Milling & Baking News - March 22, 2011 - 49

Cash Wheat
HARD WINTER. Premiums on hard red winter wheat in Kansas City were 7c a bu higher to 10c lower last week. The basis advanced 2@7c a bu across the bottom two-thirds of the protein scale with the exception of ordinary wheat, which was unchanged. Premiums across the top third of the protein scale were mixed with 13% and 13.2% proteins registering declines while 13.4%-protein wheat moved up 5c. The basis on the highest proteins was unchanged. Resellers were particularly active buying wheat to meet their March commitments to mills. Mill demand for spot supply was steady with the aim of ﬁlling gaps in coverage, but wheat buyers said while the market was far from satisﬁed with current wheat movement, there was no sense of urgency. The Chicago gateway remained a bottleneck for shipments of hard spring wheat and hard winter wheat from the Dakotas to eastern mills. The resulting slowing in overall rail car turnaround times could not help but affect wheat movement across the southern Plains, where weather posed no serious impediments during the course of the winter. There was no signiﬁcant business in the market for to-arrive wheat. The U.S. Department of Agriculture’s ﬁeld ofﬁce in Kansas rated the state’s winter wheat crop on March 13 at 26% good to excellent (25% a week earlier), 34% fair (35%) and 40% poor to very poor (40%). The crop was 2% jointed compared with 5% at the same time last year and 3% as the recent ﬁve-year average for the date. The Kansas ofﬁce said, “The winter wheat crop is greening up with the warmer temperatures as it comes out of winter dormancy but is still in need of additional moisture.” Texas winter wheat was rated 18% good to excellent, 26% fair and 56% poor to very

poor as of March 13, unchanged from a week earlier. Oklahoma wheat was rated 27% good to excellent (22% a week earlier), 34% fair (37%) and 39% poor to very poor (41%). “Last week’s showers were beneﬁcial, but more rain is needed to improve crop conditions,” the Oklahoma U.S.D.A. ofﬁce said. The crop was 25% jointing, ahead of 16% as the ﬁve-year average. The Colorado U.S.D.A. ﬁeld ofﬁce rated the state’s winter wheat crop at 19% good to excellent, 41% fair and 40% poor to very poor. A meteorologist addressing members of the Kansas City Board of Trade indicated four to ﬁve weather systems will take place during the remainder of March. Most of these will move too fast and not track in such a way as to provide good moisture in the hard winter wheat belt. But a storm forecast for around March 25 was expected to be signiﬁcant, and there was a 15% chance it may bring “decent moisture” to the hard winter wheat belt. The meteorologist suggested increased chances for moisture in the hard winter belt in the ﬁrst half of April HARD SPRING. Premiums on hard red spring wheat quoted as delivered Chicago/beyond values in relation to the Minneapolis May wheat future were 20c a bu higher to 30c lower last week. The basis was underpinned by good mill interest in the spot market because wheat shipments for application against March contracts remained slow with railroads at least two weeks behind schedule in

placing rail cars along some lines. A merchandiser cautioned ﬂooding in some areas because of snow melt and soft rail beds may keep railroads from making signiﬁcant improvements in movement anytime soon. Additionally, the Chicago gateway remained a bottleneck for wheat moving from the Dakotas to eastern mills. The northern Plains were forecast to receive between a half-inch and 1.5 inches of liquid equivalent precipitation (there may be more snow) in the rest of March. SOFT RED. Mill bids on soft red winter wheat were unchanged to 5c a bu lower last week. In Kansas City, No. 1 soft red bids advanced 6c a bu, to 45c under K.C. May to 45c over. Gulf bids on soft red for nearby advanced 2c, to 82c over Chicago May. St. Louis mill bids held at 15c over Chicago May. Chicago nearby mill bids were 15c over Chicago May; new crop, 25c under July. Mill bids in Toledo for nearby were 30c under May; new crop, 60c under July. Elevator bids were 38c under Chicago May; new crop, 60c under July. Cincinnati nearby mill bids were withdrawn; new crop bids were unchanged at 40c under July. Elevator bids for nearby were 30c under Chicago May, new crop, 40c under July. Michigan white wheat mill bids were at 10c under Chicago May; new crop, 40@45c under July. Georgia winter wheat was rated 62% good to excellent, 36% fair and 2% poor as of March 13, the U.S.D.A. said, while the Louisiana crop was rated 64% good to excellent, 35% fair and 1% poor. MBN

No. 1 hard spring
Basis Minneapolis May, delivered Chicago\beyond cents per bu March 18 — Change from — Year Premium March 11 March 4 ago Ordinary ... ... ... … 11% ... ... ... … 12% -35 @ -20 +5 @ 0 -5 @ -30 -15 @ 0 13% 70 @ 75 +5 @ +5 +5 @ -55 30 @ 50 13.5% 200 +20 @ 0 +25 @ +10 90 @ 135 14% 260 @ 310 -30 @ -30 -15 @ +10 200 @ 240 14.5% 340 @ 390 -25 @ +5 +15 @ +10 285 @ 320 15% 450 @ 475 — +50 @ +50 350 @ 420 16% ... ... ... … 17% ... ... ... …

Cash wheat
March 18 — Change from — For shipment Bid March 11 March 4 No. 1 Soft White, Track, Portland $ per bu March 7.20 ... ... April 7.20 -.40 -.90 May 7.20 -.40 -.90 No. 1 Hard 11.5%, Track, Portland Basis Kansas City future, $ per bu March 0.40 +.05 +.05 April 0.40 +.05 +.05 May 0.35 — — No. 1 Spring 14%, Track, Portland Basis Minneapolis future, $ per bu March 3.00 — — April 3.00 — +.10 May 3.00 — +.10 Year ago … … 4.70 0.35 0.37 0.40

No. 1 hard winter
Basis Kansas City May, cents per bu March 18 — Change from — Premium March 11 March 4 Ordinary -48 @ -33 — — 11% -29 @ -14 +2 @ +2 -2 @ -2 11.2% -29 @ -14 +2 @ +2 -2 @ -2 11.4% -18 @ -3 +6 @ +6 +1 @ +1 11.6% -5 @ 10 +2 @ +2 -2 @ -2 11.8% 6 @ 21 +5 @ +5 -7 @ -7 12% 22 @ 37 +7 @ +7 — 12.2% 22 @ 37 +7 @ +7 — 12.4% 26 @ 41 +4 @ +4 +4 @ +4 12.6% 27 @ 42 +5 @ +5 +5 @ +5 12.8% 40 @ 55 +5 @ +5 +5 @ +5 13% 55 @ 70 -5 @ -5 — 13.2% 55 @ 70 -10 @ -10 — 13.4% 75 @ 90 +5 @ +5 +16 @ +16 13.6% 80 @ 95 — +1 @ +1 13.8% 90 @ 105 — +1 @ +1 14% 95 @ 110 — +1 @ +1
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Year ago -28 @ -13 -11 @ 4 -9 @ 6 15 @ 30 17 @ 32 20 @ 35 24 @ 39 27 @ 42 30 @ 45 35 @ 50 45 @ 60 55 @ 70 55 @ 70 58 @ 73 65 @ 80 65 @ 80 65 @ 80

Exporter bids and offers
For March 18 shipment Bid Offer No. 1 Hard 12%, Track Gulf Basis Kansas City future, cents per bu March … … April … … May +50 May … June … … No. 2 Soft Red, c.i.f. New Orleans Basis Chicago future, cents per bu March +82 May … April +80 May … May +80 May … June +40 July 50 Year ago bid

… +63 May +63 May +60 July

Canadian domestic milling wheat
Change from Year In-store, Thunder Bay, ago Canadian $ per tonne March 18 March 11 Western red spring 13.5% 409.63 +11.37 249.72 Soft white spring 309.26 +14.19 212.69 Amber durum 443.09 -2.20 223.88 U.S. $ per bu Western red spring 13.5% 11.33 0.20 6.69 Soft white spring 8.55 0.30 5.70 Amber durum 12.25 -0.20 6.00
Milling & Baking News March 22, 2011 / 49

+35 +35 +40 +29

May May May July

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Ingredient Week

1.65 1.70 1.75
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Milling & Baking News - March 22, 2011

Table of Contents for the Digital Edition of Milling & Baking News - March 22, 2011
