Milling & Baking News - April 28, 2015 - 52

Ingredient Week

Wheat Futures
Prices of wheat futures posted mixed
changes last week. Kansas City futures
dropped to set new contract lows just
ahead of the weekend. Prices were higher until the final session, when forecasts
for rain across the hard winter wheat
states pressured the market on Friday.
New data from Statistics Canada and the
International Grains Council provided
mixed signals.
The U.S. Department of Agriculture
indicated net export sales of wheat for
delivery in 2014-15 during the week
ended April 16 totaled 397,500 tonnes,
up noticeably from the previous week
and the prior four-week average. Net
sales for 2015-16 totaled 126,700 tonnes.
The aggregate for the two years exceeded pre-report trade expectations. Egypt
bought wheat from France, Russia and
Romania last week.
The U.S.D.A. rated 42% of the nation's winter wheat crop good to excellent as of April 19 with 39% fair and
19% poor to very poor, unchanged
from a week earlier. Condition declined in Kansas to 26% good to excellent (28% a week earlier) with 46% fair.
The ratings were disappointing given
the rain that fell across the hard winter wheat states the preceding week.

Market analysts asserted the rain did a
lot of good, and more precipitation was
in regional forecasts.
It was too dry in spring wheat areas, but farmers were planting the crop
quickly. The U.S.D.A. indicated 36% of
spring wheat was planted by April 19
compared with 19% as the recent fiveyear average for the date. It was too wet
in soft red winter areas, which delayed
fall crop planting while raising familiar
concerns over winter wheat quality.
Statistics Canada indicated Canadian
farmers intend an area planted to allwheat for harvest this year at 24,765,000
acres, up 4% from 2014.
The International Grains Council on
April 23 forecast world wheat production in 2015-16 at 705 million tonnes,
down 4 million tonnes from its March
projection and down 2% from a record
721 million tonnes in 2014-15. The I.G.C.
forecast 2015-16 world wheat ending
stocks at 194 million tonnes, down 2 million tonnes from the March forecast and
down 5 million tonnes from 2014-15. MBN

Millfeed
Nearby quotes declined last week, as
did most deferred values, as increased
flour grind coupled with a continued
fall-off in demand pressured prices.

Lightly tested California and Pacific
Northwest values remained steady.
Spot prices were down 50% or more
from a year ago in the key Southwest,
Upper Midwest and Central states markets. Southwest values traded at low levels of about $58@68 a ton, seen only one
other time since the summer of 2010.
The pick-up in flour production compared with recent weeks was minor but
enough to leave plenty of millfeed available. One trader estimated average grind
across the country last week was about
5¾ days, less than a day more than was
typical around Easter, when mills took
extra downtime and supplies were tight.
The need to sell weekend loads when
pipelines were often full added to perceptions of a surplus.
At the same time, manufactured feed
demand was seasonally declining. Pastures fed by ample rainfall in much of
the country's midsection meant livestock had adequate grass for forage.
Millfeed was $58 a ton in Kansas City
and $79 in Minneapolis, on a rail basis,
compared with corn at $127 a ton and
sorghum at $130 a ton, both K.C. Corn
gluten feed was unchanged at $150 a
ton, distillers' dried grain was down $3
at $190 a ton, and dehydrated alfalfa was
steady at $260 a ton, all K.C. MBN

Wheat futures

Kansas City wheat futures
May contract, $ per bu

$ per bu; change in cents per bu
Apr. 24
Kansas City
May
July
September
December
Chicago
May
July
September
December
Minneapolis
May
July
September
December

- Change from -
Apr. 17 Apr. 10

Week's
High
Low

Year
ago

High

$9.00

Season's
Low

$8.00

5.02¼
5.07½
5.18
5.37¼

-7c
-7¼c
-8c
-6½c

-56½c
-55c
-55¾c
-52¼c

5.22
5.27¾
5.37¾
5.56

5.00¾
5.06¼
5.16¾
5.36¼

7.75¾
7.79½
7.85½
7.95¾

8.50
8.20
8.15
8.24¼

(05-06-14)
(05-09-14)
(05-09-14)
(05-09-14)

5.00¾
5.06¼
5.16¾
5.36¼

4.86
4.88½
4.98
5.15

-8½c
-¾c
+¼c
+1¾c

-40½c
-35½c
-34½c
-31½c

5.04¾
5.06
5.15¼
5.31½

4.85
4.87½
4.97¼
5.12½

7.00¼
7.08¼
7.16½
7.30½

7.94¾
7.79¾
7.63
7.72

(05-09-13)
(06-03-13)
(05-07-14)
(05-09-14)

4.78¼
4.84½
4.93½
5.09¼

(03-06-15)
(03-06-15)
(03-06-15)
(03-06-15)

5.35
5.45¼
5.54
5.64½

+2¼c
+1c
-¼c
-2½c

-46c
-41¼c
-38¾c
-39¼c

5.50¾
5.62½
5.71
5.80¾

5.32½
5.44¼
5.53¼
5.64

7.47½
7.49½
7.55¾
7.66½

8.34½
8.30
7.90
7.99

(05-06-14)
(05-06-14)
(05-13-14)
(05-09-14)

5.31¼
5.42¼
5.52
5.63¾

(04-17-15)
(04-17-15)
(04-17-15)
(04-16-15)

$7.00

(04-24-15)
(04-24-15)
(04-24-15)
(04-24-15)

$6.00
$5.00
$4.00
A

J

O
Previous Year

J
Current Year

Chicago wheat futures
May contract, $ per bu

$8.00
$7.00
$6.00

Bulk middlings

$5.00

$ per ton, delivered rail unless noted
Spot
Kansas City
58 @ 68
Southwest, f.o.b. truck
80 @ 90
Minneapolis
79 @ 89
Upper Midwest, f.o.b. truck 75 @ 85
Chicago West
92 @ 102
Central states, f.o.b truck 80 @ 90
Buﬀalo
80 @ 90
Southeast
70 @ 80
N. & S. California
139 @ 154
Los Angeles, f.o.b. truck 135 @ 150
Paciﬁc Northwest
130 @ 145
Upper Midwest, sacked
325
Wheat germ
250 @ 280
52 / April 28, 2015

- Change from -
Apr.
Apr. 17 Apr. 10
58 @ 68
-7@ -7 -27@ -27
80 @ 90 -10@ -10 -28@ -28
81 @ 91
-3@ -8 -23@ -23
77 @ 87
-3@ -8 -23@ -23
94 @ 104 -3@ -8 -23@ -23
80 @ 90
-5@ -5 -13@ -13
75 @ 85 -20@ -20 -14@ -14
70 @ 80
-5@ -5 -20@ -20
139@ 154
-
-5@ -5
135@ 150
-
-5@ -5
130@ 145
-
-

Milling & Baking News

Year
ago
135@ 145
162@ 172
149@ 159
145@ 155
162@ 172
150@ 160
110@ 120
135@ 145
208@ 223
204@ 219
140@ 155

$4.00

May-June
65@ 75
87@ 97
84@ 94
80@ 90
97@ 107
80@ 90
75@ 85
75@ 85
139@ 154
135@ 150
130@ 145

July-Sept. Oct.-Dec.
75@ 85 103@ 113
97@ 107 125@ 135
82@ 92 104@ 114
78@ 88 100@ 110
95@ 105 117@ 127
82@ 92 91@ 101
80@ 90 95@ 105
80@ 90 85@ 95
139@ 154 152@ 167
135@ 150 148@ 163
130@ 145 130@ 145

A

J

O
Previous Year

J
Current Year

Minneapolis wheat futures
May contract, $ per bu
$9.00
$8.00
$7.00
$6.00
$5.00
A

J

O
Previous Year

J
Current Year

bakingbusiness.com / world-grain.com
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - April 28, 2015

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