Milling & Baking News - March 28, 2017 - 44

Ingredient Week X

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
Mar. 24
Mar. 17 Mar. 10
Midwest beet 29.00 @ 30.50
-
-
Paciﬁc beet* 34.00 @ 36.00
-
-
N.E. Cane** 37.00 @ 39.00
-
-

Year
ago
31.00
37.00
32.50

*Delivered **Spot raw plus 7% plus 6c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
- Change from -
Contract
Mar. 24 Mar. 17 Mar. 10
Nearby
29.25
-.15
-1.50
April-June
29.25
-.15
-1.50
July-September
29.30
-.20
-1.40
October-December 28.95
-.05
-.20
January-March
28.00
-.10
-.15
April-June
27.60
-.15
-.15

Year
ago
26.35
26.35
26.35
26.30
26.25
26.20

I.C.E. No. 11 raw sugar futures
cents per lb
24
21
18
15
12
M

Inquiries and trading of refined beet
sugar increased last week, while refined
cane sugar activity remained slow. Pricing was unchanged from a week earlier,
but a firm tone was evident in the sugar
market and may have been driving beet
sugar sales as buyers sensed there was
more upside than downside to prices.
All but one major beet processor has
indicated they were officially sold out for
2017 (although most may still have some
sugar available under various scenarios),
with most buyers also well covered for
the current year. An increase in the offer
price by a major beet processor in the past
couple of weeks may have prompted buyers "to get off the fence" concerning 2018
coverage amid ideas beet sugar prices may
rise further and stocks may tighten. Refined beet sugar prices from 29c to 30.50c
a lb f.o.b. Midwest still are below year-ago
levels and are well below refined cane sugar prices. A major beet processor with 2017
supply yet to sell remained at the low end
of the market but was said to be making
progress in working down stocks.
Trade sources indicated stronger interest and sales for beet sugar relative to cane
sugar, with some food manufacturers

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

Mar. 24
23⅞@ 24⅞
25¼@ 26¼
25⅜@ 26⅜
25@ 26
25⅞@ 27⅞

Year ago
22⅜@ 23⅜
23¾@ 24¾
23⅞@ 24⅞
23½@ 24½
24⅜@ 26⅜

HFCS list price2
42% HFCS wet
28.25
30.50
30.00
29.50
30.75

55% HFCS wet
34.25 net
36.75 net
36.50 net
36.00 net
37.25 net

Regular
corn
syrup3
34.25
36.50
36.50
37.50
38.75

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

continuing to select beet sugar over cane
due to the large discount for beet sugar
in the absence of bioengineered labeling
concerns.
Pricing of beet sugar for 2018 was
about even with pricing for 2017 for most
but not all processors.
Market activity and tone was noticeably different for refined cane sugar,
where high prices and trade issues with
Mexico continued to stymie sales, even
if both domestic and world raw sugar
futures have tumbled in recent days.
Domestic bulk refined cane sugar prices
were steady in the past week, with the
low end of the market at 35c to 36c a lb
for refiners with domestic raw cane supply and the high end near 39c a lb for
those depending on raw cane imports.
Part of the dilemma for cane refiners is
the anticipation of a rush of exports from
Mexico in April and May as export permits suspended for March are expected
to be reissued next month. Adding to the
uncertainty were ongoing negotiations on
the raw/refined mix of imports from Mexico as defined in the Anti-dumping and
Countervailing Duty Suspension Agreements. While there was a general sense
that a resolution on the suspension agreements will be reached, there remained a
wide range between the United States and
Mexico as to what the raw/refined mix of
exports should be, trade sources said.
Corn sweetener markets were routine.
Corn refiners continued to closely watch
trade issues with Mexico as that country
has threatened to retaliate by restricting
or taxing U.S. high-fructose corn syrup
exports should the United States add
import taxes or other new restrictions to
sugar imports from Mexico. MBN

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Sweetenersupply.com
44 / March 28, 2017 XMilling*& Baking
News

bakingbusiness.com / world-grain.com

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Milling & Baking News - March 28, 2017

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