Milling & Baking News - November 11, 2014 - 47


Soy Products
Soy flour values firmed last week as
soybean meal prices posted modest
gains contrary to the rest of the soy complex. Bookings were active and several
weeks forward.
Early November price action in soybean futures stabilized at lower levels
after a run-up during the last week of
October. Futures weakened on a promising weather outlook as the anticipated
record-large soybean harvest was wrapping up across the country. Also pressuring prices was news of beneficial rains in
Brazil, which helped to quell concerns of
planting delays in the United States' major export competitor.
Soybean futures ended lower but soybean meal futures prices ended modestly
higher amid continued price volatility.
Prices took an early dive on favorable harvest weather, but losses were pared later
in the week. The soy complex got a boost
Thursday on strong export demand.
The return to a focus on favorable
harvest progress helped soften prices,
in contrast to the previous week when
prices jumped amid a soybean meal
supply squeeze. Analysts said soybean
pipelines were in better shape, and fears
there wouldn't be enough soybean meal
available to feed chickens and hogs began to abate. But even with last week's
declines, soy complex futures prices
remained higher than levels before the
soybean supply crisis.
The U.S. Department of Agriculture
said 83% of the soybean harvest in the
18 major states was completed as of Nov.
2, equal to the five-year average for the
date. Harvest completion in the top-producing states of Illinois and Iowa was
83% and 91%, respectively.

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

-9¼
-8¾
-8½
-8
-7¼
-5½

+14½
+13¾
+14¼
+13½
+12¾
+13½

4.26¼
4.38½
4.47
4.53¾
4.59½
4.68½

-6¼
-12½
-13
-13½
-14½
-14½

+62¾
+53½
+50¼
+47¾
+46
+45½

13.06
12.96
12.76¾
12.58
12.53¼
12.35¼

+1.40
+5.00
+8.00
+6.50
+4.90
+4.30

+40.20
+32.90
+26.80
+23.60
+21.80
+21.00

422.30
414.90
402.80
392.30
388.20
381.10

bakingbusiness.com / world-grain.com

Corn Products
Cornmeal and corn flour prices eased
last week amid strong seasonal demand
but lower corn futures prices. Some endusers sought to cover needs through the
end of the year, before holiday-related interruptions in production toward the end
of November and in December. Demand
for brewers' grits was seasonally slow.
Plenty of corn was available for milling, but the quality of the grain in some
areas was inferior to past years.
"Bumper crops don't typically provide the best-quality corn for milling,"
said one corn miller. Logistics issues also
were complicated with both trucks and
rail cars difficult to secure.
Corn futures prices declined on continued expectations of a record-large
crop, buttressed by a private forecaster's
estimate that the 2014 corn crop would
hit almost 14.5 billion bus on yields of
174.4 bus an acre. Favorable weather
fed expectations that the harvest, currently behind schedule, would make
significant progress, perhaps advancing
by 20 percentage points in a week. Also

contributing to declines were falling
crude oil prices, which tend to pressure
ethanol values, and the continued ascent
of the U.S. dollar, which makes exports
more expensive.
The U.S.D.A. said 65% of the corn harvest was completed as of Nov. 2 compared
with 73% as the five-year average for the
date. Harvesting in Iowa was 61% completed compared with 75% as the average
for the date, and in Illinois harvesting was
77% completed compared with 78%.
U.S. corn net export sales in the week
ended Oct. 30 were 478,200 tonnes for
2014-15, down 2% from the previous week
and down 55% from the prior four-week
average, the U.S.D.A. said. Trade expectations were 600,000 to 850,000 tonnes. MBN

Oats
Food-grade oats flakes prices were
steady amid good seasonal demand for
oatmeal. Oats futures prices continued
their downward trajectory, reflecting
somewhat improved transportation logistics before winter weather takes hold in
Canada. In addition, end users were well
stocked with inventories, and they indicated an unwillingness to continue paying
what they considered to be excessively elevated prices in the cash markets, which
put downward pressure on oats futures. MBN

Rice
U.S. milled rice and rice byproducts
prices were mostly unchanged, the
U.S.D.A. said, while world milled rice
prices were steady last week.
Net export sales of U.S. rice in the
week ended Oct. 30 were 63,200 tonnes
for 2014-15, down 33% from the prior
week and down 18% from the four-week
average. MBN

Rice

Soy products

- Change from - Year
Nov. 7 Oct. 31 Oct. 24
ago
3.67½
3.80½
3.89½
3.96¼
4.03
4.13
$ per bu
10.40¼
10.36¾
10.40¼
10.44½
10.48¼
10.48¼
$ per ton
390.40
371.70
354.20
347.40
346.60
346.30

Net export sales of U.S. soybeans in
the week ended Oct. 30 were 1,609,900
tonnes for 2014-15, up 28% from the previous week and up 22% from the prior
four-week average, and 3,200 tonnes for
2015-16, the U.S.D.A. said. Trade expectations were 900,000 to 1,000,000 tonnes
for the combined crop years. Soybean
export shipments for the week were a
marketing year high 2,915,600 tonnes.
Soybean meal weekly export sales
were a net reduction of 123,700 tonnes
for 2014-15 and net sales of 800 tonnes
for 2015-16, the U.S.D.A. said. Analysts
expected 100,000 to 250,000 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Nov. 7
Oct. 31
Oct. 24
Soy ﬂour
Bulk
30.98 @ 34.47 +.41@ +.07 +3.18 @+2.07
Sacked
31.98 @ 36.47 +.41@ +.07 +3.18 @+2.07

Corn meal
$ per cwt
Nov. 7
Chicago, bulk
17.67@ 18.93
Chicago, sacked
19.44@ 20.70
New York, bulk
19.34@ 20.60
New York, sacked 21.76@ 23.02

Ingredient Week

- Change from -
Oct. 31
Oct. 24
-.18@-.18 +1.22@+.30
-.18@-.18 +1.22@+.30
-.18@-.18 +1.22@+.30
-.18@-.18 +1.22@+.30

Oats
- Change from -
Minneapolis
Nov. 7
Oct. 31 Oct. 24
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
31.75@32.75
-
-.50
Milling quality oats, No. 2 heavy,
$ per bu
3.88¾
2½c
-13c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Nov. 7
Oct. 31 Oct. 24 ago
Long grain
24.00@27.00
-
- 27.50
Medium grain 30.00@31.00
-
- 28.50
Parboiled
26.00@30.50
-
- 30.00
Second
heads, bulk 22.00@22.50
-
- 19.00
Brewers
18.00@20.00 -1.00
-1.00 16.50
f.o.b. mills, $ per ton
Rice millfeed
65.00
+5.00 +5.00 60.00
Rice bran
125@145
-
- 175.00
Rice hulls
30@35
- +5.00 30.00
U.S.D.A. world price milled - $ per cwt
Long grain
17.56
-
-0.32 18.25
Medium/short
grain
16.99
-
-0.30 17.89
Broken
10.59
-
-0.20 12.50
C.B.O.T. rough rice futures - $ per cwt
January
12.11½
-0.17 -0.51½ 15.70
March
12.38½
-0.17½ -0.50½ 15.81
May
12.63½
-0.19
-0.45 16.00
July
12.81½
-0.19
-0.45 16.03
Milling & Baking News November 11, 2014 / 47

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Milling & Baking News - November 11, 2014

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