Milling & Baking News - June 3, 2008 - 50

Ingredient Week

Soy Products

Soy flour bookings slowed somewhat
during the holiday-shortened week.
Prices advanced.
Business that was done was on a
month-to-month basis, with little interest in long-term contracting as soybean
planting progressed. Processors ran
through the holiday, and lead times for
new orders were unchanged at two to
four weeks. Shipments were brisk.
The area of soybeans planted nearly
doubled in the week ended May 25, but
the pace still significantly lagged last
year's progress and the average. The
U.S. Department of Agriculture said 52%
of the crop was planted in the 18 major
states, up from 27% a week earlier but
far behind 74% last year and 67% as the
2003-07 average for the date. The best
progress was in western and northern
sections of the Midwest but was only 39%
in Illinois (75%), 38% in Indiana (67%),
31% in Ohio (73%), and 24% in Missouri
(57%). The crop was 12% emerged, well
behind 34% as the average for the date.
Soy complex futures were under pressure most of the week but rebounded at
week's end. Old crop soybeans posted
slight losses and new crop small gains
while soybean meal futures were higher.
Pressure from falling crude oil prices
and selling for end-of-the-month profittaking was offset by concerns about
planting delays, the ongoing Argentine
farmers' strike and technical trading.
Net export sales of U.S. soybeans for
2007-08 during the week ended May 22
were 245,600 tonnes, down 36% from a
week earlier, the U.S.D.A. said. Sales of
262,700 tonnes were reported for 2008-09.
Soybean meal sales for 2007-08 were
110,000 tonnes, the U.S.D.A. said. 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

Corn meal sales were unchanged last
week. Prices were about steady.
Sales remained well balanced across
all grit sizes. While some large users previously took all or part coverage through
the end of the year, other users bought
only month-to-month hoping corn prices would decline as planting is finished.
Corn mills ran 4½ to five days.
Corn planting neared completion in
several top-producing states during the
week ended May 25. The U.S. Department of Agriculture said planting in the
18 major states was 88% completed, up
from 73% a week earlier but still behind
96% last year and 94% as the 2003-07 average for the date. Planting was 93% or
more completed in Iowa, Minnesota, Nebraska, Kansas and North Dakota. Planting in Illinois was 87% completed (97%
as the average), in Indiana 77% (89%),
in Ohio 64% (93%) and in Missouri 72%
(96%). The crop was 52% emerged, well
behind 76% as the average for the date,
the U.S.D.A. said.
Corn futures prices declined most of
last week on pressure from lower crude
oil futures, a stronger dollar and improved weather. Adding pressure was
the U.S.D.A. decision to open 24 million
Conservation Reserve Program acres
for grazing and haying, with restrictions, which could limit feed demand,
although ideas varied about the full
impact. Futures prices rallied late in the
week on renewed weather concerns, in
part, to end with only narrow losses.
Export sales of U.S. corn for 2007-08 during the week ended May 22 were 477,400
tonnes, down 6% from the previous week,
the U.S.D.A. said. Sales of 226,000 tonnes
were reported for 2008-09. MBN

Bookings of food grade oat flakes were
seasonally slow last week, although
overall demand remained strong. Some
booking through December was noted.
Prices declined 50c a cwt as oats futures
prices followed corn lower.
Planting of the Canadian crop neared
completion but emergence was slow
due to prolonged cool weather in some
areas.
The U.S. oats crop was 98% planted as
of May 25, even with the five-year average, and 84% emerged, behind 91% as
the average, the U.S.D.A. said. The crop
was rated 61% good to excellent versus
74% at the same time last year. MBN

Rice

Milled rice prices were unchanged last
week, except medium-grain, which was
firm to $2.50 a cwt higher. Byproduct
prices were lower, with bran down $10 a
ton and hulls off $5. U.S. Department of
Agriculture 2007 crop world milled rice
prices declined $0.86@1.27 a cwt.
The crop was 94% planted and 79%
emerged in the six major states, both behind average, as of May 25, the U.S.D.A.
said. Rated good to excellent was 72% of
the crop, up from 65% a week earlier and
ahead of 67% a year ago.
Rough rice futures prices plunged last
week on indications tight world supplies
were easing as Thailand and Vietnam
were expected to export more than earlier indicated, Cambodia resumed exports
and Japan sold rice from its reserve. Prices recovered some at the week's end.
Net export sales of rice during the
week ended May 22 were 20,700 tonnes,
down 67% from a week earlier, the
U.S.D.A. said. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
May 30
May 23
May 16
Soy flour
Bulk
22.08 @ 22.25 +.65@ +.02 -.27 @ -.35
Sacked
23.25 @ 24.08 +.02@ +.65 -.35 @ -.27

-½
-¼
-¾
-¼
+¼
+1

+8¼
+9
+9¾
+10¾
+11¼
+10¼

3.86¾
3.89¼
3.83
3.93½
4.01¼
4.06

-4½
-1¼
-1¾
+1
+1½
+1½

-14½
-8½
-3
+5¼
+6¾
+7½

8.17½
8.24¾
8.32½
8.47¼
8.56
8.60½

May 30
Chicago, bulk
16.59@ 22.44
Chicago, sacked 18.36@ 24.27
New York, bulk
18.26@ 24.17
New York, sacked 20.68@ 26.56

+4.90
+6.10
+6.40
+5.00
+5.30
+5.90

-8.50
-6.40
-3.60
-1.50
-.40
-

221.40
222.40
224.80
225.50
228.80
230.70

Minneapolis
May 30
Food grade flakes, f.o.b.,
bagged, $ per cwt
30@31
Milling quality oats, No. 2 heavy,
$ per bu
3.87
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

Oats

Soy products

- Change from - Year
May 30 May 23 May 16 ago
5.99¼
6.12½
6.26½
6.40
6.48½
6.54¾
$ per bu
13.63½
13.68¾
13.56¼
13.54½
13.68½
13.79¼
$ per ton
341.50
344.10
341.40
332.50
332.30
333.50

Corn Products

Corn meal
$ per cwt
- Change from -
May 23
May 16
-.02@-.01 +.16@+.55
-.02@-.01 +.16@+.55
-.02@-.01 +.16@+.55
-.02@-.01 +.16@+.55

Oats
- Change from -
May 23 May 16
-50c

-50c

-3½c
-

-12c
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
May 30
May 23 May 16 ago
Long grain
40.00@45.00
-
- 18.50
Medium grain 42.00@45.00
- +6.00 20.00
Parboiled
47.00@51.00
-
- 20.00
Second
heads, bulk 28.50@30.00 +2.50 +2.50 15.00
Brewers
25.00@27.00
-
- 14.50
Rice flour
...
...
...
...
f.o.b. mills, $ per ton
Rice bran
90@110
-10.00 -20.00 78.00
Rice hulls
20@25
-5.00 -12.00 15.00
U.S.D.A. world price milled - $ per cwt
Long grain
28.00
-1.27
-1.27 12.08
Medium grain
27.03
-1.23
-1.23 11.90
Short grain
26.99
-1.24
-1.24 11.93
Broken
18.84
-0.86
-0.86
6.04
C.B.O.T. rough rice futures - $ per cwt
July
19.10
-1.25 -0.96½ 10.19
September
18.50
-1.35
-0.25 10.58
November
18.60
-1.26
-0.15 10.90
January
18.93
-1.13
-0.17 11.15
Milling & Baking News

June 3, 2008 / 51

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

Milling & Baking News - June 3, 2008

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