Milling & Baking News - June 12, 2012 - 45

Soy Products
Soy flour prices were sharply higher as soybean meal prices soared. The sharp price gains stymied most buying interest other than “must-have” monthto-month activity, with no long-term interest at all. With tightening old crop soybean supplies, relief was a ways off. Soybean futures rose steadily last week until Friday, when modest losses on profittaking trimmed gains for the week. Still, values were up about 6% from a week earlier. The benchmark July contract settled at $14.26¼ a bu, up $82c on the week. Soybean meal and soybean oil futures were unchanged early in the week before rallying later in the week, with soybean meal also posting impressive gains. July soybean meal settled at $429.80 a ton, up $35.30 for the week, and soybean oil finished at 49.46c, up 0.87c from the previous Friday. Soybean plantings continue to progress ahead of schedule. The U.S.D.A. reported as of June 3 that the crop was 98% planted in Illinois, up from 73% in the same week a year ago and 70% for the prior five-year average. An estimated 94% of the crop was in the ground by June 3 in the 18 major soybean growing states, up from 63% at the same time last year and up from 75% for the 2007-2011 average. U.S. soybean weekly export sales for the week ending May 31 for delivery in 201112, reported last Thursday were down 9% from the previous week at 220,200 tonnes and 59% less than the previous 4-week average, the U.S.D.A. said. Soybean cake and meal net export sales of 75,000 tonnes were up noticeably from a week earlier but down 30% from the previous 4-week average, the U.S.D.A. said.

The U.S.D.A. announced Friday a sale of 410,000 tonnes of soybeans to China, including 60,000 tonnes old crop and 350,000 tonnes new crop. A sale of 120,000 tonnes of old-crop soybeans to Egypt also was announced. MBN

Corn Products
Demand for grits, especially brewers’ grits, was strong last week, along with dairy demand for hominy. Large flakes used in cereals experienced fair demand. Corn flour demand was generally fairly weak except in formulas used for coating fried foods. Corn futures rallied on ideas that dry weather was starting to threaten crop conditions. Strong soybean futures and firmer financial and energy markets also were supportive. The benchmark July corn futures contract at the Chicago Board of Trade settled at $5.98 a bu, up 46½c for the week, with other months posting gains of about 35c. In the 18 major corn growing states, a total of 97% of the new crop was emerged, up from 75% in the same week a year ago and 83% for the 2007-11 average, the U.S.D.A. reported as of June 3. A total of 72% of the crop was rated good to excellent for the week, the same as the previous week and up from 67% in the same week a year ago. The U.S.D.A. reported Thursday net export sales of corn in the week ending May 31 for delivery this marketing year of 251,800 tonnes, a jump of 33% from the previous week and a rise of 11% from the prior 4-week average. MBN

manufacturers but firmer demand from snack bar makers last week. Prices were unchanged. Oats futures posted strong gains along with corn futures last week, and have risen from about 5% to more than 10% since recent lows in late May but still were about 20% below year-ago levels. The U.S. Department of Agriculture said the oats crop in the nine major growing states was 51% headed as of June 3, up from 37% in the same week a year ago and above the 39% as the prior five-year average. The crop in the nine states was rated 72% good to excellent, the same as the previous week and up from 58% in the same week a year ago. MBN

Rice
U.S. milled rice prices were unchanged last week while rice byproducts were steady to higher with bran up $5@10 a ton, hulls gaining $5 and millfeed steady. U.S. Department of Agriculture 2011 crop world milled rice prices were unchanged for the week. Rough rice futures traded at the CME Group saw wide daily price fluctuations only to end the week nearly flat compared with a week earlier. Rice crop progress, as reported by the U.S.DA., showed 94% of the crop had emerged as of June 3, compared with 88% as the 2007-11 average for the date. The rice crop was rated 65% good to excellent in the six rice-growing states, down from 69% in the previous week but up from 59% the same week a year ago. U.S. rice export sales during the week ended May 31 for delivery in 2011-12 were 20,100 tonnes, down 53% from the previous week and down 71% from the prior 4-week average, the U.S.D.A. said. MBN

Oats
Food-grade oats flakes saw seasonally slow demand from hot breakfast cereal

Chicago corn and soy futures
Corn Futures $ per bu July September December March May July Soybeans July August September November January March Soybean Meal July August September October December January — Change from — Year June 8 June 1 May 25 ago 5.98 5.51 5.44 5.56 5.64 5.70 $ per bu 14.26¼ 14.00½ 13.62 13.32½ 13.31¾ 13.04 $ per ton 429.80 419.00 406.30 392.70 387.80 383.10 +46½ +36¼ +34 +35 +35¼ +34 +82 +82 +76½ +74½ +71 +60¼ +35.30 +37.90 +38.10 +34.50 +33.80 +31.30 +19½ +24½ +22½ +23¼ +23 +25½ +44¼ +38½ +40¼ +43¼ +41¼ +37¾ +20.50 +23.70 +24.00 +24.70 +24.00 +22.00 7.87 7.56 7.12½ 7.23 7.26¼ 7.33 13.87¼ 13.82¼ 13.79½ 13.81¾ 13.91¼ 13.94¼ 373.30 368.30 365.60 362.30 364.30 365.80

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt — Change from — June 8 June 1 May 25 Soy ﬂour Bulk 28.99 @ 29.45 +1.76@+1.71 +1.03 @ +.97 Sacked 29.99 @ 31.45 +1.76@+1.71 +1.03 @ +.97

Rice
Offers f.o.b. mills, $ per cwt, bagged — Change from — Year Cash June 8 June 1 May 25 ago Long grain 24.50@25.00 — — 23.50 Medium grain 27.00@27.50 — — 35.50 Parboiled 27.75@31.50 — — 28.50 Second heads, bulk 18.00@18.50 — — 15.00 Brewers 17.00@18.00 — — 12.00 f.o.b. mills, $ per ton Rice millfeed 60.00 — — 40.00 Rice bran 120.00@150.00 +5.00 +5.00 100.00 Rice hulls 20.00 +5.00 +5.00 5.00 U.S.D.A. 2011 crop world price milled - $ per cwt Long grain 18.27 — +1.08 18.62 Medium/short grain 18.05 — +1.09 18.29 Broken 12.93 — +0.77 13.18 C.B.O.T. rough rice futures - $ per cwt July 14.05 +0.01 -0.45½ 14.90 September 14.29½ -0.01 -0.46 15.98 November 14.56 -½ -0.44½ 16.28 January 14.84½ +0.04½ -0.40½ 16.56
Milling & Baking News June 12, 2012 / 45

Corn meal
$ per cwt June 8 23.25@ 25.68 25.02@ 27.51 24.92@ 27.41 27.34@ 29.80 — Change from — June 1 May 25 +.95@+.90 +.41@+.70 +.95@+.90 +.41@+.70 +.95@+.90 +.41@+.70 +.95@+.90 +.41@+.70 — Change from — June 1 May 25 — -1¾c — -.25 +12c —

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

Oats
Minneapolis June 8 Food grade ﬂakes, f.o.b., bagged, $ per cwt 28.50@29 Milling quality oats, No. 2 heavy, $ per bu 3.33¼ Oat hulls, $ per ton 25@35

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Milling & Baking News - June 12, 2012

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