Milling & Baking News - December 28, 2010 - 37


Soy Products
Sales of soy flour were slow ahead of the
holiday last week. Prices advanced. Some
processors said pricing inquiries for 2011
increased, but little actual buying ensued
as current prices "chased" users away. For
quite some time sellers have encouraged
buyers to book most or all of their 2011
soy flour needs because they see upward
price risk outweighing downside potential. While some users have booked for
longer periods and a few even for the full
year, most have continued buying month
to month. Shipments were brisk, and some
plants were expected to run through the
holiday period. Lead times to deliver new
orders averaged three weeks.
Soy complex futures soared with
front month March soybeans rising to a
28-month high Thursday before the holiday recess. Soybean futures advanced
about 40@50c a bu through September
2011, while soybean meal contracts were
up about $10@12 a ton for the same period. Continued hot, dry weather in
Argentina, the world's third-largest
soybean grower, was a major supporting factor, although conditions were better in Brazil, the world's second-largest
grower behind the United States. Strong
gains in corn futures and crude oil prices
rising above $90 a barrel also were supporting factors. In addition, a strike by
workers at six Argentine soybean crushing plants, renewing concern about that
country as a reliable supplier, added support. Domestic and foreign soybean and
soybean product demand held strong.
Net export sales of U.S. soybeans for
2010-11 during the week ended Dec.
16 totaled 827,800 tonnes, more than
nine times the previous week's amount
and up 21% from the prior four-week

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

Oats
Bookings of food grade oats flakes
remained seasonally slow last week as
some buyers took extra holiday downtime. Prices held at the highest levels
since July 2008. Oats futures prices
posted modest gains with underlying
support from concerns about supplies of
quality milling oats, especially in Canada. Mills continued to run full to meet
demand during the height of the hot
breakfast cereal season. MBN

Corn Products
Bookings of corn meal products were
slow during the holiday week. Prices
jumped. Shipments slowed as some
breakfast cereal manufacturers took extra down time during the holiday period.
Sales have been mostly month to month
for some time. Corn mills ran four to six
days last week.
Despite strong prices, country sales of
corn were slow ahead of the holidays in
part due to farmers' desire to limit tax liabilities this calendar year. Wintry weather
hampered movement in some areas.
Corn futures prices rose to 29-month
highs (highest for the "front" contract
since the July 2008 record high) last
Thursday ahead of the holiday break.
Hot, dry weather during the key pollination period of the corn crop in Argentina, the world's second largest producer,
was a major supporting feature during
the week, adding to overall concerns
about tight global corn supplies. Uncertainty about U.S. 2011 corn planting
levels amid good demand, especially for
ethanol, added support, as did stronger
crude oil prices.
Net export sales of U.S. corn for 201011 totaled 906,100 tonnes during the
week ended Dec. 16, up 12% from a
week earlier and up 18% from the prior

Rice
Milled rice prices were steady last
week. Rice byproducts were unchanged
except bran, which was steady to $10 a
ton higher. U.S. Department of Agriculture 2010 crop world milled rice prices
were unchanged.
Rough rice futures prices continued to
slide last week, dipping to four-week lows.
Rice futures were about the only grain trading at prices below a year ago. Although
concerns persisted about the quality of the
record-large U.S. rice crop, and export sales
have been strong, pressure from Asian exporters and record-large world production
weighed on U.S. prices.
Net export sales of U.S. rice for 201011 totaled 85,400 tonnes during the week
ended Dec. 16, up 10% from a week earlier and up 8% from the prior four-week
average, the U.S.D.A. said. Export sales
commitments for the marketing year to
date were up 22% from a year ago. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Dec. 23
Dec. 17
Dec. 10
Soy flour
Bulk
24.65 @ 25.25 +.61@ +.62 +1.32 @+1.13
Sacked
26.25 @ 26.65 +.62@ +.61 +1.13 @+1.32

+17½
+17¾
+17½
+16¾
+9¾
+9½

+39¾
+39
+37¾
+29¼
+22
+21½

4.08½
4.18¾
4.28¼
4.34
4.40¼
4.49¾

+50¾
+49½
+48½
+47½
+44
+39¾

+76½
+77½
+80
+80¾
+78¼
+74¾

9.99½
10.08
10.14½
10.19½
10.15¼
10.01½

Dec. 23
Chicago, bulk
20.11 @ 23.89
Chicago, sacked 21.88 @ 25.72
New York, bulk
21.78 @ 25.62
New York, sacked 24.20 @ 28.01

+12.20
+12.10
+12.20
+12.00
+11.30
+9.70

+22.40
+23.30
+24.50
+24.70
+24.40
+22.90

301.40
296.30
293.70
294.60
293.90
289.90

Minneapolis
Dec. 23
Food grade flakes, f.o.b.,
bagged, $ per cwt
30.50@31
Milling quality oats, No. 2 heavy,
$ per bu
3.98½
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

four-week average, the U.S. Department of Agriculture said. Sales for the
week exceeded trade expectations. For
the marketing year to date, export sales
commitments of corn were 4% ahead of
the year-ago pace. MBN

Soy products

- Change from - Year
Dec. 23 Dec. 17 Dec. 10 ago
6.14
6.22
6.25¾
5.78½
5.51¼
5.59
$ per bu
13.49½
13.60
13.67
13.69¼
13.42¾
13.03½
$ per ton
360.00
363.40
364.30
364.90
355.90
343.30

average, the U.S. Department of Agriculture said. China bought 77% of the total.
Net soybean meal sales for 2010-11 during the week were 113,500 tonnes, down
34% from a week earlier and down
43% from the four-week average, the
U.S.D.A. said. Sales commitments for the
marketing year to date were 12% ahead
of the same period last year for soybeans
but 17% behind for soybean meal. MBN

Ingredient Week

Corn meal
$ per cwt
- Change from -
Dec. 17
Dec. 10
+.60@+1.22 +1.05@+1.65
+.60@+1.22 +1.05@+1.65
+.60@+1.22 +1.05@+1.65
+.60@+1.22 +1.05@+1.65

Oats
- Change from -
Dec. 17 Dec. 10
-

+7c
-

+8½c
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Dec. 23
Dec. 17 Dec. 10 ago
Long grain
29.00@30.00
-
- 25.00
Medium grain 34.00@35.50
-
- 30.50
Parboiled
34.00@37.00
-
- 28.50
Second
heads, bulk 15.00@16.00
-
- 18.00
Brewers
10.00@13.00
-
- 16.50
f.o.b. mills, $ per ton
Rice millfeed
40@45
-
- 50.00
Rice bran
100@120
-
- 105.00
Rice hulls
1@2
-
- 15.00
U.S.D.A. 2010 crop world price milled - $ per cwt
Long grain
22.20
- +0.24 20.56
Medium/short
grain
21.92
- +0.26 20.30
Broken
15.71
- +0.17 14.16
C.B.O.T. rough rice futures - $ per cwt
January
13.39½
-0.30
-0.53 14.68
March
13.69½
-0.29 -0.51½ 14.97
May
13.97
-0.29½ -0.52½ 15.20
July
14.22
-0.29½
-0.51 15.44
Milling & Baking News December 28, 2010 / 37

http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - December 28, 2010

Table of Contents for the Digital Edition of Milling & Baking News - December 28, 2010