Milling & Baking News - May 22, 2007 - 77

Soy Products

Bookings of soy flour were steady last
week. Prices rose sharply.
Booking of soy flour by bakers and other food manufacturers remained strong,
with most sales still month-to-month.
Some soy processors encouraged buyers
to contract through the summer to avoid
weather-induced price volatility. Limited
inquiry into fourth-quarter booking was
noted, but little business resulted. Processors ran hard to keep shipments current.
The bullish 2007-08 scenario laid out in
the May 11 supply/demand report carried into last week, and with additional
friendly news, the soy complex posted
impressive gains. Speculative fund buying was evident. Significant progress in
corn planting eased concerns weather delays would force farmers to switch acres
to soybeans. On Wednesday, the U.S.
Department of Agriculture reported a
purchase of 2,092,000 tonnes of soybeans
for delivery in 2007-08. The strengthening
Brazilian currency made U.S. soybeans
more attractive to foreign buyers despite
the country's record-large soybean crop.
Soybean meal futures hit six-week highs.
The U.S. soybean crop was 32% planted as of May 13, up from 10% a week
earlier and just ahead of 31% as the most
recent five-year average for the date, the
U.S.D.A. said. Emergence was at 6%, just
behind 8% as the average.
Net export sales of U.S. soybeans for
2006-07 and 2007-08 in the week ended May 10 totaled 358,900 tonnes, the
U.S.D.A. said. The total was slightly
above trade expectations. But the big export news was the sale to China, which
will be included in the next export sales
report. Net soybean meal export sales for
2006-07 were 86,900 tonnes. MBN

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

+2
-4¼
-8
-8¾
-8¾
-9¾

-19½
-20½
-24
-23½
-21½
-21¼

2.52¾
2.64
2.77¼
2.87
2.92¾
2.98½

+30¾
+31
+31
+30½
+31½
+29

+45
+45¾
+46
+45
+46
+43

5.87
5.93¾
5.99
6.10¾
6.18½
6.25½

+10.20
+10.20
+10.00
+9.50
+9.60
+8.60

+9.50
+9.70
+9.60
+9.30
+9.10
+8.30

173.40
175.00
176.10
177.40
179.70
180.50

bakingbusiness.com / world-grain.com

Corn meal sales were steady last week.
Prices edged higher.
Bookings were generally balanced
across all grit sizes, although some mills
indicated sales of mid-sized grits slightly
lagged those of flour and flaking grits.
Mills ran five to seven days with most
planning additional downtime over Memorial Day weekend.
Nearby July corn futures prices gained
2c a bu but all other months declined. Despite the sharp gains following the U.S. Department of Agriculture supply/demand
report on May 11, prices came under pressure early from rapid planting progress.
Continued dry weather in key areas last
week eased most fears that delayed planting would reduce yields or force farmers
to switch to soybeans. Extremely strong
export sales added support, but most traders remained focused on the weather and
the long growing season ahead. Despite
wide daily price swings in recent weeks,
corn futures prices ended last week within
a few cents of their close on April 20.
Farmers continued to make large strides
in planting corn. The U.S. Department of
Agriculture said the crop was 78% planted
as of May 13, up from 53% a week earlier and
even with the most recent five-year average
for the date. Planting in Iowa and Nebraska still lagged the average, but planting in
most other top-producing states was ahead.
Emergence was at 39%, slightly ahead of
20% as the average. Sorghum planting was
25% completed as of May 6, up only 2 percentage points from a week earlier.
Net export sales of corn for 2006-07 and
2007-08 in the week ended May 10 totaled
1,861,700 tonnes, the U.S.D.A. said. Sales
were well above trade expectations and
were the largest since November 2006. MBN

Oats

Sales of food grade oat flakes were unchanged last week. Prices were steady.
Although oats futures prices have declined since March, stronger basis levels have
kept prices to millers about constant. Canadian farmers, who hold most of the world's
remaining old crop oats supply, were not expected to sell much until July, when they will
be more certain of their 2007 crop. Planting
progress in Canada was average or slightly
ahead of average as of May 13.
The U.S. oats crop was 94% seeded
as of May 13, ahead of 90% as the average for the date, the U.S. Department of
Agriculture said. Emergence was at 71%,
just behind 73% as the average. The crop
was rated 71% good to excellent and
23% fair, compared with 66% and 25%,
respectively, the previous week. MBN

Rice

Milled rice prices held steady last week.
Byproduct prices were mixed, with bran
up $1@5 a ton but hulls $5 lower. U.S. Department of Agriculture world milled rice
prices were off 14@29c a cwt.
Rough rice futures prices were sharply lower, with pressure from good crop
development, weak export sales and
commodity fund liquidation. The Philippines will tender June 6 for 300,000
tonnes of optional-origin rice.
The U.S.D.A. said 86% of the rice crop
was planted as of May 13, better than 82%
as the average for the date. Emergence was
at 68%, slightly ahead of 66% as the average. The crop was rated 73% good to excellent and 25% fair, compared with 69% and
29% respectively, a week earlier.
Net export sales of rice for 2006-07 in
the week ended May 10 totaled 22,500
tonnes, down 62% from a week earlier. MBN

Rice

Soy products

- Change from - Year
May 18 May 11 May 4
ago
3.71¼
3.69
3.66½
3.77½
3.86
3.90¼
$ per bu
7.92½
7.99¼
8.07
8.21¼
8.30½
8.36
$ per ton
212.00
214.80
216.80
217.50
221.30
221.30

Corn Products

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
May 18
May 11
May 4
Soy flour
Bulk
15.10 @ 15.30 +.50@ +.50 +.48 @ +.47
Sacked
16.30 @ 17.10 +.50@ +.50 +.47 @ +.48

Corn meal
$ per cwt
May 18
Chicago, bulk
13.41@ 16.10
Chicago, sacked 15.18@ 17.93
New York, bulk
15.08@ 17.83
New York, sacked 17.50@ 20.22

- Change from -
May 11
May 4
+.04@+.04 -.39@-.68
+.04@+.04 -.39@-.68
+.04@+.04 -.39@-.68
+.04@+.04 -.39@-.68

Oats
- Change from -
Minneapolis
May 18
May 11
May 4
Food grade flakes, f.o.b.,
bagged, $ per cwt
24.50@25.50 -
-
Milling quality oats, No. 2 heavy,
$ per bu
2.81¼
+10½c
-1¾c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
May 18
May 11 May 4 ago
Long grain
18.50@19.25
-
- 17.00
Medium grain 20.00@25.00
-
- 20.00
Parboiled
20.00@22.50
- 0@-1 18.00
Second
heads, bulk 15.00@16.00
-
-
9.00
Brewers
14.50@15.25
-
-
8.75
Rice flour
...
...
...
...
f.o.b. mills, $ per ton
Rice bran
78@90
+1@+5 -7@0
40
Rice hulls
15@20
-5@-5 -5@-5
1
U.S.D.A. world price milled - $ per cwt
Long grain
12.08
-0.28
-0.28 10.46
Medium grain
11.90
-0.28
-0.28 10.35
Short grain
11.93
-0.29
-0.29 10.29
Broken
6.04
-0.14
-0.14
5.23
C.B.O.T. rough rice futures - $ per cwt
July
10.11½
-0.43 -0.61½
8.83
September
10.46
-0.40
-0.62
9.09
November
10.78
-0.36
-0.52
9.25
November
11.05
-0.33
-0.50
9.40
Milling & Baking News

May 22, 2007 /79

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

Milling & Baking News - May 22, 2007

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