Milling & Baking News - November 12, 2013 - 46

Ingredient Week 

Sweeteners
Cash sugar prices were unchanged as
the market awaited the Nov. 8 World Agricultural Supply and Demand Estimates
from the U.S. Department of Agriculture,
which showed a modest decrease in 201213 sugar ending stocks, but an increase in
2013-14 stocks.
At least three corn refiners have issued
2014 pricing letters since Nov. 1 with offers coming in mostly around 2@2.75c
a lb, and occasionally 3c, below 2013
contracted levels for 42% and 55% highfructose corn syrup and regular corn
syrup and 2c below for dextrose. Buyers
continued to seek prices about 4c below
2013 levels, citing the record-large 2013
corn crop and sugar prices that still were
below year-ago levels. Consequently, no
2014 contracting was evident.
Bulk refined beet sugar was offered at
28c a lb f.o.b. Midwest and continued to
sell at that level, although traders surmised most business for 2014 was completed. There were some users with uncovered needs for the second half of the
year, but most appeared willing to wait
until closer to contract expiration, hoping there may be some softness in prices
at some point in 2014. Refined cane sugar
was offered at 33c a lb f.o.b. but continued to trade around 29.5c a lb. Activity
for 2014-15 occurred slightly above 201314 levels for both beet and cane sugar.
The market overall was quiet.
The sugar beet harvest in the four

Beet and cane sugar
- Change from -
Nov. 8
Nov. 1 Oct. 25
Midwest beet 28.00 @ 28.25
-
-
Paciﬁc beet
29.00 @ 32.00
-
-
Cane*
29.50 @ 33.00
-
-
*Spot raw plus 7% plus 6.4 with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb

Year
ago
22.45
22.45
22.53
22.60
22.67
22.70

57.00
53.00
49.00
45.00
41.00
37.00

M
Previous Year

Nov. 8
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 -
Nov. 1 Oct. 25
-.50
-1.10
-.50
-1.10
-.40
-1.05
-.35
-.85
-.05
-.45
-.10
-.30

Decatur, Ill., bulk, cents per lb

Delivered basis, cents per lb
42% HFCS spot price1

Year
ago
35.00
36.00 Midwest
36.00 Northeast
Southeast
Southwest
West

Spot soybean oil

Bakery Shortening
Bookings of bakery shortening were
steady last week. Prices were mixed.
Soybean oil prices dropped. Soybean
oil futures prices declined, wiping out
gains scored a week earlier. The Nov. 7
announcement by the Food and Drug

Administration that it intends to remove
the generally recognized as safe (GRAS)
status of partially hydrogenated oils, i.e.
trans fat, pushed a weakening soybean
oil market even lower. The cash basis
on soybean oil was unchanged, but the
market's undertone was weakening.
Soybean oil users have covered about
80% of their November-December needs.
Coverage for the first quarter of 2014 was
estimated at 20% to 25%. Basis coverage
for the first quarter was only about 30%.
The U.S.D.A. on Nov. 8 forecast the 201314 soybean crush at 1,685 million bus, up 30
million bus from the September projection
and down just 4 million bus from 2012-13.
Soybean oil supply in 2013-14 was forecast
at 21,355 million lb. Soybean oil disappearance in 2013-14 was forecast at 19,700 million lbs, leaving a 2013-14 ending stocks at
1,635 million lbs, up 20 million lbs from the
September projection and compared with
1,705 million lbs in 2012-13.
Palm oil prices advanced as the market
waited for production to recover from
recent tropical storms. Demand for palm
oil in the United States was limited with
buying for the baking season completed,
but F.D.A. action on trans fats may encourage increased interest. Coconut oil
prices advanced and may strengthen further as Typhoon Haiyan batters coconut
growing areas in the Philippines.
The premium over soybean oil futures
for refined canola oil was 4¼c a lb but
was expected to weaken. MBN

Sweeteners

f.o.b. plant, cents per lb

Contract
Nov. 8
Nearby
21.10
November-December 21.10
January-March
21.20
April-June
21.55
July-September
22.20
October-December 22.75

largest-producing states was 93% completed as of Nov. 3, ahead of 89% at the
same time last year and 90% as the 200812 average for the date, the U.S.D.A. said
in its Crop Progress report. The harvest
was completed in North Dakota, 99%
completed in Minnesota, 93% in Idaho,
68% in Michigan, 75% in Wyoming and
89% in Colorado.
Louisiana cane was 31% harvested by
Nov. 3, slightly behind the average pace.
There still was no word on how the
U.S.D.A. plans to get rid of about 300,000
tons of sugar forfeited Sept. 30.
The U.S.D.A. in its Nov. 8 WASDE
projected U.S. sugar carryover on Oct. 1,
2014, at 2,398,000 short tons, raw value,
up 3% from its September projection and
up 10% from 2,183,000 tons on Oct. 1,
2013, which was lowered 1% from September. The 2013-14 ending stocks-touse ratio was projected at 19.9%, up from
19.5% in September and compared with
18.2% in 2012-13.
Sugar production in Mexico in 2013-14
was projected at 6,500,000 tonnes, actual
weight, up 300,000 tonnes from September but down 7% from 2012-13. MBN

A
Current Year

46 / November 12, 2013 Milling & Baking News

Chicago soybean oil futures
Bulk in tank cars, cents per lb
Nov. 8
- Change from -
Delivery
close
Nov. 1
Oct. 25
December 40.24
-1.35
-.49
January
40.55
-1.35
-.48
March
40.98
-1.29
-.42
May
41.39
-1.20
-.34
July
41.76
-1.10
-.26
August
41.91
-1.06
-.25

Edible oils
Bulk, cents per lb
Year
ago
47.77
48.16
48.62
49.11
49.55
49.68

Crude soybean oil
Bulk in tank cars, cents per lb
Delivery
Decatur, Ill.
November
38.74 @38.99
December
38.74 @38.99
January
38.80 @39.05
February
39.02 @39.27
March
39.23 @39.48
April
39.44 @39.69
May
39.64 @39.89

Western points
38.24 @38.49
38.24 @38.49
38.30 @38.55
38.52 @38.77
38.73 @38.98
38.94 @39.19
39.14 @39.39

Nov. 8
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
Nov. 1 Oct. 25 ago

39.00
43.25

-1.25
+.25

-.75
+.25

45.25
51.75

38.50

+4.75

+4.75 40.50

41.50
42.50

-1.00
+.50

+.25 48.25
+1.50 40.50

46.75
49.00

+.50
+1.50

+1.75 44.00
+4.00 43.00

81.00
39.25

+1.00
+.25

- 100.00
+.50 56.75

59.00
44.50

+2.00
-1.50

+2.00 71.00
-.50 55.75

bakingbusiness.com / world-grain.com

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

Milling & Baking News - November 12, 2013

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