Milling & Baking News - June 1, 2010 - 51


Soy Products
Soy flour sales were steady last week.
Prices rose. Although some processors
began to recommend their customers
book partial coverage (less than 50%)
beyond the second quarter, most buying
remained month to month and coverage
into the third quarter was light as buyers
hoped for lower prices as the crop progressed. Shipments remained brisk and
lead times to deliver new orders averaged two to three weeks.
Nearby soybean futures prices sank
to a three-month low early last week on
pressure from outside markets, including
lower crude oil and equity prices and a
stronger U.S. dollar. But outside markets
reversed at midweek, propelling soybeans
higher, only to change direction again Friday to send old crop contracts lower and
leave new crop months with slight gains.
Lower-than-expected April soybean meal
stocks reported by the U.S. Census Bureau
supported soybean meal futures, which
ended with modest losses after Friday's
fall. Slow farmer sales of soybeans and
strong basis values for soybeans and soybean meal also supported futures prices.
Soybean planting at 53% completed
in the 18 major states continued to make
good progress compared with 44% at the
same time last year but lagged the 200509 average of 57%, the U.S. Department
of Agriculture said. But 24% of the crop
was emerged, well ahead of 15% last year
and slightly ahead of 23% as the average.
Net export sales of U.S. soybeans
for 2009-10 and 2010-11 totaled 295,540
tonnes in the week ended May 20, down
48% from the prior week's combined
total, the U.S.D.A. said. Net export
soybean meal sales in the week totaled
71,400 tonnes for both years, up 28%

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

Corn Products
Bookings of corn meal products were
steady at low volumes last week as prices
declined. Users continued to buy month to
month hoping prices would decline as the
corn crop progresses. Corn mills ran five to
6½ days with strong run times needed to
make enough large flaking grits from the
quality-challenged 2009 crop.
As with most commodity futures last
week, corn prices fell on outside pressure
early in the week, recovered at midweek
but ended lower following sharp losses
Friday that resulted mainly from strength
in the U.S. dollar against the euro, which
fell with a downgrade in Spain's credit
rating. Adding pressure was favorable
weather for the completion of planting
and for development of a forecast recordlarge 2010 U.S. crop. Supportive was ongoing buying interest from China.
Corn planting in the 18 major states
was 93% completed as of May 23, ahead
of 80% a year ago, the U.S.D.A. said.
Emergence was at 71% (50% last year and
62% as the 2005-09 average). The crop
was rated 71% good to excellent, up from
67% a week earlier and not comparable
with last year since conditions had not yet
been rated due to the delayed planting.
Net export sales of U.S. corn for 200910 and 2010-11 in the week ended May
20 totaled 856,800 tonnes, down 46%
from the prior week's two-year total, the
U.S.D.A. said. The week's activity included sales to China of 241,000 tonnes
for delivery in 2009-10 but a decrease for

Oats
Bookings of food grade oat flakes were
seasonally slow last week. Prices eased
25c a cwt on declines in futures prices.
U.S. oats in the nine major states was
rated 80% good to excellent (15% fair)
compared with 57% a year ago (20%
poor to very poor), the U.S.D.A. said.
The crop was 88% emerged, slightly
ahead of 86% as the 2005-09 average, and
27% headed (27% as the average).
Planting progress in Canada's topproducing province of Saskatchewan
was behind the average pace. MBN

Rice
Milled rice and rice byproduct prices
were mostly unchanged last week. U.S.
Department of Agriculture world milled
rice prices were 17@24c a cwt lower.
Nearby July rough rice futures fell
sharply last week but other months saw
only minor losses on pressure from ample global and domestic supplies.
The C.M.E. Group said beginning with
the September 2011 contract it would use
U.S.D.A. loan rates to determine prices
and discounts for rough rice futures to
better align with the cash market.
The U.S. rice crop was progressing well
with the exception of California, where
the crop was only 15% emerged as of May
23, compared with 42% as the 2005-09
average, and was rated 50% good to excellent (45% fair). The crop in the six key
states was 80% emerged (77% as the average) and was rated 68% good to excellent
(28% fair), the U.S.D.A. said. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
May 28
May 21
May 14
Soy flour
Bulk
20.53 @ 20.67 +.50@ +.19 +.13 @ -.43
Sacked
21.67 @ 22.53 +.64@ +.05 -.43 @ +.13

-10
-7¾
-5¼
-4½
-4¼
-3¼

-4
-1¼
-
+¼
+¼
+1

4.36¼
4.46¼
4.59¼
4.69¼
4.76½
4.82½

-3¼
-5½
-½
+¼
+1¼
+2¾

-15¾
-19¾
-16¾
-18½
-17¾
-16¼

11.84
11.48½
10.96½
10.62½
10.64¾
10.53¾

May 28
Chicago, bulk
13.92@ 16.11
Chicago, sacked 15.69@ 17.94
New York, bulk
15.59@ 17.84
New York, sacked 18.01@ 20.23

-2.10
-3.40
-2.40
-1.30
-1.40
-1.50

-3.30
-5.30
-4.90
-5.50
-6.20
-6.30

382.50
364.00
347.50
331.50
323.00
317.60

Minneapolis
May 28
Food grade flakes, f.o.b.,
bagged, $ per cwt
22@22.50
Milling quality oats, No. 2 heavy,
$ per bu
1.91
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

China of 130,000 tonnes for 2010-11. Net
sales commitments for the current marketing year to date were 11% ahead of
the year-ago pace. MBN

Soy products

- Change from - Year
May 28 May 21 May 14 ago
3.59
3.69
3.80
3.92¾
4.01¼
4.09¼
$ per bu
9.37¾
9.27¾
9.14¾
9.07¾
9.17¼
9.25½
$ per ton
273.50
267.50
261.50
254.10
252.40
252.90

from a week earlier. Net sales commitments for the current marketing year to
date were 13% ahead of the same period
last year for soybeans and 37% ahead for
soybean meal, the U.S.D.A. said. MBN

Ingredient Week

Corn meal
$ per cwt
- Change from -
May 21
May 14
-.20@-.23 -.08@-.34
-.20@-.23 -.08@-.34
-.20@-.23 -.08@-.34
-.20@-.23 -.08@-.34

Oats
- Change from -
May 21 May 14
-25c

-25c

-5c
-

-4¾c
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
May 28
May 21 May 14 ago
Long grain
22.50@24.00
-
-0.50 24.00
Medium grain 27.50@30.00
-
-0.50 44.50
Parboiled
25.50@28.50
-
-0.50 27.00
Second
heads, bulk 18.00@19.00
-
-0.50 18.50
Brewers
16.50@17.50
-
-0.50 17.50
f.o.b. mills, $ per ton
Rice millfeed
30@33
-
- 27.00
Rice bran
65@70
- +5.00 80.00
Rice hulls
8@10
-
-
5.00
U.S.D.A. 2009 crop world price milled - $ per cwt
Long grain
14.79
-0.24
-0.24 17.26
Medium/short
grain
14.52
-0.23
-0.23 17.03
Broken
10.18
-0.17
-0.17 11.62
C.B.O.T. rough rice futures - $ per cwt
July
11.63½
-0.56½
-0.17 12.35
September
11.66½
-0.02½ +0.34 ½ 12.58
November
11.76½
-0.03 +0.26 12.63
January
12.04
-3½ +0.27 12.79
Milling & Baking News June 1, 2010 / 51

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Milling & Baking News - June 1, 2010

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