Milling & Baking News - August 1, 2017 - 43

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Soy Products
Spot soy flour prices were lowered last
week in keeping with losses in soybean
meal futures. Bookings were steady with
shipments about two weeks forward.
Soybean and soybean meal futures declined last week but recovered partially
from midweek lows when soybeans were
down as much as 29½c a bu and soybean
meal was down as much as $12.10 a ton,
equal to 3% from the prior Friday in both
cases. Losses were sustained the first two
days of the week as improved weather
prospects during the yield-determining
phase of the soybean crop more than offset
lower weekly soybean condition ratings.
Sharp corrections early last week in Minneapolis spring wheat futures, which have
been a primary driving force of agricultural
futures in recent weeks, also weighed on
soybeans. Spring wheat turned higher at
midweek (though still down sharply for the
week), which lent support, as did weakness
in the value of the dollar, helping soybeans
cut losses to about 9c a bu for the week.
The soybean crop in the 18 major states
as of July 23 was rated by the U.S. Department of Agriculture at 57% good to excellent, down from 61% a week earlier and
compared with 71% a year ago, with 29%
fair and 14% poor to very poor. Sixty-nine
per cent of the crop was blooming (67% as
the 2012-16 average), and 29% was setting
pods (27% as the average).
The U.S.D.A. said net export sales of
soybean meal in the week ended July 20
were 6,700 tonnes for 2016-17, down 84%
from a week earlier and down 79% from
the prior four-week average. Net sales
for 2017-18 were 55,200 tonnes. The twoyear total was near the bottom of the
trade's range of expectations.
Net export sales of U.S. soybeans in

Chicago corn and soy futures
Corn Futures
$ per bu
September
December
March
May
July
September
Soybeans
August
September
November
January
March
May
Soybean Meal
August
September
October
December
January
March

Corn Products
Prices of cornmeal and other corn
products were adjusted lower last week
as corn futures eased modestly.
Corn futures continued to be buffeted
by weather and weather forecasts. After
posting double-digit losses the prior Friday, futures continued to decline early
last week as pressure from forecasts for
improved weather during the key pollination phase and sharply lower Minneapolis spring wheat futures more than
offset support from declining crop condition ratings. But prices turned higher at
midweek on weakness in the value of the
dollar, "bargain buying" and as wheat
futures moved higher on reports of low
yields from the Wheat Quality Council's
annual spring wheat tour. Corn futures
ended the week about 5c a bu lower.
The condition of the corn crop continued to decline as of July 23. The crop in
the 18 major states was rated 62% good
to excellent, down from 64% a week earlier and compared with 76% a year ago,
with 26% fair and 12% poor to very poor,
the U.S. Department of Agriculture said.
Good-to-excellent ratings in the top-two
producing states of Iowa and Illinois
were 68% and 62%, respectively, but ratings were below the average in the western and northwestern Corn Belt due to
dry weather and in some eastern Corn
Belt states due to excessive moisture.
Eight per cent of the crop was in the
dough stage (kernel filling) compared

Oats
Food-grade oats flakes prices were
adjusted lower last week. Demand was
seasonally steady. Concerns persisted
about the oats crop and 2017-18 supplies
due to adverse weather in key growing
areas of the United States and Canada.
The oats crop in the nine major states
was 24% harvested as of July 23 compared
with 35% last year and 31% as the fiveyear average, the U.S.D.A. said. The condition of the crop yet to be harvested was
51% good to excellent (64% a year ago),
27% fair and 22% poor to very poor. MBN

Rice
U.S. milled rice and byproducts prices
reported by the U.S.D.A. were unchanged
last week. U.S.D.A.-posted world milled
rice prices were steady to lower.
Rice in the six major states was rated 72%
good to excellent on July 23 compared with
70% a week earlier and 66% a year ago, the
U.S.D.A. said. The crop was 49% headed
compared with 44% as the average.
Net export sales of rice in the week
ended July 20 were 30,800 tonnes for
2016-17, down 43% from a week earlier
and down 50% from the four-week average, the U.S.D.A. said. Net sales of 29,000
tonnes were reported for 2017-18. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
July 28
July 21
July 14
Soy ﬂour
Bulk
25.85 @ 27.00 -.40@ -.45 -.15 @ -.15
Sacked
26.85 @ 29.00 -.40@ -.45 -.15 @ -.15

-5½
-5½
-4¾
-4½
-4¼
-2

-2
-1½
-½
-
+¼
+4¼

3.34½
3.42¾
3.51½
3.57¼
3.62¾
3.67

-8¼
-8¼
-9¼
-9¼
-8¼
-9½

+11¾
+13¼
+11½
+11¼
+11¼
+9¼

10.32½
10.20
10.03
10.03
9.92
9.86¼

July 28
Chicago, bulk
16.40@ 16.92
Chicago, sacked 18.17@ 18.69
New York, bulk 18.07@ 18.59
New York, sacked 20.49@ 21.01

-8.70
-8.40
-8.30
-8.30
-8.70
-8.90

-2.70
-2.40
-2.50
-2.70
-2.90
-3.60

350.00
349.90
348.90
347.70
343.70
328.90

Midwest
July 28
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
27.50@28
Milling quality oats, No. 2 heavy,
$ per bu
3.40¼
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

with 13% as the 2012-16 average, and
67% was silking (pollinating), compared
with 69% as the average.
Net export sales of U.S. corn in the week
ended July 20 were 92,000 tonnes for 201617, down 80% from a week earlier, down
66% from the prior four-week average and
a marketing year low, the U.S.D.A. said.
Net sales for 2017-18 were 486,600 tonnes.
The combined two-year total was in the
lower half of trade expectations. MBN

Soy products

- Change from - Year
July 28 July 21 July 14
ago
3.74¼
3.88
3.99¾
4.05
4.10
4.12½
$ per bu
10.00¾
10.06
10.13
10.21½
10.25¼
10.28
$ per ton
321.00
323.30
325.30
328.50
330.00
330.50

the latest week were 303,400 tonnes for
2016-17, down 26% from a week earlier
and down 8% from the four-week average. Net sales for 2017-18 were 531,800
tonnes. The two-year total was within
the range of trade expectations. MBN

Ingredient Week

Corn meal
$ per cwt
- Change from -
July 21
July 14
-.10@-.11 -.03@-.06
-.10@-.11 -.03@-.06
-.10@-.11 -.03@-.06
-.10@-.11 -.03@-.06

Oats
- Change from -
July 21 July 14
-.50

-.25

-5½c
-

+3¼c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
July 28
July 21 July 14 ago
Long grain
21.25@24.50
- +0.75 21.50
Medium grain 23.50@26.00
- +0.50 22.00
Parboiled
23.00@25.50
-
- 23.00
Second
heads, bulk 15.00@17.00
-
-0.25 15.25
Brewers
13.50@15.00
-
-1.00 13.75
f.o.b. mills, $ per ton
Rice millfeed
38@40
-
-2.00 35.00
Rice bran
85@95
- +15.00 90.00
Rice hulls
5@15
-
-5.00
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
16.02
-
- 15.71
Medium/short
grain
15.47
-
- 15.32
Broken
9.52
-0.16
-0.16
9.48
C.B.O.T. rough rice futures - $ per cwt
September
12.41½
+0.43 +0.74
9.94
November
12.66½ +0.47½ +0.77 10.22
January
12.88
+0.53 +0.82 10.43
March
12.97½
+0.51 +0.80 10.65
Milling & Baking News XAugust 1, 2017 / 43

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Milling & Baking News - August 1, 2017

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