Milling & Baking News - February 3, 2015 - 34

Ingredient Week 

Bakery Flour
Business in bakery flour markets was
brisk at points last week as several bakers
booked futures or basis components of
flour contracts for various timeframes.
This activity completed some bookings
for the second quarter of 2015. Also,
a few bakers who flat price their flour
requirements extended their April-June
contract balances. Prices were lowered.
Bakers were particularly active in
covering futures for various forward
positions including through the end of
2015. Some millers indicated there was
baker inquiry for futures coverage into
the first quarter of 2016. Bakers viewed
wheat futures prices as attractive in view
of a slide of about $1.50 a bu since midDecember. While there was temptation to
hold back and see just how much lower
futures prices might drop, there also was
concern the market was oversold and
soon may bottom and turn higher.
At this point, no matter the direction
in wheat futures, bakers enjoyed much
lower prices than a year ago, and many
were happy to take advantage of the
opportunity to extend coverage.
Bakers also booked basis, which,
coupled with the activity in futures,
allowed them to complete several
contracts for April-June. Second-quarter
coverage as averaged for all grades -
reflecting both completed contracts and
commitments inferred by component
coverage - was estimated to be near
60% with spring grade coverage the most
extensive, followed by pan bread flour

Bakery ﬂour

Family Flour
Sales of national and regional brands
of family flour increased last week.
Carlot list prices were unchanged.
Grocers who had excess supply after
the holidays have worked down their
inventories and began to place new orders.
Still, demand was expected to be routine
for the next few weeks before orders are
placed for Easter, an occasion that typically
sees an increase in home baking.
In the market for private label flour,
most grocers and other buyers have
completed coverage through old crop.
Individual buyers, because of attractive
wheat and hence flour prices, were poised
to cover their flour needs through July. MBN

Semolina
Bookings of semolina, granulars and
durum flour expanded last week. Prices
continued to decline.
The price of choice milling hard amber
durum as quoted at the Chicago gateway
was $14.30 a bu, down 40c a bu from the
previous week and down $5.70 a bu from
recent high seen last November. Some
milling durum quotes were as low as $14
a bu while others were as high as $14.80.

What is known is milling durum traded
as low as $14 a bu in limited volume. The
Minneapolis price was around $14 a bu.
There was no doubt the mild winter
to date this year has helped pressure
durum prices as there have been no
weather-related disruptions to rail or
truck transport.
Most pasta manufacturers earlier
covered their semolina requirements
for the first quarter of 2015, so attention
was on April-June needs. Durum millers
estimated second-quarter semolina
coverage at about 35%.
Millers and pasta makers were
concerned about the availability of
quality supply during the remainder
of the crop year. Average quality in
both the U.S. and Canadian crops was
subpar, and the U.S. crop was short as
well. Most of the high-quality durum
was contracted making for increasingly
slim pickings from the country as the
weeks pass.
A below-average-quality crop "has
a long tail," one miller commented, as
lower quality supply may be retained
and blended with hopefully better
quality durum harvested in the coming
year or even two.
Durum mill grind last week ranged
from five to six days. MBN

Bakers standard, Kansas City
Bulk, f.o.b. car, $ per cwt
$22.00
$20.00
$18.00

No. 1 hard amber durum

Bulk, f.o.b. car, $ per cwt
Jan. 30
Kansas City
Bakers short patent
Bakers standard patent
Second clear
Third clear
Minneapolis
Spring short patent
Spring standard patent
High gluten
Whole wheat
Specialty whole wheat
Fancy spring clear
First spring clear
Rye, white
Chicago
Cracker
Fancy cake
New York
Winter/spring blend
Spring standard patent
High gluten
Fancy cake
Rye, white
Los Angeles
Bakers standard patent
Pastry

coverage and then soft flour coverage
Cookie-cracker and specialty bakers in
some regions continued to balk at strong
cash wheat markets, which discouraged
them from taking a more aggressive
stance.
Mill grind ranged from five to six days
across most regions. MBN

Track, Chicago
- Change from - Year $ per bu
Jan. 30
Jan. 23 Jan. 16 ago Choice milling 13% 14.30

15.15
15.05
13.00
...

-0.15
-0.15
-
...

-0.65
-0.65
-
...

18.45 Track, Minneapolis
18.35 $ per bu
14.00 Cchoice milling 13% 14.00
...

15.50
15.40
18.40
15.40
15.75
15.25
15.15
22.35

-0.25
-0.25
-0.25
-0.25
-0.25
-0.25
-0.25
0.20

-1.60
-1.60
-1.60
-1.60
-1.60
-1.60
-1.60
-0.15

20.65
20.55
23.55
20.55
20.90
20.40
20.30
23.55

12.70
14.20

-0.45
-0.45

-0.80
-0.80

14.65
16.15

17.55
17.70
20.70
16.20
24.85

-0.15
-0.50
-0.50
-0.45
0.20

-0.65
-1.55
-1.55
-0.80
-0.15

20.85
22.95
25.95
18.15
26.05

20.05
20.10

-0.15
-0.15

-0.65
-0.65

23.75
23.60

34 / February 3, 2015 Milling & Baking News

- Change from - Year
Jan. 23 Jan. 16 ago
-.40
-.70 10.25

$16.00
$14.00
J

A

J
Previous Year

O
Current Year

Spring standard, Minneapolis
-.40

-.70

9.50

Bulk, f.o.b. car, $ per cwt
$27.00

Semolina

$25.00

Bulk, f.o.b. Minneapolis, $ per cwt
- Change from -
Jan. 30
Jan. 23 Jan. 16
Semolina
34.65
-.85
-1.85
Granulars
34.45
-.85
-1.85
Flour
34.35
-.85
-1.85
First clear
...
...
Second clear
...
...
Semolina - N.Y. 37.45
-.85
-1.85

$23.00

Year
ago
24.65
24.45
24.35
17.55
13.50
27.35

Nationally advertised family ﬂour

$21.00
$19.00
$17.00
$15.00
J

A

J
Previous Year

O
Current Year

Cracker ﬂour, Chicago
Bulk, f.o.b. car, $ per cwt
$21.00

Dollars
Jan. 30
Family patent, 2-25s papers 24.12
4-10s
n.a.
8-5s
18.52
18-2s
20.64
Self-rising
n.a.

$19.00

Year ago
24.12
n.a.
18.52
20.64
n.a.

$17.00
$15.00
$13.00
$11.00
$9.00
J

A

J
Previous Year

O
Current Year

bakingbusiness.com / world-grain.com
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - February 3, 2015

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