Food Business News - November 17, 2015 - (Page 57)

Market commentary for two-week period ended November 13, 2015 Sweeteners Sugar sales and prices were unchanged last week. The U.S. Department of Agriculture raised its 2015 sugar beet and cane production forecasts and boosted 2014-15 (ended Sept. 30, 2015) and 201516 sugar ending stocks in its Nov. 10 Crop Production and World Agricultural Supply and Demand Estimates reports. Quoted prices for bulk refined beet sugar for nearby through Sept. 30, 2016, were steady at 32c to 33c a lb f.o.b. Midwest. Some traders indicated prices for large-volume beet sugar deals may be available below 32c a lb when "backed out" of delivered values, but processors also confirmed steady sales at prices within the quoted range. Bulk refined cane sugar prices were unchanged at 33c to 35c a lb f.o.b. plant. West coast prices also were unchanged. The sugar beet harvest was nearly complete as of Nov. 8 with Idaho at 92% (95% as the 2010-14 average for the date), Michigan at 83% (86% average), Colorado at 86% (93% average), Wyoming at 95% (94% average), Montana at 96% (99% average) and Oregon at 91%, state U.S.D.A. offices said. Harvesting for pile storage in Michigan resumed after rain and warm weather delays. The sugar cane harvest in Louisiana continued to be hampered by heavy rains, which has lowered sugar content and cane quality, the state's U.S.D.A. field office said. Harvesting was 42% completed as of Nov. 8, nearly even with the five-year average of 43%. Cane harvesting in Florida progressed without major problems.   In its Nov. 10 crop report, the U.S.D.A. raised both sugar beet and cane crop estimates by 1% from October with beet production at 35.2 million tons, up 12% from 2014, and cane production at 31.7 million tons, up 4% from last year. In its WASDE report, the U.S.D.A. raised its estimate of 2014-15 U.S. sugar ending stocks by 4% from October to 1,767,000 tons as higher domestic beet sugar production and imports more than offset increased use. The U.S.D.A. raised its projection of 2015-16 ending stocks by 7% from October to 1,855,000 tons based on higher beginning stocks and domestic cane sugar production. The forecast 2015-16 ending stocks-touse ratio jumped to 15.3% from 14.3% in October. Barring reductions in domestic sugar production, tariff rate quota imports or increased use, forecast imports from Mexico will have to be trimmed to bring the stocks-to-use ratio down to a minimum 13.5% as required in the suspension trade agreements between the two countries. There continued to be little if any progress in contracting of dry dextrose. Buyers balked at corn refiners' initial offers of a $3.50-a-cwt hike from 2015 contracted levels. One broker indicated he could buy dry dextrose at a $2.50 a cwt increase, but buyers appeared to have lowered their target to a $1@1.50-a-cwt increase, limiting contracting progress. FBN Beet and cane sugar f.o.b. plant, cents per lb - Change from - Nov. 13 Nov. 6 Oct. 30 Midwest beet 32.00 @ 33.00 - - Pacific beet 37.00 @ 38.00 - - Cane* 33.00 @ 35.00 - - Year ago 36.00 40.00 36.00 *Spot raw plus 7% plus 5.9c with 2% cash discount. Raw cane Delivered refiner, cents per lb - Change from - Contract Nov. 13 Nov. 6 Oct. 30 Nearby 25.70 +.25 +.25 November-December 25.70 +.25 +.25 January-March 25.60 +.15 +.17 April-June 25.55 +.10 +.15 July-September 25.47 -.03 +.05 October-December 25.43 -.12 +.03 Year ago 24.10 24.10 24.50 24.65 24.95 25.50 I.C.E. No. 11 raw sugar futures cents per lb 18 16 14 12 10 N F M A Sweeteners Delivered basis, cents per lb HFCS spot price1 2015 prices Midwest Northeast Southeast Southwest West Nov. 13 18⅞@ 19⅞ 20¼@ 21¼ 20⅜@ 21⅜ 20@ 21 20⅞@ 22⅞ HFCS list price2 42% HFCS wet Year ago 23.250 16⅜@ 18⅜ 25.500 17¾@ 19¾ 25.000 17⅞@ 19⅞ 24.500 17½@ 19½ 25.750 18⅜@ 21⅜ 55% HFCS wet 27.250 net 29.750 net 29.500 net 29.000 net 30.250 net Regular corn syrup3 27.250 29.500 29.500 30.500 31.750 Dextrose East 37.00@39.00 Midwest 36.00@38.00 West 39.00@41.00 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 Delicious Honey. 100% Pure & Natural. We offer Pails, Drums, Totes and Tanker Trucks. Our 24/7 manufacturing facility is strategically located in the Midwest. We are FSSC 22000 and Kosher Certified. Honey Products: Amber, Light Amber, Extra Light Amber, Organic Honey 888-SUGAR-99 * November 17, 2015 FOODBUSINESS NEWS ® 57

Table of Contents for the Digital Edition of Food Business News - November 17, 2015

Food Business News - November 17, 2015
Starbucks becoming a ‘food destination’
Sugar, corn sweetener court battle under way
Beverage Business News - Redesigning fruit juice
Table of Contents
Web Contents
Editorial - Climate change takes center stage in Paris
Hain earnings surge; U.S. grocery sales disappoint
Local promotions set to sizzle as a menu trend
Smucker focuses on redefining the coffee experience
Kraft Heinz integration showing progress
Credit Suisse lowers Dean Foods’ stock to ‘underperform’
Dean Foods betting big on DairyPure brand
Food waste reduction 2.0
TreeHouse Foods to acquire ConAgra’s Private Brands business
Efficiency gains drive TreeHouse earnings
Seneca acquires largest maraschino cherries maker
Popchips names new c.e.o.
Amazon dips foot into food delivery in L.A.
Schwan simplifying ingredient list across entire product line
Washington - Producer groups begin to take sides on T.P.P.
Ingredient Innovations - High-oleic options
Health and Wellness - Targeting bone and joint health
New Menu Items
Ingredient Market Trends - U.S.D.A.’s Crop Production and WASDE reports bearish
Ingredient Markets
Supplier Innovations and News
Ad Index

Food Business News - November 17, 2015