Milling & Baking News - November 7, 2017 - 43

Ingredient Week

Soy Products
Spot soy flour prices were raised last
week on gains in soybean meal futures.
Soybean and soybean meal futures posted minor gains last week. Soybean futures
were up about 13c a bu through Thursday
amid continued strong export activity and
reports of lower soybean yields as the
harvest entered its final stages. But prices
tumbled about 1% Friday on weakness in
the value of Brazil's currency, which tends
to encourage exports, and on U.S. hedging, wiping out most of the gains.
Informa Economics last week trimmed
its soybean yield forecast to 49.7 bus per
acre from 50 bus previously and its 2017
soybean production forecast to 4,447
million bus from 4,474 million bus as
its previous forecast. The U.S. Department of Agriculture in its October Crop
Report forecast average soybean yield at
49.5 bus per acre and production at a record 4,431 million bus. The U.S.D.A. will
update its estimates on Nov. 9.
The soybean harvest as of Oct. 29 had
nearly caught up with last year, and the
five-year average as farmers rushed to
complete combining during a recent dry
spell and just ahead of the first snowfall
of the season in some areas. Harvested in
the 18 major states was 83% of the crop,
just behind 85% last year and 84% as the
2012-16 average, the U.S.D.A. said. Strong
progress was made in the Upper Midwest,
which had been lagging significantly due
to wet weather, with harvesting more than
95% completed in Minnesota, North Dakota and South Dakota as of Oct. 29.
Net export sales of U.S. soybeans in
the week ended Oct. 26 for delivery in
2017-18 were 1,967,000 tonnes, down 8%
from a week earlier but up 29% from the
prior four-week average, with 15,200

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

Corn Products
Prices of cornmeal and other corn
products were little changed last week,
reflecting minor moves in corn futures.
Sales were steady and mostly seasonal.
Corn futures edged lower last week as
support from slow harvest progress was
offset by pressure from indications of
strong yields and disappointing export
sales. Futures were pressured Friday by
losses in soybean futures.
Informa Economics raised its corn
forecasts last week with average yield at
173.4 bus an acre, up from 170.5 bus forecast previously, and production at 14,410
million bus, up from 14,182 million bus.
The U.S. Department of Agriculture in
October estimated U.S. average corn
yield at 171.8 bus an acre and production
at 14,280 million bus.
The corn harvest continued to significantly lag the year-ago and average paces
as of Oct. 29 as farmers focused on combining soybeans before the arrival of wintry
weather. Combined in the 18 major states
was 54% of the crop, well behind 73% at the
same time last year and 72% as the 201216 average for the date, the U.S.D.A. said.
Harvesting was behind average in all states
except Michigan and the South. Soybeans
were 44% harvested in Iowa as of Oct. 29,
compared with 70% as the five-year average for the date, with Illinois at 73% (84%

Rice
U.S. milled rice and rice byproduct prices were steady last week while
world milled rice prices posted by the
U.S.D.A. were 8@13c a cwt lower.
The U.S. rice harvest was completed as
of last week. The U.S.D.A. will update its
estimate of 2017 U.S. rice production on
Nov. 9. In October, the rice crop forecast
was lowered 1% from September and was
down 20% from a year ago. Rice futures
have been running 15% to 20% above
year-ago values much of the season.
Net export sales of U.S. rice for 201718 in the week ended Oct. 26 were 88,000
tonnes, down 19% from a week earlier but
up 26% from the four-week average. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Nov. 3
Oct. 27
Oct. 20
Soy ﬂour
Bulk
25.30 @ 26.30 +.08@ +.10 -.17 @ -.16
Sacked
26.30 @ 28.30 +.08@ +.10 -.17 @ -.16

-½
-½
-½
-½
-1
-1

+3¾
+3½
+3½
+3½
+2¾
+2¼

3.48¾
3.57½
3.65
3.72½
3.79¼
3.87

+1¾
+¼
+½
+¼
+1
+1¼

-1¾
-2½
-2
-2¼
-2¼
-1¾

9.81½
9.90¾
9.97¼
10.04
10.08¾
10.07¼

Nov. 3
Chicago, bulk
15.69@ 16.09
Chicago, sacked 17.46@ 17.86
New York, bulk 17.36@ 17.76
New York, sacked 19.78@ 20.18

+1.80
+1.90
+2.30
+2.30
+2.20
+2.30

-3.20
-3.30
-2.80
-3.00
-2.80
-2.60

309.00
310.80
312.30
313.90
316.00
315.50

Midwest
Nov. 3
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
27@27.50
Milling quality oats, No. 2 heavy,
$ per bu
3.13
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

Oats
Food-grade oat flakes prices were unchanged. The onset of colder weather was
expected to give demand a 5%-to-10%
boost during hot breakfast cereal season,
although wide seasonal swings have diminished in recent years due to increased
year-around demand for snacks and cereals
containing oats. Mills were running hard,
but delivery times have lengthened. The
quality of the 2017 crop has been good. MBN

Soy products

- Change from - Year
Nov. 3 Oct. 27 Oct. 20
ago
3.48¼
3.62
3.70¾
3.78¼
3.84½
3.93½
$ per bu
9.77
9.86¾
9.97¼
10.06¼
10.14½
10.15½
$ per ton
313.90
316.00
319.50
322.00
324.60
325.00

average), Indiana at 59% (71%), Ohio at
48% (61%), Wisconsin at 25% (50%), Minnesota at 38% (73%), North Dakota at 37%
(58%), South Dakota at 35% (66%) and Nebraska at 45% (67%).
The U.S.D.A. said net export sales of
U.S. corn in the week ended Oct. 26 were
811,400 tonnes for 2017-18, down 37%
from a week earlier and down 33% from
the prior four-week average, with sales
of 90,000 tonnes also reported for 201819. The two-year total was within the
range of pre-report trade expectations. MBN

tonnes also sold for 2018-19, the U.S.D.A.
said. The two-year total was above the
range of pre-report trade expectations.
The U.S.D.A. said net export sales of
soybean meal in the week ended Oct. 26
were 225,000 tonnes for 2017-18, up 58%
from a week earlier, with a net reduction of 500 tonnes for 2018-19. Sales were
within the range of trade expectations. MBN

Corn meal
$ per cwt
- Change from -
Oct. 27
Oct. 20
-.01@-.01 +.07@+.08
-.01@-.01 +.07@+.08
-.01@-.01 +.07@+.08
-.01@-.01 +.07@+.08

Oats
- Change from -
Oct. 27 Oct. 20
-

-

-2¼c
-

-6¾c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Nov. 3
Oct. 27 Oct. 20 ago
Long grain
23.50@25.50
-
- 21.50
Medium grain
25.00
-
- 22.00
Parboiled
25.50@27.50
-
- 23.00
Second
heads, bulk 15.00@18.00
-
- 15.25
Brewers
15.00
-
- 13.75
f.o.b. mills, $ per ton
Rice millfeed
35@42
-
- 35.00
Rice bran
95@105
-
- 100.00
Rice hulls
4@6
-
-
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
15.29
-0.13 +0.01 13.08
Medium/short
grain
14.91
-0.13 +0.02 12.71
Broken
9.22
-0.08
-
7.89
C.B.O.T. rough rice futures - $ per cwt
November
11.28½
-0.26½
-0.79
9.64
January
11.57½
-0.27
-0.81
9.89
March
11.85½
-0.26
-0.78 10.14
May
12.10½
-0.24½
-0.74 10.38
Milling & Baking News

November 7, 2017 / 43
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - November 7, 2017

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