Milling & Baking News - August 12, 2008 - 35

Ingredient Week

 Soy Products

Soy flour bookings were strong last
week. Prices declined sharply and were
the lowest since late May but still were
about 35% above year-ago levels.
Lead time for new orders increased to a
minimum of about two weeks on sales that
remained mostly short-term. Some buyers
passed on long-term contracting at previously set price targets expecting prices to
continue dropping. Shipments were brisk.
Traders eagerly awaited the Aug. 12
U.S. Department of Agriculture Crop Production report, which will offer the first
survey-based 2008 soybean crop forecast
and revised area data after June floods
in the Midwest. Pre-report trade expectations averaged near 3,000 million bus,
equal to the July U.S.D.A. projection.
Soybean and soybean meal futures
prices dropped about 13% last week as
favorable Midwest growing weather
during the critical pod-setting stage continued to improve crop prospects. Heavy
speculative and fund selling, sinking
crude oil prices and a stronger dollar
added to the bearish atmosphere.
The condition of the soybean crop in
the 18 major states as of Aug. 3 improved
to 63% good to excellent from 62% a week
earlier and was ahead of 56% at the same
time a year ago, the U.S.D.A. said. Crop
development remained seven to 10 days
behind the average with 78% blooming
compared with 88% as the 2003-07 average for the date and 37% setting pods
compared with 58% as the average.
Export sales of U.S. soybeans during the
week ended July 31 for 2007-08 and 2008-09
were 619,600 tonnes, down 12% from a
week earlier, the U.S.D.A. said. Soybean
meal sales for both years totaled 135,100
tonnes, up 30% from a week earlier. MBN

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

Aug. 8
4.98½
5.18¼
5.38
5.50¾
5.61
5.66¼
$ per bu
11.99
11.77
11.80½
11.98¼
12.14
12.26
$ per ton
326.30
319.80
312.40
313.30
315.60
320.30

 Corn Products

 Oats

Bookings of food grade oat flakes remained steady last week. Prices were $1
a cwt lower. Oats futures prices continued to follow corn lower and were down
20% from recent highs.
The oats harvest began in Manitoba
and Saskatchewan. Crop maturity was
about two weeks behind the average.
The U.S. oats harvest was 34% completed as of Aug. 3, well behind 62% last
year and 52% as the 2003-07 average for
the date, the U.S.D.A. said. MBN

 Rice

Milled rice prices were unchanged last
week. Rice byproduct prices were steady
to up $5 a ton. U.S. Department of Agriculture world milled rice prices gained
36@115c a cwt for the 2008 crop and were
unchanged to up 64c for the 2007 crop.
The rice crop in the six major states was
rated 71% good to excellent as of Aug. 3,
up from 70% a week earlier, the U.S.D.A.
said. The crop was 39% headed, behind
59% as the 2003-07 average for the date.
Harvesting in Texas and Louisiana was
interrupted by tropical storm Edouard.
Rough rice futures prices declined to
five-month lows mostly on pressure from
fund selling and losses in other grains.
Net export sales of rice during the week
ended July 31 were reduced by 29,700
tonnes for 2007-08, with 612,300 tonnes
in sales carried into 2008-09, which began
Aug. 1, the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
Aug. 1 July 25 ago

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Aug. 8
Aug. 1
July 25
Soy flour
Bulk
21.79 @ 22.32
-2.38
-2.70 @-2.42
Sacked
23.32 @ 23.79
-2.38
-2.42 @-2.70

-66½
-66¾
-67
-67¼
-68
-65¼

-78¾
-78¼
-78
-77¼
-77
-65¾

3.33
3.50½
3.65¾
6.75¼
3.85½
3.90¼

-158¾
-178½
-184½
-184¾
-184
-182

-199¾
-211½
-206
-205¾
-204¼
-196¼

8.50
8.56
8.71¾
8.86½
8.97½
9.04

Aug. 8
Chicago, bulk
14.65@ 19.97
Chicago, sacked 16.42@ 21.80
New York, bulk 16.32@ 21.70
New York, sacked 18.74@ 24.09

-47.60
-48.60
-51.60
-52.70
-53.20
-53.70

-48.40
-49.20
-48.80
-46.90
-4720
-47.00

232.50
234.30
236.50
241.20
242.50
245.50

Minneapolis
Aug. 8
Food grade flakes, f.o.b.,
bagged, $ per cwt
29@30
Milling quality oats, No. 2 heavy,
$ per bu
3.56
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

2003-07 average for the date. The harvest
was under way in most southern states.
Export sales of corn during the week
ended July 31 totaled 1,048,800 tonnes,
up 18% from the previous week's combined total, the U.S.D.A. said. MBN

Corn meal sales were about steady
last week. Prices declined.
Despite lower prices, corn milling sources indicated slower sales last
week, especially of large flaking grits to
breakfast cereal manufacturers. Demand
for small and medium-sized grits held
steady. Corn mills ran about five days.
Sales of corn to mills were variable with
some farmers increasing sales fearing
prices would continue to drop and others holding back waiting for an uptrend.
Some corn mills were concerned supplies
could be tight before harvest because crop
progress lagged the average pace.
Anticipation was strong for the Aug. 12
U.S.D.A. Crop Production report. Trade
expectations averaged just under 12,000
million bus, about 2% above the July
U.S.D.A. projection of 11,715 million bus.
Corn futures prices extended their decline to six weeks as favorable weather
during the peak pollination period in
the Midwest improved yield prospects.
Additional pressure came from heavy
fund selling, lower crude oil prices and
a stronger dollar. Prices have dropped
more than 30% from June 26 highs.
The condition of the corn crop in the 18
major states as of Aug. 3 held even with a
week earlier with 66% rated good to excellent, which was better than 56% at the
same time last year, the U.S.D.A. said.
Development of the crop remained
one to two weeks behind a year ago and
was average across much of the Midwest.
The crop was 83% silking as of Aug. 3, up
from 59% a week earlier but behind 95%
a year ago and 91% as the 2003-07 average, the U.S.D.A. said. Seventeen per cent
of the crop was in the dough stage compared with 37% last year and 32% as the

Corn meal
$ per cwt
- Change from -
Aug. 1
July 25
-1.32@-1.61 -1.58@-1.46
-1.32@-1.61 -1.58@-1.46
-1.32@-1.61 -1.58@-1.46
-1.32@-1.61 -1.58@-1.46

Oats
- Change from -
Aug. 1 July 25
-1

-1

-12c
-

-28c
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Aug. 8
Aug. 1 July 25 ago
Long grain
40.00@45.00
-
- 19.00
Medium grain 42.00@45.00
-
- 20.00
Parboiled
47.00@51.00
-
- 20.00
Second
heads, bulk 28.50@30.00
-
- 15.50
Brewers
25.00@27.00
-
- 15.00
f.o.b. mills, $ per ton
Rice millfeed
55@60
-
-
...
Rice bran
110@120
-
- 100.00
Rice hulls
20@25
+5.00 +5.00 15.00
U.S.D.A. 2008 crop world price milled - $ per cwt
Long grain
26.63
...
... 11.47
Medium/short
grain
26.30
...
... 11.30
Broken
17.92
...
...
7.72
C.B.O.T. rough rice futures - $ per cwt
September
15.96
-0.40
-0.76 10.40
November
16.25
-0.41
-0.75 10.74
January
16.56
-0.41
-0.75 11.04
March
16.87
-0.40
-0.74 11.32
Milling & Baking News

August 12, 2008 / 35
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Milling & Baking News - August 12, 2008

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