Milling & Baking News - October 29, 2013 - 37


Soy Products
Soy flour prices gained ground last
week in brisk trading. Bookings were
about three weeks forward. Expectations
were fading for a significant decline in
prices because of harvest pressure.
The 2013 soybean crop was shaping up
to be a large one, but carryover in both the
United States and South America was exceptionally tight. A marketer said it was
time to "face reality" that supplies will be
squeezed for months to come.
Soybean meal and nearby soybean futures advanced last week, while soybean
contracts from March 2014 and forward
and soybean oil futures declined. Tight inventories and solid export demand kept
upward pressure on prices despite the harvest of what was expected to be one of the
largest crops on record. The U.S. Department of Agriculture resumed publication of
its weekly Crop Progress report last week,
and the soybean harvest was pegged at
63% completed as of Oct. 20, not far behind
the 69% five-year average for the date.
Exports helped keep prices firm. Last
Friday, the U.S.D.A. reported private sales
of 120,000 tonnes of soybeans each to Taiwan and China for delivery in 2013-14,
and on Oct. 23 it reported a sale of 120,000
tonnes to Russia, which was thought to
be the largest soybean sale to that country
since 2001. It also released weekly export
transactions from early October showing
vigorous soybean sales.
The new export data helped clarify levels
of supply and demand after the U.S.D.A.
reopened. The most recent export sales report only included sales during the week
ended Oct. 3, though, and the information
lacked urgency because it was about three
weeks old. Sales for the weeks ended Oct.
10, 17 and 24 will be released on Oct. 31.

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

Corn Products
Corn meal and other corn product
prices were about steady, in keeping
with corn futures, which remained in a
narrow trading range last week.
Corn futures prices gyrated last week
but ended little changed. Much attention
was on harvest progress. After a threeweek hiatus, the U.S. Department of Agriculture released its Monday Crop Progress
report showing that the corn harvest was
39% completed as of Oct. 20, behind the
50% five-year average and well behind the
85% harvested on the same date in 2012.
The percentage reported by the U.S.D.A.
was not far ahead of anecdotal estimates
around 35% made by observers during the
period beginning Oct. 1, when U.S.D.A.
numbers were not available because of the
partial government shutdown.
The corn harvest continued to run behind schedule as many producers combined soybeans first. But forecasts for
dry weather suggested the harvest, expected to be record large, would be moving ahead at a rapid pace. One reason
harvest pressure still was modest was
because of extensive new storage capacity in the country, which took pressure off
farmers to sell their grain immediately.
Also helping put a floor under corn
prices were signs of robust export sales.
U.S. corn export sales for the week ended

Oats
Food-grade oats flakes prices firmed
in keeping with gains in nearby oats futures. While oatmeal is no longer considered solely a cold-weather breakfast
choice, there still is often a bump up in
demand when temperatures begin to
cool as autumn progresses.
Saskatchewan, in its final crop report
of 2013, reported that favorable weather
allowed producers to achieve yields that
are well above average with crop quality
average to above-average. Oats yields
were said to be averaging 91 bus an acre.
The harvest was virtually completed. MBN

Rice
U.S. milled rice and rice byproducts
prices showed some declines. The top
end of the long-grain price range declined 75c a cwt, and the low end of the
range for parboiled rice declined $1.00.
The U.S. Department of Agriculture's
prevailing world market prices of milled
rice were higher.
Net export sales of U.S. rice in the
week ended Oct. 3 were reported last
week because of delays caused by the
partial shutdown of the government
during the first half of October. The
U.S.D.A. said net sales of 70,800 tonnes
for delivery in 2013-14 were sold in the
week ended Oct. 3, a marketing-year
high. Mexico was the principal buyer. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Oct. 25
Oct. 18
Oct. 11
Soy ﬂour
Bulk
33.23 @ 37.65 +.48@ +.10 +.07 @+.45
Sacked
34.23 @ 39.65 +.48@ +.10 +.07 @+.45

-1½
-2
-1½
-1¼
-¼
-¼

+6¾
+5¾
+6¼
+6¼
+6¾
-7¼

7.37¾
7.39¾
7.37
7.2934
Corn meal
6.58½
$ per cwt
6.35¼

+8¾
+3¾
-¾
-1¾
-3¾
-5

+33¼
+27¼
+18
+16
+14¾
+13¼

15.61¼
15.63¾
15.37
14.88
14.67
14.30¾

+13.40
+8.50
+5.80
+5.10
+4.50
+4.10

+20.10
+13.20
+6.50
+6.10
+6.20
+6.00

483.40
478.10
465.50
440.20
430.10
416.90

bakingbusiness.com / world-grain.com

Oct. 3, the most recent data available, totaled 1,341,400 tonnes for 2013-14, well
above trade expectations of 500,000 to
850,000 tonnes. "Unknown destinations"
was the principal buyer, followed by
China. Export sales for the weeks ended
Oct. 10, 17 and 24 will be released on Oct.
31, the U.S.D.A. said. MBN

Soy products

- Change from - Year
Oct. 25 Oct. 18 Oct. 11
ago
4.40
4.52
4.60¾
4.68¼
4.75
4.82¾
$ per bu
13.00
12.93½
12.72
12.55½
12.49¾
12.37
$ per ton
423.50
414.10
400.70
391.40
387.50
383.20

The U.S.D.A. said net export sales of
soybeans for the week ended Oct. 3 were
929,800 tonnes for the 2013-14 marketing
year and 18,000 tonnes for 2014-15, within the range of trade expectations from
800,000 to 1.1 million tonnes. Soybean
meal weekly export sales were 850,100
tonnes in 2013-14, well above trade expectations of 150,000 to 350,000 tonnes. MBN

Oct. 25
Chicago, bulk
24.15@ 28.92
Chicago, sacked 25.92@ 30.61
New York, bulk
25.82@ 30.51
New York, sacked 28.24@ 32.92

Ingredient Week

- Change from -
Oct. 18
Oct. 11
-.03@-.03 +.13@+.13
-.03@-.03 +.13@+.13
-.03@-.03 +.13@+.13
-.03@-.03 +.13@+.13

Oats
- Change from -
Minneapolis
Oct. 25
Oct. 18 Oct. 11
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
29.75@30.25 +.25
+.25
Milling quality oats, No. 2 heavy,
$ per bu
3.68¼
+11½c +16½c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Oct. 25
Oct. 18 Oct. 11 ago
Long grain
27.50@30.00
-
- 26.75
Medium grain 28.50@30.50
-
- 27.50
Parboiled
30.00@33.00 -1.00
-1.00 29.25
Second
heads, bulk 19.00@19.50
-
- 19.50
Brewers
16.50@18.00
-
- 17.00
f.o.b. mills, $ per ton
Rice millfeed
60.00
-
-
...
Rice bran
175.00@215.00 +5.00 +5.00 190.00
Rice hulls
30.00
+10.00 +10.00 40.00
U.S.D.A. 2012 crop world price milled - $ per cwt
Long grain
18.54
+0.23 +0.23 19.55
Medium/short
grain
18.17
+0.22 +0.22 19.26
Broken
12.70
+0.15 +0.15 13.83
C.B.O.T. rough rice futures - $ per cwt
November
15.54
+0.42½ +0.66 14.79½
January
15.42
+0.08 +0.34 15.11
March
15.54½ +0.02½ +0.28½ 15.44
May
15.72
+0.03 +0.29 15.68½
Milling & Baking News October 29, 2013 / 37

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Milling & Baking News - October 29, 2013

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