Food Business News - July 2, 2013 - 96

Ingredient Markets
Market commentary for one-week period ended June 28, 2013

Soy Products
Soy flour prices were sharply higher last
week as old crop soybean meal futures
soared and cash basis levels remained firm
on tight old crop supplies. Sales were about
two to three weeks forward.
Old crop soybean futures prices
continued to advance on good demand for
limited supplies, while new crop contracts
posted narrowly mixed changes ahead of
the June 28 U.S. Department of Agriculture
Grain Stocks and Acreage reports. After
the reports, prices continued in the same
directions with nearby July advancing but
new crop contracts dropping about 20c a bu.
The U.S.D.A. estimated 2013 soybean
planted area at 77,728,000 acres, up 602,000
acres, or about 1%, from March intentions
and up 530,000 acres, or less than 1%, from
77,198,000 acres last year. Harvested area
was estimated at 76,918,000 acres, up 814,000
acres, or 1%, from 76,104,000 acres in 2012.
Area would be record high if realized.
The soybean planted area was below
the average trade pre-report estimate of
78,024,000 acres.
June 1 soybean stocks in all positions
were estimated at 434,508,000 bus, down
35% from 667,465,000 bus on June 1, 2012,
the U.S.D.A said. On-farm soybean stocks
were 171,100,000 bus, down 4% from
179,000,000 bus on June 1, 2012, while
off-farm stocks totaled 263,408,000 bus,
down 46% from 488,465,000 bus. Indicated
disappearance during March-May 2013 was
564 million bus, down 20% from the same
period a year earlier.
Soybeans in the 18 major states were
rated 65% good to excellent, 28% fair and
7% poor to very poor, compared with 64%,
30% and 6%, respectively, a week earlier
and 53%, 32% and 15%, respectively, a year

Chicago corn and soy futures

96

6.79¼
5.47¼
5.11
5.21¾
5.29¼
5.35½
$ per bu
15.64½
14.31
13.03¼
12.52
12.56¾
12.56½
$ per ton
490.30
434.90
400.70
376.80
374.00
374.40

FOODBUSINESS NEWS

®

Corn Products
Prices of cornmeal advanced last week,
mostly following nearby July corn futures
higher. Demand remained seasonal.
Market focus last week was on the June 28
U.S. Department of Agriculture Grain Stocks
and Acreage reports. New crop corn futures
prices declined for six consecutive days
leading up to the reports on ideas favorable
weather during the growing season will boost
production prospects, while the nearby July
contract was supported by concerns about
tight old crop supplies. The reports further
supported that trend, sending July futures
still higher but pressuring new crop contracts
another 25c a bu lower. Cash corn basis levels
have remained strong.
Area planted to corn was estimated at
97,379,000 acres, up 97,000 acres from
March intentions of 97,282,000 acres, and
up 224,000 acres from 97,155,000 acres in
2012. It was the largest planted area since
102 million acres in 1936, the U.S.D.A. said.
Corn area for harvest was estimated at
89,135,000 acres, up 1,760,000 acres, or 2%,
from 87,375,000 acres a year ago.
The corn planted area was well above
the average of trade expectations.
June 1 U.S. corn stocks were estimated
at 2,764,216,000 bus, down 12% from
3,148,204,000 bus a year ago. On-farm stocks
of corn totaled 1,260,100,000 bus, down
15% from 1,482,000,000 bus a year earlier,
while off-farm supplies were 1,504,116,000
bus, down 10% from 1,666,204,000 bus.
Indicated disappearance of corn during the
March-May quarter was 2.64 billion bus,

Soy products

+17½
-44¾
-45¼
-45¼
-44½
-44¼

+24¼
-24½
-22
-22¼
-22¼
-22¾

+71¼
+17¼
-12½
-21½
-19¾
-16¾

+48
-3
-39¼
-46¼
-47
-47¼

+42.60 +39.60
+15.30 +11.80
+2.80 -2.70
-2.50 -8.80
-3.50 -9.50
-3.30 -10.20

down 8% from 2.88 billion bus during the
same period last year, the U.S.D.A. said.
Corn in the 18 major states was rated 65%
good to excellent and 27% fair as of June
23, up slightly from 64% good to excellent
a week earlier and better than 56% good
to excellent at the same time last year, the
U.S.D.A. said. FBN

Oats
Oats flake prices were unchanged last
week amid seasonally light demand.
In its June 28 Acreage report, the
U.S.D.A. estimated area planted to oats
in 2013 at 3,026,000 acres, up 10% from
2,760,000 acres in 2012 but still the thirdsmallest planted area on record. Harvested
area was forecast at 1,196,000 acres, up 14%
from 1,045,000 acres in 2012.
The U.S. oats crop was rated 57% good
to excellent and 30% fair as of June 23,
unchanged from a week earlier but below
69% good to excellent a year ago. The crop
was 53% headed, behind 65% as the 2008-12
average for the date.
Statistics Canada on June 25 estimated
area planted to oats in 2013 at 3,371,000
acres, up 18% from 2012 planted area. FBN

Rice
U.S. milled rice and byproduct prices
were unchanged in the latest week with
the exception of rice millfeed, which was
steady to $5 a ton lower. U.S.D.A. posted
world milled rice prices were steady.
In its June 28 Acreage report, the
U.S.D.A. estimated 2013 rice planted area
at 2,470,000 acres, down 8% from 2,699,000
acres in 2012, with harvested area forecast
at 2,449,000 acres, down 9% from 2,678,000
acres last year. FBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
— Change from —
June 28
June 21
June 14
Soy ﬂour
36.58 @ 36.96 +2.44@+2.13 +3.45 @+1.98
6.72½ Bulk
37.58 @ 38.96 +2.44@+2.13 +3.45 @+1.98
6.28½ Sacked
6.34¾
Corn meal
6.43¾
6.47¾ $ per cwt
— Change from —
6.51¾
June 28
June 21 June 14
26.53@ 30.79 +.35@+.30 +.49@+.52
15.12¾ Chicago, bulk
14.82 Chicago, sacked 28.30@ 32.88 +.35@+.30 +.49@+.52
28.20@ 32.78 +.35@+.30 +.49@+.52
14.50¼ New York, bulk
14.27¾ New York, sacked 30.62@ 35.19 +.35@+.30 +.49@+.52

— Change from — Year
June 28 June 21 June 14 ago
Corn Futures
$ per bu
July
September
December
March
March
May
Soybeans
July
August
September
November
January
March
Soybean Meal
July
August
September
October
December
January

ago, the U.S.D.A. said in its weekly Crop
Progress report. The crop was 92% planted
(95% as the 2008-12 average) and 81%
emerged (89%) by June 23. FBN

14.26½
13.87¼
436.00
429.50
424.00
416.30
413.10
408.10

offers f.o.b. mills, $ per cwt, bagged
— Change from — Year
Cash
June 28
June 21 June 14 ago
Long grain
28@30
—
— 24.50
Medium grain 28.50@28.75
—
—
27
Parboiled
30.50@33
—
— 27.75
Second
heads, bulk 18@18.50
—
—
18
Brewers
14.50@16.50
—
—
17
f.o.b. mills, $ per ton
Rice millfeed
70
—
—
…
Rice bran
160@195
—
—
135
Rice hulls
15@20
—
—
20
U.S.D.A. 2012 crop world price milled - $ per cwt
Long grain
19.16
—
-0.14 18.61
Medium/short
Oats
18.84
—
-0.13 18.39
— Change from — grain
13.56
—
-0.10 13.17
Minneapolis
June 28 June 21 June 14 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade ﬂakes, f.o.b.,
July
15.74
-0.17 -0.76½ 14.19
bagged, $ per cwt
32.25@32.50 —
—
September
15.59
-0.30½
-0.82 14.49
Milling quality oats, No. 2 heavy,
15.83½
-0.34
-0.73 14.76
$ per bu
4.26¼
+5¾c
+1¾c November
January
15.99½
-0.41 -0.74½ 15.02
Oat hulls, $ per ton
25@35
—
—

July 2, 2013
Food Business News - July 2, 2013

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