Milling & Baking News - December 15, 2009 - 36



 Soy Products

Soy flour bookings were about steady
last week. Prices declined. Buying was
month-to-month with users hoping for
still lower prices once the harvest of the
expected record South American soybean crop begins next year. Lead times
to deliver new orders pushed into January. Severe weather disrupted shipments
in some parts of the Midwest.
Soy complex futures prices declined
as speculative fund selling and other
outside influences mostly offset ongoing
strong demand from China. Some bearish fundamentals also were present with
a smaller-than-expected drop in the 2010
carryover adding pressure.
The U.S. soybean carryover on Sept.
1, 2010, was projected at 255 million bus,
down 15 million bus, or 6%, from 270 million bus projected in November but up
117 million bus, or 85%, from 138 million
bus in 2009, the U.S. Department of Agriculture said in its Dec. 10 World Agricultural Supply and Demand Estimates.
Soybean exports were projected at 1,340
million bus in 2009-10, up 1% from November and compared with 1,283 million
bus in 2008-09. Unchanged from November were 2009 U.S. soybean production
at a record 3,319 million bus, imports at
8 million bus and domestic crush at 1,695
million bus. The average farm price of
soybeans was raised to $8.75@10.25 a bu
from $8.20@10.20 in November.
"Soybean exports are increased 15
million bus reflecting the record export
pace in recent weeks and higher projected soybean imports by China," the
U.S.D.A. said.
Net export sales of U.S. soybeans for
2009-10 in the week ended Dec. 3 were
927,700 tonnes, up 41% from a week

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

+15½
+16
+16½
+16¼
+14¾
+13¾

-8
-9
-8½
-7¾
-8
-7¼

3.59½
3.73½
3.84¾
3.95¼
4.05¾
4.20

-8
-7½
-8¾
-11¼
-13¼
-18¼

-18
-15¾
-11¼
-12
-14¾
-23¾

8.54
8.56¼
8.65¾
8.74¾
8.77
8.76

-6.40
-4.20
-2.50
-2.60
-3.20
-4.00

-12.00
-8.00
-4.60
-2.80
-3.10
-4.10

258.50
257.70
257.00
259.50
262.20
263.40

bakingbusiness.com / world-grain.com

 Corn Products

Sales of corn meal remained slow last
week, but mills continued to run hard
to make sufficient quantities of large
flaking grits from early-harvested, highmoisture corn before taking holiday
downtime later in the month. Prices rose.
Corn futures prices advanced as concerns about losses of unharvested corn after a major winter storm moved through
the Midwest more than offset ongoing
weak demand and larger-than-expected
2010 carryover projections. With 12% of
the crop, representing about 1,500 million bus based on the U.S. Department
of Agriculture's production estimate,
still standing in the 18 major states as of
Dec. 6, losses could mount as the harvest
pushes into 2010 or some of the crop is
abandoned, traders suggested.
Those concerns were not reflected in
the U.S.D.A.'s Dec. 10 supply/demand
report. The U.S.D.A. projected the U.S.
corn carryover on Sept. 1, 2010, at 1,675
million bus, up 50 million bus, or 3%,
from 1,625 million bus projected in November and nearly even with 1,674 million bus in 2009.
U.S. exports were projected at 2,050
million bus in 2009-10 compared with
2,100 million bus projected in November
and 1,858 million bus in 2008-09.
Unchanged were 2009 U.S. corn production at 12,921 million bus, 2009-10
imports at 10 million bus, total supply at
14,605 million bus, feed and residual use
at 5,400 million bus and food, seed and industrial use at 5,480 million bus (including
1,280 million bus for food and seed and

4,200 million bus for ethanol). The projected 2009-10 average farm price of corn
also was unchanged from November at
$3.25@3.85 a bu and compared with $4.06
in 2008-09 and $4.20 in 2007-08. Total use
of corn in 2009-10 was projected at 12,930
million bus, down 50 million bus from November based on reduced exports.
Net export sales of U.S. corn for 200910 during the week ended Dec. 3 were
847,700 tonnes, up 29% from a week earlier, the U.S.D.A. said. MBN

 Oats

Bookings of food grade oat flakes were
slower last week and expected to remain
so until after the holiday period, although
some inquiries for January-June pricing
were noted. Prices were unchanged. Millers saw the colder weather across much
of the country as positive for hot breakfast
cereal demand. Shipments were slowed
by severe weather in some areas. MBN

 Rice

Milled rice prices were unchanged last
week. Byproducts also held steady except
millfeed, which was firm to up $3 a ton.
U.S. Department of Agriculture 2009 crop
world milled rice prices were unchanged.
The rice carryover on Aug. 1, 2010,
was projected at 43.2 million cwts, down
2% from November but up 42% from a
year earlier, the U.S.D.A. said in its Dec.
10 supply/demand report. The change
was due to a projected 1-million-cwt increase in exports for 2009-10.
Rough rice futures ended mixed with
modest losses through July 2010 but gains
for new crop. The U.S.D.A.'s projection of
a 3.54-million-tonne increase in the 2010
global rice carryover offset some concerns
about tight world supplies. MBN

Rice

Soy products

- Change from - Year
Dec. 11 Dec. 4 Nov. 27 ago
3.89¼
4.04½
4.15½
4.25
4.31¼
4.38¼
$ per bu
10.35
10.43
10.49
10.53½
10.48½
10.31
$ per ton
314.50
306.50
303.90
302.70
303.70
302.90

earlier, the U.S.D.A. said. Soybean meal
sales were 297,200 tonnes for the week,
2¾ times the previous week's amount. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Dec. 11
Dec. 4
Nov. 27
Soy flour
Bulk
21.47 @ 22.52 -1.07@ -.48 -1.11 @ -.64
Sacked
22.47 @ 24.52 -1.07@ -.48 -1.11 @ -.64

Grits
$ per cwt
Dec. 11
Chicago, bulk
14.81@ 17.99
Chicago, sacked 16.58@ 19.82
New York, bulk
16.48@ 19.72
New York, sacked 18.90@ 22.11

Ingredient Week

- Change from -
Dec. 4
Nov. 27
+.31@+.29 -.12@+.45
+.31@+.29 -.12@+.45
+.31@+.29 -.12@+.45
+.31@+.29 -.12@+.45

Oats
- Change from -
Minneapolis
Dec. 11
Dec. 4 Nov. 27
Food grade flakes, f.o.b.,
bagged, $ per cwt
24.75@25.25 -
-
Milling quality oats, No. 2 heavy,
$ per bu
2.54
+2c
+½c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Dec. 11
Dec. 4 Nov. 27 ago
Long grain
24.00@25.00
-
- 31.50
Medium grain 30.00@30.50
-
- 45.00
Parboiled
28.00@31.00
-
- 34.50
Second
heads, bulk 18.00@19.00
-
- 28.00
Brewers
16.50@18.00
- +0.50 25.00
f.o.b. mills, $ per ton
Rice millfeed 50.00@53.00
- +2.00 62.00
Rice bran
100.00@115.00
-
- 120.00
Rice hulls
15.00
- +3.00 30.00
U.S.D.A. 2009 crop world price milled - $ per cwt
Long grain
18.83
- +1.01 23.60
Medium/short
grain
18.60
- +1.00 23.31
Broken
12.96
- +0.69 15.88
C.B.O.T. rough rice futures - $ per cwt
January
15.66
-0.05½ +0.26 14.90
March
15.94½
-0.04½ +0.28 14.89
May
16.18
-0.05½ +0.28 15.06
July
16.40
-0.07½ +0.25½ 15.19
Milling & Baking News December 15, 2009 / 37

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Milling & Baking News - December 15, 2009

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