Milling & Baking News - April 16, 2013 - 46

Ingredient Week 

Sweeteners
Cash sugar prices showed further
weakness last week amid limited trading. Additional news continued to flow
from Washington, including the April 10
World Agricultural Supply and Demand
Estimates in which the U.S. Department of
Agriculture reduced its forecast of 2012-13
domestic sugar output and ending stocks.
U.S. bulk refined beet sugar prices for
2012-13 eased to 26.5@28c a lb f.o.b. Midwest with light activity indicated mostly
at the lower end of the range for nearby
and through September 2014. Cane sugar pricing appeared to hold near 28c a lb
f.o.b. nearby. Inquiries but few new sales
were indicated for 2015.
The U.S.D.A. forecast the U.S. sugar
carryover on Oct. 1, 2013, at 2,136,000
short tons, raw value, down 9% from
March but up 8% from 2012. The ending
stocks-to-use ratio for 2012-13 was forecast at 18%, down from 20% in March
but above 17.2% in 2011-12, with both
years above the “target” ratio near 15%.
U.S. beet sugar production in 201213 was forecast at 5,100,000 tons, down
200,000 tons from March, and cane sugar
production was projected at 3,880,000
tons, up 20,000 tons from March. U.S.
sugar imports were projected at 3,036,000
tons, up 58,000 tons from March due to
a similar increase in imports from Mexico, which were projected at 1,647,000
tons. Tariff rate quota imports were unchanged from March at 1,154,000 tons.

Beet and cane sugar

Domestic sugar deliveries were forecast at 11,690,000 tons in 2012-13, up
100,000 tons from March due to a similar increase in deliveries for food, which
were projected at 11,480,000 tons.
The U.S.D.A. projected 2012-13 sugar
production in Mexico at 6,117,000 tonnes,
actual weight, up 227,000 tonnes from
March and up 1,069,000 tonnes from 201112. Exports were projected at 1,520,000
tonnes, up 150,000 tonnes from March
and up 591,000 tonnes from 2011-12.
Also out of Washington late in the prior
week was news the U.S.D.A. submitted
its final rule for the Feedstock Flexibility
Program to the Office of Management and
Budget for final review, which at most
may take 90 days. Once approved the F.F.P.
may be used to redirect surplus sugar to
the ethanol industry. Timing would allow
action prior to potential forfeitures this
summer. The U.S.D.A. also was looking at
other options for reducing the surplus.
The Mexican government and sugar
representatives met to discuss the surplus
in that country. Trade sources said Mexico requested a meeting with the United
States to discuss the regional surplus.
U.S. corn sweetener markets were quiet, and shipments were routine. MBN

Bakery Shortening
Bookings of edible oils were limited
last week. Price changes were mixed.
Soybean oil prices advanced. Soybean
oil futures prices advanced with the rest of

the soy complex as soybeans competed for
a larger share of planted acreage. The cash
basis on soybean oil continued to strengthen partly in anticipation of scheduled refiner downtime that will affect various facilities during the last half of April and May.
Soybean oil users maintained contract balances that extend about 45 days
on the basis of previous bookings. The
stronger cash basis discouraged additional basis coverage.
The U.S. Department of Agriculture on
April 10 forecast the carryover of soybean
oil on Oct. 1, 2013, at 1,700 million lbs, up
35 million lbs from the March projection
but down 33% from 2,540 million lbs in
2012. Because of a 20-million-bu increase
in forecast soybean crushings in 2012-13,
the soybean oil supply in the current year
was raised 235 million lbs, to 22,100 million
lbs. Domestic disappearance of soybean
oil in 2012-13 was forecast at 18,200 million lbs, up 200 million lbs from March on
a 200-million-lb increase in food, feed and
other industrial use. Use of soybean oil in
the manufacture of biodiesel was forecast
at 4,900 million lbs, unchanged from March
and up 30 million bus from 2011-12 and
compared with 2,737 million lbs in 2010-11.
Soybean oil exports were forecast at 2,300
million lbs, unchanged from March and
compared with 1,464 million lbs in 2011-12.
The premium asked for refined canola
oil in the Midwest compared with soybean oil futures prices widened to 11c a
lb with supplies tight. MBN

Sweeteners
Delivered basis, cents per lb
42% HFCS spot price1

f.o.b. plant, cents per lb

HFCS list price2
Regular
— Change from — Year
corn
Apr. 12
Apr. 5 Mar. 29 ago
syrup3
Dextrose
42% HFCS wet 55% HFCS wet
April 12
Year ago
Midwest beet 26.50 @ 28.00 -.50
-.50 51.00
29.125 East
25.875
30.375 net
34.85@37.85
203/8@ 233/8 173/8@ 213/8
Paciﬁc beet
28.00 @ 31.00
—
—
51.00 Midwest
30.625 Midwest
27.375
31.875 net
33.85@36.85
Cane*
28.00 @ 31.00
—
—
51.00 Northeast 21¾@ 24¾ 18¾@ 22¾
30.875 West
27.625
32.125 net
36.85@39.85
*Spot raw plus 7% plus 6.4 with 2% cash discount.
Southeast 217/8@ 247/8 187/8@ 227/8
30.375
27.125
31.625 net
Southwest 21½@ 24½ 18½@ 22½
Raw cane
31.125
27.875
32.375 net
West
223/8@ 253/8 193/8@ 233/8
Delivered reﬁner, cents per lb
1-Variations in prices often tied to tank car versus truck deliveries. 2-Prices are the lowest available to the publication. 3-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks
Contract
Nearby
April-June
July-September
October-December
January-March
April-June

Apr. 12
20.55
20.55
20.90
22.05
22.80
23.00

— Change from —
Apr. 5 Mar. 29
+.05
-.15
+.05
-.15
+.10
-.15
+.15
+.25
+.15
—
—
+.10

Year
ago
32.05
32.05
32.20
32.05
33.25
33.35

Spot soybean oil
Decatur, Ill., bulk, cents per lb

60.00
54.00
48.00
42.00

O
Previous Year

J
Current Year

46 / April 16, 2013 Milling & Baking News

Chicago soybean oil futures
Bulk in tank cars, cents per lb
Apr. 12
— Change from —
Delivery
close
Apr. 5
Mar. 29
May
49.23
+.40
-.88
July
49.42
+.31
-.93
August
49.40
+.26
-.94
September 49.37
+.29
-.85
October
49.19
+.36
-.73
December 49.12
+.44
-.62

Edible oils
Bulk, cents per lb
Year
ago
56.52
56.87
57.04
57.21
57.30
57.54

Crude soybean oil
Bulk in tank cars, cents per lb
Delivery
Decatur, Ill.
April
49.48 @49.73
May
49.48 @49.73
June
49.58 @49.83
July
50.17 @50.42
August
50.15 @50.40
September
50.12 @50.37
October
49.94 @50.19

Western points
48.73 @48.98
48.73 @48.98
48.83 @49.08
49.42 @49.67
49.40 @49.65
49.37 @49.62
49.19 @49.44

Apr. 12
Soybean oil,
Decatur
Loose lard, Chicago
Edible tallow,
Chicago
Cottonseed oil,
Miss. PBSY
Palm oil, ports
Palm kernel oil,
ports
Coconut oil
Peanut oil,
Southeast
Corn oil, Decatur
Sunﬂowerseed oil,
Midwest
Canola oil, Midwest

— Change from — Year
Apr. 5 Mar. 29 ago

49.75
45.25

+1.00
-.50

-.25
-.50

55.75
54.75

44.50

-.50

—

49.50

50.00
41.75

+.75
+1.00

-.50
+.50

57.25
57.50

44.50
38.00

+1.00
—

+1.25 58.50
—
64.50

77.00
48.00

+1.00
-.25

+1.00 103.50
—
61.50

64.00
60.25

—
+1.25

—
+.50

79.00
61.50

bakingbusiness.com / world-grain.com

http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - April 16, 2013

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