Milling & Baking News - October 13, 2015 - 45

X
Soy Products
Soy flour prices moved higher last
week in keeping with firmer soybean
meal values. Demand was brisk. Bookings were two to three weeks forward.
Soybean futures advanced despite
the fact that the expected bumper soybean harvest was moving at full throttle.
Soybean meal futures also ended higher.
Prices initially got a boost from expectations that October supply-and-demand
and crop production data from the U.S.
Department of Agriculture would show
reduced estimates of soybean production because of an excessively rainy
spring in the Corn Belt, as well as lower
planted acres. News Friday of a 1.1-million-acre decline in estimated soybean
harvested acres to 82.4 million acres was
the catalyst for a post-report rally in soybean and soybean meal futures.
U.S. soybean production in 2015 was
forecast at 3,888 million bus, down 47
million bus, or 1%, from 3,935 million
bus as forecast in September and down
1% from 3,927 million bus last year. The
soybean estimate was slightly above the
pre-report average expectations.
The soybean carryover on Sept. 1,
2016, was forecast by the U.S.D.A. at 425
million bus, down 6% from the September forecast but 123% above 2015 carryover of 191 million bus and above the
average trade estimate.
The U.S.DA. said 85% of the crop in
the 18 major states was dropping leaves
as of Oct. 4 compared with 81% on the
same date a year ago and 83% as the
2010-14 average. Forty-two per cent of
the crop was harvested as of Oct. 4 compared with 19% a year ago and 32% as
the average for the date. Crop conditions
improved compared with the previous

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

-6½
-6
-6
-5
-2
-2¼

-6¼
-6¾
-7½
-7½
-4
-3¼

3.34
3.46¾
3.55¾
3.63¾
3.71¾
3.81¾

+11½
+12¼
+12¼
+12¾
+14
+13¾

-3½
-2¾
-3¼
-½
+1¾
+2

9.22½
9.30½
9.38¾
9.47
9.53¾
9.56¼

+8.40
+6.60
+6.40
+6.10
+6.40
+6.50

-1.80
-.40
-
+.50
+.30
+.20

339.30
311.00
307.50
301.90
301.90
303.00

bakingbusiness.com / world-grain.com

Corn Products
Cornmeal and corn flour prices declined
last week. Seasonal demand was strong,
and production was robust. Buying and
pricing was steady for extruded products
used in snack manufacturing. Hominy
values were steady. Most corn product
customers were covered through the end
of the year with only light buying in the
spot market, said an industry source.
Early gains in corn futures were pared,
and futures ended lower for the week as
domestic corn production and carryover
for 2015 in U.S. Department of Agriculture reports released Friday exceeded
average pre-report estimates.
U.S. 2015 corn production was forecast
at 13,555 million bus, down 30 million
bus from 13,585 million bus forecast in
September and down 5% from a record
14,216 million bus in 2014, the U.S.D.A.
said in its Oct. 9 Crop Production report.
The U.S. corn carryover on Sept. 1,
2016, was estimated by the U.S.D.A. at
1,561 million bus, down 2% from September and down 10% from 2015.
The U.S.D.A. said 86% of the corn crop

was mature as of Oct. 4 compared with
75% on the same date a year ago and 83%
as the 2010-14 average. Twenty-seven per
cent of the crop was harvested in the latest week compared with 16% on the same
date a year ago and 32% as the 2010-14 average. Crop conditions were steady with
68% rated good to excellent, 22% fair and
10% poor to very poor, the U.S.D.A. said.
Net export sales of corn for 2015-16 in
the week ended Oct. 1 were 519,700 tonnes,
down 31% from the previous week. There
was a net sales reduction of 53,100 tonnes
for 2016-17, the U.S.D.A. said. Trade expectations for the combined crop years
were 500,000 to 750,000 tonnes. MBN

Oats
Food-grade oats flakes prices were adjusted higher last week. Seasonal demand
for hot breakfast cereals meant a brisk market with bookings a few weeks forward.
Oats futures advanced in light trading. MBN

Rice
U.S. milled rice and rice byproducts prices were mostly unchanged last
week with the exception of rice bran for
which the low side of the price range
was dropped by $5 a ton and the high
side was raised by $10, the U.S.D.A. said.
Prices posted by the U.S.D.A. for world
milled rice showed gains of 24@39c a cwt.
Rice futures declined last week amid
mixed results in other agricultural markets and on position-squaring ahead of
the Oct. 9 U.S.D.A. crop production and
supply-and-demand reports
The rice harvest in the six major states
was 78% completed as of Oct. 4, the
U.S.D.A. said, compared with 68% on
the same date a year ago and 71% as the
2010-14 average for the date. MBN

Soy products

- Change from - Year
Oct. 9 Oct. 2 Sept. 25 ago
3.82¾
3.93½
4.00
4.05¼
4.01
4.07¾
$ per bu
8.85¾
8.90½
8.94¼
8.99
9.05½
9.05
$ per ton
306.90
307.80
306.90
305.00
303.50
303.80

week, with 64% rated good to excellent
and 11% poor to very poor compared
with 62% good to excellent and 12%
poor to very poor the previous week, the
U.S.D.A. said.
Net export sales of U.S. soybeans in
the week ended Oct. 1 were 1,284,600
tonnes for 2015-16, down 49% from the
previous week, and 995,600 tonnes for
2016-17, the U.S.D.A. said. Analysts' expectations for the combined crop years
were 700,000 to 1.2 million tonnes.
Net export sales of soybean meal
were 275,500 tonnes for 2015-16 and 200
tonnes for 2016-17, the U.S.D.A. said. MBN

Ingredient Week

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Oct. 9
Oct. 2
Sept. 25
Soy ﬂour
Bulk
26.31 @ 31.04 +.40@ +.40 -.10 @ -.10
Sacked
27.31 @ 33.04 +.40@ +.40 -.10 @ -.10

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

- Change from - Year
Cash
Oct. 9
Oct. 2 Sept. 25 ago
Long grain
21.50@23.00
-
- 25.00
Medium grain 23.00@27.00
-
- 30.50
Parboiled
23.50@25.00
-
- 27.00
Second
Corn meal
heads, bulk 15.25@18.00
-
- 22.00
$ per cwt
14.50@16.75
-
- 19.00
- Change from - Brewers
Oct. 9
Oct. 2
Sept. 25 f.o.b. mills, $ per ton
40.00
-
- 60.00
Chicago, bulk
17.37@ 18.69 -.14@-.14 -.13@-.13 Rice millfeed
85@100
-5.00 +5.00 135.00
Chicago, sacked 19.14@ 20.46 -.14@-.14 -.13@-.13 Rice bran
5.00
-
- 25.00
New York, bulk 19.04@ 20.36 -.14@-.14 -.13@-.13 Rice hulls
New York, sacked 21.46@ 22.78 -.14@-.14 -.13@-.13 U.S.D.A. world price milled - $ per cwt
Long grain
14.92
+0.39 +0.39 18.19
Oats
Medium/short
- Change from - grain
14.43
+0.39 +0.39 17.62
Minneapolis
Oct. 9
Oct. 2 Sept. 25 Broken
9.00
+0.24 +0.24 10.97
Food grade ﬂakes, f.o.b.,
C.B.O.T. rough rice futures - $ per cwt
bagged, $ per cwt
28@28.50 +1.25
+.75
November
12.99½
-0.12½ -0.14½ 12.72
Milling quality oats, No. 2 heavy,
January
13.28½
-0.24½ -0.27½ 12.74
$ per bu
2.77¼
14½c
-4c
March
13.55½
-0.24½
-0.22 12.97
Oat hulls, $ per ton
25@35
-
-
May
13.68½
-0.25½ -0.24½ 13.17
Milling & Baking News XOctober 13, 2015 / 45

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

Milling & Baking News - October 13, 2015

Table of Contents for the Digital Edition of Milling & Baking News - October 13, 2015