Milling & Baking News - November 1, 2005 - 42

I N G R E D I E N T

 Soy Products

Bookings of soy flour were steady last
week. Prices were about steady to lower.
A mix of short-term and longer-term
business continued with little change from
a week earlier. Some users chose to book
next year's soy flour needs out of concern
that with the U.S. harvest basically complete, soybean prices could turn upward.
Others were on the sidelines, expecting
prices to weaken in coming months as the
South American soybean crop progresses.
Soybean futures were moderately lower
and soybean meal futures slightly lower in
quiet trading amid mixed signals. There
was talk that dryness in South America
could reduce planting of what was expected to be a large crop. U.S. soybean crush
for September, reported at 133.2 million
bus by the U.S. Census Bureau, was below trade estimates. Soybean meal stocks
of 171,596 tons, well below expectations,
indicated strong demand. At the same
time, there was concern that the spread of
avian flu could reduce demand for meal.
Soybean exports were disappointing, but
soybean meal exports were strong. Cash
basis levels were firm as farmers were
reluctant to sell soybeans at current prices
and concentrated on harvesting corn.
The U.S.D.A. said the soybean harvest
was 87% done as of Oct. 23, ahead of 79%
as the recent five-year average for the
date. Combining was 97% done in Iowa,
95% in Nebraska and Minnesota, 93% in
Illinois and 87% in Indiana.
Net export sales of U.S. soybeans in the
week ended Oct. 20, at 842,000 tonnes for
2005-06, were near the low end of trade
expectations. China remained the largest
buyer. Export sales of soybean meal for
the week were at 194,200 tonnes, above
trade expectations. MBN

Chicago corn & 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

Sales of corn meal were strong last
week. Prices were weak to lower.
Demand remained strong and balanced across all product categories
from fine to coarse grits, corn flour and
brewer's grits. Corn mills ran six to seven days. Mill sources have been pleased
with the quality of new crop corn. The
cash corn basis firmed last week, but
farmer sales remained light, with prices
at season lows and producers concentrating on harvesting during favorable
weather. Large amounts of harvested
corn were being stored on the ground.
Corn futures prices gradually slipped
further below the psychological $2-abu level in the December contract last
week, setting contract lows almost daily.
Pressure stemmed from the advancing
harvest, ideas that the U.S.D.A. would
raise its estimate of the 2005 corn crop in
November and disappointing exports.
The corn harvest was 65% done as of
Oct. 23, up from 49% a week earlier and
just ahead of 62% as the five-year average for the date. The harvest was 61%
done in Iowa, 60% in Nebraska, 48% in
Minnesota and 89% in Illinois.
Net export sales of corn in the week
ended Oct. 20, at 718,400 tonnes for 200506, were well below the low end of trade
expectations. MBN

 Oats

Bookings of food grade oat flakes were
steady to strong last week. Prices were
unchanged. Oat futures prices declined.
The hot breakfast cereal season was in
full swing, and oat mills were running
hard to keep up with new demand and
to fill back orders created by the delayed
arrival of higher-quality Canadian oats.

Some were about a week behind in filling orders. Demand appeared to be up
from a year ago. Transportation issues in
the U.S. delayed some deliveries.
U.S. mills began receiving new crop
Canadian oats about two weeks ago, and
shipments remained slow but steady.
Canadian mills have been processing
new crop for more than a month. Prices
have been higher than earlier predicted,
due mostly to the smaller-than-expected
Canadian crop. Canadian farmers have
been slow to market oats as they finish
harvest of other crops and anticipate still
higher prices for oats in coming weeks.
As of Oct. 23, the oat harvest was 90%
done in Saskatchewan. MBN

 Rice

Cash rice prices were steady to $1 a
cwt higher last week, except brewer's
grain, steady to 50c lower. Byproduct
prices were mixed. U.S.D.A. world rice
prices were unchanged.
Rough rice futures prices declined
last week, mostly on technical selling
and speculative liquidation. Fundamentals were negative. The harvest of the
second-largest U.S. crop on record was
being wrapped up. And relatively high
U.S. rice prices limited exports.
Net export sales of U.S. rice in the week
ended Oct. 20 totaled 88,200 tonnes.
Rough rice stocks, reported only for
California in October, were 5,055,000
cwts, up 5% from 2004. Milled stocks were
848,000 cwts, up 57% from a year ago.
The rice harvest was 97% done by Oct.
23, about even with the 95% five-year
average for the date. The harvest was
completed in Texas and Louisiana, 99%
done in Mississippi, 97% in Arkansas
and Missouri and 92% in California. MBN

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Oct. 28
Oct. 21
Oct. 14
2.02½ Soy flour
Bulk
11.95 @ 12.95 -.73@ -.02 -1.03 @ -.18
2.13
12.95 @ 14.95 -.73@ -.02 -1.03 @ -.18
2.20½ Sacked
2.27½
Corn meal
2.34¼
2.42¾ $ per cwt
- Change from -
Oct. 28
Oct. 21
Oct. 14
5.27½
10.63@ 11.23 -.02@ -.97 -.07@-1.07
5.33½ Chicago, bulk
5.40¼ Chicago, sacked 12.40@ 13.06 -.02@ -.97 -.07@-1.07
5.46½ New York, bulk 12.30@ 12.96 -.02@ -.97 -.07@-1.07
5.54¼ New York, sacked 14.71@ 15.35 -.02@ -.97 -.07@-1.07

- Change from - Year
Oct. 28 Oct. 21 Oct. 14 ago
1.97
2.10½
2.19¼
2.26¾
2.34
2.44
$ per bu
5.65
5.77½
5.86
5.92½
5.98½
5.98
$ per ton
168.80
170.70
173.70
176.40
179.00
180.40

-4½
-4
-3½
-3
-3¼
-2¾

-6½
-5¾
-4¾
-3¾
-4
-3½

-7¼
-7
-6
-4¾
-3¼
-3

-24½
-23
-22
-19
-18½
-17

-.60
-.70
-.70
-1.10
-1.30
-1.10

-7.70
-7.60
-7.20
-6.70
-6.40
-5.40

bakingbusiness.com/world-grain.com

5.55
153.90
155.60
157.90
160.00
162.90
164.20

W E E K

Oats
- Change from -
Minneapolis
Oct. 28
Oct. 21 Oct. 14
Food grade flakes, f.o.b.,
bagged, $ per cwt
21.00@21.50 -
-
Milling quality oats, No. 2 heavy,
$ per bu
1.82¾
-3c
-4½c
Oat hulls, $ per ton
10@15
-
-

Rice
Offers f.o.b. mills, $ per cwt, bagged
- Change from -
Cash
Oct. 28
Oct. 21 Oct. 14
Long grain
13.50@15.00
-
-
Medium grain 18.00@21.50
-
-
Parboiled
15.50@18.00 +0.50 +0.50
Second
heads, bulk 9.00@11.00
-
-
Brewers
8.00@10.75
-0.50
-0.50
Rice flour
...
...
...
f.o.b. mills, $ per ton
Rice bran
40.00@55.00
-
-
Rice hulls
1.00@2.00
-
-
U.S.D.A. world price milled - $ per cwt
Long grain
9.26
-
-
Medium grain
8.48
-
-
Short grain
8.46
-
-
Broken
4.63
-
-
C.B.O.T. rough rice futures - $ per cwt
November
7.10
-0.17 -0.235
January
7.37
-0.155 -0.225
March
7.60
-0.16
-0.22
May
7.82
-0.16
-0.21

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

Milling & Baking News, November 1, 2005 / 43
http://www.bakingbusiness.com/world-grain.com
Milling & Baking News - November 1, 2005

Table of Contents for the Digital Edition of Milling & Baking News - November 1, 2005
