Milling & Baking News - October 24, 2017 - 43

X
Soy Products
Spot soy flour prices were sharply
lower last week reflecting declines in
soybean meal futures. Bookings were
steady.
Soybean futures were lower last week,
giving up most of the gains that took
prices to 2½-month highs on bullish
government data the prior week, while
soybean meal futures fell, giving back
even more than their prior week's gains.
Pressure came from profit-taking early
and expected strong progress in the soybean harvest, which had been delayed
significantly across the Upper Midwest
and western Corn Belt states. Weakerthan-expected September soybean crush
also added pressure. But ongoing strong
export demand continued to underpin
the soybean market and keep declines
somewhat in check.
The soybean harvest continued to lag
year-ago and average paces but made
good progress in some states during the
week ended Oct. 15. Eastern and southern states mostly were ahead of average while western Corn Belt and Upper
Midwest states were well behind. The
crop in the 18 major states was 49% harvested as of Oct. 15, up from 36% a week
earlier but behind 59% at the same time
last year and 60% as the 2012-16 average for the date, the U.S. Department
of Agriculture said. Soybeans were 32%
harvested in top-producing Iowa (66%
as the average), 63% in No. 2 Illinois
(58%) and 45% in Minnesota (82%).
Private analyst Informa Economics
last week raised its 2018 U.S. soybean
planting forecast to 90.35 million acres
from 89.06 million acres forecast previously and compared with 90.21 million
acres in 2017.

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

Corn Products
Prices of cornmeal and other corn
products were lower last week in keeping with lower futures. Sales were steady
with specific production demand mostly
seasonal.
As with soybeans, warm, dry weather
across the Upper Midwest and Corn Belt
states was expected to allow for strong
harvest progress. Lower weekly export
inspections reported last Monday and
lower net export sales reported Thursday further added pressure to corn futures. December corn futures have traded in a fairly narrow range on either side
of $3.50 a bu during most of October.
Informa Economics last week lowered its 2018 U.S. corn planting forecast
to 90.46 million acres from 91.88 million
acres forecast previously and compared
with 90.43 million acres in 2017.
The corn harvest continued to significantly lag year-ago and average paces in
major producing states of the Midwest
and Upper Midwest, while maturity of
the crop was catching up with the average. Farmers made rapid progress last
week, which had several warm, dry
days. High moisture content in some
areas of the Upper Midwest slowed harvesting even if soil had dried enough to
support combines. Corn was 28% harvested as of Oct. 15 in the 18 major states,

Oats
Food-grade oat flakes prices were unchanged last week following only minor
gains in nearby oat futures, which have
advanced about 40c a bu, or 17%, since
recent lows in early September. The onset of the hot breakfast cereal season also
was expected to give a boost to demand,
although seasonality is less a factor in
oat product demand than a few years
ago due to year-around consumption of
snacks and cereals containing oats. MBN

Rice
U.S. milled rice and rice byproduct prices were steady last week, as
were world milled prices posted by the
U.S.D.A.
Rice in the six major states was 91% harvested as of Oct. 15 compared with 82% a
year ago and 87% as the prior five-year average for the date, the U.S.D.A. said.
Net export sales of rice for 2017-18
in the week ended Oct. 12 were 86,400
tonnes, up 137% from a week earlier and
a marketing year high, the U.S.D.A. said.
Mexico and Honduras were the primary
buyers. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Oct. 20
Oct. 13
Oct. 6
Soy ﬂour
Bulk
25.47 @ 26.46 -.57@ -.58 -.10 @ -.10
Sacked
26.47 @ 28.46 -.57@ -.58 -.10 @ -.10

-8¼
-8
-8
-7¾
-7½
-7

-5½
-4¾
-4¾
-5
-5
-5¼

3.52½
3.62¼
3.69
3.75
3.81½
3.89

-21½
-21
-20
-19½
-19
-18½

+6½
+6¼
+7
+7¼
+7¾
+7½

9.83
9.92¼
9.98¾
10.05½
10.10¾
10.09¼

Oct. 20
Chicago, bulk
15.62@ 16.01
Chicago, sacked 17.39@ 17.78
New York, bulk 17.29@ 17.68
New York, sacked 19.71@ 20.10

-11.50
-11.40
-11.10
-10.40
-10.00
-9.70

-2.10
-2.10
-1.90
-1.70
-1.70
-1.90

306.50
308.00
309.40
311.20
312.90
312.80

Midwest
Oct. 20
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
27@27.50
Milling quality oats, No. 2 heavy,
$ per bu
3.19¾
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

up from 22% a week earlier but behind
44% a year ago and 47% as the 2012-16
average for the date, the U.S. Department of Agriculture said. Harvesting in
top-producing Iowa was 13% completed
compared with 41% as the average with
Minnesota at 7% completed compared
with 38% as the average. The best progress was in eastern and southern states.
The U.S.D.A. indicated net export sales
of corn in the week ended Oct. 12 totaled
1,254,900 tonnes for 2017-18, down 21%
from a week earlier but up 58% from the
prior four-week average. MBN

Soy products

- Change from - Year
Oct. 20 Oct. 13 Oct. 6
ago
3.44½
3.58½
3.67¼
3.74¾
3.81¾
3.91¼
$ per bu
9.78¾
9.89¼
9.99¼
10.08½
10.16¾
10.17¼
$ per ton
317.10
319.30
322.30
325.00
327.40
327.60

The U.S.D.A. said net export sales of
soybean meal in the week ended Oct. 12
were 296,000 tonnes for 2017-18, which
began Oct. 1.
The U.S.D.A. reported net export
sales of soybeans for 2017-18 at 1,275,200
tonnes in the week ended Oct. 12, down
27% from a week earlier and down 36%
from the prior four-week average. MBN

Ingredient Week

Corn meal
$ per cwt
- Change from -
Oct. 13
Oct. 6
-.16@-.17 -.10@-.12
-.16@-.17 -.10@-.12
-.16@-.17 -.10@-.12
-.16@-.17 -.10@-.12

Oats
- Change from -
Oct. 13 Oct. 6
-

+.25

+3c
-

+18¾c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Oct. 20
Oct. 13 Oct. 6 ago
Long grain
23.50@25.50
- +0.50 21.50
Medium grain
25.00
-
- 22.00
Parboiled
25.50@27.50
-
- 23.00
Second
heads, bulk 15.00@18.00
-
- 15.25
Brewers
15.00
-
- 13.75
f.o.b. mills, $ per ton
Rice millfeed
35@42
-
- 35.00
Rice bran
95@105
-
- 100.00
Rice hulls
4@6
-
-
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
15.28
- +0.16 13.22
Medium/short
grain
14.89
- +0.15 12.84
Broken
9.22
- +0.10
7.97
C.B.O.T. rough rice futures - $ per cwt
November
12.07½
-0.11 +0.19 10.29
January
12,38½
-0.10 +0.21 10.55
March
12,63½
-0.07 +0.27 10.80
May
12.84½
-0.05½ +0.30½ 11.01
Milling & Baking News XOctober 24, 2017 / 43

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Milling & Baking News - October 24, 2017

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