Milling & Baking News - November 8, 2016 - 44

Ingredient Week X

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
Nov. 4
Oct. 28 Oct. 21
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
Nov. 4 Oct. 28 Oct. 21
Nearby
28.95
+.10
+.45
November-December 28.95
+.10
+.45
January-March
28.90
+.30
+.65
April-June
28.75
+.35
+.75
July-September
28.45
+.35
+.70
October-December 28.25
+.45
+.60

Year
ago
25.45
25.45
25.45
25.45
25.50
25.55

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

24
21
18
15
12
9
N

Cash sugar prices were steady to firmer
last week amid continued active sales. The
sugar cane harvest advanced while the
beet harvest was concluding in key states.
Bulk refined cane sugar prices were
firm at 34c to 36.5c a lb f.o.b. plant
through 2016-17, with most offers at 35c
a lb and above, as has been the case for
a few weeks. With the lack of new offers
from Mexico, traders expected domestic
cane sugar prices to remain firm and supplies to remain tight. It was hoped that
once the cane harvest expands in Mexico
and supplies there increase and prices
decline, offers to the United States may
increase, although most said the situation
largely hung on trade talks between the
United States and Mexico on revisions to
the 2014 suspension agreements.
Regionally, sugar supplies remained
tightest on the West coast, due to the lack
of activity with Mexico and the relative
distance from domestic refiners. One
cane refiner raised its offer price by 0.50c
a lb for West coast delivery last week,
boosting delivered prices to more than
40c a lb for cane sugar in some cases.
Louisiana sugar cane was 33% harvested as of Oct. 30 compared with 31%

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

Nov. 4
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

last year and 32% as the five-year average for the date, the state's U.S. Department of Agriculture office said.
Bulk refined beet sugar was unchanged
at 28.5c to 29.5c a lb f.o.b. Midwest
through 2016-17, with a solid amount of
sales at 29c a lb as the beet market also
remained firm. Sales for 2017 remained
active. Some beet processors were "comfortable" with their sales to date, which
allowed them to keep a firm tone to pricing. Beet sugar pricing indications for
2017-18 were 1c to 2c above nearby levels
and above 30c a lb f.o.b.
Sugar beets in the four largest states
were 86% harvested as of Oct. 30, behind
90% last year and 87% as the 2011-15
average for the date, the U.S.D.A. said.
Beets in Minnesota were 95% harvested
(100% last year and 97% average), 99%
in North Dakota (100% and 98%), 50%
in Michigan (67% and 54%) and 77% in
Idaho (71% and 77%). Growers in the
key Red River Valley indicated strong
beet yields but lower sugar content,
largely the result of wet weather late in
the growing season. In other states, the
beet harvest made good progress but remained mostly behind the average pace.
There was concern about warm
weather in many areas, which may be
detrimental to beet piles and sugar yield.
"Sugar beet harvesting has been stop
and go due to warm weather," the Michigan U.S.D.A. field office said
The corn sweetener market was quiet.
There was little if any progress in dry
dextrose contracting for 2017 as buyers
were holding out for lower prices and
most sellers sought increases. Contracting of liquid products mostly was completed a few weeks back. MBN

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* Sweetenersupply.com
44 / November 8, 2016 XMilling
& Baking News

bakingbusiness.com / world-grain.com

http://www.Sweetenersupply.com

Milling & Baking News - November 8, 2016

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