Milling & Baking News - May 5, 2009 - 42

Ingredient Week

Soy Products

Soy flour sales were steady to stronger
last week with users adding short-term
coverage on concerns of tight old crop supplies and rising prices. Prices shot higher.
Processors urged customers to complete
coverage through September and even
add some for new crop, but sales were
mostly month-to-month. Lead time to deliver new orders was at least three weeks.
Soybean planting in the 18 major
states was 3% completed as of April 26,
just ahead of 2% last year but just behind
5% as the 2004-08 average for the date,
the U.S. Department of Agriculture said.
Soybean and soybean meal futures prices opened sharply lower last week on concerns surrounding the outbreak of H1N1
(swine) flu. Fears the outbreak could hurt
pork demand globally, and consequently
feed demand and exports, prompted
speculative selling as soybean meal is a
primary protein source for hogs. Rumors
that China had cancelled some U.S. soybean purchases also weighed. But markets
shrugged off the concerns at midweek and
continued rising as the week progressed
with old crop months posting impressive
gains on concerns about tight domestic
supplies and a shrinking South American
crop. The Buenos Aries Grains Exchange
estimated 2009 Argentine soybean production at 34 million tonnes, down from
36.2 million as its previous estimate and
compared with 39 million tonnes estimated by the U.S. Department of Agriculture
in April and 46.2 million tonnes harvested
last year. Also supportive were higher equity and crude oil prices, a weaker dollar
and large weekly export sales.
Net export sales of U.S. soybeans for
2008-09 and 2009-10 during the week
ended April 23 totaled 1,170,100 tonnes,

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

May 1
4.06¼
4.13¾
4.22½
4.33¼
4.45
4.53½
$ per bu
11.02
10.91
10.59
10.11
9.71
9.73¾
$ per ton
353.70
342.00
327.30
309.80
288.00
284.00

Corn Products

Corn meal sales were steady last week.
Prices advanced. Demand was balanced
across all grit sizes with some mills noting ongoing good interest from the snack
sector. The majority of buyers had needs
covered through old crop. Mill running
times averaged five days.
Corn planting in the 18 largest growing
states as of April 26 was 22% completed,
well ahead of 9% last year but behind
28% as the 2004-08 average for the date,
the U.S. Department of Agriculture said.
Progress was skewed with good progress
in the western Corn Belt. Progress was
slow in eastern parts of the region. Planting in Iowa zoomed to 47% completed
(6% a week earlier and 25% as the average), 40% in Minnesota (none and 18%)
and 27% in Nebraska (3% and 18%). Significant lags were evident in Illinois at 4%
completed (43% as the average), Indiana
at 2% (25%) and Ohio at 4% (26%).
Corn futures prices opened modestly
lower last week on concerns about reduced feed demand resulting from the
outbreak of swine flu. Prices rallied
strongly at midweek and again Friday
on concerns about planting delays across
the Midwest. Also supportive were
higher crude oil and soybean prices and
impressive export sales.
Net export sales of U.S. corn for 200809 and 2009-10 during the week ended
April 23 totaled 1,341,200 tonnes, up 4%
from the previous week's total. MBN

Oats

Bookings of food grade oat flakes were
steady last week with the hot breakfast
cereal season near its end but with snack
and breakfast bar business ongoing.
Prices advanced 25c a cwt as oats futures
prices followed corn futures higher.
Some in the trade doubted the recent
Statistics Canada estimate of Canadian
farmers' 2009 oats planting intentions at
3,954,800 acres, down 9% from 2008, and
instead were expecting a 15% drop because of large 2008 carryover stocks.
U.S. oats planting was 61% completed
as of April 26 compared with 52% last
year and 65% as the five-year average for
the date, the U.S.D.A. said. MBN

Rice

Milled rice prices were unchanged last
week. Byproduct prices were steady to
lower with bran and millfeed steady but
hulls unchanged to $15 a ton lower. U.S.
Department of Agriculture 2008 crop
world milled rice prices were unchanged.
Rice planting as of April 26 was 47%
completed in the six major states, ahead
of 43% last year but behind 56% as the
five-year average, the U.S.D.A. said.
Emergence was at 21% compared with
20% last year and 30% as the average.
Rough rice futures ended last week
with moderate gains, following other
markets lower early in the week but getting support from delayed plantings and
a weak dollar later in the period.
Export sales of U.S. rice for 2008-09
during the week ended April 23 were
49,000 tonnes, up 159% from the previous week's marketing year low, the
U.S.D.A. said. Sales commitments for the
marketing year to date were down 18%
from the same period a year ago. MBN

Rice

Soy products

- Change from - Year
April 24 April 17 ago
+29¼
+28
+27¼
+26½
+26
+25¾

+30
+28
+27¼
+26¼
+25½
+27¼

6.02
6.13½
6.23¼
6.29½
6.39¾
6.46½

+61¾
+57
+48½
+40¾
+37¾
+35¾

+51
+49½
+46
+40
+36
+29¼

12.92½
13.04½
12.92
12.54½
12.18½
12.32¼

+28.30
+23.70
+19.70
+17.60
+15.40
+14.50

+27.10
+23.30
+20.80
+19.30
+16.90
+15.80

331.80
338.00
334.50
323.00
301.50
298.50

bakingbusiness.com / world-grain.com

down 19% from the previous week's
combined total but still above trade expectations. Net soybean meal sales for
2008-09 were 293,000 tonnes in the week,
up 170% from a week earlier and a marketing year high, the U.S.D.A. said. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
May 1
April 24
April 17
Soy flour
Bulk
23.18 @ 23.60 +1.65@+1.20 +1.36 @+1.14
Sacked
24.18 @ 25.60 +1.65@+1.20 +1.36 @+1.14

Corn meal
$ per cwt
May 1
Chicago, bulk
14.28@ 18.04
Chicago, sacked 16.05@ 19.87
New York, bulk
15.95@ 19.77
New York, sacked 18.37@ 22.16

- Change from -
April 24 April 17
+.58@+.34 +.63@+.35
+.58@+.34 +.63@+.35
+.58@+.34 +.63@+.35
+.58@+.34 +.63@+.35

Oats
- Change from -
Minneapolis
May 1
April 24 April 17
Food grade flakes, f.o.b.,
bagged, $ per cwt
22@22.50
+25c
+25c
Milling quality oats, No. 2 heavy,
$ per bu
2.17
+8¾c
+13c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
May 1
April 24 April 17 ago
Long grain
24.50@30
-
- 42.50
Medium grain 44.50@45
-
- 37.50
Parboiled
27.50@32
-
-0.50 45.50
Second
heads, bulk
20@21
-
-
26
Brewers
18.50@22
-
-
25
f.o.b. mills, $ per ton
Rice millfeed
38
-
-
52
Rice bran
100@110
-
+10
115
Rice hulls
10@25
-15
-15
35
U.S.D.A. 2008 crop world price milled - $ per cwt
Long grain
18.71
-
- 21.72
Medium/short
grain
18.47
-
-
...
Broken
12.59
-
- 14.62
C.B.O.T. rough rice futures - $ per cwt
May
13.02
+0.15½ +0.18½ 20.55
July
13.24
+0.26 +0.21½ 20.95
September
12.48
+0.12 +0.05½ 18.58
November
12.50
+0.13 +0.05½ 18.55
Milling & Baking News

May 5, 2009 / 43

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

Milling & Baking News - May 5, 2009

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