Milling & Baking News - April 30, 2013 - 53


Soy Products
Soy flour prices rose slightly in keeping with the modest gains in nearby
soybean meal futures. Bookings slowed
to about two weeks forward after being
three weeks forward for months. Demand was steady. Some soy flour plants
were temporarily shut down for planned
maintenance in late April and early May.
The U.S. cash soybean meal basis remained at near record levels last week on
tight inventories of soybeans to crush. Merchants in Illinois were reporting soybean
meal at a $25 premium to May soybean
meal futures at the C.M.E. Group. Downtime at processing plants was seen further
tightening supplies of soybean meal.
Soybean futures, which were down
sharply during the first three days of last
week, retraced losses on concern about
shortages of near-term supplies. Farmers were viewed as mostly uninterested
in selling limited old crop soybeans with
planting season at hand. The market
continued to be preoccupied by factors
affecting old-crop soybeans since the
new crop was not expected to be planted
for at least another month.
U.S. soybean export sales in the latest
week showed a net reduction of 206,300
tonnes (mostly decreases by China), a
marketing-year low, for 2012-13, and
net sales of 628,500 tonnes for 2013-14
(including 534,000 tonnes to China). The
two-year total was well below trade estimates of 750,000 to 1 million tonnes. MBN

Corn Products
Prices of cornmeal and other corn
products such as corn flour, large flaking
grits and brewers’ grits were steady to
slightly lower last week.
Concerns increased about flooding that

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

-8
-13¼
-27¼
-23
-22¼
-21¾

-14½
-21½
-32¼
-26
-25¼
-25

6.53
6.25½
5.51
5.38¾
5.50¼
5.58¾

+2½
-1½
-10
-10¾
-2¾
-3¼

+17¾
+1¾
-20¾
-25¾
-21½
-20¼

14.96¾
14.93½
14.66¾
14.10
13.62
13.57¼

+5.50 +17.70
+2.20 +7.30
-2.40 -5.60
-2.40 -6.50
+.80
-2.50
+.50
-2.10

427.40
428.40
418.00
397.60
373.90
371.40

bakingbusiness.com / world-grain.com

forecast of 800 million bus for the current marketing year. MBN

Oats
Food-grade oats flakes prices were
steady but were facing a normal easing
in seasonal demand as cooler weather
promised to give way to spring conditions, despite lingering below-normal
temperatures. The oats futures market
traded about flat last week.
In the nine major oats-growing states,
42% of the crop was planted as of April
21, the U.S.D.A. said, well behind the 79%
planted at the same time a year ago and
59% as the five-year average. Crop emergence was 33%, behind 39% as the five-year
average and sharply behind 54% a year ago.
Statistics Canada indicated Canadian
growers intend to plant 3.4 million acres
to oats this spring, up 18% from 2.9 million acres in 2012. MBN

Rice
U.S. milled rice prices were unchanged
last week while rice byproducts such as
rice bran and rice hulls advanced $5 a
ton. World milled rice values fell 8@12c
a cwt, and world rough rice values fell
7@8c a cwt, the U.S.D.A. said.
Rough rice futures prices tumbled
about 40c a cwt last week.
As of April 21, rice was 23% planted
in the six major states, well behind 65%
at the same time in 2012 and 44% as the
five-year average, the U.S.D.A. said in its
Crop Progress report. The crop was 18%
emerged, well behind 46% at the same
time in 2012 and compared with 24% as
the five-year average.
Net export sales of U.S. rice in the
week ended April 18 were 12,100 tonnes
for 2012-13, the U.S.D.A. said. MBN

Rice

Soy products

— Change from — Year
Apr. 26 Apr. 19 Apr. 12
ago
6.44
6.19¾
5.44¾
5.24
5.35
5.43¼
$ per bu
14.30¾
13.81
13.18½
12.47½
12.10¼
12.17½
$ per ton
417.90
404.70
378.60
355.00
340.10
337.80

may impede the movement of corn and
soybeans to port; the C.M.E. Group declared force majeure for all terminals on
the Illinois river to deal with the problem.
Corn futures prices recovered from
10-month lows at midweek but continued to trade nearly $1 a bu below
late-March values in the July future.
Rain, snow and cold temperatures put
the brakes on planting, but toward
the week’s end, the outlook for dryer,
warmer conditions fed ideas that crop
progress may accelerate and pressure
prices lower.
The U.S. Department of Agriculture’s
Crop Progress report showed the extent
of planting delays caused by the cold,
wet weather across the Midwest. In the
week ended April 21, only 4% of the
corn crop was planted in the 18 major
states, well behind the 26% at the same
time a year ago and the 16% five-year
average for the period. Planting had not
yet begun as of April 21 in Iowa, Minnesota, Nebraska, North Dakota, South
Dakota, Colorado or Wisconsin and was
only 1% completed in Illinois, Indiana
and Ohio.
Offering support to prices, though,
were signs of a recovery in ethanol production and a pickup in corn export demand. There were two new large sales
reported by the U.S.D.A. last week, one
of 300,000 tonnes to China and another
of 240,000 tonnes to unknown destinations, often viewed as being China.
U.S. corn weekly export sales in
the week ended April 18 were 314,700
tonnes for 2012-13 and 21,200 tonnes
for 2013-14, within trade expectations of
200,000 to 550,000 tonnes.
The pace of corn export sales appeared likely to meet the U.S.D.A.’s

Defatted, f.o.b. Midwest plant, $ per cwt
— Change from —
Apr. 26
Apr. 19
Apr. 12
Soy ﬂour
Bulk
32.50 @ 32.66 +.11@ +.22 +.72 @ +.56
Sacked
33.50 @ 34.66 +.06@ +.27 +.40 @ +.88

Corn meal
$ per cwt
Apr. 26
Chicago, bulk
25.25@ 28.85
Chicago, sacked 27.02@ 30.94
New York, bulk
26.92@ 30.84
New York, sacked 29.34@ 33.25

Ingredient Week

— Change from —
Apr. 19
Apr. 12
-.15@-.17 -.25@-.30
-.15@-.17 -.25@-.30
-.15@-.17 -.25@-.30
-.15@-.17 -.25@-.30

Oats
— Change from —
Minneapolis
Apr. 26
Apr. 19 Apr. 12
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
32.25@32.50 —
+.25
Milling quality oats, No. 2 heavy,
$ per bu
4.25¾
-1¼c
+10c
Oat hulls, $ per ton
25@35
—
—

Offers f.o.b. mills, $ per cwt, bagged
— Change from — Year
Cash
Apr. 26
Apr. 19 Apr. 12 ago
Long grain
28.00@29.00
—
— 23.50
Medium grain 28.50@28.75
—
— 27.00
Parboiled
30.50@33.00
—
— 26.00
Second
heads, bulk 18.00@18.50
—
— 18.00
Brewers
14.50@16.50
—
— 17.00
f.o.b. mills, $ per ton
Rice millfeed
75.00
—
— 60.00
Rice bran
175@200
+5.00
— 120.00
Rice hulls
25@30
+5.00 +5.00 15.00
U.S.D.A. 2012 crop world price milled - $ per cwt
Long grain
19.08
-0.11
-0.11 17.52
Medium/short
grain
18.75
-0.12
-0.12 17.31
Broken
13.50
-0.08
-0.08 12.40
C.B.O.T. rough rice futures - $ per cwt
May
14.80
-0.43
-1.02 14.99
July
15.07
-0.43½
-1.03 15.26
September
14.97
-0.34
-0.50 15.46
November
15.10
-0.37 -0.55½ 15.70
Milling & Baking News April 30, 2013 / 53

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Milling & Baking News - April 30, 2013

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