Milling & Baking News - November 2, 2010 - 49


Soy Products

Corn Products

Sales of soy flour remained steady on
a month-to-month basis in most cases
last week. Prices advanced. Coverage
beyond the fourth quarter was light with
buyers hoping for a price break in the
first quarter of 2011 as the South American crop progresses. Processors ran hard
with lead times to deliver new orders
holding at three to four weeks.
Soy complex futures continued to escalate, driven mainly by ongoing impressive export demand for U.S. soybeans,
especially from China. The period started
with soybean export inspections for the
week ended Oct. 21 at an 11-month high,
according to U.S. Department of Agriculture data. The week ended as the U.S.D.A.
reported weekly export sales of soybeans
above 2 million tonnes for the second consecutive week. Export prospects, along
with soybean prices, were supported by
weakness in the U.S. dollar. Most soybean
contracts ended above $12 a bu.
The soybean harvest in the 18 major
states reached 91% completed as of Oct.
24, compared with 42% at the same time
last year and well ahead of 72% as the
2005-09 average for the date, the U.S.D.A.
said in its weekly Crop Progress report.
Harvesting was 96% to 99% completed in
the top five states of Iowa, Illinois, Minnesota, Nebraska and Indiana.
Foreign demand for U.S. soybeans remained strong with net export sales for
2010-11 during the week ended Oct. 21 at
2,025,800 tonnes, up slightly from a week
earlier and 40% above the prior four-week
average, the U.S.D.A. said. China bought
68% of the total. Sales were at the high end
of trade estimates. Export sales of soybean
meal for the week totaled 153,900 tonnes,
down 37% from a week earlier. MBN

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

5.82
5.95
6.01
6.03¾
5.62
5.42
$ per bu
12.26
12.36
12.40¼
12.39¾
12.43½
12.26
$ per ton
337.70
339.10
340.20
339.30
340.00
334.60

Oats

Bookings of corn meal products were
steady last week. Prices continued to
advance. Buying remained mostly on a
month-to-month basis with coverage beyond December light to absent in many
cases. Mill sources indicated 2010 corn
was almost too dry to meet desired milling specifications in some areas in sharp
contrast to last year's high-moisture
supply. Mills ran five to six days with
some extra run time needed to fill flour
and smaller granulation demand.
Corn futures prices continued to climb,
advancing at least 22c a bu with some
contracts piercing the $6-a-bu benchmark.
Weakness in the U.S. dollar and strong
gains in soybean and especially wheat futures supported corn prices, which gave
up its recent market-leading status. Lowerthan-expected yields from the record-paced
U.S. harvest also were supportive. But concern high prices may stem demand, especially for exports, was somewhat limiting.
Sources noted a significant amount of
corn piled on the ground due to the lack
of storage space at country elevators.
The corn harvest climbed to an unprecedented 83% completed in the 18 major
states as of Oct. 24, more than four times
20% at the same time last year and far
ahead of 49% as the 2005-09 average for the
date, the U.S. Department of Agriculture
said in its weekly Crop Progress report.
Corn in Iowa was 86% combined compared
with 12% a year ago while Illinois corn was
at 97% combined versus 14% last year.
Net export sales of U.S. corn for 201011 totaled 550,800 tonnes during the week
ended Oct. 21, about 2½ times the prior
week's amount but 17% below the fourweek average, the U.S.D.A. said. The total
was slightly above trade estimates. MBN

Bookings of food grade oats flakes
were steady last week. Prices advanced
25c a cwt following gains in oats futures
and were the highest since July 2008.
Mills ran hard to meet demand for the hot
breakfast cereal season. Lead times for
new orders stretched, and some buyers
were unable to secure nearby products if
they had not previously contracted them.
Crops in Saskatchewan were 99% harvested as of Oct. 24, according to Agriculture Saskatchewan's weekly crop report.
Concerns about the quality of Canada's
late-maturing, frost-damaged oats crop
persisted as the harvest wound down
across the Prairies. Some processors noted
light test weights, among other issues, and
expected mixed milling quality at best. MBN

Rice
Milled rice prices last week were mostly
unchanged except long-grain, which was
steady to $1.50 a cwt higher, and brewers'
grain, which was steady to $2 lower. Rice
byproducts were mostly unchanged.
Rough rice futures prices rose to an
11-month high at midweek on light farmer
selling in the United States and tightening
global supplies, then dropped later in the
week on concerns high prices might dampen export demand and on month-end profit taking as funds sold. Still, futures prices
ended mostly higher for the week.
The rice harvest was 91% completed
in the six major states as of Oct. 24, ahead
of 84% at the same time last year but just
behind the 2005-09 average for the date
of 93%, the U.S.D.A. said.
Net export sales of U.S. rice for 201011 during the week ended Oct. 21 were
86,900 tonnes, down 28% from a week
earlier, the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
Oct. 29 Oct. 22 Oct. 15
ago

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Oct. 29
Oct. 22
Oct. 15
Soy flour
Bulk
22.45 @ 24.13 +.35@ +.33 -.36 @ +.96
Sacked
24.45 @ 25.13 +.35@ +.33 +.28 @ +.32

+22
+22¾
+22¾
+22¾
+25½
+23½

+19
+20
+20¼
+21¼
+22½
+25¼

3.66
3.79¼
3.88¼
3.96½
4.03¾
4.11¾

+26½
+24½
+21½
+18
+16¾
+14¼

+41
+40¼
+36¾
+35
+34½
+30

9.78
9.76½
9.75
9.70
9.72½
9.70

Chicago, bulk
Chicago, sacked
New York, bulk
New York, sacked

+6.80
+6.60
+5.30
+3.40
+2.70
+2.20

+9.50
+9.70
+8.50
+7.30
+7.00
+6.60

297.00
289.50
285.80
281.80
282.20
282.00

- Change from -
Minneapolis
Oct. 29
Oct. 22 Oct. 15
Food grade flakes, f.o.b.,
bagged, $ per cwt
30.25@30.75 +25c
+25c
Milling quality oats, No. 2 heavy,
$ per bu
3.68
11c
-2¼c
Oat hulls, $ per ton
25@35
-
-

bakingbusiness.com / world-grain.com

Corn meal
$ per cwt
- Change from -
Oct. 29
Oct. 22
19.41@ 23.10 +.44@+.74
21.18@ 24.93 +.44@+.74
21.08@ 24.83 +.44@+.74
23.50@ 27.22 +.44@+.74

Ingredient Week

Oct. 15
+.39@+.67
+.39@+.67
+.39@+.67
+.39@+.67

Oats

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Oct. 29
Oct. 22 Oct. 15 ago
Long grain
25.00@27.00
- +3.00 23.50
Medium grain 29.00@29.50
-
- 31.50
Parboiled
29.00@31.00
- +3.25 27.50
Second
heads, bulk 15.00@16.00
-
- 18.00
Brewers
10.00@13.00 -2.00
-2.00 16.00
f.o.b. mills, $ per ton
Rice millfeed 35.00@38.00
- +3.00 40.00
Rice bran
80.00@85.00
- +10.00 90.00
Rice hulls
5.00
-
- 12.00
U.S.D.A. 2010 crop world price milled - $ per cwt
Long grain
19.10
- +1.00 16.85
Medium/short
grain
18.84
- +0.98 16.62
Broken
13.52
- +0.71 11.60
C.B.O.T. rough rice futures - $ per cwt
November
14.42½
+0.19 +0.83½ 14.36
January
14.72½
+0.21 +0.86 14.69
March
15.00
+0.21½ +0.85½ 14.91
May
15.25½
+0.22 +0.84½ 15.14
Milling & Baking News November 2, 2010 / 41

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Milling & Baking News - November 2, 2010

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