Milling & Baking News - June 29, 2010 - 44

Ingredient Week 

Wheat Futures
Wheat prices on the exchanges of
Chicago, Kansas City and Minneapolis
dropped last week, marking a retreat
from wide gains scored the previous
week. An advancing U.S. winter wheat
harvest and ample world and U.S. wheat
supplies exerted pressure. Declining
corn and soy complex futures provided
a downward tug, but non-agricultural
markets provided mixed signals.
The winter wheat harvest was picking
up momentum as weather dried last
week. Combining was well under way
across southern Kansas and extended into
north central portions of that state near
the weekend. The uncovering of pockets
of protein in the Kansas harvest was
unexpected and much-welcomed news.
The winter wheat harvest was 15%
completed by June 20 compared with
9% a week earlier and 23% as the recent
five-year average for the date, according
to the U.S. Department of Agriculture's
weekly Crop Progress report.
Statistics Canada, based on a survey
of producers conducted May 25-June
3, estimated area planted to wheat for
harvest in 2010 at 22,719,600 acres, down
7% from an all-wheat area of 24,456,900
acres in 2009. Spring wheat planted acres
were estimated at 17,806,700 acres, up

5% from 16,930,000 acres in 2009. Winter
wheat area was estimated at 1,422,900
acres, down 24% from 1,866,900 acres a
year ago. It should be noted the survey
was conducted before the unremitting
rainfall since June 3 that may significantly
alter final planting numbers.
The International Grains Council on
June 24 projected 2010-11 world wheat
ending stocks at 201 million tonnes,
unchanged from the I.G.C.'s May
forecast and up 6 million tonnes from 195
million tonnes the prior year. It would be
the largest year-ending inventory since
2001-02.
Net sales of U.S. export wheat during
the week ended June 17 totaled 720,600
tonnes, well above pre-report trade
estimates, with nearly 400,000 tonnes of
the total being hard red winter. At the
same time, the U.S. claimed no share in the
week's major optional-origin tenders. MBN

Millfeed
Millfeed markets were unsettled last
week, especially toward week's end.
Price changes were mixed as anticipation
of lighter flour grind on either side of Independence Day weekend tussled with
heavier grind last week, sharply lower
corn futures prices and sluggish demand.
Spot prices were slightly lower in

Wheat futures

Kansas City wheat futures
July contract, $ per bu

$ per bu; change in cents per bu

Kansas City
July
September
December
March
Chicago
July
September
December
March
Minneapolis
July
September
December
March

Season's
Low

- Change from -
June 18 June 11

Week's
High
Low

Year
ago

High

4.83¾
4.94¾
5.10¾
5.27

-13½c
-13¾c
-15¼c
-16¼c

+16¾c
+15¾c
+14c
+12½c

5.05
5.19
5.39¾
5.50

4.83
4.93½
5.10
5.27

5.89½
6
6.16½
6.32

10.50
7.83
10.44¾
6.59

(06-26-08)
(06-02-09)
(06-26-08)
(11-17-09)

4.55¼
4.67¼
4.85
5.03

(06-11-10)
(06-11-10)
(06-11-10)
(06-11-10)

4.56¼
4.71
4.97½
5.25¾

-5½c
-6¾c
-11¼c
-13¾c

+15½c
+14c
+12c
+8¾c

4.69¼
4.85
5.15¾
5.47

4.55¼
4.70¼
4.96¾
5.25

5.31¼
5.63
5.87¼
6.03¾

10.32¼
7.64
10.38¼
7.29½

(06-26-08)
(06-02-09)
(06-26-08)
(06-09-09)

4.25½
4.42½
4.72¾
5.05

(06-08-10)
(06-08-10)
(06-08-10)
(06-11-10)

June 25

5.12¼
5.23¾
5.39¼
5.57¼

the Southwest, Southeast and California where ongoing weak demand outweighed light grind. Hot weather in
parts of the country was expected to
further reduce feed demand. Northeast
values dropped Friday on heavier weekend grind as buyers failed to buy extra
supply before the holiday week.
But nearby values in the Upper Midwest rose as buying interest picked up
late in the week ahead of the holiday
week, and in Central states where some
mills experienced unplanned downtime,
leaving nearby supply tight. Traders
feared lower values in surrounding areas may spill into the Central region.
Trading was slow to moderate on
most days. Increased inquiry but little
trading was evident in deferred positions in some areas with offers to March
2011 noted in select cases as flour sales
were made.
Wheat germ prices also were mixed
last week with some trading below the recent price range but supply was still tight.
Bulk middlings were $53 a ton in K.C.
and $62 in Minneapolis compared with
corn at $116 a ton and sorghum at $100,
both K.C. Corn gluten feed was up $10 at
$100 a ton, distillers' dried grain was off
$6 at $101 a ton and dehydrated alfalfa
was $5 lower at $205 a ton, all K.C. MBN

-26c
-26c
-25½c
-24½c

+10½c
+11½c
+10¼c
+10¾c

5.46¾
5.57½
5.74¼
5.89

5.10½
5.22¼
5.38
5.56½

6.67¼
6.67¼
6.78¾
6.89¼

9.65
8.20¼
8.26¼
8.36½

(08-13-08)
(01-04-00)
(06-02-09)
(06-02-09)

4.84½
4.97
5.14
5.32¼

(06-11-10)
(06-09-10)
(06-10-10)
(06-09-10)

Chicago wheat futures
July contract, $ per bu

Bulk middlings
$ per ton, delivered rail unless noted
Spot
Kansas City
53 @ 58
Southwest, f.o.b. truck
65 @ 70
Minneapolis
66 @ 74
Upper Midwest, f.o.b. truck 62 @ 70
Chicago West
79 @ 87
Central states, f.o.b truck 70 @ 75
Buffalo
59 @ 67
Southeast
56 @ 62
N. & S. California
104 @ 114
Los Angeles, f.o.b. truck 100 @ 110
Pacific Northwest
80 @ 90
Upper Midwest, sacked
220
Wheat germ
265 @ 300

July
53 @ 58
65 @ 70
64 @ 72
60 @ 68
77 @ 85
68 @ 73
60 @ 68
56 @ 62
102@ 112
98 @ 108
85 @ 95

44 / June 29, 2010 Milling & Baking News

- Change from - Year
June 18 June 11
ago Aug.-Sept. Oct.-Dec.
-3 @ -2
-7@ -7
82 @ 87
55 @ 60
80@ 85
-2 @ -2
-5@ -5
92 @ 97
67 @ 72
90@ 95
+2 @ +6
-2@ +1
86 @ 93
69 @ 77
74@ 82
+2 @ +6
-2@ +1
82 @ 89
65 @ 73
70@ 78
+2 @ +6
-2@ +1
99 @ 106 82 @ 90
87@ 95
+1 @ +1 +1@ +1
84 @ 89
67 @ 72
80@ 85
-2 @ 0
-2@ 0
80 @ 90
60 @ 68
69@ 77
-1 @ 0
-4@ -3
73 @ 78
56 @ 62
67@ 73
-4 @ -9
-4@ -9 119 @ 134 101 @ 111 107@ 117
-4 @ -9
-4@ -9 115 @ 130 97 @ 107 103@ 113
0 @ -5
-@ -5 100 @ 115 95 @ 105 100@ 110

Jan.-Mar.
81 @ 86
91 @ 96
79 @ 87
75 @ 83
92 @ 100
81 @ 86
...@ ...
...@ ...
...@ ...
...@ ...
...@ ...

Minneapolis wheat futures
July contract, $ per bu

bakingbusiness.com / world-grain.com
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - June 29, 2010

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