Milling & Baking News - July 19, 2005 - 50

I N G R E D I E N T

 Soy Products

Bookings of soy flour were steady last
week. Prices advanced sharply.
Some soy flour was booked up to
three months out when prices dipped
two weeks ago, but since then, with prices again climbing, business has returned
to mostly coverage of immediate needs.
Soy complex futures prices continued
their upward climb last week after the
remnants of Hurricane Dennis failed to
adequately relieve drouth areas of the
eastern Midwest, especially Illinois. The
market noted that the previously moisture-rich western Corn Belt now also
showed lower crop condition ratings.
The U.S. Department of Agriculture
said 54% of the U.S. soybean crop was
rated good to excellent as of July 10,
compared with 58% a week earlier and
68% on the same date last year. Ratings
in Illinois sank to 16% good to excellent
(25% a week earlier), 43% fair and 41%
poor to very poor. Indiana declined to
37% good to excellent (48% a week earlier), Ohio to 54% (58%), Iowa 75% (77%),
Nebraska 65% (78%) and Missouri 39%
(47%). Forty-two per cent of the crop was
blooming (30% as average), and 6% was
setting pods (4% average).
The U.S.D.A. projected 2005-06 soybean ending stocks at 210 million bus,
down 45 million bus from June, as the
result of a 30-million-bu reduction in
beginning stocks, a 5-million-bu cut in
the 2006 crop, to 2,890 million bus, and
a 10-million-bu increase in crushings.
Ending stocks for 2004-05 were reduced
to 290 million bus as the result of a 15million-bu increase in crushings and a
15-million-bu increase in residual.
Net export sales of U.S. soybeans in

Chicago corn & 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

the week ended July 7 totaled 175,100
tonnes for 2004-05 and 2005-06, within
trade expectations. Net export sales of
soybean meal were 79,500 tonnes, also
about what the trade expected. MBN

 Corn Products

Sales of corn meal were steady last
week. Prices advanced to their highest
levels since September 2004.
Demand for medium grits used to
make extruded products was strong,
while demand for flaking grits for cold
breakfast cereals was good but not as
robust as recently. Sales of brewer's grits
held steady. Flour sales remained slow.
Corn mills ran five to six days.
Dry weather pulled corn futures prices up sharply last week, with dry areas
of concern the same as for soybeans. But
the dryness was more critical for corn
because it was in the pollination stage.
The U.S.D.A. rated 58% of the corn
crop in good to excellent condition as
of July 10, down from 62% the previous week and 74% on the same date
last year. Conditions in Illinois declined
to 16% good to excellent (25% a week
earlier), 32% fair and 52% poor to very
poor. Indiana declined to 34% good to
excellent (47% a week earlier), Ohio 50%
(54%), Missouri 44% (53%), Nebraska
81% (84%) and top-producing Iowa 76%
(78%). The U.S. crop was 25% in the silking stage and 3% in dough stage, about
even with the 2000-04 averages for both.
The U.S.D.A. projected 2005-06 corn
ending stocks at 2,240 million bus, down
300 million bus from June. The decrease
was the result of a 200-million-bu reduction in the projected 2005 corn crop, to
10,785 million bus, and 100-million-bu

lower beginning stocks, at 2,115 million
bus. For 2004-05, the U.S.D.A. increased
export estimates by 25 million bus and
increased feed use by 150 million bus. But
the Department decreased projected use
for ethanol by 75 million bus, resulting in a
100-million-bu decrease in ending stocks.
Export sales of U.S. corn in the week
ended July 7 totaled 415,900 tonnes for
2004-05 and 2005-06 combined. This was
below trade expectations. MBN

 Oats

Bookings of food grade oat flakes were
steady last week. Prices were up 1c a cwt.
Warmer, drier conditions prevailed in
Canadian oat growing areas last week, allowing some improvement in the crop.
The U.S.D.A. forecast the 2005 U.S. oat
crop at 131,314,000 bus, up 15,379,000 bus,
or 13%, from 115,935,000 bus in 2004.
The U.S. oats crop was rated 62%
good to excellent as of July 10, down
four points from a week earlier and even
with last year. The crop was 92% headed,
just ahead of last year and average. MBN

 Rice

Cash rice prices were steady. Rice
byproduct prices were steady to higher.
U.S.D.A. world prices declined.
The rice crop on July 10 was rated 57%
good to excellent, up from 56% a week
earlier. Ratings deteriorated in California
but improved in Louisiana, Mississippi
and Texas. The crop was 13% headed,
behind last year and average.
Sales of U.S. rice for export in the week
ended July 7 totaled 60,400 tonnes.
Rough rice futures prices ended a fiveweek slide, closing higher last week in
what was called an oversold market. MBN

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
July 15
July 8
July 1
Soy flour
2.39
15.28 @ 16.17 +.71@ +.86 +1.06 @ +.94
2.47½ Bulk
16.28 @ 18.17 +.71@ +.86 +1.06 @ +.94
2.55¼ Sacked
2.61
Corn meal
2.64½
$ per cwt
2.63
- Change from -
July 15
July 8
July 1
7.07½
Chicago, bulk 12.10@ 13.26 +.47@ +.49 +.70@+1.11
6.54
6.40½ Chicago, sacked 13.87@ 15.09 +.47@ +.49 +.70@+1.11
6.44½ New York, bulk 13.77@ 14.99 +.47@ +.49 +.70@+1.11
New York, sacked 16.18@ 17.38 +.47@ +.49 +.70@+1.11
6.50

- Change from - Year
July 15 July 8 July 1
ago
2.57¾
2.68
2.72
2.72½
2.74¾
2.64½
$ per bu
7.21
7.24½
7.31½
7.31½
7.22½
7.07
$ per ton
226.70
226.50
226.50
228.20
227.00
225.00

+23
+21¾
+19
+16½
+15¾
+10

+32¼
+32¼
+28¼
+25
+23½
+14½

+43
+43¼
+43½
+42½
+42½
+41

+45
+46
+45½
+42
+46
+37

6.47½

+15.70
+15.20
+15.50
+15.40
+15.50
+15.50

+16.20
+15.30
+16.80
+16.50
+14.50
+16.00

240.80
221.80
202.00
198.70
199.30
200.50

bakingbusiness.com/world-grain.com

W E E K

Oats
- Change from -
Minneapolis
July 15
July 8
July 1
Food grade flakes, f.o.b.,
bagged, $ per cwt
20.25@20.75 +1.00
+1.00
Milling quality oats, No. 2 heavy,
$ per bu
2.02½
+9¼c
+17½c
Oat hulls, $ per ton
10@15
-
-

Rice
Offers f.o.b. mills, $ per cwt, bagged
- Change from -
Cash
July 15
July 8 July 1
Long grain
13.50@15.00
-
-
Medium grain 13.50@13.75
-
-
Parboiled
15.00@18.00
-
-
Second
heads, bulk 11.00@12.00
-
-
Brewers
10.75@11.25
-
-
Rice flour
...
...
...
f.o.b. mills, $ per ton
Rice bran
35.00@50.00
- +5.00
Rice hulls
1.00@2.00
-
-
U.S.D.A. world price milled - $ per cwt
Long grain
9.04
-0.39
-0.39
Medium grain
8.15
-0.34
-0.34
Short grain
8.13
-0.36
-0.36
Broken
4.52
-0.20
-0.20
C.B.O.T. rough rice futures - $ per cwt
July
6.460
+0.240 +0.130
September
6.625
+0.180 +0.040
November
6.800
+0.170 +0.060
January
6.990
+0.200 +0.090

Year
ago
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...

Milling & Baking News, July 19, 2005 / 51
http://www.bakingbusiness.com/world-grain.com
Milling & Baking News - July 19, 2005

Table of Contents for the Digital Edition of Milling & Baking News - July 19, 2005
