Milling & Baking News - February 13, 2007 - 41

I N G R E D I E N T

Soy Products

Bookings of soy flour remained strong.
Prices rose last week.
Processors continued to run hard to keep
up with strong demand for soy flour, although some shipments continued to lag.
Prices about 15% above year-ago levels
have not slowed sales but have altered buying patterns with little long-term booking.
The U.S. Department of Agriculture on
Feb. 9 projected the soybean carryover on
Sept. 1, 2007, at a record 595 million bus, up
20 million from the January projection and
up 146 million from 2006. The trade had expected the carryover projection to decline
from January. The increase was the result of
a 20-million-bu decrease in soybean exports
in 2006-07, to 1,100 million bus, compared
with 1,120 million as the January projection
and 947 million bus in 2005-06. Projected
2006-07 soybean supply at 3,642 million
bus, crushings at 1,780 million bus, seed
use at 91 million bus and residual use at 75
million bus were unchanged from January.
The average soybean price was projected
at $5.90@6.50, compared with $5.75@6.45
in January and $5.66 in 2005-06.
Soybean meal supply/demand projections were unchanged from January, except for average price, which was raised
$10 a ton, to $180@195. Ending stocks for
2006-07 were projected at 300,000 tons,
up 14,000 tons from 2005-06 and unchanged from January.
Despite the record U.S. soybean ending
stocks and increased world production, soybean futures prices rallied to new contract
highs on Friday. Gains came from technical
buying and concerns that soybeans would
lose acres to corn this spring. Both soybeans
and soybean meal futures ended the week
well above prices of a week earlier.
Net export sales of soybeans for 2006-07

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

Feb. 9
4.06¼
4.18
4.24¼
4.09¾
3.99¼
4.05½
$ per bu
7.49¼
7.65½
7.78½
7.83
7.91½
8.01
$ per ton
217.90
223.10
227.20
229.50
230.50
232.00

in the week ended Feb. 1 totaled 803,200
tonnes, up 19% from the previous week
and 8% above the recent four-week average, the U.S.D.A. said. China bought
333,100 tonnes in the week. Soybean sales
again exceeded trade expectations. Net
soybean meal export sales for the week
were 135,300 tonnes, 16% below a week
earlier but 5% above the recent four-week
average and within trade expectations. MBN

Corn Products

Corn meal sales held strong last week.
Prices were higher.
Demand for corn meal remained
strong across all grit sizes, corn millers
said. Shipments were brisk, and corn
mills ran five to six days. Sales were
mostly on a month-to-month basis.
Corn futures prices continued to consolidate early last week, falling to near
one-month lows Wednesday. But prices
posted strong gains Thursday and Friday on technical buying and rising crude
oil prices, which buoyed ideas of growing ethanol demand.
Little new direction was provided by
Friday's U.S. Department of Agriculture
supply/demand report, in which no
changes in projections were made from
January. The trade had expected an increase in ending stocks. The U.S.D.A. projected 2006-07 corn ending stocks at 752
million bus; total supply at 12,512 million
bus; feed and residual use at 5,975 million
bus; food, seed and industrial use at 3,535
million bus (including 2,150 million bus
for ethanol), and exports at 2,250 million
bus, all unchanged from January. The average farm price was projected at $3@3.40
a bu, unchanged from January and compared with $2 in 2005-06.
Net export sales of corn for 2006-07

in the week ended Feb. 1 were 917,300
tonnes, 15% above the previous week but
16% under the recent four-week average, the U.S.D.A. said. Sales were within
trade expectations. Sales commitments
for the marketing year to date were 23%
ahead of the same period a year ago. MBN

Oats

Sales of food grade oat flakes held
steady last week. Prices were 50c a cwt
lower as oats futures prices continued to
decline from highs set in early January.
Continued below-normal temperatures across much of the U.S. and Canada
was seen as supportive for hot breakfast
cereal demand, which got off to a slow
start because of above-normal temperatures earlier in the season. MBN

Rice

Milled rice prices were steady, except
brewers' grains, firm to $2 a cwt higher.
Rice hulls were up $3@5 a ton. Other byproducts held steady. U.S. Department
of Agriculture world milled rice prices
were narrowly mixed.
Rough rice futures prices posted modest advances after trading in a narrow
range all week. Few changes were made
in Friday's supply/demand report. The
U.S.D.A. projected 2006-07 ending stocks
at 30.4 million cwts, up 500,000 cwts
from January because of a like increase
in imports. A two-million-cwt decrease
in rough rice exports was offset by a twomillion-cwt increase in milled rice exports, leaving total exports unchanged.
Net export sales of rice for 2006-07
in the week ended Feb. 1 totaled 64,800
tonnes, 64% below a week earlier and 6%
less than the recent four-week average,
the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
Feb. 2 Jan. 26 ago

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Feb. 9
Feb. 2
Jan. 26
Soy flour
Bulk
15.40 @ 15.60 +.22@ +.27 +.62 @ +.36
Sacked
16.60 @ 17.40 +.27@ +.22 +.36 @ +.62

+4¼
+3¼
+3
+2¼
+2
+2

+¾
+½
+¼
+2¼
+¾
+1

2.21¼
2.31¾
2.40½
2.49½
2.57¼
2.63

+12½
+13
+13
+11½
+15½
+11¼

+38¾
+39¼
+38¾
+36½
+39½
+38

5.82¼
5.96
6.06½
6.07½
6.11
6.18¾

Chicago, bulk
Chicago, sacked
New York, bulk
New York, sacked

+5.20
+6.20
+6.40
+7.20
+6.50
+7.00

+12.10
+12.10
+11.80
+12.10
+11.50
+11.80

180.50
182.80
185.30
186.00
186.30
186.30

- Change from -
Minneapolis
Feb. 9
Feb. 2 Jan. 26
Food grade flakes, f.o.b.,
bagged, $ per cwt
24.50@25.50 -0.50
-0.50
Milling quality oats, No. 2 heavy,
$ per bu
2.65½
-7½c
-11¾c
Oat hulls, $ per ton
30@40
-
-

bakingbusiness.com/world-grain.com

Corn meal
$ per cwt
Feb. 9
13.58@ 16.78
15.35@ 18.61
15.25@ 18.51
17.67@ 20.90

W E E K

- Change from -
Feb. 2
Jan. 26
+.08@+.07 +.01@+.09
+.08@+.07 +.01@+.09
+.08@+.07 +.01@+.09
+.08@+.07 +.01@+.09

Oats

Offers f.o.b. mills, $ per cwt, bagged
- Change from -
Cash
Feb. 9
Feb. 2 Jan. 26
Long grain
19@19.50
-
-
Medium grain 20@25.00
-
-
Parboiled
20@24.50
-
-
Second
heads, bulk
14@16
- 0@+1.50
Brewers
14@15.50 +2@0 +2@+1.50
Rice flour
...
...
...
f.o.b. mills, $ per ton
Rice bran
90@110
-
-
Rice hulls
15@25
+3@5
+3@5
U.S.D.A. world price milled - $ per cwt
Long grain
11.61
-0.01
+0.14
Medium grain
11.44
-0.03
+0.10
Short grain
11.47
+0.02
+0.15
Broken
5.81
-
+0.07
C.B.O.T. rough rice futures - $ per cwt
March
10.18
+0.05
-0.04
May
10.48
+0.05½
-0.03
July
10.74
+0.03
+0.01
September
10.73
+0.03
+0.04

Year
ago
16.25
20
17.50
9
8.50
...
60
5
10.22
10.10
10.04
5.11
8.37
8.65
8.85
8.94

Milling & Baking News, February 13, 2007 / 43

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Milling & Baking News - February 13, 2007

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