Milling & Baking News - June 11, 2013 - 45


Soy Products
Soy flour prices gained ground last
week in keeping with the upward trajectory of soybean meal futures. Sales,
though, were relatively slow in a typical
seasonal pattern, and shipments for new
sales were only about one week forward.
Soybean futures opened significantly
firmer last week on continuing concerns
about tight old crop supplies (even with
the South American crop available), but
prices sputtered and profit-taking kicked
in late at midweek, limiting gains to
modest levels, until new crop contracts
then posted strong gains Friday. The cash
basis remained firm as farmer selling of
physical supplies slowed. Planting of
the new crop remained behind the pace
of recent years, contributing to ideas that
price rationing will be necessary for supplies to remain adequate until the new
U.S. crop is harvested this fall.
Soybean plantings during the week
ended June 2 continued to lag the fiveyear average, the U.S. Department of Agriculture said in its weekly Crop Progress
report. Fifty-seven per cent of the crop was
planted in the 18 main soybean-growing
states, down from 74% as the five-year average. Final prevent planting dates ranging from June 10-15 in the northern Midwest to June 20-25 in more southern areas
were bearing down on producers trying to
catch up on planting. Rains continued in
some areas, making fieldwork difficult.
Soybean emergence in the 18 states was
at 31% as of June 2, well behind 49% as
the five-year average, the U.S.D.A. said.
U.S. soybean weekly export sales were
within analysts’ expectations of 350,000
to 700,000 tonnes. In the week ended
May 30, the U.S.D.A. reported net export
sales for 2012-13 were 48,400 tonnes, up

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

+4¼
-5¾
-8¾
-8¼
-6¾
-2¼

+9
+24¾
+22
+21¼
+20¾
+19½

5.98
5.51
5.44
5.56
5.56
5.64

+18¼
+18½
+26¾
+26
+25¼
+20¼

+52
+53¾
+74
+82½
+81
+73

14.26¼
14.00½
13.62
13.32½
13.31¾
13.04

+5.30
+5.40
+7.70
+10.30
+11.70
+11.30

+24.30
+26.00
+31.80
+39.70
+41.10
+40.10

429.80
419.00
406.30
392.70
387.80
383.10

bakingbusiness.com / world-grain.com

Corn Products
Prices of corn meal firmed last week.
Demand for corn meal and other corn
products, such as corn flour and large
flaking grits, was about steady. Demand
for brewers’ grits remained seasonally
strong. Hominy feed was unchanged.
Nearby corn futures exhibited mostly
sideways trading with little price change
compared with the previous week, while
new crop contracts eased. Farmers continued to focus on the final stages of
planting of a crop that has been beset by
excessive rains and flooding as the 2012
drought in the Corn Belt has given way
to wet, cool conditions early this season.
Early June and end-of-May final prevent
planting dates for corn passed during
the last two weeks, but little data yet
existed about how much abandonment
or change of planting plans to soybeans
was taking place. Trade estimates for
intended corn area not planted ranged
mostly from 1 million to 3 million acres.
Corn crop progress advanced with
planting near the five-year average but
emergence lagging, the U.S.D.A. said. In
the 18 main corn growing states, 91% of
the crop was planted as of June 2, four
percentage points below the 95% planted
as the five-year average, while emergence
was at 74%, eight percentage points behind the average of 82% for the date.

In the first week of reporting condition ratings for corn, the U.S.D.A. said
63% of the crop was in good-to-excellent
condition compared with 72% at the
same time in 2012. Seven per cent of the
crop was reported as very poor to poor,
up from 5% at the same time a year ago.
U.S. corn export sales in the latest
week were well below trade estimates of
450,000 to 850,000 tonnes. For the week
ended May 30, the U.S.D.A. reported net
sales of 107,200 tonnes for 2012-13 and
51,600 tonnes for 2013-14. MBN

Oats
Food-grade oats flakes were higher as
oats futures prices advanced.
In the nine main oats-growing states,
oats emergence was 87% as of June 2,
compared with 93% as the 2008-12 average for the date, the U.S.D.A. said. Thirty
per cent of the crop was headed as of
June 2, down from 36% as the five-year
average. The portion of the crop rated
good to excellent as of June 2 was 56%,
down from 72% at the same time a year
ago, the U.S.D.A. said. MBN

Rice
U.S. milled rice prices were mostly
unchanged although long grain rice was
steady to 50c a cwt higher, according to
the U.S.D.A. Rice byproducts prices were
steady to weaker. U.S.D.A. posted world
milled and rough rice prices were steady.
In the six main rice-growing states, 88%
of the crop had emerged as of June 2, just
above 87% as the average for the date, the
U.S.D.A. said. The condition of the crop
was only slightly below that of a year ago.
The U.S.D.A. said 61% of the crop was in
good-to-excellent condition, down from
65% at the same time last year. MBN

Rice

Soy products

— Change from — Year
June 7 May 31 May 24
ago
6.66¼
5.91½
5.58½
5.68¾
5.76
5.82¼
$ per bu
15.28¼
14.56¼
13.74
13.30¼
13.35¼
13.30½
$ per ton
452.50
431.20
413.70
397.70
396.60
397.00

noticeably from the previous week, and
were 589,900 tonnes for 2013-14, with
most of the latter bought by China.
Soybean meal exports, which have
been strong, exceeded trade estimates
of 75,000 to 200,000 tonnes. For the week
ended May 30, the U.S.D.A. reported net
sales of 134,200 tonnes for 2012-13 and
137,100 tonnes for 2013-14. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
— Change from —
June 7
May 31
May 24
Soy ﬂour
Bulk
34.66 @ 35.08 +.31@ +.25 +1.17 @+1.25
Sacked
35.66 @ 37.08 +.31@ +.25 +1.17 @+1.25

Corn meal
$ per cwt
June 7
Chicago, bulk
26.24@ 30.47
Chicago, sacked 28.01@ 32.56
New York, bulk
27.91@ 32.46
New York, sacked 30.33@ 34.87

Ingredient Week

— Change from —
May 31
May 24
+.10@+.10 +.20@+.20
+.10@+.10 +.20@+.20
+.10@+.10 +.20@+.20
+.10@+.10 +.20@+.20

Oats
— Change from —
Minneapolis
June 7
May 31 May 24
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
32.50@32.75 +.50
+.75
Milling quality oats, No. 2 heavy,
$ per bu
4.32½
+33¼c +42½c
Oat hulls, $ per ton
25@35
—
—

Offers f.o.b. mills, $ per cwt, bagged
— Change from — Year
Cash
June 7
May 31 May 24 ago
Long grain
28.00@30.00
—
— 24.50
Medium grain 28.50@28.75
—
— 27.00
Parboiled
30.50@33.00
—
— 27.75
Second
heads, bulk 18.00@18.50
—
— 18.00
Brewers
14.50@16.50
—
— 17.00
f.o.b. mills, $ per ton
Rice millfeed
70.00
—
— 60.00
Rice bran
160@195
-10.00 -10.00 120.00
Rice hulls
15@20
-5.00
-5.00 20.00
U.S.D.A. 2012 crop world price milled - $ per cwt
Long grain
18.95
—
— 18.27
Medium/short
grain
18.63
—
— 18.05
Broken
13.41
—
— 12.93
C.B.O.T. rough rice futures - $ per cwt
July
15.85½
+0.56 +0.14 14.05
September
15.89
+0.40 +0.23 14.30
November
16.03½ +0.42½ +0.21 14.56
January
16.21
+0.40 +0.23½ 14.85
Milling & Baking News June 11, 2013 / 45

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Milling & Baking News - June 11, 2013

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