Milling & Baking News - February 13, 2018 - 51

Ingredient Week

Soy Products
Soy flour prices were raised last week
with advances in nearby soybean meal
futures a consideration. Demand remained strong. One processor estimated
about 80% of buyers, including bakers,
were covered through March with the
remaining 20% buying on a spot basis.
Soybean and soybean meal futures
ended last week higher after initially
dropping to two-week lows on forecasts
for beneficial moisture critical for dry areas in Argentina, where the soybean crop
was entering the reproductive phase. The
Buenos Aires Grain Exchange lowered its
2017-18 soybean production forecast to
51 million tonnes, down from 54 million
tonnes estimated in September.
Truck owners protesting for higher
freight rates halted grain unloading at
some of Argentina's terminals. The protest coincided with a two-week-old strike
by workers at three soy processing plants
and ports in Argentina.
China's anti-dumping probe into U.S.
sorghum, a response to U.S. tariffs on
Chinese washing machines and solar
panels, has prompted fears the disagreement could extend to soybeans.
The U.S.D.A. in its Feb. 8 World Agricultural Supply and Demand Estimates report projected the U.S. soybean carryover
on Sept. 1, 2018, at 530 million bus, up 60
million bus, or 13%, from its January projection and near the high end of pre-report
trade expectations. The boost to ending
stocks was the result of a 60-million-bu decrease in 2017-18 soybean exports, forecast
at 2,100 million bus.
The soybean meal carryover on Oct. 1,
2018, was projected at 300,000 tons, unchanged from January.
Net export sales of U.S. soybeans in the

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

Food-grade oat flakes prices were
steady last week with the Iowa cash basis at $27 a cwt and at $26.50 a cwt basis
Minneapolis.
The U.S.D.A. forecast the U.S. carryover of oats on June 1, 2018, at 30 million
bus, unchanged from January, but raised
its forecast average farm price of oats to
$2.50@2.70 a bu from $2.35@2.65 a bu
projected in January. MBN

Prices of cornmeal were little changed
last week amid nearly flat corn futures.
Corn futures traded higher on good
export demand through Thursday, but
modest declines on Friday left futures
narrowly mixed for the week. Some
analysts speculated China's investigation into U.S. sorghum exports may spur
a switch to corn as a replacement. The
United States was expected to export 260
million bus of sorghum to China in 201718. At the same time, China last week
switched up to four U.S. cargoes of corn
to Ukraine because of G.M.O. concerns.
Variable showers and cooler temperatures forecast for Argentina at mid-month
may provide relief to the corn crop.
Brazil's agricultural statistics agency,
CONAB, on Feb. 7 lowered its forecast of
2017-18 corn production in Brazil by 5%
to 88 million tonnes based on unfavorable weather and an expected reduction
in planted area for the second corn crop.
In its Feb. 8 supply and demand report, the U.S. Department of Agriculture
projected the U.S. corn carryover on

Rice
U.S. milled rice prices were 50@100c
a cwt higher last week, the first change
since mid-January, the U.S.D.A. said. Rice
byproduct prices were steady except for
bran, which was steady to $10 a ton lower. World milled rice prices posted by the
U.S.D.A. were 25@59c a cwt lower.
The U.S.D.A. on Feb. 8 left unchanged
its 29.2-million-cwt projection for 201718 U.S. rice ending stocks.
Net export sales of U.S. rice in the
week ended Feb. 1 were 57,200 tonnes
for 2017-18, down 8% from the previous
week but up 67% from the prior fourweek average, the U.S.D.A. said. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Feb. 9
Feb. 2
Jan. 26
Soy ﬂour
Bulk
26.67 @ 27.17 +.79@ +.31 +.58 @+.09
Sacked
27.67 @ 29.17 +.79@ +.31 +.58 @+.09

+½
+¼
+¼
-¼
-¼
-½

+5½
+4¾
+4¼
+3½
+2¾
+1½

3.74½
3.82
3.88¾
3.94
3.99¼
4.07

+4¼
+3¼
+3¾
+2¾
+2½
+1

-2½
-3½
-3
-3¾
-4
-2¾

10.59
10.70
10.77¾
10.74¾
10.52
10.30

Feb. 9
Chicago, bulk
15.71@ 16.06
Chicago, sacked 17.48@ 17.83
New York, bulk 27.38@ 17.73
New York, sacked 19.80@ 20.15

+12.40
+11.20
+9.50
+7.80
+6.60
+6.90

+8.10
+7.80
+6.70
+5.20
+4.20
+4.00

342.10
346.50
349.10
347.20
343.80
336.00

Midwest
Feb. 9
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
26.50@27
Milling quality oats, No. 2 heavy,
$ per bu
3.06½
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

Oats

Corn Products

Soy products

- Change from - Year
Feb. 9 Feb. 2 Jan. 26
ago
3.62
3.69¾
3.77½
3.84¼
3.92¼
4.00
$ per bu
9.83
9.93½
10.03½
10.05
10.00¼
10.00
$ per ton
343.80
346.60
347.60
345.60
343.80
341.60

Sept. 1, 2018, at 2,352 million bus, down
5% from the January projection and below the average of trade expectations.
The change resulted from a like increase
in forecast 2017-18 corn exports at 2,050
million bus, up 6% from the January projection but down 11% from 2016-17.
The U.S.D.A. reported net export sales
of 1,769,600 tonnes of U.S. corn for 2017-18
during the week ended Feb. 1, down 4%
from the previous week but up 27% from
the prior four-week average. The week's
total was above trade estimates ranging
from 1.25 million to 1.75 million tonnes. MBN

week ended Feb. 1 were 743,200 tonnes
for 2017-18, up noticeably from the previous week and up 11% from the prior fourweek average, the U.S.D.A. said. Sales of
8,400 tonnes were reported for 2018-19.
Sales for the combined crop years were
slightly above trade estimates that ranged
from 400,000 to 750,000 tonnes.
The U.S.D.A. said net export sales of
soybean meal in the week ended Feb. 1
were 160,800 tonnes for 2017-18, down
66% from the previous week and down
46% from the prior four-week average.
The total was within trade estimates of
100,000 tonnes to 400,000 tonnes. MBN

Corn meal
$ per cwt
- Change from -
Feb. 2
Jan. 26
.01@.01 .11@.11
.01@.01 .11@.11
.01@.01 .11@.11
.01@.01 .11@.11

Oats
- Change from -
Feb. 2 Jan. 26
-

-1c
-

+½c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Feb. 9
Feb. 2 Jan. 26 ago
Long grain
25.50@27.50
+1
+1 20.25
Medium grain 27.00@31.50
-
- 21.50
Parboiled
26.50@27.50
+1
+1 22.50
Second
heads, bulk 16.50@18.00 +0.5
+0.5 15.00
Brewers
15.00@15.50
-
- 13.75
f.o.b. mills, $ per ton
Rice millfeed
40.00
-
- 45.00
Rice bran
100@110
-10
-10 90.00
Rice hulls
5@8
-
- 15.00
U.S.D.A. world price milled - $ per cwt
Long grain
16.66
-0.41
-0.15 13.69
Medium/short
grain
16.27
-0.38
-0.15 13.20
Broken
10.05
-0.25
-0.09
8.26
C.B.O.T. rough rice futures - $ per cwt
March
12.32½
-0.13½
-0.01 9.65½
May
12.58
-0.15½ +0.01
9.80
July
12.76½
-0.18 +0.01 10.04½
September
11.87
-0.11 0.09½ 10.21
Milling & Baking News

February 13, 2018 / 51

http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - February 13, 2018

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