Milling & Baking News - December 13, 2011 - 37

Soy Products
Soy flour sales were slow last week as buyers stood aside to see how much lower prices may fall. Some processors advised users to hold off booking beyond the first quarter of 2012. Coverage already on the books ranged from a month out to the full year. Lead time needed to deliver new orders held at two to three weeks. The carryover of U.S. soybeans on Sept. 1, 2011, was projected at 230 million bus, up 18% from 195 million bus in November and up 7% from 215 million bus in 2011, the U.S. Department of Agriculture said in its Dec. 9 World Agricultural Supply and Demand Estimates. The 2012 carryover number was above the average pre-report trade estimate of 213 million bus. Total use of soybeans in 2011-12 was projected at 3,045 million bus, down 1% from 3,080 million bus in November and down 7% from 3,280 million bus in 201011. Crushings were projected at 1,625 million bus, down 10 million bus from November and down 23 million bus from 2010-11. Exports were projected at 1,300 million bus, down 25 million bus from November and down 201 million bus from 1,501 million bus in 2010-11. The U.S. 2011-12 total soybean supply projection at 3,275 million bus was unchanged from November. The average farm price of soybeans was projected to range from $10.70 to $12.70 a bu in 2011-12, down 90c from November. Soy complex futures prices dropped sharply after the U.S.D.A. report with soybeans off about 3% and soybean meal down about 4% for the week. Net export sales of U.S. soybeans in the week ended Dec. 1 for delivery in 2011-12 were 770,400 tonnes, up 57% from a week earlier, with 72% of the total

going to China, the U.S.D.A. said. Soybean meal sales were 170,000 tonnes in the week, up 25% from the prior week. MBN

Corn Products
Corn meal sales were slow last week as prices edged lower. Many users already held coverage for the first quarter of 2012, and some had full or partial coverage for the entire crop year. Others continued to buy month to month. Sales were well balanced across all grit sizes. Corn mills ran five to six days. The U.S. Department of Agriculture in its Dec. 9 World Agricultural Supply and Demand Estimates projected the U.S. corn carryover on Sept. 1, 2012, at 848 million bus, up 5 million bus from November but down 280 million bus, or 25%, from 1,128 million bus in 2011. The 2012 U.S.D.A. carryover number was above the average trade estimate near 838 million bus. U.S. corn supply projections were unchanged from November with 2011 corn production at 12,310 million bus, imports in 2011-12 at 15 million bus and total supply at 13,453 million bus. Food, seed and industrial use of corn was projected at 6,405 million bus in 201112, down 5 million bus from November (including corn for ethanol at 5,000 million bus, unchanged; food and seed use at 1,405 million bus, down 5 million bus). Feed and residual use in 2011-12 was projected at 4,600 million bus, unchanged from November but down 4% from 4,792 million bus in 2010-11. U.S. 2011-12 corn exports were projected at 1,600 million bus, unchanged from November but down 13% from 2010-11. The average farm price of corn was projected to range from $5.90 to $6.90 a bu, down 30c from November.

Corn futures prices held slim gains through Thursday but dropped after Friday morning’s U.S.D.A. data and ended the week narrowly mixed. Wet conditions continued to prevent the completion of corn harvesting in parts of the eastern Corn Belt. Net export sales of U.S. corn in the week ended Dec. 1 for delivery in 2011-12 were 695,500 tonnes, nearly 2½ times the prior week’s total, the U.S.D.A. said. MBN

Oats
Sales of food grade oats flakes were steady last week with activity expected to remain light through the holiday period. Prices declined slightly as oats futures dropped. Farmer selling remained slow, keeping the cash basis strong. Oats mills ran hard to keep up with demand during the hot breakfast cereal season. In its final crop report of 2011, Statistics Canada estimated oats production at 2,997,100 tonnes (194,337,000 bus), up 4% from its prior estimate, up 21% from 2010 and about as expected by the trade. MBN

Rice
U.S. milled rice and rice byproducts prices were unchanged last week. U.S.D.A. 2011 crop world milled rice prices were unchanged. Rough rice futures prices were moderately lower with most other grains and were down nearly 20% from late October in the nearby January contract. In its Dec. 9 World Agricultural Supply and Demand Estimates, the U.S.D.A. left 2011-12 U.S. rice projections unchanged from November with a carryover on Aug. 1, 2012, projected at 37.5 million cwts. World rice production in 2011-12 was projected at 460.8 million tonnes, down slightly from November but still record large. MBN

Chicago corn and soy futures
Corn Futures $ per bu December March May July September December Soybeans January March May July August September Soybean Meal December January March May July August — Change from — Year Dec. 9 Dec. 2 Nov. 25 ago 5.85½ 5.94¼ 6.03 6.09 5.75 5.51¾ $ per bu 11.07 11.16½ 11.27 11.37 11.37½ 11.35 $ per ton 275.50 276.90 281.20 285.30 289.40 290.90 -1 -1 — +¼ +3¼ -1½ -28¾ -29¾ -29¼ -29¼ -28½ -24 -10.90 -11.40 -10.80 -10.30 -10.30 -10.10 +3 +4¼ +5¾ +9¾ +17½ +16¼ +½ +¾ +2½ +4 +5¾ +10¾ -7.20 -6.10 -4.30 -3.20 -3.00 -2.60 5.60¼ 5.74¼ 5.83 5.88 5.49¼ 5.29¼ 12.73 12.82½ 12.87 12.88½ 12.64½ 12.28¾ 339.10 337.60 340.10 339.80 340.20 331.50

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt — Change from — Dec. 9 Dec. 2 Nov. 25 Soy ﬂour Bulk 21.05 @ 21.32 -.47@ -.94 -.23 @ -.33 Sacked 22.32 @ 23.05 -.94@ -.47 -.33 @ -.23

Rice
Offers f.o.b. mills, $ per cwt, bagged

— Change from — Year Cash Dec. 9 Dec. 2 Nov. 25 ago Long grain 27.00@30.00 — — 29.00 Medium grain 31.00@36.00 — -1.50 34.00 Parboiled 30.00@37.00 — -1.00 34.00 Second Corn meal heads, bulk 17.00@18.00 — — 15.00 $ per cwt 14.00@18.00 — — 10.00 — Change from — Brewers f.o.b. mills, $ per ton Dec. 9 Dec. 2 Nov. 25 ... ... . . . 40.00 Chicago, bulk 22.38@ 25.50 -.02@-.05 +.08@-.25 Rice millfeed 220@250 — +30.00 100.00 Chicago, sacked 24.15@ 27.33 -.02@-.05 +.08@-.25 Rice bran 50.00 — — 1.00 New York, bulk 24.05@ 27.23 -.02@-.05 +.08@-.25 Rice hulls New York, sacked 26.47@ 29.62 -.02@-.05 +.08@-.25 U.S.D.A. 2011 crop world price milled - $ per cwt Long grain 22.09 — -0.91 21.96 Oats Medium/short 21.79 — -0.90 21.66 — Change from — grain Minneapolis 15.63 — -0.64 15.54 Dec. 9 Dec. 2 Nov. 25 Broken C.B.O.T. rough rice futures - $ per cwt Food grade ﬂakes, f.o.b., January 14.01 -0.44½ -0.22½ 13.93 bagged, $ per cwt 29.50@30 -25 +50 March 14.28 -0.46½ -0.25 14.21 Milling quality oats, No. 2 heavy, May 14.58 -0.45½ -0.24 14.50 $ per bu 3.37 -13 +10 July 14.85 -0.46 -0.24½ 14.73 Oat hulls, $ per ton 25@35 — —
Milling & Baking News December 13, 2011 / 37

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Milling & Baking News - December 13, 2011

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