Milling & Baking News - November 10, 2015 - 46

Ingredient Week X

Sweeteners
Cash sweetener markets remained
quiet last week. Sugar prices were unchanged. Beet and cane harvests advanced but trailed five-year averages in
most cases.
Bulk refined beet sugar for nearby
through Sept. 30, 2016, was steady at 32c
to 33c a lb f.o.b. Midwest. Bulk refined
cane sugar prices were unchanged at 33c
to 35c a lb f.o.b. plant. Offers from Mexico were lighter. West coast prices were
steady with delivered values the same
for domestic and Mexican supply.
The sugar beet harvest in the four
leading states was 91% completed as of
Nov. 1, behind 93% a year ago but ahead
of 90% as the 2010-14 average for the
date, the U.S. Department of Agriculture
said. Harvesting was completed a couple
weeks ago in Minnesota and North Dakota. Harvesting was 75% completed in
Idaho (83% as the average for the date)
and 72% in Michigan (61%).
The beet harvest still lagged in other
states as of Nov. 1, with Wyoming at 62%
completed (87% as the five-year average), Colorado at 65% (84% average),
Montana at 87% (95% average) and Oregon at 85% (no past-year data available),
state U.S.D.A. field offices said.
Sugar cane in Louisiana was 32%
harvested, ahead of 31% a year ago but
behind 34% as the five-year average, the
state U.S.D.A. office said. Cane harvesting advanced in Florida.

Beet and cane sugar
- Change from -
Nov. 6
Oct. 30 Oct. 23
Midwest beet 32.00 @ 33.00
-
-
Paciﬁc beet
37.00 @ 38.00
-
-
Cane*
33.00 @ 35.00
-
-

Year
ago
36.00
40.00
36.00

*Spot raw plus 8.6% plus 6.1c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
Year
ago
24.65
24.65
24.85
25.10
25.45
25.65

Decatur, Ill., bulk, cents per lb
55.00
50.00
45.00
40.00
35.00
30.00
25.00
F

M
Previous Year

Delivered basis, cents per lb
42% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

Nov. 6
18⅞@ 19⅞
20¼@ 21¼
20⅜@ 21⅜
20@ 21
20⅞@ 22⅞

HFCS list price2

42% HFCS wet
Year ago
23.250
16⅜@ 18⅜
25.500
17¾@ 19¾
25.000
17⅞@ 19⅞
24.500
17½@ 19½
25.750
18⅜@ 21⅜

55% HFCS wet
27.250 net
29.750 net
29.500 net
29.000 net
30.250 net

Regular
corn
syrup3
27.250
29.500
29.500
30.500
31.750

Dextrose
East
37.00@39.00
Midwest 36.00@38.00
West
39.00@41.00

1-Variations in prices often tied to tank car versus truck deliveries. 2-Prices are the lowest available to the publication. 3-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks

- Change from -
Oct. 30 Oct. 23
-
+.15
-
+.15
+.02
+.10
+.05
+.10
+.08
+.25
+.15
+.20

Spot soybean oil

Edible Oils
Bookings of edible oils and fats were
limited last week. Price changes were
mixed.
Soybean oil prices declined. Soybean
oil futures weakened with the rest of the
soy complex. The cash basis on soybean
oil weakened slightly both for spot supply and the first quarter of 2016. The market expected a heavy crush in the next few

months with soybean oil stocks building.
Most soybean oil buyers booked what
supply was required to keep contract
balances extended about 45 days. But
some merchandisers expected a rush of
business to push coverage out to around
60 days in the event futures weaken further. Basis coverage for January-March
2016 was estimated at 65%.
Palm oil prices moved higher. Malaysian palm oil futures rallied at midweek
fueled by seasonally declining production,
uncertainties over the effect the El Niño
weather pattern may have on Malaysia
and Indonesia palm oil production in the
next several months and the announcement by the Indonesian government it
will raise its biofuel mandate so motor fuel
must be 20% biofuel by content compared
with the current 15%. The trade viewed
such announcements with some skepticism, but they could not be ignored.
The premium to soybean oil futures
asked for refined canola oil in the Midwest remained at 5½c a lb.
Cottonseed oil prices held stubbornly
strong with cottonseed from the new crop
slow to reach refiners. Peanut oil prices
also have been propped up by slow deliveries of new crop supply to refiners. Both
markets were expected to weaken quickly once oil supplies become available.
Lard prices were strong on residual
baking season demand
Shipments of all fats and oils were seasonally strong. MBN

Sweeteners

f.o.b. plant, cents per lb

Contract
Nov. 6
Nearby
25.45
November-December 25.45
January-March
25.45
April-June
25.45
July-September
25.50
October-December 25.55

There was little if any progress in
2016 contracting of dry dextrose. Buyers
balked at some corn refiners' offers of a
$3.50-a-cwt hike from 2015 contracted
levels in early October, and nothing has
transpired since. Some traders said they
expected little if anything to happen until near the end of the year, when current
contracts expire. Some in the trade suggested buyers may be willing to accept
hikes of around $2 a cwt, but not the $3.50
offered by refiners. Supplies of dry dextrose were not expected to be as tight next
year, unlike liquid products, which saw
offers of $3.50 to $4.50-a-cwt above 2015
contracted levels snapped up by flat-price
buyers by late September, which was the
earliest in memory. Some users with uncovered 2016 liquid product needs still
have not heard from refiners if they had
any unbooked product left to sell. Refiners have been contracting with existing
customers first this season.
Negotiations for tolling agreements for
liquid products still were under way. MBN

A
Current Year

46 / November 10, 2015 XMilling & Baking News

Chicago soybean oil futures
Bulk in tank cars, cents per lb
Nov. 6
- Change from -
Delivery
close
Oct. 30
Oct. 23
December 28.04
-.16
-.53
January
28.32
-.20
-.54
March
28.53
-.22
-.53
May
28.75
-.21
-.50
July
28.97
-.16
-.45
August
29.03
-.16
-.45

Edible oils
Bulk, cents per lb
Year
ago
32.40
32.59
32.79
33.02
33.28
33.36

Crude soybean oil
Bulk in tank cars, cents per lb
Delivery
Decatur, Ill.
November
26.79 @27.04
December
26.79 @27.04
January
27.07 @27.57
February
27.18 @27.68
March
27.28 @27.78
April
27.39 @27.89
May
27.50 @28.00

Western points
26.29 @26.54
26.29 @26.54
26.57 @27.07
26.68 @27.18
26.78 @27.28
26.89 @27.39
27.00 @27.50

- Change from - Year
Nov. 6 Oct. 30 Oct. 23 ago
Soybean oil,
Decatur
Loose lard, Chicago
Edible tallow,
Chicago
Cottonseed oil,
Miss. PBSY
Palm oil, ports
Palm kernel oil,
ports
Coconut oil
Peanut oil,
Southeast
Corn oil, Decatur
Sunﬂowerseed oil,
Midwest
Canola oil, Midwest

27.00
35.50

-.50
+1.00

-.75 35.25
+2.50 48.00

22.00

-1.00

45.75
30.25

+.50
+.50

+1.25 42.00
-1.25 37.50

37.50
51.00

-
-.25

+1.50 42.25
-
52.00

58.00
38.00

+.50
+1.00

+.50 60.00
+1.25 35.00

72.00
32.50

-
-1.25

-
-1.50

34.00

63.00
39.00

bakingbusiness.com / world-grain.com

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

Milling & Baking News - November 10, 2015

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