Milling & Baking News - January 6, 2015 - 37

Ingredient Week

Soy Products
Soy flour prices declined last week
in keeping with losses in soybean meal
futures. Sales were slower than normal
during the holiday-shortened week, but
bookings remained a few weeks forward.
Soybean futures fell about 4% last
week as market participants squared
positions and booked profits at year's
end. Trading was lighter than usual, and
hours were cut back because of New
Year's Day on Thursday.
Soybean futures prices fell more than
20% in 2014 - the most in a decade - on
bumper domestic and South American
production. The price trend continued
to be bearish on expectations that Brazil, the United States' chief competitor
in soybean production and exports, will
harvest a record 100-million-tonne crop
in 2015. Indications that some overseas
customers already may be switching to
South America as a source for soybeans
also weighed on the market.
Net export sales of U.S. soybeans in
the week ended Dec. 25 were 611,000
tonnes for 2014-15, up 6% from the previous week, down 25% from the prior
four-week average and within trade
estimates of 500,000 to 750,000 tonnes.
Soybean meal net export sales of 157,900
tonnes for 2014-15 and of 1,400 tonnes
for 2015-16 were within trade expectations of 50,000 to 175,000 tonnes. MBN

Corn Products
Cornmeal and corn flour prices fell
last week in a slow holiday market,
reflecting the downward trajectory of
corn futures. Prices of extruded corn
products used in snack foods were
about unchanged, as was hominy feed.
Quotes for brewers' grits values also

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

-19
-18½
-18½
-19
-19½
-19

-14¾
-14½
-14¾
-14¾
-15½
-15¾

4.23½
4.31¾
4.38¾
4.45
4.52
4.62½

-45
-46½
-46¼
-45½
-44
-40¼

-28
-31
-31¼
-31½
-30½
-28½

12.89¼
12.71¼
12.58¼
12.48¼
12.21
11.65¼

-23.20
-21.40
-19.00
-17.60
-16.80
-16.20

-7.00
-11.60
-13.00
-12.80
-12.60
-12.00

424.50
407.10
400.10
394.90
385.30
371.30

bakingbusiness.com / world-grain.com

Oats
Food-grade oats flakes prices were about
steady in light dealings during the holidayshortened week. Demand remained solid
for oatmeal, an especially popular hot
breakfast cereal during the winter months,
and for snacks containing oats.
Oats futures prices edged lower in
quiet holiday trading. Spot cash prices
for milling quality oats were at their lowest level since mid-September 2013. Rail
logistics have run more smoothly this
year than last, narrowing the transportation premium built into oats futures prices in the United States and Canada. MBN

Rice
U.S. milled rice and rice byproducts
prices were unchanged in the latest reporting period with U.S.D.A. price reports not updated during the past two
holiday weeks. World milled rice prices
from the U.S.D.A. were lower as of Dec.
31, with long grain prices down 36c at
$16.76 a cwt, medium grain down 37c at
$16.19 and brokens down 22c at $10.11.
Rice futures prices tumbled in the last
week of trading in 2014. The week began
with sharp declines on news the Iraqi
Grain Board bypassed U.S. rice in its latest tender, instead choosing to buy 40,000
tonnes from Brazil and 30,000 tonnes
from Argentina, despite their prices being higher than what was offered by the
United States. Dealers said rice futures
prices were likely to remain subdued
unless exports picked up again, which
was uncertain. Trading volume was very
light during a holiday-shortened week.
Net export sales of U.S. rice in the
week ended Dec. 25 were 9,200 tonnes
for 2014-15, down 86% from the previous
week, the U.S.D.A. said. MBN

Soy products

- Change from - Year
Jan. 2 Dec. 26 Dec. 19 ago
3.95¾
4.04½
4.11¼
4.13½
4.19½
4.27¾
$ per bu
10.02½
10.07½
10.14¾
10.20½
10.20¼
10.04
$ per ton
356.50
340.40
334.10
333.20
332.70
331.30

were about steady in a period of relatively slack demand.
Corn futures prices declined in light
trading that reflected end-of-year position-squaring, profit-taking and concerns about declining ethanol profit
margins amid eroding crude oil prices.
Weekly export sales topped expectations
but failed to lift futures prices.
A week of solid declines after firming
prices for several weeks may have influenced decisions by Japan and Mexico
to make hefty purchases of U.S. corn.
The U.S. Department of Agriculture announced private sales of 210,000 tonnes
of corn to Japan for delivery in 2015-16
and of 157,000 tonnes to Mexico for delivery in 2014-15.
Downward pressure on the cash basis
for corn was seen likely to build early in
2015 as the pace of farmer selling of the
record-large 2014 crop picks up after Jan.
1 for tax purposes. Adding volatility to
the corn market was the recent shift in
policy by China to allow corn and corn
product imports from the United States
that may contain a bioengineered trait
for insect resistance, MIR162. China's
refusal to import such products had
pressured prices at times in 2014, but the
turnabout supported prices in December and ultimately should be positive
for U.S. exports. More than a year ago,
China suspended all U.S. corn imports
because of possible comingling with the
MIR162 trait.
Net export sales of U.S. corn in the
week ended Dec. 25 were 895,100 tonnes
for 2014-15, down 46% from the previous
week and down 20% from the prior fourweek average, the U.S.D.A. said. But
sales were above trade expectations that
ranged from 600,000 to 800,000 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Jan. 2
Dec. 26
Dec. 19
Soy ﬂour
Bulk
28.37 @ 32.56 -.76@-1.15 -.34 @ -.35
Sacked
29.37 @ 34.56 -.76@-1.15 -.34 @ -.35

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

- Change from - Year
Cash
Jan. 2
Dec. 26 Dec. 19 ago
Long grain
24.00@27.00
-
- 27.50
Medium grain
30.00
-
- 28.00
Parboiled
26.00@30.00
-
- 29.75
Second
Corn meal
heads, bulk 21.00@22.50
-
- 19.00
$ per cwt
18.00@20.00
-
- 17.50
- Change from - Brewers
Jan. 2
Dec. 26
Dec. 19 f.o.b. mills, $ per ton
65.00
-
- 70.00
Chicago, bulk
18.30@ 19.20 -.38@-.38 -.30@-.30 Rice millfeed
125@145
-
- 185.00
Chicago, sacked 20.07@ 20.97 -.38@-.38 -.30@-.30 Rice bran
30@35
-
- 40.00
New York, bulk 19.97@ 20.87 -.38@-.38 -.30@-.30 Rice hulls
New York, sacked 22.39@ 23.29 -.38@-.38 -.30@-.30 U.S.D.A. world price milled - $ per cwt
Long grain
16.76
-0.36
-0.36 18.37
Oats
Medium/short
16.19
-0.37
-0.37 18.01
- Change from - grain
Minneapolis
10.11
-0.22
-0.22 12.59
Jan. 2
Dec. 26 Dec. 19 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade ﬂakes, f.o.b.,
January
11.29
-0.87½
-1.02 15.76
bagged, $ per cwt
30@30.50
-
-
March
11.54½
-0.84½ -0.98½ 15.60
Milling quality oats, No. 2 heavy,
May
11.80½
-0.84½
-1.00 15.61
$ per bu
3.42¼
-3¾c
-8¼c
July
12.04½
-0.77½ -0.90½ 15.43
Oat hulls, $ per ton
25@35
-
-
Milling & Baking News

January 6, 2015 / 37

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

Milling & Baking News - January 6, 2015

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