Milling & Baking News - May 14, 2013 - 42

Ingredient Week 

Sweeteners
Sugar beet planting finally was under
way across the Red River Valley. Still, the
market’s focus was on the overall slow
planting pace, which may have put a
bottom under prices. Also of key interest was the May 10 U.S. Department of
Agriculture’s World Agricultural Supply
and Demand Estimates that included
initial 2013-14 projections.
U.S. bulk refined beet sugar prices for
spot through September 2013 were 26c a
lb, f.o.b. Midwest, with bulk cane sugar
said to be trading closer to 27c a lb, both
unchanged from a week earlier. Activity
was light, although some brokers continued to indicate increased buyer interest
for 2013-14 on ideas prices may be at their
bottom. Some estimated beet processors
have booked 50% or more of their prospective 2013-14 output. There remained
some uncovered business for the JulySeptember, which traders said may be
completed before the end of June.
The late beet planting and anticipated
reduced yields and late harvest prompted
one processor to withdraw price offers a
week earlier, while others were less aggressive in trying to move excess sugar
on ideas they may need some late in the
marketing year since new crop supply
likely won’t be available before Sept. 30.
The U.S.D.A. said beet planting in the
four largest-producing states was 24%
completed by May 5, far behind 97% a
year ago and 65% as the 2008-12 average

Beet and cane sugar

for the date. The total was boosted by
Idaho, where 98% of the crop was planted, but growers indicated more than 40%
of that state’s crop may be replanted due
to weather losses. Michigan planting advanced to 31%, while Minnesota edged
up to 4%. While the Crop Progress report
indicated no North Dakota planting as of
May 5, trade sources said good progress
was made there last week.
The U.S.D.A. in its May WASDE projected 2013-14 sugar ending stocks at
2,245,000 short tons, raw value, up 4%
from 2,168,000 tons forecast as the carryover on Oct. 1, 2013. The 2013-14 ending stocks-to-use ratio was projected at
18.8%, up from 18.5% as the forecast 201213 ratio, which was up from 18% in April.
The U.S.D.A. projected 2013-14 U.S.
sugar production at 8,584,000 tons,
down 5% from 9,015,000 tons in 2012-13.
U.S. imports in 2013-14 were projected
at 3,438,000 tons, up 18% from 2,903,000
tons in 2012-13. Imports of sugar from
Mexico were projected at 1,763,000 tons,
up 5% from 1,674,000 tons in 2012-13.
Total domestic sugar deliveries were
projected at 11,745,000 tons in 2013-14,
up 210,000 tons, or 2%, from 11,535,000
tons in 2012-13, with deliveries for food
at 11,560,000 tons, up 1% from 11,400,000
tons in the current year. MBN

Bakery Shortening
Bookings of bakery shortening were limited last week. Prices were mostly higher.

Soybean oil prices advanced. Soybean
oil futures prices registered slim changes.
The cash basis on soybean oil advanced
on tighter supplies resulting from refiners’ downtime for scheduled maintenance and in anticipation of increased
demand from the biodiesel sector.
The strong cash basis on soybean oil
discouraged users from extending their
basis coverage, which remained at about
50% for the third quarter of 2013. Flat
coverage of soybean oil extended about
45 to 60 days.
The premium to soybean oil futures
prices asked for canola oil in the Midwest widened to 11½c a lb. This historically strong premium limited demand
for canola oil with many users shifting
to soybean oil for their applications.
Warmer weather had Canadian growers
eager to accelerate planting, although
some fields still were too wet to support
seeding equipment.
Cottonseed oil prices, while inching
lower, continued to derive support from
concerns over planting delays.
The U.S.D.A. on May 10 forecast the
carryover of soybean oil on Oct. 1, 2013, at
1,635 million lbs, down 30 million lbs from
the April outlook and compared with 2,540
million lbs in 2012. The U.S.D.A. provided
its initial forecasts for 2013-14 soybean oil
supply and demand. The U.S.D.A. forecast the 2014 soybean oil carryover at 1,530
million lbs, down 6% from the forecast for
the current year. 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
May 10
May 3 Apr. 26 ago
syrup3
Dextrose
42% HFCS wet 55% HFCS wet
May 10
Year ago
Midwest beet 26.00 @ 27.00
—
-.50 47.75
29.125 East
25.875
30.375 net
34.85@37.85
203/8@ 233/8 173/8@ 213/8
Paciﬁc beet
27.00 @ 29.00
—
-1.00 47.75 Midwest
30.625 Midwest
27.375
31.875 net
33.85@36.85
Cane*
27.00 @ 29.00
—
-1.00 47.75 Northeast 21¾@ 24¾ 18¾@ 22¾
30.875 West
27.625
32.125 net
36.85@39.85
*Spot raw plus 7% plus 5.6 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
May-June
July-September
October-December
January-March
April-June

May 10
19.50
19.50
19.75
20.40
21.10
21.50

— Change from —
May 3 Apr. 26
+.25
-.20
+.25
-.20
+.35
-.05
+.10
-.45
-.30
-.40
+1.20
-.35

Year
ago
30.65
30.65
30.75
30.55
31.00
31.10

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

60.00
54.00
48.00
42.00

N
Previous Year

F
Current Year

42 / May 14, 2013 Milling & Baking News

Chicago soybean oil futures
Bulk in tank cars, cents per lb
May 10
— Change from —
Delivery
close
May 3
Apr. 26
May
49.17
+.01
-.49
July
49.23
-.04
-.31
August
49.00
-.01
-.16
September 48.74
-.03
-.06
October
48.33
-.09
-.15
December 48.05
-.13
-.21

Edible oils
Bulk, cents per lb
Year
ago
51.90
52.24
52.45
52.65
52.81
53.15

Crude soybean oil
Bulk in tank cars, cents per lb
Delivery
Decatur, Ill.
May
49.92 @50.17
June
49.95 @50.20
July
50.48 @50.73
August
50.25 @50.50
September
49.99 @50.24
October
49.58 @49.83
November
49.43 @49.68

Western points
49.17 @49.42
49.20 @49.45
49.73 @49.98
49.50 @49.75
49.24 @49.49
48.83 @49.08
48.68 @48.93

May 10
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
May 3 Apr. 26 ago

50.25
43.50

+.50
+.25

—
—

51.00
53.75

42.75

+.25

-.25

54.00

49.75
41.25

-.25
+.50

-.75
-.25

52.50
54.75

44.50
38.00

+.50
—

-.25
—

55.25
62.00

78.00
47.50

—
—

64.00
60.75

—
+.50

-.50 104.00
-.50 60.75
—
-.50

79.00
56.50

bakingbusiness.com / world-grain.com

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

Milling & Baking News - May 14, 2013

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