Milling & Baking News - June 10, 2014 - 53


Soy Products
Soy flour prices dropped last week
in brisk dealings with bookings two to
three weeks forward. Sellers said prices
would likely stay range-bound until the
June 11 release of the U.S. Department of
Agriculture's June World Agricultural
Supply and Demand Estimates. A more
developed picture of the condition of the
new crop also may offer important price
direction.
Soybean futures declined last week on
favorable weather and crop progress, fueling sentiment that, although old crop
stocks were tight, the outlook for an excellent 2014 crop remained intact, which
likely meant prices would trend lower
through the summer.
Soybean futures turned lower in early
June after a month of price gyrations that
culminated in modestly higher prices at
the end of May. The market had been
working to price in premiums for tight
old-crop domestic soybean supplies
coupled with continued robust export
demand, especially from China. Some
recent imports to the U.S. of about six
million bus of South American soybeans
helped ease the situation. That and nearly ideal crop progress as of June 1 made
weather the key market influencer.
The U.S.D.A. reported 78% of the crop
was planted in the 18 major states as of
June 1, above the 70% average for the
date. Emergence at 50% also outpaced
the average of 45%. This alleviated earlier
concerns that a cool, wet spring would
translate into worrisome planting delays.
The first Crop Progress report to rate soybean conditions was set for June 9.
Net export sales of U.S. soybeans in
the week ended May 29 were 41,300
tonnes for 2013-14, down 32% from the

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

-6¾
-1¾
+¼
+¾
+¾
+½

-19
-19¼
-17½
-17½
-17¼
-14¼

6.66¼
5.91½
5.58½
5.68¾
5.76
5.82¼

-36¼
-23½
-22
-15
-14½
-13¼

-58½
-44½
-57
-47
-46¼
-45¼

15.28¼
14.56¼
13.74
13.30¼
13.35¼
13.30½

-12.60
-12.20
-12.00
-8.90
-9.40
-9.20

-15.00
-13.70
-16.80
-14.30
-15.20
-15.20

452.50
431.20
413.70
397.70
396.60
397.00

bakingbusiness.com / world-grain.com

Corn Products
Prices of corn meal and other milled
corn products fell last week in keeping
with lower corn futures. Seasonal demand was slack. Interest from beer manufacturers increased for brewers' grits,
reflecting the warm-weather uptick in
production, but prices held steady.
Corn futures continued their path to
lower prices amid favorable weather
conditions that fueled expectations
for a possibly record-large crop. Prices
reached multi-month lows, hitting levels
not seen since the end of February. There
was talk the U.S.D.A.'s projected size of
the crop - a record 13,935 million bus -
may be exceeded if moisture-rich, warm
weather conditions hold. Even with a
Friday bounce higher in an oversold
market, nearby prices ended lower for
the week.
With the crop 95% planted in the 18
major states as of June 1, rains that fell
across the Corn Belt last week were
bearish, indicating continued favorable
growing conditions. The U.S.D.A. said
80% of the corn crop in the 18 major
states was emerged, equal to the 200913 average. Top-producing Iowa was on
track with 89% emerged, which was the
five-year average for the date.

Key states such as Illinois and Indiana reported emergence that was ahead
of the average, with 91% emerged in
Illinois compared with the 82% average, and 83% in Indiana, outpacing the
73% average. A few of the northernmost
states, which managed to catch up on
planting after an exceptionally cool and
wet spring, still lagged, the U.S.D.A.
said. Minnesota's corn crop was 69%
emerged, behind the 82% average, and
North Dakota was at 47%, behind the
60% average.
Net export sales of corn in the week
ended May 29 were 550,700 tonnes for
2013-14, down 5% from a week earlier
but up 39% from the prior four-week
average, and 19,500 for 2014-15, the
U.S.D.A. said. Analysts' expectations
for the combined years were 550,000 to
800,000 tonnes. MBN

Oats
Food-grade oats flakes prices were
weaker last week as oats futures prices
declined after gyrating much of the
week. Multi-day declines in wheat and
corn futures prices pressured oats futures lower. Demand was seasonal. MBN

Rice
U.S. milled rice prices were unchanged and rice byproduct prices were
mixed in the latest reporting week, with
rice bran steady to $5 a ton lower but
rice millfeed and hulls steady to $5 a ton
higher. U.S.D.A.-posted world milled
rice prices were unchanged last week.
Net export sales of U.S. rice in the
week ended May 29 were 36,200 tonnes
for 2013-14, up noticeably from the previous week and up 17% from the prior
four-week average, the U.S.D.A. said. MBN

Soy products

- Change from - Year
June 6 May 30 May 23 ago
4.59
4.56¼
4.57¾
4.67¼
4.73¾
4.79½
$ per bu
14.57
14.01
12.63¾
12.18¾
12.25
12.30
$ per ton
487.60
461.70
424.10
398.10
394.20
393.00

previous week and down 51% from the
prior four-week average, and 230,500
tonnes for 2014-15. Trade expectations for the combined crop years were
400,000 to 700,000 tonnes.
Net export sales of U.S. soybean meal
in the week ended May 29 were 65,800
for 2013-14 and 233,700 tonnes for 201415. Analysts were expecting sales for
the two crop years at 225,000 to 400,000
tonnes. MBN

Ingredient Week

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 6
May 30
May 23
Soy ﬂour
Bulk
34.69 @ 37.11 -.63@ -.65 -.75 @ -.77
Sacked
35.69 @ 39.11 -.63@ -.65 -.75 @ -.77

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

- Change from - Year
Cash
June 6
May 30 May 23 ago
Long grain
27.50@28.50
-
- 28.00
Medium grain 32.00@34.25
-
- 28.50
Parboiled
29.50@31.50
-
-0.50 30.50
Second
Corn meal
heads, bulk 22.00@25.00
-
- 18.00
$ per cwt
19.00@24.00
-
- 14.50
- Change from - Brewers
June 6
May 30 May 23 f.o.b. mills, $ per ton
65.00
+5.00 +5.00 70.00
Chicago, bulk
18.84@ 20.83 -.14@-.14 -.38@-.38 Rice millfeed
120@145
-
- 160.00
Chicago, sacked 20.61@ 22.60 -.14@-.14 -.38@-.38 Rice bran
35@40
-
- 15.00
New York, bulk 20.51@ 22.50 -.14@-.14 -.38@-.38 Rice hulls
New York, sacked 22.93@ 24.92 -.14@-.14 -.38@-.38 U.S.D.A. world price milled - $ per cwt
Long grain
17.52
-
- 18.95
Oats
Medium/short
17.18
-
- 18.63
- Change from - grain
Minneapolis
12.00
-
- 13.41
June 6
May 30 May 23 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade ﬂakes, f.o.b.,
July
14.17½
-0.81
-1.07 15.86
bagged, $ per cwt
35.25@36.25 -.25
+.25
September
13.90
-0.47½
-0.58 15.89
Milling quality oats, No. 2 heavy,
14.02½
-0.46
-0.56 16.04
$ per bu
4.31¾
-14¼c +11¼c November
January
14.16½
-0.45½ -0.57½ 16.21
Oat hulls, $ per ton
25@35
-
-
Milling & Baking News June 10, 2014 / 53

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Milling & Baking News - June 10, 2014

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