Milling & Baking News - October 25, 2016 - 52

Ingredient Week X

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
Oct. 21
Oct. 14 Oct. 7
Midwest beet 28.50 @ 29.50
-
-
Paciﬁc beet* 34.00 @ 35.00
-
-
Cane**
34.00 @ 36.50
-
-

Year
ago
32.00
37.00
33.00

*Delivered **Spot raw plus 7% plus 4.8c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
- Change from -
Contract
Oct. 21 Oct. 14 Oct. 7
Nearby
28.50
-.05
-
November-December 28.50
-.05
-
January-March
28.25
-.10
-.25
April-June
28.00
+.90
-.15
July-September
27.75
+.65
-.40
October-December 27.65
+.25
+.25

Year
ago
25.30
25.30
25.35
25.35
25.25
25.35

I.C.E. No. 11 raw sugar futures
cents per lb

24
21
18
15
12
9
O

Cash sugar prices were unchanged
last week amid steady to slightly more
active trading. The sugar beet harvest
made strong progress in some states
but generally remained behind average.
Cane harvesting continued in Louisiana
and Florida with Hurricane Matthew appearing to have had only a limited effect.
Bulk refined cane sugar prices were
steady at 34c to 36.5c a lb f.o.b. plant
through 2016-17. There remained a firm
undertone to the cane sugar market with
some buyers, especially on the West
coast, still finding supply at acceptable
prices hard to come by. In addition, there
still was a lack of new offers from Mexico
as there has been no apparent resolution
in attempts by the United States to adjust
terms of the 2014 countervailing duty
suspension agreements to include more
raw sugar that would ensure supply for
U.S. refiners who depend on imports.
Louisiana sugar cane was 17% harvested, just ahead of 16% both last year
and as the five-year average, the state
U.S. Department of Agriculture office
said. New crop planting was completed.
Bulk refined beet sugar was unchanged at 28.5c to 29.5c a lb f.o.b. Mid-

Sweeteners
Delivered basis, cents per lb
42% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

Oct. 21
22⅜@ 23⅜
23¾@ 24¾
23⅞@ 24⅞
23½@ 24½
24⅜@ 26⅜

Year ago
18⅞@ 19⅞
20¼@ 21¼
20⅜@ 21⅜
20@ 21
20⅞@ 22⅞

HFCS list price2
42% HFCS wet
26.750
29.000
28.500
28.000
29.250

55% HFCS wet
31.750 net
34.250 net
34.000 net
33.500 net
34.750 net

Regular
corn
syrup3
31.75
34.00
34.00
35.00
36.25

Dextrose
East
39.00@41.00
Midwest 38.00@40.00
West
41.00@43.00

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

west through 2016-17. Some processers
remained firm at 29c and above and have
not sold below that level for some time.
But there remained supply available from
specific processors at 28.5c a lb. Pricing
was supported to some degree by the
wide discount of beet sugar to refined
cane sugar. Beet sugar sales appeared to
have picked up some from a week earlier,
and supplies were readily available.
Sugar beets in the four major states
were 63% harvested as of Oct. 16, up from
38% a week earlier, even with the 201115 average for the date but behind 76%
a year ago, the U.S.D.A. said in its Crop
Progress report. Beets were 81% harvested in North Dakota (79% as the average),
71% in Minnesota (76%), 27% in Michigan
(25%) and 52% in Idaho (40%). Harvesting in other states was behind average.
The corn sweetener market was quiet
with dry dextrose contracting still progressing at a snail's pace. One broker
said he could not get an offer from his
regular supplier for 2017. Other brokers
and buyers in some cases have been able
to get pricing flat to lower from 2016,
depending on contracted levels from the
prior year. But some buyers also were
holding out for still lower pricing. Dry
dextrose was offered earlier in the season
at a 75c-a-cwt increase from 2016 contracted levels, but that offer expired at
the end of September and now appears
on the high side of possible pricing.
Contracting of liquid products for 2017
mostly was wrapped up a month or more
ago at prices up $1.50 to $2.50 a cwt from
2016 contracted levels, depending of
product and prior-year pricing, although
a number of mostly smaller buyers continued to hold out for no increase. MBN

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52 / October 25, 2016 XMilling
Baking News

bakingbusiness.com / world-grain.com

http://www.Sweetenersupply.com

Milling & Baking News - October 25, 2016

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