Milling & Baking News - October 10, 2017 - 35

X
Soy Products
Spot soy flour prices were raised last
week reflecting modest gains in soybean
meal futures. Bookings were about two
weeks forward.
Soybean and soybean meal futures
were modestly higher. Support mainly
came from significant delays in the soybean harvest in the Upper Midwest. Analysts noted the trading range to date in
the new-crop November soybean future
was the narrowest since 2006, kept in
check by large global production.
Harvest of the 2017 soybean crop was
only moderately behind the average
pace as of Oct. 1, with eastern Corn Belt
states mostly ahead of average and Upper Midwest states behind average and
expected to fall further behind.
Soybean harvesting in the 18 major
states was 22% completed as of Oct. 1, up
from 10% a week earlier but behind 24%
last year and 26% as the 2012-16 average
for the date, the U.S. Department of Agriculture said in its weekly Crop Progress
report. The harvest was running ahead of
the average pace in Illinois at 30% completed as of Oct. 1 (21% as the five-year
average), Indiana at 24% (20%), Ohio at
24% (20%) and Michigan at 21% (14%) but
behind in Minnesota at 13% (40%), North
Dakota 18% (43%), South Dakota 10%
(37%), Nebraska 19% (26%) and Iowa 16%
(23%). Excessively dry conditions were
problematic in some eastern areas.
The crop in the 18 states was maturing on pace with 80% dropping leaves
as of Oct. 1 compared with 81% last year
and 78% as the five-year average. Condition of the crop yet to be harvested was
60% good to excellent, unchanged from
a week earlier but below 74% last year.
Private analyst Informa Economics

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

-5¼
-4½
-4¼
-4
-3¼
-3

-3½
-2¾
-2½
-1¾
-1¼
-

3.39¼
3.49½
3.56¾
3.63¼
3.70½
...

+4
+4½
+4½
+5½
+6½
+6¾

-12
-11½
-11¼
-10¼
-8¾
-7¾

9.56¾
9.63
9.68¾
9.74½
9.79¾
9.78¾

+3.50
+3.40
+3.60
+3.50
+3.60
+3.80

-
+.20
+.40
+.50
+.70
+.90

298.60
300.20
301.40
303.20
305.10
306.60

bakingbusiness.com / world-grain.com

Corn Products
Prices of cornmeal and other corn
products were lower last week in keeping with lower futures prices. Sales
mostly were at seasonal levels.
Most market attention last week was
on widespread rain delays to harvesting
across major corn-growing states of the
Midwest, including top-producing Iowa.
While corn futures ended the week down
about 2@5c a bu, the harvest delays insulated the market from greater harvest pressure. While a large corn crop still was expected, it will be harvested later than usual.
Informa Economics last week raised
its 2017 U.S. corn crop forecast to 14,182
million bus and average yield to 170.5
bus an acre based on harvest reports.
Analysts noted the trading range for
the season to date in the new-crop December corn future was the narrowest
since 2003 due mainly to ample supplies.
Corn development and harvest already was lagging the average pace.
Harvested as of Oct. 1 was 17% of the
crop in the 18 major states, up from 11%
a week earlier but behind 23% a year ago
and 26% as the 2012-16 average for the

date, the U.S. Department of Agriculture
said in its Crop Progress report. Sixtyeight per cent of the crop was mature,
behind 84% last year and 78% as the average. The crop was rated 63% good to
excellent, up from 61% a week earlier but
below 73% a year ago.
Strong export sales also provided
support to corn futures. The U.S.D.A.
reported net export sales of corn in the
week ended Sept. 28 of 814,100 tonnes
for 2017-18, two-and-a-half times the
prior week's total. Principal buyers were
Mexico, South Korea, Colombia, China,
Honduras and "unknown destinations."
The total was above trade expectations
ranging from 350,000 to 750,000 tonnes. MBN

Oats
Food-grade oats flakes prices were unchanged last week amid small changes
in nearby oats futures. Demand for oats
flakes typically takes an upturn around
this time of year, but year-around demand
for oats products has somewhat leveled
seasonal changes in recent years. MBN

Rice
U.S. milled rice prices were mixed last
week with medium-grain and parboiled
firmer, second heads lower and brewers'
grain steady. Rice byproduct prices were
steady to lower. World milled rice prices
posted by the U.S.D.A. fell 17@29c a cwt.
Rice in the six major states was 77%
harvested as of Oct. 1 compared with
81% a year ago and 71% as the prior fiveyear average, the U.S.D.A. said.
Net export sales of rice for 2017-18 in the
week ended Sept. 28 were 47,700 tonnes,
up 9% from a week earlier and up 30%
from the prior four-week average, the
U.S.D.A. said. MBN

Soy products

- Change from - Year
Oct. 6 Sept. 29 Sept. 22 ago
3.50
3.63¼
3.72
3.79¾
3.86¾
3.96½
$ per bu
9.72¼
9.83
9.92¼
10.01¼
10.09
10.09¾
$ per ton
315.00
319.20
321.40
324.20
326.70
329.10

last week raised its 2017 soybean crop
forecast to 4,474 million bus and yield to
50 bus an acre based on harvest reports
to date.
The U.S.D.A. said net export sales of
soybean meal in the week ended Sept.
28 were 12,000 tonnes for 2016-17 and
328,500 tonnes for 2017-18, which began
Oct. 1. Sales for the combined years were
above the range of trade expectations.
The U.S.D.A. reported net export sales
of soybeans of 1,016,100 tonnes in the
week ended Sept. 28, down 66% from a
week earlier but within the trade range. MBN

Ingredient Week

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Oct. 6
Sept. 29
Sept. 22
Soy ﬂour
Bulk
25.57 @ 26.56 +.18@ +.17 +.01 @ -.01
Sacked
26.57 @ 28.56 +.18@ +.17 +.01 @ -.01

Rice
Oﬀers f.o.b. mills, $ per cwt, bagged

- Change from - Year
Cash
Oct. 6
Sept. 29 Sept. 22 ago
Long grain
23.00@25.50
-
- 21.50
Medium grain
25.00
+1.00 +1.00 22.00
Parboiled
25.50@27.50
-
- 23.00
Second
Corn meal
heads, bulk 15.00@18.00 -1.00
-1.00 15.25
$ per cwt
15.00
-
- 13.75
- Change from - Brewers
Oct. 6
Sept. 29 Sept. 22 f.o.b. mills, $ per ton
35@42
...
... 35.00
Chicago, bulk
15.72@ 16.13 -.10@-.11 -.06@-.08 Rice millfeed
95@105
-
- 100.00
Chicago, sacked 17.49@ 17.90 -.10@-.11 -.06@-.08 Rice bran
4@6
-1.00
-1.00
5.00
New York, bulk 17.39@ 17.80 -.10@-.11 -.06@-.08 Rice hulls
New York, sacked 19.81@ 20.22 -.10@-.11 -.06@-.08 U.S.D.A. world price milled - $ per cwt
Long grain
15.12
-0.28
-0.28 13.50
Oats
Medium/short
- Change from - grain
14.74
-0.29
-0.29 13.13
Midwest
Oct. 6
Sept. 29 Sept. 22 Broken
9.12
-0.17
-0.17
8.14
Food grade ﬂakes, f.o.b.,
C.B.O.T. rough rice futures - $ per cwt
bagged, $ per cwt
26.75@27.25
-
-
November
11.88½
-0.11
-0.48 10.10
Milling quality oats, No. 2 heavy,
January
12.17½
-0.10 -0.44½ 10.34
$ per bu
3.01
-¼c
+3c
March
12.36½
-0.08½
-0.44 10.58
Oat hulls, $ per ton
25@35
-
-
May
12.52
-0.12 -0.47½ 10.79
Milling & Baking News XOctober 10, 2017 / 35

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Milling & Baking News - October 10, 2017

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