Milling & Baking News - October 29, 2013 - 38

Ingredient Week 

Sweeteners
Cash sugar markets were firm last week
amid continued light trading and uneven
beet harvest progress. The end of the
partial government shutdown brought
the U.S. Department of Agriculture back
to work and provided sought-after data.
Bulk refined beet sugar was offered
at 28c a lb f.o.b. Midwest, with most
processors holding firm at that price.
Supplies of sugar priced below that level
became harder to find compared with
a couple of weeks earlier. Refined cane
sugar was mostly offered at 33c a lb f.o.b.
but continued to trade around 29.5c a lb.
Trading for 2013-14 was light as many
users have needs adequately covered, and
many beet processors were as well sold as
they wanted to be considering continued
uncertainty about final harvest numbers.
Some sales for 2014-15 occurred at prices
about 1c a lb above 2013-14 levels.
In its latest Crop Progress report, the
U.S.D.A. said sugar beets in the four largest
producing states were 62% harvested
as of Oct. 20, behind 66% as the 2008-12
average for the date. North Dakota led
with 81% harvested, nearly even with 82%
as the average, with Minnesota at 66%,
well behind 80% as the state's average,
Michigan at 24%, behind its 28% average,
and Idaho at 60%, well ahead of the
state's 44% average. Harvesting was 67%
completed in Montana as of Oct. 20 (57%
as the 2008-12 average), 45% in Wyoming
(50% as the average) and 53% in Colorado

Beet and cane sugar
- Change from -
Oct. 25
Oct. 18 Oct. 11
Midwest beet 28.00 @ 28.25 +.50
+1.00
Paciﬁc beet
29.00 @ 32.00
-
-
Cane*
29.50 @ 33.00
-
-
*Spot raw plus 7% plus 5.2 with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb

Year
ago
35.00
36.00 Midwest
36.50 Northeast
Southeast
Southwest
West

Year
ago
21.50
21.50
21.80
22.50
22.50
23.25

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

57.00
53.00
49.00
45.00
41.00
37.00

A
Previous Year

Delivered basis, cents per lb
42% HFCS spot price1
Oct. 25
20⅜@ 23⅜
21¾@ 24¾
21⅞@ 24⅞
21½@ 24½
22⅜@ 25⅜

HFCS list price2

42% HFCS wet
Year ago
25.875
17⅜@ 21⅜
27.375
18¾@ 22¾
27.625
18⅞@ 22⅞
27.125
18½@ 22½
27.875
19⅜@ 23⅜

55% HFCS wet
30.375 net
31.875 net
32.125 net
31.625 net
32.375 net

Regular
corn
syrup3
29.125
30.625
30.875
30.375
31.125

Dextrose
East
34.85@37.85
Midwest 33.85@36.85
West
36.85@39.85

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

- Change from -
Contract
Oct. 25 Oct. 18 Oct. 11
Nearby
22.20
-.10
+.30
November-December 22.20
-.10
+.30
January-March
22.25
-.15
+.45
April-June
22.40
-.25
+.40
July-September
22.65
-.20
+.05
October-December 23.05
-.10
+.05

Bakery Shortening
Bookings of bakery shortening were
limited last week. Price changes were
mixed.
Soybean oil prices declined. Soybean
oil futures prices slipped even as soybean and soybean meal futures prices
rose. Soybean oil's share in the value of
the soybean crush declined. Indications
of good oil yields from the early 2013

soybean harvest may point to further
weakness for soybean oil relative to soybean meal pricing ahead.
A heavy soybean crush encouraged by
strong foreign demand for U.S. soybean
meal seemed to assure soybean oil supplies will remain ample.
Most users of soybean oil held contract balances extending between 45 and
60 days. Some major users, including
large baking companies, had coverage
extending into the first quarter of 2014.
Soybean oil basis coverage for October-December was estimated at about
85% completed. Basis coverage in the
first quarter of 2014 was about 40%.
Palm oil prices firmed. Stocks continued to build in Malaysia and Indonesia,
but production was falling shy of expectations while export demand was steady
to stronger.
Meat fat prices continued to weaken
with demand for the fall baking season
mostly filled. The buckling in lard values was especially striking. Lard prices
dropped 24c a lb in the last four weeks.
Refined canola oil was priced at a premium of 4¼c a lb to soybean oil futures
prices. The premium was expected to
narrow as new crop canola seed is more
readily available to crushers. The Canadian canola crop was expected to be the
largest ever by a wide margin.
Sunflower seed prices were pressured
by harvest and were about 7c a lb lower
than recent highs. MBN

Sweeteners

f.o.b. plant, cents per lb

(53%). Despite freezing temperatures across
the Upper Midwest, beet processors said
the weather was not a threat to the crop.
Sugar cane harvesting and planting
progressed in the South and Southeast.
Louisiana cane was 18% harvested as of
Oct. 20, even with its five-year average,
the state U.S.D.A. office said, with new
crop cane planting nearly completed.
The U.S.D.A. currently "owns" about
300,000 short tons of sugar as the result
of forfeitures on loans that matured Sept.
30. The trade expected government action
shortly, which may include additional
sales to ethanol producers or exchanges
for export credits among other options.
There was no progress in 2014 corn
sweetener contracting. Buyers continued
to show interest at about a 4c a lb discount
to 2013 contracted levels, but offers were
at least 2c higher than that. Traders
indicated refiners intended to wait for
new 2013 corn production estimates
from the U.S.D.A. on Nov. 8 before
moving ahead with any contracting. MBN

J
Current Year

38 / October 29, 2013 Milling & Baking News

Chicago soybean oil futures
Bulk in tank cars, cents per lb
Oct. 25
- Change from -
Delivery
close
Oct. 18
Oct. 11
December 40.73
-.95
+.45
January
41.03
-.96
+.42
March
41.40
-1.00
+.39
May
41.73
-1.05
+.39
July
42.02
-1.06
+.39
August
42.16
-1.06
+.40

Edible oils
Bulk, cents per lb
Year
ago
50.96
51.31
51.73
52.09
52.36
52.41

Crude soybean oil
Bulk in tank cars, cents per lb
Delivery
Decatur, Ill.
October
39.23 @39.73
November
39.23 @39.73
December
39.23 @39.73
January
39.53 @39.78
February
39.72 @39.97
March
39.90 @40.15
April
40.07 @40.32

Western points
38.73 @39.23
38.73 @39.23
38.73 @39.23
39.03 @39.28
39.22 @39.47
39.40 @39.65
39.57 @39.82

- Change from - Year
Oct. 25 Oct. 18 Oct. 11 ago
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

39.75
43.00

-1.25
-1.50

+.75 49.75
-15.00 49.00

33.75

-.25

-1.00

41.25
41.00

-1.25
+1.00

+.75 51.50
+1.25 41.75

45.00
45.00

+.75
-

+1.25 46.00
-
43.00

81.00
38.75

-
+.50

- 100.00
-.25 58.50

57.00
45.00

-
-1.50

-7.00
+.75

43.25

73.50
58.25

bakingbusiness.com / world-grain.com

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Milling & Baking News - October 29, 2013

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