Milling & Baking News - July 9, 2013 - 41


Soy Products
Soy flour prices moved lower in sync
with soybean meal futures prices, which
dropped. Soybean futures posted price
gains on old crop contracts on squeezed
inventories, while deferred values continued to retreat on expectations of a big
harvest. The cash market for soybean
meal has been exceptionally firm, reflecting strong demand from livestock feeders and overseas buyers.
Soy flour experienced solid demand, and
bookings were two to three weeks forward.
Exceptionally tight soybean supplies
kept upward pressure on old crop soybean futures. New crop futures were
trading at significant discounts to the
nearby contracts on expectations that inventories will be replenished at harvest.
The trading week was shortened because of the Independence Day holiday
last Thursday. U.S. grain markets closed
early at 1 p.m. EDT Wednesday because
of the next day’s holiday and resumed
trading at 9:30 a.m. EDT Friday.
Soybean crop conditions improved
modestly at the end of June compared
with the previous week, the U.S.D.A. indicated in its most recent Crop Progress
report. Sixty-seven per cent of the crop in
the 18 main soybean-growing states was
rated good to excellent, up from 65% the
previous week and up significantly from
45% at the same time a year ago. Emergence as of June 30 was 91% compared
with 94% as the average.
As the latest prevented-planting dates
for soybeans passed at the end of June,
it was apparent that some percentage
of the crop would not be seeded and
likely be claimed for crop insurance.
The U.S.D.A. said 96% of the crop was
planted in the 18 main soybean-growing

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

+5½
-21½
-19¾
-18¼
-18
-17

+23
-66¼
-65
-63½
-62½
-61¼

7.55¾
7.40½
7.40¼
7.41¾
7.38¼
7.32

+23½
+1
-27
-23¾
-23
-21

+94¾
+18¼
-39½
-45¼
-42¾
-37¾

16.42
15.94¾
15.69½
15.52½
15.48¼
14.99¼

-1.20
-6.30
-14.00
-16.50
-16.10
-15.10

+41.40
+9.00
-11.20
-19.00
-19.60
-18.40

488.90
474.10
465.60
457.20
453.40
448.40

bakingbusiness.com / world-grain.com

Corn Products
Prices of corn products, such as cornmeal and corn flour, were about steady,
although corn futures prices dropped
in mostly quiet trading. Hominy prices
were also about unchanged.
Corn futures prices tumbled after the
June 28 release of the U.S.D.A.’s most recent Acreage report, which estimated an
unexpected increase in acreage to 97.4
million acres, the largest planted acreage
in the U.S. since 1936, and they continued to decline last week.
At the same time, tight supplies, still
reflecting a 2012 corn crop hampered by
a historic drought, kept upward pressure on the cash basis. But prospects for
a large 2013 crop, bearish for new-crop
futures, kept a lid on gains. The nearterm weather outlook in the Corn Belt,
somewhat wetter and cooler than average, was viewed as favorable.
As the July 4 holiday approached last
Thursday, traders sought to square positions and offload risk, and price volatility decreased markedly. Corn futures
suspended trading slightly early at 1
p.m. EDT on Wednesday and resumed
Friday at 9:30 a.m. Friday.
The condition of the corn crop at the
end of June improved modestly compared
with the previous week in the 18 main
corn-growing states, the U.S.D.A. said.

Sixty-seven per cent of the crop was rated
good to excellent, up from 65% the previous week and noticeably higher than the
48% deemed to be in good to excellent
condition on the same date last year.
The U.S.D.A. reported a private sale
of 120,000 tonnes of corn for delivery in
2013-14. U.S. corn weekly export sales
in the latest week were within trade expectations of 250,000 to 500,000 tonnes.
The U.S.D.A. said there were net sales
of 233,100 tonnes for 2012-13 and 81,400
tonnes for 2013-14. MBN

Oats
Food-grade oats flakes prices were
softer, reflecting both a decline in seasonal demand and declines in oats futures
prices. After falling sharply in the previous week, oats futures stabilized at modestly lower levels during the holidayshortened week, reflecting the generally
bearish tone in corn futures.
The U.S.D.A., in its most recent Crop
Progress report, said the crop was 66%
headed in the nine main oats-growing
states, compared with 76% headed as the
five-year average for the date. The condition of the crop was 59% good to excellent, up from 58% the previous week, the
U.S.D.A. indicated. MBN

Rice
U.S. milled rice and rice byproducts
prices were unchanged last week with
the exception of rice hulls, which were $5
a ton higher. U.S.D.A. world milled rice
prices were steady.
Net export sales of U.S. rice during the
week ended June 27 were 39,000 tonnes,
down 25% from the previous week and
down 45% from the prior four-week average, the U.S.D.A. indicated. MBN

Soy products

— Change from — Year
July 5 June 28 June 21 ago
6.84¾
5.25¾
4.91¼
5.03½
5.11¼
5.18½
$ per bu
15.88
14.32
12.76¼
12.28¼
12.33¾
12.35½
$ per ton
489.10
428.60
386.70
360.30
357.90
359.30

states as of June 30 compared with 98%
as the five-year average.
U.S. soybean net export sales were up
noticeably from the previous week and
the four-week average but were within
trade expectations of 200,000 to 450,000
tonnes. The U.S.D.A. reported net sales
of 120,600 tonnes for 2012-13 and 249,100
tonnes for 2013-14. MBN

Ingredient Week

Defatted, f.o.b. Midwest plant, $ per cwt
— Change from —
July 5
June 28
June 21
Soy ﬂour
Bulk
35.26 @ 36.90 -1.32@ -.06 +1.12 @+2.07
Sacked
36.26 @ 38.90 -1.32@ -.06 +1.12 @+2.07

Rice
Offers f.o.b. mills, $ per cwt, bagged

— Change from — Year
Cash
July 5
June 28 June 21 ago
Long grain
28@30
—
— 24.50
Medium grain 28.50@28.75
—
—
27
Parboiled
30.50@33.00
—
— 27.75
Second
Corn meal
heads, bulk 18@18.50
—
—
18
$ per cwt
14.50@16.50
—
—
17
— Change from — Brewers
July 5
June 28 June 21 f.o.b. mills, $ per ton
70@70
—
—
…
Chicago, bulk
26.65@ 30.91 +.12@+.12 +.47@+.42 Rice millfeed
160@195
—
—
135
Chicago, sacked 28.42@ 33.00 +.12@+.12 +.47@+.42 Rice bran
20@20
+5.00 +5.00
25
New York, bulk
28.32@ 32.90 +.12@+.12 +.47@+.42 Rice hulls
New York, sacked 30.74@ 35.31 +.12@+.12 +.47@+.42 U.S.D.A. 2012 crop world price milled - $ per cwt
Long grain
19.16
—
— 18.61
Oats
Medium/short
18.84
—
— 18.39
— Change from — grain
Minneapolis
13.56
—
— 13.17
July 5
June 28 June 21 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade ﬂakes, f.o.b.,
July
15.17½
-0.56½ -0.73½ 14.77
bagged, $ per cwt
31.50@31.75 -.75c
-.75c
September
14.95½
-0.63½
-0.94 15.06
Milling quality oats, No. 2 heavy,
15.21½
-0.62
-0.96 15.33
$ per bu
3.95¼
-31c
-25¼c November
January
15.45½
-0.54
-0.95 15.61
Oat hulls, $ per ton
25@35
—
—
Milling & Baking News July 9, 2013 / 41

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

Milling & Baking News - July 9, 2013

Table of Contents for the Digital Edition of Milling & Baking News - July 9, 2013