Milling & Baking News - May 26, 2015 - (Page 50)

Ingredient Week Bakery Flour Bookings of bakery flour were limited last week. Prices were adjusted narrowly higher for pan bread flour and soft flour. A late-week break in the cash spring wheat basis resulted in a downward price adjustment to the spring grades. Bakers were mostly comfortable with flour coverage going into the Memorial Day weekend. Coverage through June was nearly solid, but the recent rise in wheat futures prices from contract lows set in early May and strong cash wheat premiums discouraged bakers from taking a more active stance with regard to extended coverage. The May wheat futures rally didn't have a crippling effect on business. Many bakers took significant forward coverage of the wheat futures component of flour contracts earlier, when futures prices hovered near multi-year lows. But the rally did dampen enthusiasm for taking additional futures positions in the third and fourth quarters of 2015 and into 2016. Millers indicated individual bakers locked in millfeed values a couple weeks ago to assemble finished contracts for July-September. Cash hard winter wheat premiums continued to strengthen, which was offputting to pan bread bakers looking for new pricing opportunities for the summer. The soft winter wheat basis also was strong. Southeastern millers expressed concern over the effect excessive moisture may have on regional crop quality. Bakery flour 50 / May 26, 2015 Family Flour Shipments of national and regional brands of family flour were seasonally sluggish. Carlot list pricing was unchanged. Shipments were routine, and no significant increase in activity was expected until the approach of the 2015-16 school year and the fall baking season. In the market for private label flour, most grocers and other principal buyers earlier covered their prospective flour needs through old crop and even into July-August. A few extended contract balances into or even through the fall baking season. MBN durum flour were limited last week. Prices advanced. The price of choice milling hard amber durum continued to firm. Choice milling hard amber durum was quoted for delivery across the Chicago gateway at $12 a bu, up 50c from a week earlier. The Minneapolis price was $11.70 a bu. The recent rise in the cash durum market reflected limited availability of the 2014 crop durum with requisite quality. Pasta manufacturers earlier covered all of their semolina requirements through June. Coverage for the third quarter was estimated at 50% to 60% completed. There were minor contract extensions into October-December, but most of the trade lacked significant coverage beyond September. Durum mill grind was about 5½ days last week. One miller noted a number of pasta manufacturers may take seasonal downtime in the next few weeks, which may limit grind. The 2015 durum harvest was just under way in Arizona and California. Unusual spring rain slowed progress, though. The desert durum crop will be particularly important this year given the subpar average quality of the 2014 northern Plains harvest. MBN Bakers standard, Kansas City Bulk, f.o.b. car, $ per cwt $22.00 Semolina $20.00 Bookings of semolina, granulars and $18.00 No. 1 hard amber durum Bulk, f.o.b. car, $ per cwt 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 Third-quarter flour coverage varied by grade. The most extensive coverage was held by specialty bread bakers and other spring grade users. Their commitment to July-September contracts (reflecting completed contracts and component positions committing bakers to completing contracts with particular millers once outstanding components are covered) was approaching 55%, according to one miller. Pan bread flour bakers' commitments for July-September were estimated at about 40% of the quarter's prospective business, and cookie-cracker and specialty bakers' coverage commitments were about 35%. Mill grind averaged about six days in most regions. MBN Track, Chicago - Change from - Year - Change from - Year $ per bu May 22 May 15 May 8 ago May 22 May 15 May 8 ago Choice milling 13% 12.00 +.50 +1.50 11.00 16.85 16.75 12.00 ... 0.20 0.20 - ... 1.15 1.15 -1.00 ... 19.95 Track, Minneapolis 19.85 $ per bu 14.00 Choice milling 13% 11.70 ... 17.15 17.05 20.05 17.05 17.40 16.90 16.80 23.70 -1.25 -1.25 -1.25 -1.25 -1.25 -1.25 -1.25 0.05 -0.85 -0.85 -0.85 -0.85 -0.85 -0.85 -0.85 - 19.50 19.40 22.40 19.40 19.75 19.25 19.15 23.15 14.45 15.95 0.10 0.10 0.75 0.75 15.90 17.40 19.25 19.15 22.15 17.95 26.20 0.20 -1.30 -1.30 0.10 0.05 1.15 -0.80 -0.80 0.75 - 22.35 21.30 24.30 19.40 25.65 21.75 21.80 0.20 0.20 1.15 1.15 25.25 25.30 Milling & Baking News $16.00 $14.00 M A N Previous Year F Current Year Spring standard, Minneapolis +.50 +1.50 10.70 Bulk, f.o.b. car, $ per cwt $27.00 Semolina $25.00 Bulk, f.o.b. Minneapolis, $ per cwt - Change from - May 22 May 15 May 8 Semolina 29.80 +1.30 +3.75 Granulars 29.60 +1.30 +3.75 Flour 29.50 +1.30 +3.75 First clear ... ... Second clear ... ... Semolina - N.Y. 32.60 +1.30 +3.75 $23.00 Year ago 26.40 26.20 26.10 17.55 13.50 29.20 Nationally advertised family flour $21.00 $19.00 $17.00 $15.00 M A N Previous Year F Current Year Cracker flour, Chicago Bulk, f.o.b. car, $ per cwt $21.00 Dollars May 22 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 M A N Previous Year F Current Year /

Table of Contents for the Digital Edition of Milling & Baking News - May 26, 2015

Milling & Baking News - May 26, 2015
Ingredient Update - Winds of change blow through ingredient fundamentals
Stay true to the science, grains group tells guidelines committee
Late News - Campbell baking and snacking unit strong
Table of Contents
News Comment - Asia trade pact crucially important to farm sector
Editorial - Flour output data point to eating trends
Late News
Business - ConAgra Foods to close Wisconsin cookie plant
Mondelez considering changes at Chicago bakery
ADM to acquire Chinese sweetener business
Ardent Mills showcases capabilities with bakery, kitchen on wheels
General Mills wants more from the core of its business
Kellogg’s Bryant: Signs show that cereal trends are improving
Financial Results - Investments a drag on Weston Foods first-quarter income
Post Holdings embraces move to value-oriented R.-T.-E. cereal
Post consolidating cereal businesses
News Feature - Baking mix brand conquers challenges in gluten-free innovation
Exports and Trade Issues - Growth in China’s imports of U.S. agricultural goods slows…for now
People - Former Darden executive to president of Panera Bread
Steve Cooper joins Schwebel Baking as chief operating officer
William Fife, longtime A.S.B. and B.C.C. member, dies
IFIC survey again finds people seek whole grains, fiber
Washington - The unsettled G.M.O. world
Weather Outlook - U.S. Plains rain puts end to multi-year drought
Guidelines timeline
Education and Research - Global warming seen causing wheat yield declines
Supplier Innovations
Ingredient Market Trends - Winter wheat harvest under way
Ingredient Week
Marketplace Business Network
Ad Index

Milling & Baking News - May 26, 2015