Milling & Baking News - December 2, 2008 - 36

Ingredient Week

 Cash Wheat

HARD WINTER. Premiums on hard
red winter wheat in Kansas City were
unchanged to 20c a bu higher last week,
putting to an end the recent slide in the
basis. The March contract became the
basic future at a 17c premium to the December. Cash premiums on low-protein
wheat were unchanged except for a 20c
upward adjustment at the low end of the
premium range on ordinary wheat. Premiums on hard winter wheat with protein of 11.6% through 13.6% advanced
1@18c a bu, and the basis on the highestprotein wheat was unchanged.
Cash wheat trading was limited during the holiday-shortened week. Mills
requiring spot wheat to fill gaps in
nearby coverage were forced to pay up
for supply. There was little new business indicated in the market for to-arrive
wheat.
While it was not unusual for wheat
movement to be slow during Thanksgiving week because of holiday-related
downtime taken by most mills, shipments were curtailed more than they
otherwise might have been as elevators
held off loading wheat into cars in anticipation of a sharp drop in railroads' fuel
surcharges scheduled to take place on
Dec. 1. Very few complaints were voiced
over the supply of rail cars and locomotives for moving wheat during the fall
harvest in contrast with so many previous harvest seasons.
Most country elevators were closed
Thanksgiving day but were open for
business during the weekend.
The U.S. Department of Agriculture
on Nov. 24, in its final weekly Crop
Progress report of the year, indicated
winter wheat emergence as of Nov. 23
was 95% in Kansas (96% as the recent
five-year average for the date), 96% in
Oklahoma (92%), 85% in Texas (80%),

No. 1 hard winter
Basis Kansas City March, cents per bu
Nov. 28 - Change from -
Premium Nov. 21 Nov. 14
Ordinary 18 @ 33 +20 @ 0 +10 @ -10
11%
18 @ 33
-
-13 @ -13
11.2%
18 @ 33
-
-14 @ -14
11.4%
18 @ 33
-
-15 @ -15
11.6%
30 @ 45 +5 @ +5 -14 @ -14
11.8%
45 @ 60 +12 @ +12 -8 @ -8
12%
47 @ 62 +11 @ +11 -6 @ -6
12.2%
49 @ 64 +11 @ +11 -4 @ -4
12.4%
51 @ 66 +11 @ +11 -2 @ -2
12.6%
53 @ 68 +10 @ +10
-
12.8%
61 @ 76 +18 @ +18 +8 @ +8
13%
61 @ 76 +13 @ +13 +8 @ +8
13.2%
61 @ 76 +13 @ +13 +3 @ +3
13.4%
61 @ 76 +6 @ +6
-
13.6%
61 @ 76 +1 @ +1 -6 @ -6
13.8%
62 @ 77
-
-8 @ -8
14%
64 @ 79
-
-9 @ -9
bakingbusiness.com / world-grain.com

Year
ago
10 @ 20
20 @ 30
30 @ 40
40 @ 50
44 @ 54
46 @ 56
50 @ 60
50 @ 60
52 @ 62
60 @ 70
63 @ 73
70 @ 80
70 @ 80
70 @ 80
72 @ 82
72 @ 82
82 @ 92

100% in Nebraska (100%), 99% in Colorado (100%) and 100% in South Dakota
(100%). Rated good to excellent was 74%
of wheat in Kansas (71% a week earlier),
63% in Oklahoma (63%), 48% in Texas
(50%), 79% in Nebraska (81%), 82% in
Colorado (83%) and 67% in South Dakota (71%).
The fall crop harvest was approaching a conclusion across the Southwest.
The U.S.D.A. indicated the corn harvest
by Nov. 23 was 93% completed in Kansas (99% as the average for the date),
99% in Texas (100%), 82% in Nebraska
(96%) and 94% in Colorado (95%). The
sorghum harvest was 86% completed in
Kansas (93%), 69% in Oklahoma (83%),
91% in Texas (86%), 77% in Nebraska
(98%) and 89% in Colorado (89%).
HARD SPRING. Premiums on hard red
spring wheat in Minneapolis were 25c a
bu higher to 45c lower last week. Outlets for low-protein wheat were narrow.
While the crop average protein in the
northern Plains was reported at about
14.3%, offers of wheat of that protein
or higher in Minneapolis recently were
limited while low-protein offers were
plentiful. A factor may be the eastern
portion of the hard red spring region had
a higher percentage of wheat with 13.5%
protein or below than did western areas.
Country elevators were closed Thanksgiving day but reopened for the weekend. Mill grind in the Upper Midwest
was curtailed by holiday observances
and was estimated at around three days.

The U.S.D.A. indicated the corn harvest on Nov. 23 remained well behind
the average pace at 53% completed in
North Dakota, 75% in South Dakota and
92% in Minnesota.
SOFT RED. Mill bids on soft red winter
wheat were little changed during the
holiday-shortened week, although additional units based bids on March futures.
In Kansas City, No. 1 soft red bids were
unchanged at 152c under K.C. March to
52c under. Gulf bids on soft red for November were 60c under Chicago March.
St. Louis mill bids were 50c under Chicago Dec. Chicago mill bids for nearby
110c under Chicago March. Mill bids in
Toledo were 140c under Chicago Dec.;
December, 140c under; January-March,
140c under March. Elevator bids were
130c under Dec. Cincinnati mill bids
were 100c under Chicago Dec. Elevator bids were 110c under Dec., deferred
pricing only. Michigan white wheat mill
bids narrowed at 115c under Chicago
Dec. to 95c under.
The U.S.D.A. indicated wheat emergence on Nov. 23 was 76% in Missouri,
99% in Illinois, 97% in Indiana, 100%
in Ohio and 100% in Michigan. Wheat
rated good to excellent was 56% in Missouri (50% a week earlier), 78% in Illinois
(81%), 75% in Indiana (74%), 72% in Ohio
(73%) and 78% in Michigan (72%). The
U.S.D.A. indicated the corn harvest by
Nov. 23 was 88% completed in Missouri,
95% in Illinois, 97% in Indiana, 94% in
Ohio and 89% in Michigan. MBN

No. 1 hard spring

Cash wheat

Milling quality, basis Minneapolis March, cents per bu
Nov. 28
- Change from -
Year
Premium Nov. 21
Nov. 14
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
0@5
-20 @ -45 -40 @ -35
48
13.5%
50 @ 65 -20@25
-20 @-20
...
14%
145 @ 150 +20 @ 0
+30 @ -30 55 @ 60
14.5%
175 @ 210 -5 @ +25 -35 @ 0
...
15%
250 @ 270 +25 @ +20 +10 @ +20 70 @ 80
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
Nov. 28
shipment
Bid
Offer
No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
November
...
...
December
... Dec.
92
January
...
...
February
... March
90
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
November
-35 Dec.
-30
December
-35 Dec.
-30
January
-55 March -45
February
-50 March -45

Year ago
bid

Canadian domestic milling wheat

...
...
...
...

+60
+60
+55
+55

Nov. 28 - Change from - Year
For shipment
Bid Nov. 21 Nov. 14
ago
No. 1 Soft White, Track, Portland
$ per bu
Nearby
...
...
...
10.90
November
...
...
...
...
December
5.50
-
-
10.90
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
Nearby
...
...
...
...
November
...
...
...
...
December
0.32
-
-
...
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
Nearby
...
...
...
1.35
November
1.75
-.10
-.10
...
December
1.75
-.10
-.10
1.35

Dec.
Dec.
March
March

Change from Year
In-store, Thunder Bay,
Nov. 28
Nov. 21
ago
Canadian $ per tonne
Western red spring 13.5% 334.47
+2.91
375.45
Soft white spring
263.66
+8.62
432.08
Amber durum
454.59 -17.71
735.46
U.S. $ per bu
Western red spring 13.5%
7.36
0.22
10.21
Soft white spring
5.80
0.30
11.75
Amber durum
10.00
-0.25
20.00
Milling & Baking News

December 2, 2008 / 37
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - December 2, 2008

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