Milling & Baking News - December 2, 2008 - 38

Ingredient Week

Soy Products

Sales of soy flour were slow last week.
Price changes were uneven.
Little if any contracting was evident.
Near-term sales also slowed because of
the holiday. Some processors shut down
one or two days during Thanksgiving
week, but some ran through the weekend without any downtime. Lead times
for new orders ranged from two to three
weeks.
Talk of lower protein in new crop soybeans continued with one report noting
the level was the lowest since 1986. Sales
of soybeans by farmers were slow and
were expected to remain so until after
the first of the year.
Soybean futures posted strong price
gains while soybean meal futures prices
were only modestly higher. Although
soybean futures price changes were narrow after last Monday, soybean meal
prices continued to advance on strong
demand before selling off on Friday.
Overall, most strength flowed from outside markets, especially equities.
Net export sales of U.S. soybeans for
2008-09 during the week ended Nov.
20 were 781,600 tonnes, down 1% from
a week earlier and 14% below the prior
four-week average, the U.S.D.A. said.
China bought 84% of the total. Soybean
meal sales for the week totaled 59,700
tonnes, down 35% from a week earlier
and 47% under the four-week average.
Soybean sales were near the high end
of the range of trade expectations, while
soybean meal sales were below expectations. Soybean export sales commitments
since Sept. 1, the beginning of the marketing year, were 1% behind the same period
last year. Soybean meal sales since Oct. 1
were down 13% from a year ago. MBN

Chicago corn and soy futures
- Change from - Year
Corn Futures Nov. 28 Nov. 21 Nov. 14 ago
$ per bu; change in cents per bu
December
3.49½
+11
-30¾
3.84½
March
3.65¾
+11½ -31½
4.01½
May
3.77½
+11¾ -31½
4.13
July
3.88½
+12½ -31½
4.21
September
3.99½
+12½ -31
4.26½
December
4.13½
+12¾ -29½
4.30½
Soybeans
$ per bu; change in cents per bu
January
8.83
+43
-13
10.80
March
8.91
+43¾ -14
10.97½
May
9.00
+44½ -15¾
11.06
July
9.08
+44½ -16
11.07
August
9.10
+44½ -16½
10.87
September
9.08
+48¾ -16
10.50
Soybean Meal $ per ton
December
256.00
+6.10 -9.50
288.30
January
254.30
+3.80 -12.50 293.00
March
255.40
+2.50 -13.70 297.70
May
258.00
+2.60 -13.90 299.30
July
261.10
+3.40 -13.40 299.80
August
262.70
+3.50 -13.40 290.50
bakingbusiness.com / world-grain.com

Corn Products

Corn meal prices were steady to firmer last week. Sales were steady to slower
during the holiday week. Demand for
large flaking grits from cereal manufacturers remained good. Mills ran four
to six days, with some closed only on
Thanksgiving.
Although farmer sales of corn slowed
because of the holiday, sales had been
fairly active and were expected to remain so as storage space tightens late in
the harvest season.
The corn harvest's progress still was
far behind normal in the northwest
portion of the Midwest, although clear
weather was expected to allow farmers
to wrap up fall operations in many areas.
Combining advanced to 89% completed
as of Nov. 23, up from 78% a week earlier
but still behind the 2003-07 average for
the date of 97%, the U.S. Department of
Agriculture said. The harvest was 86%
completed in Iowa as of Nov. 23 (98% as
the average for the date), 92% in Minnesota (97%), 82% in Nebraska (96%), 53%
in North Dakota (93%), 75% in South Dakota (97%) and 83% in Wisconsin (90%).
Corn futures prices moved higher
early but then saw only narrow changes
in thin trading during the rest of the holiday week to end with gains of 11@12c a
bu for the period. Last week's strength
stemmed mostly from outside markets
as fundamentals remained bearish.
Net export sales of corn for 2008-09
during the week ended Nov. 20 totaled
465,400 tonnes, up 7% from a week earlier and 11% above the prior four-week
average, the U.S.D.A. said. Export sales
commitments since the start of the marketing year on Sept. 1 were 47% below
the same period last year. MBN

Oats

Bookings of food grade oat flakes were
slow during the holiday week. Oats flake
prices were unchanged.
Although the hot breakfast cereal season was in full swing, buyers showed
little interest during the holiday period
and were reluctant to increase long-term
coverage because of the weak economy
and recent price weakness in oats and
other grains.
Selling of milling oats by Canadian
farmers was next to nil with the basis
recently firming for March-May as mills
sought to secure future supply. Nearby
milling supplies of oats were ample. MBN

Rice

Milled rice prices were steady to $2 a
cwt lower. Rice byproduct prices were
weak to $10 a ton lower for all classes.
Despite the drop in byproduct prices, in
some areas, suppliers struggled to ship
product already under contract and spot
supplies were non-existent, the U.S. Department of Agriculture said.
U.S.D.A. 2008 crop world milled rice
prices were unchanged.
Rough rice futures prices were volatile
last week, moving nearly 50c a cwt higher Monday but dropping 30c or more
Tuesday and Friday to end the week
lower amid pressure from record world
production and weak exports.
Net export sales of rice for 2008-09
during the week ended Nov. 20 totaled 52,500 tonnes, down 56% from
the previous week and 17% under the
prior four-week average, the U.S.D.A.
said. Export sales commitments since
the start of the marketing year on Aug.
1 were 22% behind the same period
last year. MBN

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Nov. 28
Nov. 21
Nov. 14
Soy flour
Bulk
18.16 @ 19.17 -.62@ +.19 -.92 @ -.33
Sacked
19.16 @ 21.17 -.62@ +.19 -1.34 @ +.09

Rice
Offers f.o.b. mills, $ per cwt, bagged

- Change from - Year
Cash
Nov. 28
Nov. 21 Nov. 14 ago
Long grain
31.50@38.00 -2.00
-2.00 20.00
Medium grain 44.00@45.00
-
- 24.00
Parboiled
34.50@41.00 -2.00
-2.00 24.00
Second
Corn meal
heads, bulk 28.00@28.00
-
- 16.00
$ per cwt
25.00@27.00
-
- 14.00
- Change from - Brewers
Nov. 28
Nov. 21
Nov. 14 f.o.b. mills, $ per ton
62
0@-10 0@-10
...
Chicago, bulk
12.12@ 16.20 +.22@ 0 -.46@-.88 Rice millfeed
120@130 0@-10 0@-5 100.00
Chicago, sacked 13.89@ 18.03 +.22@ 0 -.46@-.88 Rice bran
30
0@-10 0@-10 25.00
New York, bulk
13.79@ 17.93 +.22@ 0 -.46@-.88 Rice hulls
New York, sacked 16.21@ 20.32 +.22@ 0 -.46@-.88 U.S.D.A. 2008 crop world price milled - $ per cwt
Long grain
23.60
-
- 13.76
Oats
Medium/short
23.31
-
-
...
- Change from - grain
Minneapolis
15.88
-
-
9.26
Nov. 28
Nov. 21 Nov. 14 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade flakes, f.o.b.,
January
13.21
-0.10½ -1.06½ 12.87
bagged, $ per cwt
22@22.50
-
-$1
March
13.48
-0.07 -1.07½ 13.22
Milling quality oats, No. 2 heavy,
May
13.68½
-0.08½
-1.16 13.50
$ per bu
2.12
+11½c
-3½c
July
13.90½
-0.10½
-1.21 13.69
Oat hulls, $ per ton
25@35
-
-
Milling & Baking News

December 2, 2008 / 39

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Milling & Baking News - December 2, 2008

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