Milling & Baking News - August 15, 2017 - 35

X
Soy Products
Spot soy flour prices were lowered last
week in keeping with losses in soybean
meal futures. Bookings were steady with
shipments about two weeks forward.
Soybean and soybean meal futures declined last week on bearish U.S. Department of Agriculture data released Thursday. Prices were higher for the week going into the reports but turned lower after
U.S.D.A. soybean production and carryover data came in above expectations.
In its Aug. 10 Crop Production report,
the U.S.D.A. forecast 2017 U.S. soybean
production at a record 4,381 million bus,
up 2% from the prior record of 4,307 million bus in 2016. The average yield, based
on Aug. 1 conditions, was forecast at 49.4
bus per acre, down 2.7 bus from last year.
Harvested area was forecast at a record
88.7 million acres, unchanged from the
June Acreage report but up 7% from 2016.
Some traders were skeptical of the soybean production number due to spots of
dry weather in key producing areas.
In its World Agricultural Supply and
Demand Estimates report, the U.S.D.A.
forecast the carryover of soybeans on
Sept. 1, 2018, at 475 million bus, up 15
million bus, or 3%, from the July forecast
and up 105 million bus, or 28%, from
370 million bus estimated for 2017. The
higher carryover was based on higher
production and a lower crush more than
offsetting higher exports and lower beginning stocks.
The U.S.D.A. rated the soybean crop
in the 18 major states as of Aug. 6 at 60%
good to excellent, up from 59% a week earlier but below 72% a year ago, with 28%
fair and 12% poor to very poor. Sixty-five
per cent of the crop was in the key yieldmaking pod-setting stage compared with

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

-5¾
-6¼
-6
-5¼
-5
-4¾

-13½
-13¼
-13¼
-12¼
-11½
-10¼

3.22¼
3.33
3.43½
3.50¼
3.57
3.64

-13¾
-14
-11¾
-12
-11½
-10½

-65¼
-67¾
-68
-67¾
-63¼
-58¼

10.03¼
9.99
9.81¾
9.82¼
9.76½
9.75

-5.40
-5.80
-5.60
-5.20
-5.30
-4.40

-22.90
-23.80
-24.10
-24.30
-24.70
-22.40

332.90
332.50
330.00
327.80
325.30
319.20

bakingbusiness.com / world-grain.com

Corn Products
Prices of cornmeal and other corn
products were adjusted lower last week
as corn futures declined.
As with soybeans, corn futures held
on to modest gains for the week before
turning lower Thursday on bearish U.S.
Department of Agriculture data and
ending lower for the week. U.S.D.A. corn
production and 2018 carryover forecasts
were above trade expectations.
The U.S.D.A. forecast 2017 U.S. corn
production at 14,153 million bus, down
7% from the 2016 record of 15,148 million
bus but still the third highest ever if realized. Average yield was forecast at 169.5
bus an acre, down 5.1 bus from 2016, and
harvested area was forecast at 83.5 million acres, unchanged from the June forecast but down 4% from last year.
The U.S.D.A. forecast the carryover
of corn on Sept. 1, 2018, at 2,273 million
bus, down 52 million bus, or 2%, from
the July forecast and down 97 million
bus, or 4%, from 2,370 million bus estimated for 2017. The lower carryover was
based on lower production more than
offsetting lower feed and residual use
and lower exports.
The corn crop in the 18 major states

was rated 60% good to excellent, which
compared with 61% a week earlier and
74% a year ago, 27% fair and 13% poor to
very poor. The key yield-making silking
stage was almost completed at 93%, with
42% of the crop in the dough stage (kernel filling) and 7% denting (maturing).
Net export sales of U.S. corn in the
week ended Aug. 3 were 52,000 tonnes
for 2016-17, up 42% from the prior
week's marketing year low, the U.S.D.A.
said. Net sales for 2017-18 were 628,400
tonnes. MBN

Oats
Food-grade oats flakes prices were
adjusted lower last week as oats futures
followed other grains lower.
The 2017 U.S. oats crop was estimated
at 53,719,000 bus, up slightly from July
but down 17% from 2016 and the second
smallest in records back to 1866. The crop
was 50% harvested as of Aug. 6, behind
66% last year and 59% as the 2012-16 average for the date, the U.S.D.A. said. MBN

Rice
U.S. milled rice, byproducts and
world milled rice prices reported by the
U.S.D.A. all were unchanged last week.
Rice futures advanced last week.
U.S. rice production in 2017 was
forecast at 186,467,000 cwts, down 17%
from 2016 and the lowest since 2011, the
U.S.D.A. said.
Rice in the six major states was 84%
headed and 9% harvested as of Aug. 6,
with 72% of the unharvested crop rated
good to excellent, 22% fair and 6% poor
to very poor, the U.S.D.A. said.
Net export sales of rice in the week
ended Aug 3 were 9,100 tonnes for 201718, which began Aug. 1. MBN

Rice

Soy products

- Change from - Year
Aug. 11 Aug. 4 July 28
ago
3.60¾
3.74¾
3.86½
3.92¾
3.98½
4.02¼
$ per bu
9.35½
9.38¼
9.45
9.53¾
9.62
9.69¾
$ per ton
298.10
299.50
301.20
304.20
305.30
308.10

62% as the 2012-16 average for the date.
The U.S.D.A. said net export sales of
soybean meal in the week ended Aug. 3
were 6,000 tonnes for 2016-17, down 93%
from a week earlier. Net sales for 2017-18
were 57,700 tonnes.
Net export sales of U.S. soybeans in
the latest week were 45,000 tonnes for
2016-17, down 81% from a week earlier, down 83% from the prior four-week
average and a marketing year low. Net
sales for 2017-18 were 639,300 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Aug. 11
Aug. 4
July 28
Soy ﬂour
Bulk
24.75 @ 25.80 -.25@ -.30 -1.10 @-1.20
Sacked
25.75 @ 27.80 -.25@ -.30 -1.10 @-1.20

Corn meal
$ per cwt
Aug. 11
Chicago, bulk
16.15@ 16.64
Chicago, sacked 17.92@ 18.41
New York, bulk 17.82@ 18.31
New York, sacked 20.24@ 20.73

Ingredient Week

- Change from -
Aug. 4
July 28
-.10@-.12 -.25@-.28
-.10@-.12 -.25@-.28
-.10@-.12 -.25@-.28
-.10@-.12 -.25@-.28

Oats
- Change from -
Midwest
Aug. 11
Aug. 4 July 28
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
26.75@27.25 -.50
-.75
Milling quality oats, No. 2 heavy,
$ per bu
3.14
-19¾c
-26¼c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Aug. 11
Aug. 4 July 28 ago
Long grain
21.75@25.00
- +0.50 21.50
Medium grain 23.75@26.00
- +0.25 22.00
Parboiled
23.25@27.00
- +0.25 23.00
Second
heads, bulk 15.75@18.00
- +0.75 15.25
Brewers
14.50@15.00
- +1.00 13.75
f.o.b. mills, $ per ton
Rice millfeed
38@40
-
- 35.00
Rice bran
85@100
-
- 90.00
Rice hulls
5@15
-
-
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
15.15
-
-0.87 14.89
Medium/short
grain
14.77
-
-0.70 14.51
Broken
9.14
-
-0.38
8.98
C.B.O.T. rough rice futures - $ per cwt
September
12.49½ +0.16½ +0.08
9.66
November
12.76
+0.17½ +0.09½
9.82
January
13.00
+0.18½ +0.12 10.06
March
13.09
+0.16½ +0.11½ 10.27
Milling & Baking News XAugust 15, 2017 / 35

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

Milling & Baking News - August 15, 2017

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