017 - 43

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Soy Products
Spot soy flour prices were raised last
week in keeping with gains in soybean
meal futures. Bookings slowed around
the holiday period.
The U.S. Department of Agriculture in
its June 30 Acreage report estimated 2017
soybean planted area at a record high
89,513,000 acres and harvested area at
88,731,000 acres, both up 7% from 2016.
June 1 soybean stocks in all positions
were estimated by the U.S.D.A. in its
June 30 Grain Stocks report at 963 million
bus, up 11% from last year, with on-farm
stocks at 333 million bus, up 18%, and offfarm stocks at 631 million bus, up 7%.
The U.S.D.A. estimates for soybean
area and stocks both were below the average of trade expectations, sending soy
complex futures sharply higher on Friday. But Minneapolis spring wheat was
the star of the futures markets last week,
surging to three-year highs and providing support for the soy complex and other grains. Added support came from the
fact about 12% of soybeans are grown in
the drought-stricken spring wheat region.
The soybean crop in the 18 major states
as of June 25 was rated by the U.S.D.A. at
66% good to excellent (72% a year ago), 26%
fair (23%) and 8% poor to very poor (5%),
and compared with 67%, 26% and 7%, respectively, a week earlier. The crop was 94%
emerged (91% as the 2012-16 average) and
was 9% blooming (7% as the average).
The U.S.D.A. said net export sales of
soybean meal in the week ended June
22 were 38,000 tonnes for 2016-17, down
56% from a week earlier, down 67% from
the prior four-week average and a marketing year low. Sales for 2017-18 were
21,400 tonnes. The two-year total was at
the low end of trade expectations.

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

+12¾
+15½
+16¾
+16¼
+15¾
+15¾

-13½
-11
-10
-10
-9½
-9

3.53
3.60
3.67
3.76
3.81¼
3.85¾

+37¾
+38½
+41½
+37¾
+38½
+41½

+3¼
+3¾
+5½
+3¼
+3¾
+5½

11.68¾
11.64¼
11.48¾
11.37½
11.33
10.94¼

+10.80
+11.10
+12.00
+13.20
+14.00
+13.90

+3.50
+3.50
+3.50
+3.90
+4.00
+4.00

404.80
404.20
401.00
398.50
398.00
393.30

bakingbusiness.com / world-grain.com

week ended June 22 were 316,200 tonnes
for 2016-17, down 40% from a week earlier and down 33% from the four-week
average, the U.S.D.A. said. Sales for 201718 were 68,400 tonnes. Total sales were
below the range of trade expectations. MBN

Corn Products
Prices of cornmeal and other corn
products were adjusted higher last week
as corn futures posted solid gains.
The U.S. Department of Agriculture
in its June 30 Acreage Report estimated
2017 corn planted area at 90,886,000
acres, down 3% from 2016, and harvested area at 83,496,000 acres, down 4%.
June 1 corn stocks in all positions were
estimated by the U.S.D.A. at 5,225 million
bus, up 11% from a year earlier, including
2,841 million bus on farms, up 15%, and
2,384 million bus off farms, up 6%.
U.S.D.A. estimates for corn area and
stocks both were above the average of
trade expectations.
Still, corn futures posted double-digit
gains last week, with most of the advance
coming Friday on the heels of U.S.D.A.
data and ongoing support from surging spring wheat futures, which were at
three-year highs. Early gains in corn were
limited some by benign weather forecasts
for most of the key corn-growing region.
The pollination phase of the corn crop
was beginning in several major Corn Belt
states with 4% of the crop overall in the
18 major states silking as of June 25, just
behind 5% as the 2012-16 average for the
date, the U.S.D.A. said. Corn condition
ratings as of June 25 were unchanged
from the prior two weeks at 67% good
to excellent (75% a year ago), 25% fair
(20%) and 8% poor to very poor (5%).
Net export sales of U.S. corn in the

Oats
Food-grade oats flakes prices were
raised last week in keeping with strong
gains in oats futures.
The oats crop in the nine major states
was rated 54% good to excellent as of
June 25, compared with 56% a week
earlier and 67% a year ago, the U.S.D.A.
said. The crop was 73% headed.
The U.S.D.A. estimated oats planted
area at 2,536,000 acres, down 10% from
2016 and the second lowest on record.
Statistics Canada estimated oats planted
area in Canada at 3,220,000 acres, up 14%
from 2016 but below April intentions. MBN

Rice
U.S. milled rice and rice byproducts
prices reported by the U.S.D.A. were
steady to firm last week. U.S.D.A. posted
world milled rice prices were unchanged.
CME Group rice futures registered
strong gains last week, continuing a season-long uptrend on weather concerns.
The U.S.D.A. estimated rice planted
area at 2,562,000 acres, down 19% from
2016 due to higher prices for other crops.
The rice crop in the six major states was
rated 73% good to excellent as of June 25
compared with 70% a week earlier and
69% a year ago, the U.S.D.A. said. The crop
was 9% headed with 11% as the average.
Net export sales of rice in the week ended June 22 were 77,400 tonnes for 2016-17,
up 58% from a week earlier and up 33%
from the average, the U.S.D.A. said. MBN

Soy products

- Change from - Year
June 30 June 23 June 16 ago
3.70½
3.81
3.92
4.01¼
4.07
4.12½
$ per bu
9.42¼
9.47
9.50½
9.42¼
9.47
9.50½
$ per ton
304.40
306.20
307.90
309.30
311.20
312.20

Net export sales of U.S. soybeans in the
latest week were 312,400 tonnes for 201617, up 180% from a week earlier and up
2% from the four-week average. Sales for
2017-18 were 2,000 tonnes. The two-year
total was below most trade estimates. MBN

Ingredient Week

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 30
June 23
June 16
Soy ﬂour
Bulk
25.12 @ 26.50 +.52@ +.50
+.12 @ 0
Sacked
26.12 @ 28.50 +.52@ +.50
+.12 @ 0

Rice
Oﬀers f.o.b. mills, $ per cwt, bagged

- Change from - Year
Cash
June 30
June 23 June 16 ago
Long grain
20.50@24.50
- +1.00 21.50
Medium grain 23.00@24.50
- +1.00 22.50
Parboiled
23.00@25.50
- +1.50 23.00
Second
Corn meal
heads, bulk 15.25@17.00
- +0.25 15.25
$ per cwt
14.50@15.00
- +1.00 13.75
- Change from - Brewers
June 30
June 23 June 16 f.o.b. mills, $ per ton
40.00
-
- 30.00
Chicago, bulk
16.50@ 17.10 +.25@+.18 -.25@-.35 Rice millfeed
70@75
- +15.00 60.00
Chicago, sacked 18.27@ 18.87 +.25@+.18 -.25@-.35 Rice bran
10@15
-
-
5.00
New York, bulk
18.17@ 18.77 +.25@+.18 -.25@-.35 Rice hulls
New York, sacked 20.59@ 21.19 +.25@+.18 -.25@-.35 U.S.D.A. world price milled - $ per cwt
Long grain
16.02
-
- 15.47
Oats
Medium/short
- Change from - grain
15.47
-
- 15.08
Midwest
June 30 June 23 June 16 Broken
9.66
-
-
9.33
Food grade ﬂakes, f.o.b.,
C.B.O.T. rough rice futures - $ per cwt
bagged, $ per cwt
28@28.50 +1.50
+1.00 July
11.50½
+0.25 +0.10½ 10.37
Milling quality oats, No. 2 heavy,
September
11.81½ +0.30½ +0.13 10.45
$ per bu
3.40
+35½c +20¾c November
12.00½ +0.24½ +0.10 10.74
Oat hulls, $ per ton
25@35
-
-
January
12.20
+0.24½ +0.13½ 11.00
Milling & Baking News XJuly 4, 2017 / 43

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Milling & Baking News - July 4, 2017

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