Milling & Baking News - October 30, 2012 - 35

Cash Wheat
HARD WINTER. Premiums on hard red winter wheat in Kansas City were 6c a bu higher to 5c lower last week. In another week of light offers on the spot market, the basis across the top third of the protein scale was unchanged and mostly untested. Premiums across the middle third of the protein scale had up days and down days before closing at 1c a bu higher to 5c lower. Scattered gains across the lower third of the protein scale reﬂected the recent dearth of low-protein wheat offers. Mills faced no urgent need for spot supply given mostly ﬁlled pipelines. A softening in the Gulf market for hard winter wheat helped facilitate a weaker tone in domestic markets. A merchandiser noted deferred hard winter wheat bids seemed to have been lowered, but it was uncertain if offers would follow suit to the extent additional signiﬁcant business is transacted in the market for to-arrive wheat. Wheat movement across the southern Plains remained sluggish. Producers were ending the fall harvest early and had nearly completed seeding the 2013 hard winter wheat crop, but they remained too engaged in these activities to redirect attention to selling additional wheat. The U.S. Department of Agriculture in its weekly Crop Progress report indicated winter wheat seeding as of Oct. 21 was 91% completed in Kansas (84% as the recent ﬁve-year average for the date), 86% in Oklahoma (79%), 74% in Texas (73%), 99% in Colorado (99%), 97% in Nebraska (98%), 83% in South Dakota (95%) and 82% in Montana (94%). Winter wheat emergence in Kansas by Oct. 21 was 62% (61% as the average), 59% in Oklahoma (57%), 51% in Texas (46%), 66% in Colorado (82%), 58% in Nebraska (87%), 13% in South Dakota (80%) and 36% in Montana (67%).

The Kansas Agricultural Statistics Service rated Kansas wheat condition at 2% excellent, 38% good, 49% fair, 9% poor and 2% very poor. The corn harvest was 94% completed in Kansas by Oct. 21 (71% as the average), 95% in Texas (88%), 64% in Colorado (47%) and 89% in Nebraska (37%). The soybean harvest was 59% completed in Kansas (59% average) and 95% in Nebraska (75%). HARD SPRING. Premiums on hard red spring wheat quoted as delivered Chicago/beyond values in relation to the Minneapolis December wheat future were 10c a bu higher to 15c lower last week. Wheat offers exceeded demand on most days with mill pipelines in good order. The basis was susceptible to further setbacks should producers and elevators begin to increase wheat loadings as the fall crop harvest is concluded. Slack foreign demand for U.S. spring wheat helped facilitate the week’s decline. The fall crop harvest was racing to a conclusion across the northern Plains. The U.S.D.A. indicated the soybean harvest was completed in North Dakota, South Dakota and Minnesota by Oct. 21, well ahead of the average pace in each state. The corn harvest was 91% completed in North Dakota (29% as the average), 96% in South Dakota (34%) and 96% in Minnesota (43%). SOFT RED. Mill bids on soft red winter wheat were mostly steady last week. Kansas City bids on No. 1 soft red wheat

remained withdrawn. Gulf bids on soft red for October were 60c over Chicago December, up 3c. St. Louis nearby mill bids were unchanged at 30c over Chicago December. Chicago mill bids were 25c over Chicago December, unchanged; new crop, 25c under July. Mill bids in Toledo for nearby were 10c over December, unchanged; November-December, 15c over Dec.; January-March, 15c over March; April-May, 20c over May; new crop, 10c under July. Elevator bids were 23c under December; new crop, 15c under July. Cincinnati nearby mill bids were at 10c under December, unchanged; new crop, 15c under July. Elevator bids were 10c under December; new crop, 12c under July. Michigan white wheat mill bids for nearby ranged from the December Chicago price to 40c over December, unchanged. The U.S.D.A. indicated winter wheat planted by Oct. 21 was 69% in Illinois (66% as the average for the date), 71% in Indiana (67%), 53% in Missouri (44%), 67% in Ohio (76%) and 87% in Michigan (80%). Wheat emergence was 34% in Missouri (22% as the average), 29% in Illinois (32%), 25% in Indiana (32%), 22% in Ohio (40%) and 49% in Michigan 47%). The corn harvest by Oct. 21 was 92% completed in Illinois (62% as the average), 72% in Indiana (53%), 50% in Ohio (36%), 97% in Missouri (71%) and 48% in Michigan (31%). The soybean harvest was 80% completed in Illinois (71%), 69% in Indiana (71%), 63% in Ohio (68%), 50% in Missouri (49%) and 77% in Michigan (65%). MBN

No. 1 hard spring
Basis Minneapolis Dec., delivered Chicago\beyond cents per bu Oct. 26 — Change from — Year Premium Oct. 19 Oct. 12 ago Ordinary ... ... ... … 11% ... ... ... … 12% ... ... ... … 13% 75 -5 ... … 13.5% ... ... ... … 14% 65 @ 75 -15 @ -10 -15 @ -5 160 @ 195 14.5% ... ... ... … 15% 70 @ 90 0 @ +10 -5 @ +5 225 @ 230 16% ... ... ... … 17% ... ... ... …

No. 1 hard winter premiums, 12.2%
Basis Kansas City, cents per bu
150 130 110 90 70 50 O J A J

No. 1 hard winter
Basis Kansas City Dec., cents per bu Oct. 26 — Change from — Year Premium Oct. 19 Oct. 12 ago Ordinary 35 @ 50 — — 30 @ 45 11% 45 @ 60 — — 45 @ 60 11.2% 55 @ 70 +5 @ +5 +5 @ +5 55 @ 70 11.4% 66 @ 81 +6 @ +6 +6 @ +6 65 @ 80 11.6% 75 @ 90 — — 80 @ 95 11.8% 80 @ 95 -2 @ -2 -2 @ -2 118 @ 133 12% 85 @ 100 — -3 @ -3 126 @ 141 12.2% 86 @ 101 +1 @ +1 -2 @ -2 126 @ 141 12.4% 86 @ 101 -4 @ -4 -2 @ -2 126 @ 141 12.6% 86 @ 101 -5 @ -5 -5 @ -5 126 @ 141 12.8% 86 @ 101 -5 @ -5 -5 @ -5 130 @ 145 13% 93 @ 108 — — 145 @ 160 13.2% 93 @ 108 — — 145 @ 160 13.4% 93 @ 108 — — 147 @ 162 13.6% 93 @ 108 — — 149 @ 164 13.8% 93 @ 108 — — 149 @ 164 14% 95 @ 110 — — 190 @ 205
bakingbusiness.com / world-grain.com

Cash wheat
Oct. 26 — Change from — For shipment Bid Oct. 19 Oct. 12 No. 1 Soft White, Track, Portland $ per bu September ... ... ... November ... ... ... December 9.10 +.10 +.20 No. 1 Hard 11.5%, Track, Portland Basis Kansas City future, $ per bu September 0.80 +.05 +.15 November 0.80 +.02 +.10 December 0.85 +.12 +.10 No. 1 Spring 14%, Track, Portland Basis Minneapolis future, $ per bu September 0.90 ... +.10 November 0.90 — +.05 December 0.90 — — Year ago 6.35 6.37 6.39 0.75 0.75 0.75

Exporter bids and offers
For Oct. 26 shipment Bid Offer No. 1 Hard 12%, Track Gulf Basis Kansas City future, cents per bu October … … November +114 Dec. … December +114 Dec. … January +115 March 120 No. 2 Soft Red, c.i.f. New Orleans Basis Chicago future, cents per bu October +60 Dec. … November +63 Dec. 70 December +63 Dec. 70 January +57 March 65 Year ago bid

… +100 Dec. +100 Dec. +97 March

+65 +75 +75 +47

Dec. Dec. Dec. March

Milling & Baking News October 30, 2012 / 35



Ingredient Week

1.60 1.65 1.70
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - October 30, 2012

Table of Contents for the Digital Edition of Milling & Baking News - October 30, 2012
