Milling & Baking News - November 8, 2016 - 43

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Soy Products
Soy flour prices in the spot market
fell last week in keeping with declines
in soybean meal futures. Bookings were
active and a couple of weeks forward.
Most business continued to be done on a
contracted basis and was steady.
Buying remained active among endusers, who sought soy flour as an ingredient to extend the shelf life of bakery
items, including hamburger buns, which
enjoy good demand year round, especially from fast-food and casual restaurants.
Soybean and soybean meal futures declined last week as mild weather suggested progress toward concluding the record
large soybean harvest will be swift. Even
export sales well above expectations for
both soybeans and soybean meal were
not able to stem the downward price
trend fed by the prospect of a bumper
crop. Talk circulated that the U.S. Department of Agriculture may raise its soybean
yield and crop size estimates in its November Crop Production report, as well
as perhaps increasing soybean acreage.
The U.S.D.A. said soybeans in the 18
major states were 87% harvested in the
week ended Oct. 30 compared with 91%
on the same date a year ago and 85% as
the 2011-15 average for the date. Progress in 13 of the 18 states lagged last
year's pace, although in five of those
cases, harvesting was less than five percentage points behind a year ago.
Net export sales of soybeans in the
week ended Oct. 27 were 2,514,000
tonnes for 2016-17 - a marketing-year
high - up 28% from the previous week
and up 34% from the prior four-week average, the U.S.D.A. said. Sales were well
above trade expectations that ranged
from 1.3 million to 1.6 million tonnes.

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

-6¼
-5¾
-5¼
-4¼
-3¾
-3¼

-3¾
-4¾
-4
-2½
-2¼
-2

3.73
3.81¾
3.88¼
3.93¾
3.96¾
4.01½

-19¾
-21¼
-21¼
-20
-19¾
-18¾

-1½
-1½
-1½
-1½
-2
-2

8.71¼
8.67¼
8.69½
8.74¾
8.80½
8.80½

-8.50
-8.20
-8.00
-7.30
-6.80
-6.70

+2.50
+2.80
+2.90
+2.70
+3.10
+2.70

295.70
294.80
293.20
292.80
293.50
293.70

bakingbusiness.com / world-grain.com

Corn Products
Prices of cornmeal and other corn products declined last week in sync with weaker corn futures. Seasonal demand continued to build for grocery-store items such
as cornbread stuffing and muffin mixes
that are popular around Thanksgiving and
Christmas. Brewers' grits sales were about
steady while those for extruded snack
products were seasonally softer. Hominy
feed prices modestly declined.
Corn futures fell last week in mostly
sideways trading. Strong export demand helped pare losses posted early in
the week, but continued indications of
a massive 2016 crop weighed on prices.
Weather conditions in the Corn Belt were
favorable for continued harvest progress. Storage issues related to the large
size of the crop were a concern.
Corn in the 18 major states was 75%
harvested in the week ended Oct. 30, the
U.S. Department of Agriculture said, compared with 82% on the same date a year
ago and 75% as the 2011-15 average for
the date. The harvest in 12 of the 18 major states lagged behind last year's pace,
continuing the trend of the current harvest
season. Six of the 18 states also were behind the 2011-15 average for the date. Corn
in top-producing Iowa was 71% harvested

as of Oct. 30, behind 82% last year and 76%
as the five-year average.
Net export sales of U.S. corn in the
week ended Oct. 27 were 1,473,500
tonnes for 2016-17, up 84% from the previous week and up 24% from the prior
four-week average, significantly higher
than trade expectations ranging from
750,000 to 1 million tonnes.
Private sales of U.S. corn last week
were active. The U.S.D.A. reported sales
totaling 644,344 tonnes of corn to Mexico,
136,000 tonnes to South Korea and 100,973
tonnes to "unknown destinations," all for
the current marketing year. MBN

Oats
Food-grade oats flakes prices were mostly steady despite modest gains in oats futures. Oats futures stabilized after soaring in
the last half of the previous week on quality
problems affecting the Canadian crop that
prompted a round of short-covering.
Expectations were that too much rain
in some growing areas was likely to have
damaged plants still in the fields. Oats futures advanced strongly through October
before pulling back in early November.
Seasonal demand for hot breakfast cereals was building, although warm fall
weather in many areas appeared to be
holding back sales gains. MBN

Rice
U.S. milled rice and rice byproducts
prices were steady last week. World
milled rice prices posted by the U.S.D.A.
also were unchanged.
Net export sales of U.S. rice in the
week ended Oct. 27 were 42,700 tonnes
for 2016-17, down 46% from the previous
week and down 50% from the prior fourweek average, the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
Nov. 4 Oct. 28 Oct. 21
ago
3.48¾
3.57½
3.65
3.72½
3.79¼
3.87
$ per bu
9.81½
9.90¾
9.97¼
10.04
10.08¾
10.07¼
$ per ton
309.00
310.80
312.30
313.90
316.00
315.50

Exports for the week totaled 2,932,600
tonnes, a marketing-year high.
Net export sales of soybean meal in the
latest week were 301,000 tonnes for 201617 and 4,200 tonnes for 2017-18. Analysts'
expectations for the combined crop years
ranged from 100,000 to 250,000 tonnes.
The U.S.D.A. last week reported private
sales of 264,000 tonnes of U.S. soybeans to
China and 120,000 tonnes to "unknown destinations" for the current marketing year. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Nov. 4
Oct. 28
Oct. 21
Soy ﬂour
Bulk
25.60 @ 30.47 -.43@ -.43 -1.00 @+.12
Sacked
26.60 @ 32.47 -.43@ -.43 -1.00 @+.12

Corn meal
$ per cwt
Nov. 4
Chicago, bulk
16.54@ 17.34
Chicago, sacked 18.31@ 19.11
New York, bulk 18.21@ 19.01
New York, sacked 20.63@ 21.43

Ingredient Week

- Change from -
Oct. 28
Oct. 21
-.13@-.13 -.08@-.08
-.13@-.13 -.08@-.08
-.13@-.13 -.08@-.08
-.13@-.13 -.08@-.08

Oats
- Change from -
Minneapolis
Nov. 4
Oct. 28 Oct. 21
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
28.25@28.75
-
-
Milling quality oats, No. 2 heavy,
$ per bu
2.88¼
+4½c
+10c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Nov. 4
Oct. 28 Oct. 21 ago
Long grain
21.50@21.75
-
- 23.00
Medium grain 22.00@23.00
-
- 23.00
Parboiled
23.00@24.50
-
- 25.00
Second
heads, bulk 15.25@15.75
-
- 15.25
Brewers
13.75@15.00
-
- 14.50
f.o.b. mills, $ per ton
Rice millfeed
35@45
-
- 40.00
Rice bran
100@115
-
- 90.00
Rice hulls
5@15
-
-
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
13.08
-
-0.14 15.10
Medium/short
grain
12.71
-
-0.13 14.60
Broken
7.89
-
-0.08
9.11
C.B.O.T. rough rice futures - $ per cwt
November
9.64
-0.23
-0.65 12.19
January
9.88½
-0.27 -0.66½ 12.44
March
10.14
-0.27½ -0.65½ 12.71
May
10.38
-0.27½
-0.63 12.96
Milling & Baking News XNovember 8, 2016 / 43

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Milling & Baking News - November 8, 2016

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