Milling & Baking News - April 15, 2014 - 41


Soy Products
Soy flour prices declined last week
in keeping with losses in nearby soybean meal futures. Market participants'
attention was on the tight carryout of
soybeans reported last week by the U.S.
Department of Agriculture in its April
World Agricultural Supply and Demand
Estimates, which represented a decline
from the March report. Trading remained brisk, and bookings were at least
two weeks forward.
Soybean futures closed at an eightmonth high last Wednesday after the
U.S.D.A. supply-and-demand report
showed an increase in exports and a decline in the U.S. carryout both compared
with the March projection and 2013 estimates. Gains were pared during the following session on profit-taking, and the
week ended with nearby contracts lower
but August forward modestly higher.
In the WASDE, the U.S.D.A. projected
the soybean carryover on Sept. 1, 2014,
at 135 million bus, down 10 million bus
from the March projection and down 6
million bus from 2013. Soybean imports
in 2013-14 were projected at a record
65 million bus, up 30 million bus from
March. Exports were projected at a record 1,580 million bus, up 50 million bus.
Crush was forecast at 1,685 million bus,
down 5 million bus. Seed use was forecast at 95 million bus, up 8 million bus.
The WASDE also projected world soybean ending stocks for 2013-14 at 69.42
million tonnes, down 1.22 million tonnes
from March but up 11.55 million tonnes, or
20%, from 57.87 million tonnes in 2012-13.
Net export sales of soybeans in the
week ended April 3 were 79,100 tonnes
for 2013-14, up 20% from the previous
week but down 8% from the prior 4-week

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

-3¼
-3
-4½
-7½
-6
-5½

+6½
+8¼
+11¼
+12
+11¾
+11½

6.58½
6.41¾
5.77
5.50
5.60¼
5.68¼

-10¾
-7¾
+4½
+10¾
+6¼
+7

+26½
+39½
+27½
+20¾
+24¼
+24¾

14.13
13.79¼
13.39¼
12.73¼
12.31¾
12.37¾

-6.20
-3.80
+.20
+2.90
+1.80
+1.30

+4.50
+9.40
+6.70
+5.80
+3.70
+3.20

400.20
397.40
384.20
361.50
342.60
339.90

bakingbusiness.com / world-grain.com

Corn Products
Prices of corn products including corn
meal and corn flour were weaker in tandem with price action in corn futures. Demand was relatively lackluster, reflecting
the market lull typically experienced in
April. By May, though, warm weather entertaining typically brings about increased
buying interest in extruded products used
in snacks and in brewers' grits.
Corn futures prices rose before the release Wednesday of the U.S.D.A.'s April
World Agricultural Supply and Demand
Estimates, declined on the report data,
and ended the week with moderate losses. The front month contract managed to
trade at or slightly above key support at
$5 a bu until Friday.
Market participants' main takeaway
from the U.S.D.A. data was that both
domestic stockpiles and world supplies
of corn appeared more than adequate,
especially compared with 2012-13.
The U.S.D.A. projected the corn carryover on Sept. 1, 2014, at 1,331 million
bus, down 125 million bus, or 9%, from
the March forecast but up 510 million bus,
or 62%, from 821 million bus in 2013. The
change was based on a 125-million-bu
increase from March in projected corn exports, to 1,750 million bus, which was up
139% from 731 million bus in 2012-13. The

import increase was the only adjustment
in the WASDE data.
World corn ending stocks in 2013-14
were projected at 158 million tonnes,
down slightly from 158.47 million tonnes
in March but up 23.6 million tonnes, or
18%, from 134.4 million tonnes in 2012-13.
Net export sales of U.S. corn in the
week ended April 3 were 658,700 tonnes
for 2013-14, down 31% from the previous
week and down 30% from the prior fourweek average, and 58,000 tonnes for 201415, the U.S.D.A. said. Trade expectations
were 700,000 to 1,100,000 tonnes. MBN

Oats
Food-grade oats flakes prices were
unchanged. Because of oatmeal's health
claims, demand for hot breakfast cereals
remained solid, even with the late onset
of warmer weather.
Oats futures prices gyrated last week,
with a steep move up early in the week
and a sharp move lower later that left prices modestly lower. With the onset of spring
and moderating temperatures in Canada,
there has been a slight improvement in
rail logistics, and more supplies have been
successfully shipped to the United States
than during the winter logjam. MBN

Rice
U.S. milled rice and rice byproduct
prices were steady in the latest week, except for rice bran, which was steady to
$10 a ton lower, the U.S.D.A. said. World
market prices of milled and rough rice
were unchanged as well.
Net export sales of U.S. rice in the
week ended April 3 were 43,600 tonnes
for 2013-14, down 46% from the previous
week and down 32% from the prior fourweek average, the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
Apr. 11 Apr. 4 Mar. 28 ago
4.98½
5.04½
5.02½
4.99¼
5.07
5.12½
$ per bu
14.63
14.47¼
13.79
12.67¾
12.14¾
12.20¼
$ per ton
472.90
463.10
437.60
411.30
383.60
380.40

average, and 210,400 tonnes for 2014-15.
The two-year total was within trade expectations of 100,000 to 450,000 tonnes.
Net export sales of soybean meal in the
week ended April 3 were 179,600 tonnes
for 2013-14, down 42% from the previous
week and down 17% from the prior fourweek average, and 80,100 tonnes for 201415, within trade expectations of 100,000 to
350,000 tonnes for the two years. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Apr. 11
Apr. 4
Mar. 28
Soy ﬂour
Bulk
33.92 @ 36.03 -.59@ -.30 +.19 @+.24
Sacked
34.92 @ 38.03 -.59@ -.30 +.19 @+.24

Corn meal
$ per cwt
Apr. 11
Chicago, bulk
20.74@ 22.80
Chicago, sacked 22.51@ 24.57
New York, bulk 22.41@ 24.47
New York, sacked 24.83@ 26.89

Ingredient Week

- Change from -
Apr. 4
Mar. 28
-.06@-.06 +.14@+.14
-.06@-.06 +.14@+.14
-.06@-.06 +.14@+.14
-.06@-.06 +.14@+.14

Oats
- Change from -
Minneapolis
Apr. 11
Apr. 4 Mar. 28
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
36.25@37.25
-
-
Milling quality oats, No. 2 heavy,
$ per bu
5.03½
-7¼c
+1½c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Apr. 11
Apr. 4 Mar. 28 ago
Long grain
27.50@29.50
-
- 28.00
Medium grain 30.50@32.00
- +2.50 28.50
Parboiled
30.50@31.50
-
- 30.50
Second
heads, bulk 22.00@23.00
-
- 18.00
Brewers
19.00@23.00
-
- 14.50
f.o.b. mills, $ per ton
Rice millfeed
75.00
-
- 75.00
Rice bran
165@210
-10.00 -40.00 175.00
Rice hulls
40@45
-
- 20.00
U.S.D.A. world price milled - $ per cwt
Long grain
17.72
-
- 19.19
Medium/short
grain
17.35
-
- 18.87
Broken
12.14
-
- 13.58
C.B.O.T. rough rice futures - $ per cwt
May
15.65 ½
-10 ½ +14½ 15.82
July
15.63 ½
+4
+3½ 16.10
September
14.38 ½
+7 ½
+1 15.47
November
14.40 ½
+7½ +1 ½ 15.66
Milling & Baking News April 15, 2014 / 41

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

Milling & Baking News - April 15, 2014

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