Milling & Baking News - June 3, 2008 - 48

Ingredient Week

 Cash Wheat

HARD WINTER. Premiums on hard red
winter wheat in Kansas City were mostly
lower last week with the exception of
13.6%-protein wheat, which was up 12c a
bu. Ordinary wheat through wheat with
13.2% protein was down 10@15c a bu, except for 11%-protein wheat, which was off
20c. Wheat with 13.4% protein was off only
5c, while 13.8% and 14% was down 8c. Two
mills competed for high-protein supply to
maintain their current grist while awaiting
new crop. On Friday, all protein levels declined 10c a bu as mills' needs were satisfied even though offerings were not heavy.
Good harvest progress was made over
the Memorial Day weekend and all of last
week, with combining under way on both
banks of the Red river and as far north as
Lawton, Okla. The U.S. Department of Agriculture indicated the Texas harvest was
6% completed by May 25 compared with
8% as the recent five-year average for the
date. The Oklahoma harvest was just under
way. The U.S.D.A. said in Oklahoma's crop
progress update, "Where wheat harvest
has begun, some kernels were reported
shrunken due to lack of moisture and extreme heat. County offices received mixed
reports regarding severity of recent storms
to area fields. Some wheat producers are
concerned with disease infestation."
The Fort Worth Grain Exchange indicated it sampled 537 carlots of wheat
since Memorial Day. Protein averaged
11.9% and ranged from 9.2% to 13.6%.
Test weight averaged 62.1 lbs per bu and
ranged from 59.8 to 64.1 lbs. Moisture
averaged 12% and ranged from 9.1%
to 14.4%. Dockage averaged 0.8% and
ranged from 0.2% to 4.3%. To date this
season, the exchange sampled 619 carlots
with average protein at 11.86%, average
test weight at 62.14 lbs, average moisture
at 11.91% and average dockage at 0.79%.
Wheat headed on May 25 was 80% in

No. 1 hard winter
Basis Kansas City July, cents per bu
May 30 - Change from -
Premium May 23 May 16
Ordinary 40@ 70 -10 @ -10 -10 @ -10
11%
65@ 80 -20 @ -20 -20 @ -20
11.2% 101@ 116 -10 @ -10 +11 @ +11
11.4% 101@ 116 -10 @ -10 +1 @ +1
11.6% 123@ 138 -10 @ -10 +8 @ +8
11.8% 140@ 155 -15 @ -15 +10 @ +10
12%
152@ 167 -15 @ -15 +7 @ +7
12.2% 152@ 167 -15 @ -15 -3 @ -3
12.4% 152@ 167 -15 @ -15 -8 @ -8
12.6% 165@ 180 -10 @ -10 -10 @ -10
12.8% 180@ 195 -10 @ -10 +5 @ +5
13%
180@ 195 -10 @ -10
-
13.2% 180@ 195 -10 @ -10
-
13.4% 185@ 200 -5 @ -5
+5 @ +5
13.6% 222@ 237 +12 @ +12 +12 @ +12
13.8% 222@ 237 -8 @ -8
-8 @ -8
14%
222@ 237 -8 @ -8 -28 @ -28
bakingbusiness.com / world-grain.com

Year
ago
65 @ 75
65 @ 75
65 @ 75
65 @ 75
65 @ 75
65 @ 75
67 @ 77
67 @ 77
67 @ 77
67 @ 77
67 @ 77
70 @ 80
71 @ 81
72 @ 82
73 @ 83
74 @ 84
75 @ 85

Kansas (97% as the recent five-year average for the date), 99% in Oklahoma (100%),
93% in Texas (97%), 11% in Nebraska (52%)
and 41% in Colorado (65%). Wheat rated
good to excellent on May 25 was 49% in
Kansas (43% a week earlier), 55% in Oklahoma (56%), 22% in Texas (23%), 61% in
Nebraska (59%) and 17% in Colorado
(19%). Wheat rated poor to very poor was
46% in Texas and 48% in Colorado.
HARD SPRING. Premiums on hard
red spring wheat in Minneapolis were
14@100c a bu lower last week. Narrowest losses were on 13% wheat, at 14@30c,
while widest losses were on 14% and 15%
wheat, at 15@90c and 25@100c, respectively. The September became the basic
future at a 200c discount to the July.
Mill demand was shallow and export
elevators mostly stood aside during the
week. Spring wheat supply has been
rationed by widespread substitution of
hard winter wheat for spring wheat by
mills across the country. Substitution has
been a principal feature of the spring
wheat market for most of the crop year.
Spring wheat planting was completed.
The U.S.D.A. estimated spring wheat emergence in the six key states on May 25 at 76%
compared with 78% as the recent five-year
average for the date. Wheat emergence was
77% in North Dakota, 90% in South Dakota,
71% in Minnesota, 67% in Montana, 79% in
Idaho and 89% in Washington.
In the first U.S.D.A. condition assessment of the season, rated good to excellent was 52% of the spring wheat in the six

key states compared with 79% a year ago.
Wheat rated good to excellent was 49% in
North Dakota, 73% in South Dakota, 75% in
Minnesota, 30% in Montana (62% fair), 81%
in Idaho and 37% in Washington (52% fair).
SOFT RED. Mill bids on soft red winter
wheat were mostly unchanged.
In Kansas City, No. 1 soft red bids held
at 65c under K.C. July to 30c under. Gulf
bids on soft red were withdrawn at week's
end. June was offered at 100c under Chicago July. St. Louis mill bids for spot supply were 25c over the Chicago July for 2
p.p.m. or less vomitoxin; new crop about
60c lower. Chicago mill bids for nearby
were the Chicago July price. Mill bids in
Toledo were 130c under Chicago July;
new crop, 130c under July. Elevator bids
were 90c under July; new crop, 95c under
July. Cincinnati mill bids were 100c under
July. Elevator bids were withdrawn for old
crop; new crop, 180c under July. Michigan
white wheat mill bids were 50c under Chicago July for old and new crop.
The U.S.D.A. indicated the Louisiana
soft red winter harvest was 36% completed on May 25 compared with 14% a week
earlier and 37% as the recent five-year average. The Georgia harvest was 8% completed on May 25. Combining also was
under way in Alabama, Florida and the
southern tier of counties in Arkansas.
Wheat rated good to excellent on May
25 was 47% in Missouri (44% a week before), 58% in Illinois (65%), 73% in Indiana (73%), 79% in Ohio (74%) and 69% in
Michigan (43%). MBN

No. 1 hard spring

Cash wheat

Milling quality, basis Minneapolis Sept., cents per bu
May 30
- Change from -
Year
Premium May 23
May 16
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
270
-14 @ -30
-30
45 @ 50
13.5%
...
...
...
...
14%
325 @ 335 -15 @ -90 -75 @ -90 40 @ 50
14.5%
...
...
...
...
15%
350 @ 375 -25 @ -100 -75 @ -100
45
16%
...
...
...
45
17%
...
...
...
...

Exporter bids and offers
For
May 30
shipment
Bid
Offer
No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
June
... July
...
July
+75 July
...
August
+75 Sep.
...
September
+75 Sep.
...
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
June
... July
-100
July
... July
-95
August
... Sep.
-60
September
... Sep.
-25

Year ago
bid

+55
+55
+58
+60

July
July
Sep.
Sep.

-2
+5
+10
+16

July
July
Sep.
Sep.

May 30 - Change from -
For shipment
Bid May 23
May 16
No. 1 Soft White, Track, Portland
$ per bu
Nearby
...
...
...
May
...
...
...
June
...
...
...
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
Nearby
1.30
-.10
-
May
1.30
-.10
-
June
1.30
+.10
+.15
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
Nearby
...
...
...
May
...
...
...
June
...
...
...

Year
ago
5.90
...
5.90
0.90
...
0.90

0.82
...
0.82

Canadian domestic milling wheat
Change from Year
In-store, Thunder Bay,
May 30
May 23
ago
Canadian $ per tonne
Western red spring 13.5% 423.02 -23.64
232.12
Soft white spring
319.64 -32.60
247.42
Amber durum
657.55
+3.90
257.16
U.S. $ per bu
Western red spring 13.5% 11.58
-0.72
5.96
Soft white spring
8.75
-0.95
6.35
Amber durum
18.00
-
6.60
Milling & Baking News

June 3, 2008 / 49
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Milling & Baking News - June 3, 2008

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