Milling & Baking News - June 2, 2009 - 51

Ingredient Week

Soy Products

Soy flour sales were steady to slightly
slower last week mainly due to the holiday. Prices continued to advance and
were near 10-month highs. The basis on
cash soybean meal remained strong on
concerns about tight summer supply.
High prices discouraged users from
booking much beyond a month or so
ahead, although some previously took
coverage through September. Some processors encouraged buyers to take at
least partial new crop coverage through
the first quarter of 2010. Lead times for
new orders were two to three weeks.
Soybean and soybean meal futures
prices advanced with soybeans touching eight-month highs and meal touching 10-month highs. Supportive were
tight old crop supply and rising crude
oil prices. Offsetting were potentially
increased acres as farmers switch to soybeans from corn or spring wheat, slower
export sales as China finally was turning
to South America for supply and lowerthan-expected April soybean crush.
Soybean planting was 48% completed
in 18 major states as of May 24, up from
only 25% a week earlier, about even with
49% last year but still well behind 65% as
the 2004-08 average for the date, the U.S.
Department of Agriculture said. Emergence was at 17% compared with 31% as
the average for the date.
Net export sales of U.S. soybeans for
2008-09 and 2009-10 during the week
ended May 21 totaled 464,400 tonnes,
down 66% from the previous week's total, the U.S.D.A. said. Soybean meal export sales for both years totaled 367,100
tonnes, up 61% from a week earlier. Yearto-date sales commitments for soybeans
were 14% ahead of the year-ago pace. 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

+6
+6
+7¼
+7½
+7¾
+7½

+19
+19½
+20¾
+20¼
+20¼
+19¼

5.99¼
6.12½
6.26½
6.40
6.48½
6.54¾

+18
+14½
+20¼
+31
+31½
+31½

+53½
+63½
+73¼
+86¾
+86¼
+79¼

13.63½
13.68¾
13.56¼
13.68½
13.79¼
...

+7.50
+3.60
+6.30
+10.20
+9.70
+10.10

+24.30
+24.80
+28.30
+34.80
+34.90
+33.30

341.50
344.10
341.40
332.50
332.30
333.50

bakingbusiness.com / world-grain.com

Corn meal sales were steady to stronger last week. Prices advanced.
Seasonal demand for flaking grits and
extruded products from manufacturers
of cold breakfast cereals and snacks held
strong. Mills ran five to six days.
Although corn prices were at sevenmonth highs, farmer selling was slow.
The cash basis held strong as millers
hoped to pry supply off the farm.
Corn futures prices were higher as the
probability some acres might go unplanted
(or switched to soybeans) and yields might
be reduced in late-planted fields were tempered by strong advances in planting the
prior week and ongoing demand concerns.
Also supportive were price gains in other
grains as well as in soybeans and crude oil
and a weaker dollar.
Corn planting as of May 24 surged to
near year-ago levels but remained behind
the 2004-08 average for the date, the U.S.
Department of Agriculture said. Planting in
the 18 major states was 82% completed, up
from 62% the previous week but still behind
86% last year and 93% as the prior five-year
average. Illinois corn was 62% planted as of
May 24 (20% a week earlier and 96% as the
average), Indiana was 55% (24% and 89%),
and Ohio was 76% (39% and 88%). Planting
was nearly completed in Iowa at 97%, Minnesota at 96% and Nebraska at 98%.
The corn crop was 52% emerged as of
May 24, ahead of 48% last year but behind 71% as the average for the date.
Net export sales of U.S. corn for 200809 and 2009-10 during the week ended
May 21 totaled 1,023,400 tonnes, up
25% from the previous week's total, the
U.S.D.A. said. Sales commitments for the
marketing year to date were 31% behind
the same period last year. MBN

Oats

Bookings of food grade oat flakes were
slow during the holiday week with activity mostly limited to inquiries. Prices
advanced to the highest level since early
November, following oats futures prices.
Oats planting in Saskatchewan made
strong progress during the past two
weeks, but seeding lagged in Manitoba.
U.S. oats were 82% emerged as of May
24 compared with 89% as the five-year
average for the date, the U.S.D.A. said.
Planting was nearly completed at 95%.
The crop was rated 57% good to excellent compared with 61% a year ago. MBN

Rice

Medium-grain and parboiled rice
prices were unchanged last week, while
long-grain, second heads and brewers'
were steady to 50c a cwt lower. Byproduct values were mixed. U.S. Department
of Agriculture 2008 crop world milled
rice prices declined.
Rough rice futures posted strong price
gains on ongoing concerns about planting and crop condition in Arkansas, although heavy world rice supplies provided some offset.
Rice planting as of May 24 was 86%
completed in the six major states, behind
93% as the 2004-08 average, the U.S.D.A.
said. Emergence was at 69% compared
with 82% as the average. The crop was rated 50% good to excellent compared with
72% a year ago. Planting in Arkansas was
81% completed, behind 95% as the average, with emergence at 67%, behind 87%
as the average. The Arkansas crop was rated 39% good to excellent, down from 43%
a week earlier and 63% last year.
Export sales of U.S. rice for the week
ended May 14 were 46,400 tonnes. MBN

Rice

Soy products

- Change from - Year
May 29 May 22 May 15 ago
4.36¼
4.46¼
4.59¼
4.69¼
4.76½
4.82½
$ per bu
11.84
11.48½
10.96½
10.62½
10.64¾
10.53¾
$ per ton
382.50
364.00
347.50
331.50
323.00
317.60

Corn Products

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
May 29
May 22
May 15
Soy flour
Bulk
24.88 @ 26.18 +.14@ +.38 +1.05 @+1.22
Sacked
25.88 @ 28.18 +.14@ +.38 +1.05 @+1.22

Corn meal
$ per cwt
May 29
Chicago, bulk
14.77@ 18.92
Chicago, sacked 16.54@ 20.75
New York, bulk
16.44@ 20.65
New York, sacked 18.86@ 23.04

- Change from -
May 22
May 15
+.12@+.15 +.42@+.55
+.12@+.15 +.42@+.55
+.12@+.15 +.42@+.55
+.12@+.15 +.42@+.55

Oats
- Change from -
Minneapolis
May 29
May 22 May 15
Food grade flakes, f.o.b.,
bagged, $ per cwt
23.50@24.25 +50c
+$1.00
Milling quality oats, No. 2 heavy,
$ per bu
2.56
+1½c
+18c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
May 29
May 22 May 15 ago
Long grain
24.00@30.00 -0.50
-0.50 40.00
Medium grain 44.50@45.00
-
- 42.00
Parboiled
27.00@32.00
-
- 47.00
Second
heads, bulk 18.50@21.00 -0.50
-0.50 28.50
Brewers
17.50@19.00 -0.50
-0.50 25.00
f.o.b. mills, $ per ton
Rice millfeed
27.00
-3.00
-8.00 52.00
Rice bran
80.00@100.00 +5.00
- 90.00
Rice hulls
5.00@10.00
-5.00
-5.00 20.00
U.S.D.A. 2008 crop world price milled - $ per cwt
Long grain
17.26
-1.19
-1.19 28.00
Medium/short
grain
17.03
-1.17
-1.17
...
Broken
11.62
-0.80
-0.80 18.84
C.B.O.T. rough rice futures - $ per cwt
July
12.34½
+0.29 +0.41 19.10
September
12.57½ +0.32½ +0.54½ 18.50
November
12.62½ +0.30½ +0.49½ 18.60
January
12.79
+0.28 +0.40½ 18.93
Milling & Baking News

June 2, 2009 / 51

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

Milling & Baking News - June 2, 2009

Table of Contents for the Digital Edition of Milling & Baking News - June 2, 2009