Milling & Baking News - July 4, 2017 - 45

X
Edible Oils

coverage to await new crop developments and in hope basis levels will weaken with the approach of harvest.
Canola prices advanced. The premium
to soybean oil futures asked for refined
canola oil in the Midwest was widened to
6c a lb because of the tightening supply
of seed with relief not expected until the
new crop harvest. Statistics Canada on
June 29 estimated area planted to canola
in Canada this year at a record 22,837,000
acres, up 450,000 acres from the March
forecast and up 12.1% from 20,367,000
acres in 2016. For the first time, Canadian
farmers planted more canola than wheat.
Palm oil prices advanced mostly in response to stronger soybean oil futures.
Production in Malaysia and Indonesia was
increasing seasonally, although the rate of
increase lagged expectations.
Edible tallow prices advanced in more
active trading.
Coconut oil pricing remained at a
wide inverse with forward quotes nearly
8c a lb lower than the nearby.
Corn oil prices were unchanged, and
cottonseed oil prices were a shade weaker. Peanut oil prices were expected to remain strong until harvest. MBN

Bookings of edible oils and fats were
limited last week. Price adjustments were
mixed.
Soybean oil prices were raised. Soybean
oil futures advanced in sympathy with the
rest of the soy complex. Soybean futures
saw spillover strength from rallying wheat
futures, which was augmented by recognition that about 12% of the nation's soybean crop is grown in the northern Plains,
where drought prevailed in western areas.
Soybean oil futures also were buffeted by
uncertainty about when the Environmental Protection Agency will issue Renewable Fuel Standards for 2018. The cash
basis on soybean oil was firm.
Soybean oil users drew back from
booking as futures advanced. Physical
coverage on average extended about 60
to 70 days compared with 70 to 75 days a
week or so earlier.
Soybean oil basis coverage for JulySeptember was completed except for the
small amount of business remaining to
be done with distributors. Basis coverage
for October-December expanded slightly
to about 20%. Most soybean oil users
held back from significant fourth-quarter

Spot soybean oil

Chicago soybean oil futures
Bulk in tank cars, cents per lb
June 30
- Change from -
Delivery
close
June 23
June 16
July
32.93
+1.32
-.18
August
33.04
+1.31
-.20
September 33.16
+1.31
-.21
October
33.17
+1.25
-.29
December 33.34
+1.25
-.31
January
33.50
+1.26
-.26

Crude soybean oil
Delivery
June
July
August
September
October
November
December

34.00

40.00
29.00

36.00

19.00
J

J
Previous Year

32.00

Current Year

August 12,

on
Trade focuses

- Change from - Year
June 30 June 23 June 16 ago
Soybean oil,
Decatur
Loose lard, Chicago
Edible tallow,
Chicago
Cottonseed oil,
Miss. PBSY
Palm oil, ports
Palm kernel oil,
ports
Coconut oil
Peanut oil,
Southeast
Corn oil, Decatur
Sunﬂowerseed oil,
Midwest
Canola oil, Midwest

33.00
34.75

+1.50
-.50

-
+.25

29.50
33.00

36.75

-.75

+.25

33.00

38.75
34.50

+.25
+.25

-.75
-1.00

44.75
32.25

37.50
84.00

-
-

-1.50 35.25
+2.00 70.00

78.00
40.00

+3.25
-

+3.25 61.50
-1.00 43.50

52.00
39.00

+2.00
+1.50

+2.00 54.00
-
33.75

2015

to
s-to-use ratio
the stock for next year,
boosting
16 by 8%,
August 12, 2015
and to 14.6% prescribed in
this year
sweetener
15.1% for the 13.5% minimum ment. The
U.S. and global
e
prices from
ension agree ased doboth abov
news, data and Company
to incre
Mexico susp
due
U.S.ing
were
the
beet harSosland Publish
this year
alf July
- Unic
from early ly from
changes for
BRAZIL
n (mostly
n, said last-htonnes for all of
most
uctio
iatio
ar
ZĞƉŽƌƚ.com
DE
year
assoc
on
See ^ǁĞĞƚĞŶĞƌ er market
mestic prod rts, and for next
producindustry
s last
5.58 milli
Mexico sug .A. in its Aug. 12andWAS
two week
ending
n totaled
and impo stocks and domestic uction
daily sweeten
for
same
uctio
il
vest)
U.S.D
the
use
prod
he
Braz
news
estic
ning
rts. Prod
year
24.7% from uction for all of the
commentary and
only dom
higher begin t increase in impo to new 2015
ico for this
Brazil, up
prod
adjusted
a sligh
asts for Mex d 4% for both
ly due
on-to-date es, down 10.8% from the
tion with
year. Seas
stocks forec
adjusted most n forecasts.
ut in
on tonn
was raise
for
bers were
uctio
estic use
for
ed 27 milli year. Ethanol outp
by 18.5%
prices
num
d
prod
Dom
cut
total
sugar
37.1%
ange
cane
s were
n,
unch
and
and next.
d last
il was up was
d beet and cane
Productio
asts were
Ͳ
sugar beet
ending stock
same perio
all of Braz te 11
ut
U.S. bulk refine
ͲChangefrom
r use forec
years, while 31.5% for next year.d.
weeks for Volum
4, Issue outp s for
e to-da
U.S. suga
-16.
Nearby
yearyearago
and
latest two
unchange
weekago
-15 and 2015
this year
are
earlier, while the latest two week
&͘Ž͘ď͘ƉůĂŶƚ͕
August12
both 2014
exports were
2015-16
Ratings in
but
from a year
in
and
said.
for
ago,
rts
s
Ğƌůď͘
Ͳϰ͘ϬϬ
crush
offices
U.S.
- field
impo
stock
a year
ĐĞŶƚƐƉ
Cane
ͲϬ͘ϱϬ
use A.
to
190,616
U.S.D.
sugbeginning
ly and
up 2.6%.
37.4% from
er, state
6 r supp
ged at 85% good
ƚ ϯϯ͘ϬϬͲϯϱ͘ϬϬ
ͲͲ
rd
tonnes, down
"Mexico
2015-1
0.36%. The
unchan
il was up
. suga
forD.A
werefrom
2014-15.
Ͳϭ͘ϬϬ
DŝĚǁĞƐƚďĞĞ
poor;
sota and
U.S.
all of Braz
was downooking
at 836,775 because of an upwa
southtic sugar
poor to very
keydomes
ϯϴ͘ϬϬͲϰϮ͘ϬϬ
in the ChanMinne

Ͳϭ͘ϬϬ
tion
in thes of
date crush crushed
estimated
ges from July
fair and 5%From
ͲϬ͘ϱϬ
WĂĐŝĮĐďĞĞƚη
last month
nt (81% a
two continued
season-toart 2016
for consump
excellent, 10%Aug. From
excelle
WASDE.
ϯϲ͘ϬϬ
lates
to
calend
of cane
ed
12
eries
ϯϰ͘ϬϬͲ
and
the
good
mix
Aug.
said.
remain
tonnes from
l
deliv
in
82% July 14-15
From
ŽƵŶƚ͘
Aug.
U.S.D.A.
ĂŶĞΎ
ar/ethano n was 44%/56%
/59%y activity tons
and 2% poor
North Dakota
of 2014-15
ŝƚŚϮйĐĂƐŚĚŝƐĐ
15-16 fair (17%)
41%Nearb
week.
77
es," the
past was
й͕ƉůƵƐϳ͘ϲĐǁ
estimate
1,000d needs 14-15 July
,
covere
), 16% + 92 + 11
year) and mostyear)
central regio
Ύ^ƉŽƚƌĂǁƉůƵƐϳ
million tonn are increased by 192,4per
. having In
week earlier
1,821
to excellent (80%)
/54% lastslow with
last users
ted there 1,810
to 4.441
ed
-16
Raw value
an 85% good
35 + 186 to very poor
traders
(44%/56% ago. Some
weeks (46%
po- sugges
s for 2015
It is assum
(2%);+ Michig
ηĞůŝǀĞƌĞĚ͘
8,800 + 4% +poor
155
54
n-to-date some timeniza
tion com the market
withs the 8,614
futures
"Deliverie
and anged
on tonnes.
Begin. Stock
(14%)
nt (32%),
r Orga of weakn
for the seaso
#11 raw sugar
ess in
4.501 milli umption is unch
4,980
11% +fair
31
45 Wyom
ional Suga
U.S. #16 and
supplies 4,825
ing 3527% +excelle
hint11.50c a lb, downrto nearby
tonnes to
Production
tion of
was11a was
tener cons
consump
3,820 +
The Internat on Aug.
suga
(6%); +and
(10%).
t adding
9
harvesraw
- 113
Beet
beet sman
capita swee at 49.4 kg and that
and 10%
+ 5 fair
price
early
lb.
3,789 good
from a
as estimated
3,369
-15
site sugar
The King
63% + 38 (58%)
Nearby, cents per
few weeks.
- 125slipped
. Brazilian
Cane
h Sept. 3,482
cane- ratings
Aug. 4. over
from 2014 corn syrup is the samedry weight)."
thec next
lb f.o.b
throug
sugar
a
ions
from
na
prices
1,491
Louisia
0.37c
8
- 110dry condit
11 was 10.34
hot
on tonnes,
- and
Impo
refined beet sugar
high-fructose
33crtsto 35c a 1,616 +earlier due
Bulk
nt Ϯϳ
to
315to
s.
(1.420 milli
Aug. 11.
price on Aug.
.
week
Ϯϲ
sourceslightly
good to excelle
d down
T.R.Q
1 +122
0.26c from were adjuste
for 2014-15
425 + 25 of the
crop -rated
cane sugar
and private
1,548
and 6% Ϯϱ
- Mexico
ports, down newswires,30web sitesMidwest with bulk refined
r Prog.
with 63%
Othe
Ϯϰ
5 fair -(29%)
ly and use
f.o.b. One 1,426 a week earlier
from
15 ), +31%
lb f.o.b.
-15.
Ϯϯ
Compiled
. sugar supp
co
+ 84
(66%
s d to 34c to 36c aoutlbMexi
15 + 5 poor (5%).
U.S.D.A
and from 2014
new
adjuste
0 +132
of old crop
ryprices
in ϮϮ
#11
ges from July
was sold High Tier sup92 13,99
#16
poor to+ very
Ϯϭ
sorast
its -initial stages
it forec
From
proces
DE. Chan
defic
13,906
Top industs 2015
crop
200 t was in 125
-16beet
major
to be ϮϬ
have new
Aug. From
Aug. 12 WAS
Sugar -beet harves
ed dtoits
raise
Ttl Supplysors
raise
- + t expected
expect
ϭϵ
200
n Pool
Aug. From 15-16 July 14-15
proces
Greewas
with 0early harves
sugar
12,01
Green Pool
st but
mil- other
areas,
ϭϴ
125
rts
while
4.6
+
6
analy
,
+
several
d
to
Expo
July
5
week.
ast
base ply availab
le shortly

well as 11,88
14-15
it forec
11,875 t by next
y to sell aseries
Australia837 -190
- report, the ϭϳ
t
- in earnes
sugar
+ 15
ϭϲ
under
Deliv
cropiousl
0 way
tion
al sugar defic
old
es prev
Actual weigh
the 11,75
Produc
some
glob
831
tonn
135
before
Crop
had
on
t
-16
le
il
ϭϱ
still
s
6,000
Augus
milli
125
2015
+
ing availabFood
In its
beet produc
- sugar
n in Braz
135
Begin. Stock
ϭϰ
0
uctiobecom
U.S.
supply
es from 2.8
5,985
12,21
t 2015
155
r prod
new
41 from 2014.
-9%
lion tonn
land.
(Sept. 30).
ϭϯ
21
lowecrop
Other
5 A. -forecas
year
of
Thai
U.S.D.
ing
+132
ns
Production
12,08
up
and
-190 +
for
a
155
market
1,780
ϭϮ
sugar
Chin
of the
,000 tons,
6,992
end ut),
- 0.5
92
on expectatio ol outp
Total Use
- 35
00 acres, ϭϭ
tic beet and cane
tion at+ 34,211
1,821
Imports
ethan
of domes
6,971
carryover
14.6% +1.1 t at 1,144,0
indicateds
ly
Pricing
1,335
, 2016
(increased
+ 61
ted area was forecasstill below last year's ϭϬ
Ending Stock
2015
raisedalso was
Total Supp
ar 2016
Harves+0.8
15.1%
1,370
WASDE
se
st and
raises U.S.2015-1
6 and calend
4,825 +193
- Midwe
from June
4 but
+ 26
Stocks-to-u
U.S.D.A.
lb f.o.b.
its Aug. 12
t at a record
Exports
up slightly
fora2015
35c
4,764 +190
.A. in mostly
frome 201
33c toand
at 5.3%
6,160 +193
coast. Some down 4%Averag
yield was forecas
Use
-4
rs
The U.S.D
-15 by
trade
Domestic
cast level.
ed on the West fore
2014.
6,134 +190
s for 2014
833 - 383
9% efrom ose,
upSom
crop
may be availa36c to 38c deliver large5 volum
acre,et.
- 0.1
es
anmark
ending stock
Total Use
tener
dextr was forecast at
s prices
-6.9
837 - 190 13.5%
sweetons
; 201 corn
ding tion
sorsrican29.9
s
s sugges
monted
proces
produc
raw sugar future
0.3
broker
h Ame
ted
- 3.7
someNort
caneinclu
a cwt.
5 com
Ending Stock
products,
mͲ
while
- 9.0 up $1
#16 Domestic
13.6%
2014. Harves
to 6%
fromprice
for drySugar
the
33c a lb,
the tight
from 201
ͲChangefro
l)
17.3%
flat
s
of
to
up
end
below
(tota
was
ease
offer
red
4.9
top
ble
tons,

the
eeks
S-T-U
,000
s refer sales at
, and0 acres, up 3% from
received
17.6%
price incr
years
letter
to find 2016
weekĮvew
.)
to make
le of at
offer he 32,146
894,70ucts.

t ofansugar
s at a ued
difficult
a coup
amoun
ated
$4.50 a cwt
forecastwet
S-T-U (dom
August12 one
leastwas
prod was forecast at 35.9
ed the
sweetener contin foundItitappear

er indic
ͲϬ͘Ϯϱ
of e yield
$3.50 to
tight for atareathan those
2016 corn levels, at least
ĞŶƚƐƉĞƌůď͘
one brok
Ϭ͘ϬϬ
beenamong
widely
price range.
Averagunav
eteners:
ailable. 2014.
er
varied
d
although
Ϯϰ͘ϱϬ
s in offering
lies have
year
,
next ose
angreatlast year.
supp
Corn Swe
were
ͲϬ͘Ϯϲ
from
to be
for dextr
2015
ton
ďĞƌ
edwas
ucts
unanimou from 2015 contracte 15% from 2015
0.9
July
for
ar
up
tend
booked
gh
EŽǀĞŵ
prod
Ϭ͘ϬϬ
and
rt
acre,
appe
Dry and buyers
have
, althou
t
tener
n repo Agricu
tons per
ltural Supply
Ϯϰ͘ϲϮ
increase
2014

in the past
orn refiners
te to abou
did not sors
ͲϬ͘ϭϲ
productiot World
s of corn swee ed corn
increases lies
:ĂŶƵĂƌǇϮϬϭϲ
the recordthethe
A. foreͲϬ͘Ϭϭ
$4.50 a cwt The increases equa uct and region. It s, proces
In its Augus
. and offer surve
U.S.D.
from
y-bas
and
s
month
4%
Ϯϰ͘ϲϰ
$3.50 to
supp
st.
from
report,
source
level
downd Estimates2.2 bu
ͲϬ͘Ϭϯ
Spot
ing
slow,
Augu
active trading
its first
tener prod
on bus,
DĂƌĐŚ
Ϭ͘ϬϬ
down 2014-1expe
.A. inwere
Demanacre,
Mexico
cta-sugar ending
n andImports The
6 milli
through late ific corn swee ract at the initial offer
fromU.S.D
ges,
Ϯϰ͘ϴϬ
13,68
ine trade 5 U.S.
shorta
at car
bus an
negotiatio tight
spec
of
ͲϬ͘ϯϬ
boost
box
crop
cont
for
of
ratio
the
5.3%
168.8
abov
s
to
a
at
U.S.
on
rs
castasts were
DĂǇ
to-use
ͲϬ͘Ϭϱ
room
g
s
es price
stocksa combi
ast thenation wasthe
forec
futur
citing
Ϯϰ͘ϴϬ
dependin was a rush by buye with some seeing based on this year' said,
ending
forec
lackastof need
an corn
ͲϬ͘ϯϬ
um reand ast,
yieldand
uction forec
ared
prices
stocks
prodship:ƵůǇ
ͲϬ͘Ϭϱ
Average
andslow
stocks forec above the 13.5% minim
appear there trade were mixed lock in supply now customers, it appe higher
crop. esired
yield
Ϯϰ͘ϴϬ
time,
ending 15.1%
to sion agree(well
said -than-d
d. The
same
ͲϬ͘ϭϮ
ing
ld
est.
er corn
harv
At the
suspen
high
^ĞƉƚĞŵďĞƌ
Ϭ͘Ϭϴ
exicogood
cases.recor
one broker in some 2014
ideas in theesting buyers shou restricted to exist
on the
felttrend
rated 70%
U.S.-M
with ato
be to
lower into bysthe
Ϯϰ͘ϵϴ
ly
ed, which
below ts there will
continued
tly sugges
quired
, and along
r state was juste sligh
n majo
Mexico
others sugg initial offers most offers may be limit waited too long. ments
tions
expectedon Mexica
EŽǀĞŵďĞƌ
ed from
were
increas further
and
s and
in the 18 ment)
. The
to depend crop
s prices
ged and
tends
mers offer coast,
ly if they
two week
to tariff-rate import
supply. With to get competitive
which
doughesstage
sugar future
s to custo corn syrup
s.
9, the corn
previous gno
mitted supp
nalinincreas
West plun
ties
, 50%
region
additio
mͲ
#11 World raw
As of Aug.
be stage
from the9 were
most other
opportuni buyers without com major refiners in letter
ͲChangefro
table on Page 2.)
angeasd of
for the
high-fructoseof the three
(Seedate.
Aug. 96% in silkin avera
gesyear.
supply more than
, unch

llent
Įveweeks
ratingsThe
ear this
crop was earlicould leave day, at least three increase and 42%
quotas
exce
Two
crop
eek
five-y
s.
se
beet

year and
yeartoago.
than a week
racted level listed liquid glucoSugar 71% aged
1
August12 onew
As of Mon
$4.50 a cwt
Ͳϭ͘ϳϳ
higher

ly near last
rose ar low
2015 cont
syrup at a
ͲϬ͘ϮϮ
also
valid unchan
Dext
ĞŶƚƐƉĞƌůď͘
7-ye

dented, most
to
ϭϬ͘ϱϰ
regular corna cwt increase from cwt increase. One a cwt. Prices were mostly
2014
9%
ay
Ͳϭ͘ϳϵ
Tuesd
ĞƌϮϬϭϱ
a
of the
p1 ober dips 2015 y and again briefly
ͲϬ͘Ϯϳ
Oct
rbysyru
at a $3.50 HFCS at a $4.50 at increases of $3.50 the refiner. Two
ϯϰͲϯϳ
re KĐƚŽď
ϭϭ͘ϳϰ
Nea
lar corn
a lb Monda
Ͳϭ͘ϲϰ
futu1res:Regu
both days. Pressu t DĂƌĐŚϮϬϭϲ
ϯϳͲϯϵthat level ϯϯͲϯϲ
2014 low of 10.37c above
ͲϬ͘ϭϵ
offered 55% d dextrose syrup 28, depending on
Sugar
S list price futures201
5 hit a 7-year
ϭϭ͘ϵϯ
prices
s cane harves
liqui
ct settled ϯϲͲϯϴ
Ͳϭ͘ϱϯ
East
55% HFC aw sugar
1
d in Brazil'

21 or Aug.
the contra
ϯϱͲϯϴ
Ϯϱ͘Ϯϱ
syrup and
gh
reboun
DĂǇ
ͲϬ͘ϭϲ
2014
a
o.25c
est
Aug.
to
althou
r
price
with

s,
er,
0.05c

Midw
S list
ϭϮ͘Ϭϯ
OctobϮϳ͘Ϯϱ
supplie
ϯϴͲϰϬ

2015
Ͳϭ͘ϰϲ
down about
nearby
through eithe
in nearby
d :ƵůǇ
ϯϲͲϯϵ
Ϯϳ͘ϱϬ
42% HFC
1
Ϯϱ͘Ϯϱ
h world raws were
ͲϬ͘ϭϱ
from
ample
about reduce
2014
rnsƐ͕
week
Ϯϵ͘ϱϬ
ued to stem
theSout
ϭϮ͘Ϯϳ
ϯϵͲϰϭa lb. Conce
spot price
Ϯϳ͘Ϯϱ

For
5
ďĂƐŝ
contin
Ͳϭ͘ϯϳ
42%
uting.
201
Ϯϳ͘ϱϬ
global
S
͕ǁĞƚ 2015-16

Ϯϳ͘ϳϱ of July contrib
to 1.80c
HFC
West1.30c
KĐƚŽďĞƌ
ͲϬ͘ϭϬ
Ϯϭ͘Ϯϱ
͘

ĞŶƚƐƉĞƌůď
a larger
half
Ϯϵ͘ϱϬ were down about
2014
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32.18 @32.43
32.18 @32.43
32.29 @32.54
32.41 @32.66
31.92 @32.42
32.01 @32.51
32.09 @32.59

Edible oils

44.00

24.00

Decatur, Ill.
32.68 @32.93
32.68 @32.93
32.79 @33.04
32.91 @33.16
32.67 @32.92
32.76 @33.01
32.84 @33.09

Bulk, cents per lb

Reﬁned, Midwest, bulk, cents per lb
39.00

Year
ago
31.03
31.18
31.30
31.39
31.64
31.88

Bulk in tank cars, cents per lb

Spot canola oil

Decatur, Ill., bulk, cents per lb

Ingredient Week

2015-16

Proprietary domestic sugar and sweetener prices
Better manage your sales and procurement needs

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ϭϮͬϬϯͬϭϰ
ϭϭͬϬϱͬϭϰ

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Milling & Baking News - July 4, 2017

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