Milling & Baking News - October 23, 2007 - 52

Ingredient Week

 Cash Wheat

HARD WINTER. Premiums on hard red
winter wheat in Kansas City were unchanged to 15c a bu higher. The basis was
unchanged only in the case of ordinary
hard. The widest gains applied to highprotein wheat, a continuing reflection of
the low average protein of the 2007 crop.
Mill demand for wheat offered on the
spot market expanded. Railroads were
running a week to 10 days behind schedule in completing shipments. The fall
crops were commanding a greater share
of available freight because of the harvest.
Mills seeking to keep pipelines in good
order found themselves increasingly
turning to the spot market for fill-in supply. Intermountain mills and Oklahoma
and Texas mills provided competition to
local buyers. Hard winter wheat also was
being drawn across the Chicago gateway
and into the Southeast. Pacific Northwest
export elevators drew hard winter wheat
from northern sections of the region.
Mills bought wheat for delivery in November-December and even into 2008.
Export demand for hard red winter
wheat remained heavy. The Burlington
Northern Santa Fe still required shuttle
trains to procure permits to transit to
Gulf export elevators, but these permits
were more easily obtained than during
the previous few weeks.
Farmer selling of wheat was limited
through the ups-and-downs of the wheat
futures market. Producers already sold at
least 85% of their 2007 crop, according to
merchandisers. Producers were seeding
winter wheat and harvesting fall crops.
The U.S. Department of Agriculture
indicated winter wheat seeding on Oct.
14 was 71% completed in Kansas (80% as
the recent five-year average for the date),
68% in Oklahoma (78%), 67% in Texas
(71%), 97% in Nebraska (95%), 96% in

No. 1 hard winter
Basis Kansas City December, cents per bu
Oct. 19 - Change from - Year
Premium Oct. 12
Oct. 5
ago
Ordinary 0 @ 20
-
+15 @ +15 25 @ 40
11%
10 @ 30 +5 @ +5 +20 @ +20 30 @ 45
11.2%
20 @ 40 +15 @ +15+25 @ +25 33 @ 48
11.4%
33 @ 53 +10 @ +10+33 @ +33 33 @ 48
11.6%
37 @ 57 +11 @ +11+32 @ +32 33 @ 48
11.8%
37 @ 57 +9 @ +9 +27 @ +27 33 @ 48
12%
37 @ 57 +7 @ +7 +22 @ +22 33 @ 48
12.2%
39 @ 59 +7 @ +7 +24 @ +24 33 @ 48
12.4%
42 @ 62 +8 @ +8 +27 @ +27 23 @ 38
12.6%
45 @ 65 +10 @ +10+30 @ +30 23 @ 38
12.8%
50 @ 70 +15 @ +15+35 @ +35 23 @ 38
13%
55 @ 75 +15 @ +15+32 @ +32 23 @ 38
13.2%
55 @ 75 +15 @ +15+32 @ +32 23 @ 38
13.4%
55 @ 75 +15 @ +15+32 @ +32 23 @ 38
13.6%
55 @ 75 +15 @ +15+32 @ +32 20 @ 35
13.8%
55 @ 75 +15 @ +15+32 @ +32 17 @ 32
14%
55 @ 75 +15 @ +15+32 @ +32 17 @ 32
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Colorado (97%), 95% in South Dakota
(94%) and 91% in Montana (93%). Wheat
emergence was 38% in Kansas, 37% in
Oklahoma, 44% in Texas, 76% in Nebraska, 71% in Colorado, 72% in South
Dakota and 55% in Montana.
The corn harvest as of Oct. 14 was 83%
completed in Kansas, 99% in Texas, 37%
in Nebraska and 37% in Colorado. The
soybean harvest was 43% completed in
Kansas and 52% in Nebraska.
A meteorologist addressing members
of the Kansas City Board of Trade indicated while recent rain affected mostly
eastern portions of the hard winter
wheat belt, western areas should see
some precipitation from systems forecast
to sweep across the Plains in the next
couple of weeks.
HARD SPRING. Premiums on hard
red spring wheat at Minneapolis were
10c a bu higher to 20c lower last week.
Underpinning the basis was sluggish
movement of contracted wheat during the fall crop harvest. Railroads
were running about two weeks behind
schedule in completing shipments. A
number of mills bid on wheat to sustain
pipelines. Export elevators at DuluthSuperior weren't active participants in
the spot rail market.
Farmer selling of wheat was limited.
Most producers and country elevators
were busy with the fall crop harvest. The
corn harvest on Oct. 14 was 27% completed in North Dakota, 36% in South

Dakota and 47% in Minnesota. The
soybean harvest was 74% completed in
North Dakota, 61% in South Dakota and
84% in Minnesota.
SOFT RED. Mill bids on soft red winter
wheat were firm to higher. In Kansas
City, No. 1 soft red bids were raised 5c
a bu, to 40c under K.C. December to December price. Gulf bids for nearby rose
10c, to 45c over Chicago December. St.
Louis mill bids were 5c under Chicago
December for 2 p.p.m. or less vomitoxin.
Chicago mill bids were Chicago December price. Mill bids in Toledo held at
30c under Chicago December; JanuaryMarch, 25c under March. Elevator bids
were 15c under December for deferred
pricing only. Cincinnati mill bids were
30c under Chicago December. Elevator
bids were 52c under December; new
crop, 86c under July. Michigan white
wheat mill bids ranged from 30c under
Chicago December to December price.
The U.S.D.A. indicated winter wheat
planting on Oct. 14 was 41% completed
in Missouri (40% as the average for the
date), 70% in Illinois (56%), 69% in Indiana (52%), 78% in Ohio (59%) and 76% in
Michigan (70%).
The corn harvest on Oct. 14 was 83%
completed in Missouri, 81% in Illinois,
58% in Indiana, 24% in Ohio and 26% in
Michigan. The soybean harvest was 47%
completed in Missouri, 86% in Illinois,
69% in Indiana, 66% in Ohio and 50% in
Michigan. MBN

No. 1 hard spring

Cash wheat

Milling quality, basis Minneapolis December, cents per bu
Oct. 19
- Change from -
Year
Premium Oct. 12
Oct. 5
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
60 @ 65
-5 @ 0
+5 @ +10
30
13.5%
...
...
...
...
14%
60 @ 75
+5 @ +10 +5 @ +5
30
14.5%
...
...
...
...
15%
70 @ 85 -20 @ -5 +10 @ 0
30 @ 35
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
Oct. 19
shipment
Bid
Offer
No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
October
...
November
...
December
Dec.
93
January
+83 March
93
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
October
+45 Dec.
60
November
+50 Dec.
65
December
+55 Dec.
65
January
+60 March
65

Year ago
bid

...
+60 Dec.
+62 Dec.
+68 March

+40
+40
+40
+34

Dec.
Dec.
Dec.
March

Oct. 19 - Change from -
For shipment
Bid Oct. 12 Oct. 5
No. 1 Soft White, Track, Portland
$ per bu
Nearby
...
...
...
October
...
...
...
November
...
...
...
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
Nearby
...
...
...
October
...
...
...
November
0.95
-
+.10
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
Nearby
1.25
+.05
+.25
October
1.25
+.05
+.25
November
1.25
+.05
+.25

Year
ago
5.00
...
5.00
0.40
0.40
0.43

0.63
0.63
0.68

Canadian domestic milling wheat
In-store, Thunder Bay,
Oct. 19
Canadian $ per tonne
Western red spring 13.5% 338.11
Soft white spring
387.78
Amber durum
708.27
U.S. $ per bu
Western red spring 13.5%
9.55
Soft white spring
10.95
Amber durum
20.00
Milling & Baking News

Oct. 12
-1.84
-.48
+1.52
0.05
0.10
0.25

Year
ago
229.34
219.93
245.98
5.55
5.32
5.95

October 23, 2007 / 53
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Milling & Baking News - October 23, 2007

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