Milling & Baking News - August 24, 2010 - 39


Soy Products

Corn Products

Soy flour contracting was slow as buyers
remained in "sticker shock" at price levels,
even though prices declined last week.
Limited sales were on a month-to-month
basis with most buyers holding light coverage beyond September, when they hope
harvest pressure will bring prices down.
Lead times to deliver new orders held at
two to three weeks, and overall demand
was termed good as processors ran hard.
Soybean futures prices declined on
pressure from favorable Midwest crop
development weather that might lead to
record-large U.S. production and from
weaker wheat prices, which eased after
the initial shock of Russia's grain export
ban. But losses were limited by ongoing outstanding export demand for U.S.
soybeans. Also supportive were concerns
about potential losses in Iowa and Illinois,
the nation's two largest soybean producing states, due to recent flooding in Iowa
and the prominence of "sudden death syndrome" in soybean fields in both states.
Soybeans in the 18 major states were
rated 66% good to excellent as of Aug.
15, unchanged for the third consecutive
week and the same as a year ago, the
U.S. Department of Agriculture said. The
crop was 97% blooming. Eighty-four per
cent of the crop was setting pods, ahead
of 69% a year ago and 81% as the 2005-09
average for the date.
Net export sales of U.S. soybeans for
2009-10 and 2010-11 during the week
ended Aug. 12 totaled 2,231,100 tonnes,
down 14% from the prior week's combined total, the U.S.D.A. said. Sales were
at the high end of trade estimates. Net
soybean meal sales for the week were
225,300 tonnes, up 65% from a week earlier and just above trade estimates. MBN

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

4.21¼
4.36¼
4.48¾
4.55¼
4.61
4.51
$ per bu
10.09¼
10.04
10.11
10.15¾
10.17½
10.25
$ per ton
300.80
293.80
293.10
291.20
290.50
292.30

+9½
+9
+8¼
+8
+7¼
+3¾

+16¼
+16¼
+15¾
+14¼
+13
+7½

3.21¾
3.26¼
3.39½
3.49
3.58¼
3.66¼

-34¼
-40
-39½
-36
-31½
-29¼

-29¾
-29½
-28½
-25¼
-21
-18½

10.23
9.73
9.75¾
9.74¾
9.70
9.72½

-1.90
-2.90
-3.60
-3.70
-2.90
-1.70

-1.80
-2.10
-2.80
-2.60
-1.90
-1.20

333.00
298.00
290.00
287.60
285.30
281.90

bakingbusiness.com / world-grain.com

Oats

Bookings of corn meal products were
light as buyers chose to "sit back and
watch," hoping for lower prices once
harvest begins in earnest. Prices rose last
week. Demand was balanced across all
grit sizes. Corn mills ran five to seven days,
still struggling with low milling quality in
the 2009 crop and eagerly awaiting arrival
of the 2010 crop. Basis levels were firm.
Corn futures prices ended mixed with
small gains in contracts through July 2011
but modest losses in more deferred months.
Lower wheat prices were a primary pressuring factor, as wheat values pulled back
from the run-up prompted by Russia's
grain export ban. Prospects of record-large
U.S. production also weighed. Supporting
prices were concerns about yield losses in
the southeastern Corn Belt and in the South
due to recent hot, dry weather, flooding in
Iowa, continued strong export demand and
lower condition ratings.
The corn crop in the 18 major states as
of Aug. 15 was rated 69% good to excellent, down from 71% a week earlier but
above 68% a year ago, the U.S. Department of Agriculture said. The crop had
reached 74% dough stage, far ahead of
38% at the same time last year and 58%
as the 2005-09 average for the date, and
was 32% dented compared with 9% last
year and 22% as the average. The earliermaturing crop was a precursor to what
millers hoped would be much better
milling quality than in the 2009 crop.
Net export sales of U.S. corn for 200910 and 2010-11 during the week ended
Aug. 12 totaled 2,888,600 tonnes, more
than three times the prior week's combined total, the U.S.D.A. said, with about
80% of the total for next year. Sales were
well above trade expectations. MBN

Sales of food grade oats flakes were
slow last week. Prices were unchanged.
Demand for product was building slowly
ahead of the hot breakfast cereal season.
Statistics Canada on Aug. 20 forecast
2010 Canadian oats production at 2,392,200
tonnes, down 15% from 2,798,200 tonnes
in 2009 and down 44% from 4,273,000
tonnes in 2008 but above the average prereport trade estimate of 2.2 million tonnes.
After a shaky start to the season due to
excessive moisture, one trader called the
Canadian oats number "about as good
as you could hope for."
On Aug. 12 the U.S.D.A. forecast 2010
U.S. oats output at 87,239,000 bus, down
6% from 2009 and the lowest on record.
U.S. oats were 79% harvested as of
Aug. 15, well ahead of 57% a year ago
and about even with 78% as the 2005-09
average for the date, the U.S.D.A. said. MBN

Rice
Milled rice and rice byproduct prices
were mostly weaker last week. Mediumgrain rice was steady to $2 a cwt lower,
parboiled and second heads were steady
to $1.50 lower, long-grain was steady to
down 50c and brewers' grain was unchanged. U.S. Department of Agriculture world milled rice prices for the 2010
crop advanced $0.86@1.22 a cwt.
Rough rice futures prices declined with
pressure from the advancing rice harvest
and the prospect of 2010-11 ending stocks
being the highest since 1985-86.
Rice was rated 71% good to excellent
in the six major states on Aug. 15, down
from 72% a week earlier but above 66% a
year ago, the U.S.D.A. said. The crop was
82% headed (78% as the 2005-09 average)
and 10% harvested (8% average). MBN

Rice

Soy products

- Change from - Year
Aug. 20 Aug. 13 Aug. 6
ago

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Aug. 20
Aug. 13
Aug. 6
Soy flour
Bulk
22.00 @ 22.04 -.13@ -.86 +.07 @ -.85
Sacked
23.04 @ 24.00 -.09@ -.90 +.11 @ -.89

Corn meal
$ per cwt
Aug. 20
Chicago, bulk
15.39@ 18.80
Chicago, sacked 17.16@ 20.63
New York, bulk
17.06@ 20.53
New York, sacked 19.48@ 22.92

Ingredient Week

- Change from -
Aug. 13
Aug. 6
+.20@+1.24 +.35@+1.37
+.20@+1.24 +.35@+1.37
+.20@+1.24 +.35@+1.37
+.20@+1.24 +.35@+1.37

Oats
- Change from -
Minneapolis
Aug. 20 Aug. 13 Aug. 6
Food grade flakes, f.o.b.,
bagged, $ per cwt
26.25@26.75 -
-25c
Milling quality oats, No. 2 heavy,
$ per bu
2.82
-11½c
-17½c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Aug. 20
Aug. 13 Aug. 6 ago
Long grain
19.50@22.00 -0.50
-0.50 24.00
Medium grain 25.50@28.00
-
- 43.50
Parboiled
23.00@26.00
-
- 27.00
Second
heads, bulk 16.00@18.00 -1.50
-1.50 18.00
Brewers
15.00@16.50
-
- 16.50
f.o.b. mills, $ per ton
Rice millfeed
22@25
-1.00
-1.00 28.00
Rice bran
60@70
-
- 80.00
Rice hulls
5.00
-
-
5.00
U.S.D.A. 2010 crop world price milled - $ per cwt
Long grain
15.22
+1.22 +1.22 17.29
Medium/short
grain
14.98
+1.20 +1.20 17.06
Broken
10.77
+0.86 +0.86 11.90
C.B.O.T. rough rice futures - $ per cwt
September
10.91
-0.09 +0.30 13.13
November
11.17½
-0.09½ +0.32 13.38
January
11.43
-0.08½ +0.31½ 13.62
March
11.69
-0.08½ +0.30 13.86
Milling & Baking News August 24, 2010 / 37

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Milling & Baking News - August 24, 2010

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