Milling & Baking News - November 1, 2011 - 39

Cash Wheat
HARD WINTER. Premiums on hard red winter wheat in Kansas City were unchanged to 16c a bu higher last week. The basis was unchanged and largely untested below 11.8% protein. The widest gains took place across the middle of the protein scale, which also saw the most wheat offered. Wheat movement remained sluggish, and mills were forced to raise bids to procure a share of what wheat was offered on the spot market. Mills sought to keep pipelines optimally filled understanding that November-December often is a period of slack wheat movement. Resellers short on their commitments to mills also were active bidders during the week. Most of the week’s gains were posted early in the week. The cash basis exhibited more stability after midweek. The hard winter wheat basis was historically high. The basis on 12%-protein hard winter wheat at 141c over the K.C. December future compared with a basis level of 12c over a year earlier. Mills remained interested in protein given the sluggish movement of spring wheat, the wide spread between winter wheat and spring wheat values and the substitutability of hard winter wheat for spring wheat in certain flour blends. Concerns over prospective wheat movement in November-December helped spur activity in the market for toarrive wheat. Individual mills contracted for supply to be delivered during those months. Others continued to balk at offers they viewed as too high. The U.S. Department of Agriculture in its weekly Crop Progress report indicated winter wheat planting by Oct. 23 was 92% completed in Kansas (86% as the recent five-year average for the date), 82% in Oklahoma (82%), 63% in Texas (78%), 99% in Colorado (99%), 99% in Nebraska

(98%), 95% in South Dakota (97%) and 91% in Montana (95%). Wheat emergence was 70% in Kansas (65% as the average), 50% in Oklahoma (64%), 26% in Texas (55%), 93% in Nebraska (90%), 83% in Colorado (87%), 86% in South Dakota (83%) and 54% in Montana (72%). The U.S.D.A. rated Kansas wheat condition as of Oct. 23 at 43% good to excellent, 45% fair and 12% poor to very poor; Oklahoma wheat was 36% good to excellent, 43% fair and 21% poor to very poor, and Texas wheat was 25% good, 25% fair and 50% poor to very poor. The poor Texas wheat condition reflected severe drought in the state. Recent rain across parched Oklahoma helped wheat emergence and its initial wheat condition rating. But subsoil moisture was scarce, and much more moisture was needed soon to sustain plant growth. Wheat rated good to excellent was 82% in Nebraska, 45% in Colorado (46% fair), 68% in South Dakota and 41% in Montana (48% fair). HARD SPRING. Premiums on hard red spring wheat quoted as delivered Chicago/beyond values in relation to the Minneapolis March wheat future advanced 25@50c a bu last week. Wheat movement across the northern Plains remained slow even as the fall crop harvest made tremendous progress. Because of the short wheat crop, most farmers had room to store wheat, and they had other crops to sell as well. They seemed to be holding out in the hope wheat prices would continue to rise.

The U.S.D.A. indicated the North Dakota corn harvest was 71% completed by Oct. 23 compared with 31% as the recent five-year average for the date, and the state’s soybean harvest was 93% completed compared with 75% as the average. SOFT RED. Mill bids on soft red winter wheat were 10c a bu higher to 20c lower last week. Only one point indicated lower mill bids. The market overall was steady to stronger, which is typical during the fall crop harvest as mills try to sustain farmer interest in selling wheat. In Kansas City, No. 1 soft red bids advanced 10c and were at 55c under K.C. December to 5c over. Gulf bids on soft red for nearby were unchanged at 65c over Chicago Dec. St. Louis mill bids were unchanged at 50c over Chicago Dec. Chicago mill bids were unchanged at the Chicago December price. Mill bids in Toledo for nearby moved up 10c and were at 10c over Chicago Dec.; November, 25c over Dec.; December, 35c over. Elevator bids were 15c under Chicago Dec. for nearby. Cincinnati nearby mill bids were 25c under Chicago Dec., down 20c. Elevator bids for nearby were 15c under Chicago Dec.; new crop, 30c under July. Michigan white wheat mill bids for nearby were 10c under Chicago Dec. to 5c over. Winter wheat planting by Oct. 23 was 47% completed in Arkansas (34% as the five-year average for the date), 60% in Missouri (49%), 74% in Illinois (72%), 73% in Indiana (72%), 55% in Ohio (82%), 80% in Michigan (80%) and 18% in North Carolina (17%), the U.S.D.A. said. MBN

No. 1 hard spring
Basis Minneapolis March, delivered Chicago\beyond cents per bu Oct. 28 — Change from — Year Premium Oct. 21 Oct. 14 ago Ordinary ... ... ... … 11% ... ... ... -45 12% ... ... ... -30 @ -20 13% ... ... ... -10 @ 0 13.5% ... ... ... 30 14% 160 @ 195 +25 @ +50 +10@ +45 75 @ 140 14.5% ... ... ... 190 15% 225 @ 230 +40 @ +40 +75@ +40 260 @ 350 16% ... ... ... … 17% ... ... ... …

Cash wheat
Oct. 28 — Change from — Year For shipment Bid Oct. 21 Oct. 14 ago No. 1 Soft White, Track, Portland $ per bu September 6.35 -.02 +.18 … November 6.37 -.02 +.17 … December 6.39 -.02 +.16 … No. 1 Hard 11.5%, Track, Portland Basis Kansas City future, $ per bu September 0.75 — +.10 … November 0.75 — +.10 … December 0.75 — +.05 … No. 1 Spring 14%, Track, Portland Basis Minneapolis future, $ per bu September 1.60 +.05 +.05 1.55 November 1.65 +.05 +.10 1.65 December 1.70 +.05 +.10 1.65

No. 1 hard winter
Basis Kansas City Dec., cents per bu Oct. 28 — Change from — Premium Oct. 21 Oct. 14 Ordinary 30 @ 45 — — 11% 45 @ 60 — +15 @ +15 11.2% 55 @ 70 — +10 @ +10 11.4% 65 @ 80 — — 11.6% 80 @ 95 — +10 @ +10 11.8% 118 @ 133 +8 @ +8 +43 @ +43 12% 126 @ 141 +16 @ +16 +46 @ +46 12.2% 126 @ 141 +16 @ +16 +46 @ +46 12.4% 126 @ 141 +16 @ +16 +46 @ +46 12.6% 126 @ 141 +16 @ +16 +31 @ +31 12.8% 130 @ 145 +15 @ +15 +15 @ +15 13% 145 @ 160 +10 @ +10 +19 @ +19 13.2% 145 @ 160 +10 @ +10 +18 @ +18 13.4% 147 @ 162 +12 @ +12 +20 @ +20 13.6% 149 @ 164 +4 @ +4 +4 @ +4 13.8% 149 @ 164 +4 @ +4 +4 @ +4 14% 190 @ 205 +10 @ +10 +30 @ +30
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Year ago -45 @ -30 -45 @ -30 -35 @ -20 -25 @ -10 -24 @ -9 -24 @ -9 -3 @ 12 2 @ 17 5 @ 20 5 @ 20 10 @ 25 25 @ 40 25 @ 40 30 @ 45 45 @ 60 55 @ 70 55 @ 70

Exporter bids and offers
For Oct. 28 shipment Bid Offer No. 1 Hard 12%, Track Gulf Basis Kansas City future, cents per bu October … … November +100 Dec. … December +100 Dec. … January +97 March 105 No. 2 Soft Red, c.i.f. New Orleans Basis Chicago future, cents per bu October +65 Dec. … November +75 Dec. 85 December +75 Dec. 85 January +47 March 55 Year ago bid

… … … … March

Canadian domestic milling wheat
Change from Year In-store, Thunder Bay, Oct. 28 Oct. 21 ago Canadian $ per tonne Western red spring 13.5% 381.68 -.22 328.21 Soft white spring 268.90 +3.79 295.73 Amber durum 548.79 -7.38 346.27 U.S. $ per bu Western red spring 13.5% 10.43 0.13 8.77 Soft white spring 7.35 0.20 7.90 Amber durum 15.00 — 9.25
Milling & Baking News November 1, 2011 / 39

60 +60 +70 +45

Dec. Dec. Dec. March

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Ingredient Week
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Milling & Baking News - November 1, 2011

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