Milling & Baking News - April 16, 2013 - 45


Soy Products
Soy flour prices were higher last week
in sync with gains in old crop soybean
meal prices. Selling was brisk and about
three weeks forward. Some processors
will be taking downtime for scheduled
maintenance in April and May.
Soy complex futures trended higher,
except for small declines in new crop
soybean meal. The gains pared losses
from the previous week, when a significant selloff occurred after Grain Stocks
report shocked the market with an estimate of larger-than-expected March 1
stocks. Nonetheless, ideas prevailed that
old crop supplies remained tight, and
old crop soybean contracts rose the most.
The World Agricultural Supply and Demand Estimates, released April 10, failed
to shake the market. The carryover of U.S.
soybeans on Sept. 1, 2013, was projected at
125 million bus, unchanged from March
but down 26% from 169 million bus in 2012.
The U.S.D.A.’s 2013 soybean carryover was below the average of trade
expectations at near 137 million bus, but
soy complex futures still traded modestly lower after the report before recouping losses to end higher for the week.
All 2012-13 soybean supply projections were unchanged from March with
2012 soybean production at 3,015 million
bus, 2012-13 beginning stocks at 169 million bus, imports in at 20 million bus and
total supply at 3,204 million bus.
U.S. soybean crush was forecast at
1,635 million bus in 2012-13, up 20 million bus from March but still down 68
million bus, or 4%, from 1,703 million
bus in 2011-12. Exports were projected
at 1,350 million bus, up 5 million bus
from March but down 12 million bus
from 1,362 million bus in 2011-12. Those

Chicago corn and soy futures
Corn Futures
$ per bu
May
July
September
December
March
May
Soybeans
May
July
August
September
November
January
Soybean Meal
May
July
August
September
October
December

Corn Products
Cornmeal prices advanced with
strong gains in corn futures prices. Hominy feed also gained some ground.
The cash corn basis was stronger on increased demand from the ethanol sector,
where margins have improved in recent
weeks. Corn planting was delayed by
wet conditions across the eastern Corn
Belt, rain and snow in the Upper Midwest
and still below-optimal soil temperatures,
although there were mixed ideas among
cash sources about the overall impact
with the optimal window for planting
corn still approaching in some areas.
Corn futures prices pared some of
their recent losses on technical trading and concerns the current wet, cold
weather pattern may delay planting and
reduce yield potential.
When the U.S.D.A. released its April
World Agricultural Supply and Demand
Estimates on April 10, market participants reacted modestly to the U.S. corn
carryover on Sept. 1, 2013, projected at
757 million bus, up 20% from 632 million
bus as projected in March but down 23%
from 989 million bus in 2012. The U.S.D.A.
2013 corn carryover number was well below the average of trade expectations of
824 million bus, and corn futures moved
higher as the week progressed, with old
crop contracts posting the widest gains.
Total U.S. corn supply in 2012-13 was
unchanged from March at 11,894 million
bus, including beginning stocks at 989
million bus, imports at 125 million bus

Oats
Oats flakes posted modest gains with
strong advances in oats futures last week,
even with the approach of a seasonal decline in demand as weather warms. MBN

Rice
U.S. milled rice and rice byproducts
prices were mostly unchanged last week,
as were prices posted by the U.S.D.A. for
world milled and rough rice.
In the April 10 supply-and-demand
report, the U.S.D.A. projected the carryover of U.S. rice on Aug. 1, 2013, at 34.1
million cwts, up 17% from the 29.1 million cwts projected in March but down
17% from 41.1 million cwts in 2011-12. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
— Change from —
Apr. 12
Apr. 5
Mar. 29
Soy ﬂour
Bulk
31.78 @ 32.10 +.42@ +.50 -.22 @ -.47
Sacked
33.10 @ 33.78 +.50@ +.42 +.10 @ -.79

+29½
+23½
+25
+15
+14¼
+14¼

-36¾
-34¾
+14
+11½
+12
+12¾

6.29¼
6.20¾
5.55½
5.37
5.48
5.56

+51¼
+35½
+22
+8¼
+3¾
+3¾

+8¼
-6¼
-7½
-11¾
-19¾
-18½

14.36¾
14.40¾
14.24¾
13.91¾
13.61¾
13.62¾

Apr. 12
Chicago, bulk
25.50@ 29.15
Chicago, sacked 27.27@ 31.24
New York, bulk
27.17@ 31.14
New York, sacked 29.59@ 33.55

+8.40
+6.90
+4.50
+.40
-1.50
-3.30

-4.40
-3.10
-1.30
-1.60
-5.30
-6.80

395.80
397.80
390.30
378.60
365.20
364.70

Minneapolis
Apr. 12
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
32@32.25
Milling quality oats, No. 2 heavy,
$ per bu
4.15¾
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

and production at 10,780 million bus.
Projected feed and residual use in
2012-13 was projected at 4,400 million
bus, down 150 million bus, or 3%, from
4,550 million bus projected in March and
down 145 million bus from a slightly revised 4,545 million bus in 2011-12. Food,
seed and industrial use was projected
at 5,937 million bus, up 50 million bu
from 5,887 million bus in March due to
a 50-million-bu increase in projected use
of corn for ethanol and by-products at
4,550 million bus. Projected use of corn
for food and seed was unchanged at
1,387 million bus.
U.S. corn exports in 2012-13 were projected at 800 million bus, down 25 million bus, or 3%, from 825 million bus
in March and down 743 million bus, or
48%, from 1,543 million bus in 2011-12.
Total 2012-13 corn use was projected at
11,137 million bus, down 125 million bus
from 11,262 million bus as the March forecast and down 1,390 million bus, or 11%,
from 12,527 million bus in 2011-12. MBN

Soy products

— Change from — Year
Apr. 12 Apr. 5 Mar. 29
ago
6.58½
6.41¼
5.77
5.50
5.60¼
5.68¼
$ per bu
14.13
13.79¼
13.39¼
12.73¼
12.31¾
12.37¾
$ per ton
400.20
397.40
384.20
361.50
342.60
339.90

changes were offset by a 25-million-bu
reduction in residual use, resulting in total soybean use at 3,080 million bus, unchanged from March but down 2% from
3,155 million bus in 2011-12. MBN

Ingredient Week

Corn meal
$ per cwt
— Change from —
Apr. 5
Mar. 29
+.60@+.58 -.70@-.75
+.60@+.58 -.70@-.75
+.60@+.58 -.70@-.75
+.60@+.58 -.70@-.75

Oats
— Change from —
Apr. 5
Mar. 29
+.25

-.25

+21¼c
—

-10½c
—

Offers f.o.b. mills, $ per cwt, bagged
— Change from — Year
Cash
Apr. 12
Apr. 5 Mar. 29 ago
Long grain
28@29
—
— 23.50
Medium grain 28.50@28.75
—
—
27
Parboiled
30.50@33
—
—
26
Second
heads, bulk 18@18.50
-0.50
-0.50
18
Brewers
14.50@16.50
—
—
17
f.o.b. mills, $ per ton
Rice millfeed
75
—
—
60
Rice bran
175@200
—
—
120
Rice hulls
20@25
—
—
15
U.S.D.A. 2012 crop world price milled - $ per cwt
Long grain
19.19
—
— 17.10
Medium/short
grain
18.87
—
— 16.87
Broken
13.58
—
— 12.10
C.B.O.T. rough rice futures - $ per cwt
May
15.82
+0.32½ +0.46 15.31
July
16.10
+0.32½ +0.45 15.57
September
15.47
+0.24½ +0.15 15.81
November
15.65½
+0.27 +0.15 16.04
Milling & Baking News April 16, 2013 / 45

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Milling & Baking News - April 16, 2013

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