Milling & Baking News - December 15, 2009 - 34



 Cash Wheat

HARD WINTER. Premiums on hard red
winter wheat in Kansas City were unchanged to 5c a bu lower. The basis across
most of the protein scale was unchanged.
Downward adjustments were made to
11.4% protein, down 5c, and 12% and
12.2%, each down 1c. Wheat offers were
limited from day to day, but mill demand
was constrained by deliveries of contracted wheat and prospects for a seasonal decrease in mill grind. Demand from export
elevators was sluggish.
A powerful winter storm raged across
the hard winter region at midweek leaving a blanket of snow from southern
Kansas through the Upper Midwest.
Snow, ice and cold temperatures resulted in a few derailments in Nebraska that
delayed wheat shipments for a couple of
days. Rail logistics in the affected areas
began to clear toward the weekend.
Snow interrupted fieldwork with corn
and sorghum still standing in some areas. At the same time, snow cover was
welcomed as it protected winter wheat
when temperatures plunged.
New business in the market for toarrive wheat was limited. Some mills already contracted for about two-thirds of
their prospective wheat needs through
the first quarter of 2010.
Farmer selling was limited with declining wheat prices off-putting. Most
of the producers' wheat was held in
commercial storage, so the foul weather
didn't play a significant role in farmers'
marketing decisions.
The U.S. Department of Agriculture on
Dec. 7 issued its final national composite
data on winter wheat progress and condition for the season. The U.S.D.A. estimated winter wheat emergence on Dec.
6 at 94% in Kansas (100% as the recent
five-year average for the date), 97% in
Oklahoma (average not available because

No. 1 hard winter
Basis Kansas City March, cents per bu
Dec. 11 - Change from -
Premium Dec. 4
Nov. 27
Ordinary -16 @ -1
-
+9 @ +9
11%
-9 @ 6
-
+2 @ +2
11.2%
7 @ 22
-
-5 @ -5
11.4%
10 @ 25 -5 @ -5 -10 @ -10
11.6%
19 @ 34
-
-10 @ -10
11.8%
22 @ 37
-
-10 @ -10
12%
25 @ 40 -1 @ -1 -11 @ -11
12.2%
26 @ 41 -1 @ -1 -11 @ -11
12.4%
29 @ 44
-
-8 @ -8
12.6%
31 @ 46
-
-8 @ -8
12.8%
34 @ 49
-
-5 @ -5
13%
36 @ 51
-
-5 @ -5
13.2%
41 @ 56
-
-
13.4%
53 @ 68
-
-
13.6%
75 @ 90
-
+22 @ +22
13.8%
75 @ 90
-
+21 @ +21
14%
75 @ 90
-
+21 @ +21
bakingbusiness.com / world-grain.com

Year
ago
20@ 35
25@ 40
30@ 45
40@ 55
45@ 60
59@ 74
65@ 80
65@ 80
68@ 83
68@ 83
68@ 83
77@ 92
77@ 92
80@ 95
85@ 100
90@ 105
125@ 140

no other December Crop Progress reports
were issued in recent years), 90% in Texas
(86%), 100% in Nebraska and South Dakota, 99% in Colorado (100%) and 93% in
Montana (not available).
The U.S.D.A. indicated wheat rated
good to excellent was 69% in Kansas
(68% a week earlier), 81% in Oklahoma
(79%), 45% in Texas (45%), 70% in Nebraska (68%), 73% in South Dakota
(74%), 82% in Colorado (82%) and 44%
in Montana (48%). Wheat rated fair was
41% in Texas and 48% in Montana.
HARD SPRING. Premiums on hard red
spring wheat in Minneapolis were 50c a
bu higher to 25c lower last week. Generally, wheat with protein of 14% and
higher had a firm tone, while lower-protein wheat continued to struggle. Basis
spreads reflected the tremendous value
of protein because of the low average
protein of the 2009 crop with 15%-protein wheat quoted 205c higher than 14%
protein, and 14%-protein wheat quoted
95c higher than 13% protein.
Wheat offers were limited, but mill
and exporter demand lacked depth.
Mills received wheat for application
against December contracts, and the
hard spring wheat export program was
limited to routine buyers.
A winter storm brought snow and bitter cold temperatures at midweek. The
weather resulted in some rail shipment
delays, but conditions improved toward
the weekend. Snow blanketed most of
Minnesota, eastern South Dakota and

the southeast corner of North Dakota,
bringing to halt the fall crop harvest in
those areas.
SOFT RED. Mill bids on soft red winter wheat were firm to 10c a bu higher
last week. In Kansas City, No. 1 soft red
bids were unchanged at 55c under K.C.
March to the March price. Gulf bids on
soft red for nearby advanced 10c, to 25c
over Chicago March. St. Louis mill bids
held at 30c over Chicago March. Chicago mill bids for nearby moved up 10c,
to 40c under Chicago March. Mill bids
in Toledo for nearby were unchanged at
70c under Chicago March; new crop, 70c
under July. Elevator bids were 85c under
March. Cincinnati mill bids were 60c under Chicago March. Elevator bids were
65c under March. Michigan white wheat
mill bids were 75@85c over March.
The U.S.D.A. indicated winter wheat
emergence as of Dec. 6 was 64% in Missouri (91% as the average for the date),
87% in Illinois (100%), 95% in Indiana
(99%), 98% in Ohio (100%) and 100% in
Michigan (97%). Wheat rated good to
excellent was 36% in Missouri (43% a
week earlier), 42% in Illinois (44%), 46%
in Indiana (46%), 70% in Ohio (69%)
and 58% in Michigan (69%). Wheat rated fair was 55% in Missouri, 39% in Illinois, 48% in Indiana, 28% in Ohio and
35% in Michigan.
A powerful winter storm left snow
across northern Missouri and most of Illinois, Indiana and Ohio. All of Michigan
lay under a blanket of snow. MBN

No. 1 hard spring

Cash wheat

Milling quality, basis Minneapolis March, cents per bu
Dec. 11
- Change from -
Year
Premium
Dec. 4
Nov. 27
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
-45 @ -30
...
-20 @ -5
25
13%
-30 @ 0
-
-8 @ +12 40 @ 45
13.5%
30 @ 40
-5 @ -25 +30 @ +40
80
14%
95
+20 @ +5
-26 @ -85 150 @ 175
14.5%
160
+30 @ +20
-53
190
15%
250 @ 300
0 @ +50 -50 @ 0
300 @ 340
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers
For
Dec. 11
shipment
Bid
Offer
No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
December
... Dec.
...
January
... March
69
February
... March
69
March
+60 March
69
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
December
+25 March
30
January
+20 March
30
February
+20 March
30
March
+20 March
30

Ingredient Week

Year ago
bid

...
+72 March
+72 March
+75 March

-43
-43
-40
-40

March
March
March
March

Dec. 11 - Change from -
For shipment
Bid
Dec. 4 Nov. 27
No. 1 Soft White, Track, Portland
$ per bu
Nearby
4.95
...
...
December
4.95
...
...
January
5.05
-.05
+.05
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
Nearby
...
...
...
December
...
...
...
January
...
...
...
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
Nearby
...
...
...
December
...
...
...
January
1.30
-.10
-.15

Year
ago
...
...
5.15
...
...
0.50

1.85
1.85
1.85

Canadian domestic milling wheat
Change from Year
In-store, Thunder Bay,
Dec. 11
Dec. 4
ago
Canadian $ per tonne
Western red spring 13.5% 247.94
-4.40
350.01
Soft white spring
215.86
+3.32
247.07
Amber durum
243.08
+1.56
457.53
U.S. $ per bu
Western red spring 13.5%
6.38
-0.15
7.65
Soft white spring
5.55
0.05
5.40
Amber durum
6.25
-
10.00
Milling & Baking News December 15, 2009 / 35
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Milling & Baking News - December 15, 2009

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