Milling & Baking News - December 22, 2015 - 45

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Soy Products
Soy flour prices ended higher last
week, reflecting gains in soybean meal
futures. Bookings remained a few weeks
forward. Demand was solid, primarily
for food applications but also for a few
industrial applications.
Soybean and soybean meal futures
advanced last week on good export demand, unfavorable crop weather in Brazil and late-week dollar weakness. These
factors erased earlier losses on bearish
economic developments in Argentina
and dollar strength following the Federal
Reserve's decision to raise short-term interest rates for the first time in nine years.
Moves by the newly elected president
of Argentina to reduce export taxes on
soybeans and permit devaluation of the
peso engendered concerns Argentina
soon will be exporting a larger share of
its soybean stockpiles at suddenly more
attractive prices on the world market.
The higher dollar as a result of the
Fed's move also pressured the soy complex because it boded ill for the competitiveness of U.S. exports in world markets. Nearby soybean meal futures hit a
contract low last week before rebounding on Thursday and Friday.
Helping boost values in the soy complex last week was news of three large
export sales of soybeans. The U.S. Department of Agriculture announced
private sales of 120,000 tonnes and of
424,000 tonnes of soybeans to China for
2015-16 and a sale of 220,046 tonnes of
soybeans for 2015-16 to "unknown" destinations, presumed to be China.
Net export sales of soybeans in the
week ended Dec. 10 for 2015-16 were
887,800 tonnes, down 39% from the previous week and down 31% from the prior

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

-¾
+¼
+1½
+1¼
+1
+1

-7
-6¾
-6½
-6½
-6¼
-6¼

4.10½
4.19
4.26
4.28¼
4.35
4.43½

+21½
+19
+18
+18
+18½
+18

-13¾
-15¼
-16
-16
-15
-15

10.30½
10.38½
10.46
10.52
10.50¾
10.32½

+7.30
+7.10
+6.90
+7.00
+6.80
+6.70

-3.90
-4.30
-4.50
-4.60
-4.80
-4.90

363.50
352.00
347.10
346.00
345.30
343.30

bakingbusiness.com / world-grain.com

Corn Products
Cornmeal prices in the spot market
moved modestly lower last week in sync
with declines in nearby corn futures. Seasonal demand for cornmeal remained robust, which was also true for the small retail market sector for hot grits sold in grocery stores. End-of-year demand for a variety of corn products remained strong as
well, including large flaking grits, snack
meal, cornbread mix, extruded products
used in snacks and corn flour. Sales of
brewers' grits were strong as well. Hominy feed prices were mostly steady.
Some corn processing plants expected to take extra time offline around the
Christmas and New Year's holidays. But
expectations were grind will resume its
brisk pace early in 2016 in order to replenish corn product pipelines that will
grow thin during the holiday period.
Corn futures other than the nearby
March contract edged higher last week,
supported by commodity fund buying,
higher outside markets and indications
there was no increase in export sales by
Argentina. The modest futures market
gains for corn followed midweek losses
after the steep devaluation of the Argentine currency against the U.S. dollar and

removal of corn export taxes by the newly elected, pro-business Argentine president. Lackluster export sales data compared with forecasts also contributed
downward pressure to corn futures last
week, as did liquidation by commodity
funds earlier in the week and squeezed
ethanol profit margins.
Net export sales of corn in the week
ended Dec. 10 were 579,400 tonnes for
2015-16, down 44% from the previous
week and down 47% from the prior fourweek average, and were 98,200 tonnes for
2016-17, the U.S.D.A. said. Trade expectations for the combined crop years ranged
from 750,000 to 1 million tonnes. MBN

Oats
Food-grade oats flakes prices weakened last week in keeping with futures
market declines, but seasonal demand
for hot breakfast cereals containing oats
remained solid. Snack foods with oats as
a primary ingredient also continued to
be in strong demand. Oats futures fell
sharply last week on light volume. MBN

Rice
U.S. milled rice and rice byproducts prices were unchanged last week,
the U.S.D.A. said. Prices posted by the
U.S.D.A. for world milled long-grain
rice declined 30c a cwt while medium
grain and brokens fell 29c and 18c a cwt,
respectively.
Rice futures advanced slightly on light
volume in keeping with gains in some
other agricultural commodities last week.
Net export sales of U.S. rice in the
week ended Dec. 10 were 37,000 tonnes
for 2015-16, down 53% from the previous
week and down 29% from the prior fourweek average, the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
Dec. 18 Dec. 11 Dec. 4
ago
3.74½
3.80½
3.86¼
3.89¾
3.97
4.06¼
$ per bu
8.92¼
8.92¾
8.98
9.04½
9.07
9.05½
$ per ton
281.00
282.60
284.80
287.50
288.60
289.60

four-week average, and were 136,000
tonnes for 2016-17, the U.S.D.A. said.
Trade estimates for the combined crop
years ranged from 850,000 to 1.2 million
tonnes.
Net export sales of soybean meal in the
most recent week were 108,600 tonnes
for 2015-16, down 53% from the previous
week and down 45% from the prior fourweek average. Analysts' expectations
ranged from 150,000 to 250,000 tonnes
for the combined crop years. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Dec. 18
Dec. 11
Dec. 4
Soy ﬂour
Bulk
24.36 @ 29.48 +.37@ +.85 -.21 @+.29
Sacked
25.36 @ 31.48 +.37@ +.85 -.21 @+.29

Corn meal
$ per cwt
Dec. 18
Chicago, bulk
17.01@ 18.33
Chicago, sacked 18.78@ 20.10
New York, bulk 18.68@ 20.00
New York, sacked 21.10@ 22.42

Ingredient Week

- Change from -
Dec. 11
Dec. 4
-.02@-.02 -.15@-.15
-.02@-.02 -.15@-.15
-.02@-.02 -.15@-.15
-.02@-.02 -.15@-.15

Oats
- Change from -
Minneapolis
Dec. 18
Dec. 11 Dec. 4
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
28.50@28.75 -.50
-.75
Milling quality oats, No. 2 heavy,
$ per bu
2.76½
-6c
-14½c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Dec. 18
Dec. 11 Dec. 4 ago
Long grain
23.00@23.50
-
- 24.00
Medium grain 23.00@27.00
-
- 30.00
Parboiled
25.00@27.50
-
- 26.00
Second
heads, bulk 15.25@19.00
-
- 21.00
Brewers
14.50@16.75
-
- 18.00
f.o.b. mills, $ per ton
Rice millfeed
60@65
- +20.00 65.00
Rice bran
120@130
- +20.00 125.00
Rice hulls
5@15
-
- 30.00
U.S.D.A. world price milled - $ per cwt
Long grain
14.80
-0.30
-0.30 17.12
Medium/short
grain
14.31
-0.29
-0.29 16.56
Broken
8.93
-0.18
-0.18 10.33
C.B.O.T. rough rice futures - $ per cwt
January
11.08
+0.02½
-0.10 12.31
March
11.35
+0.02½ -0.09½ 12.53
May
11.64½
+0.03 -0.09½ 12.81
July
11.91
+0.04 -0.09½ 12.95
Milling & Baking News XDecember 22, 2015 / 45

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Milling & Baking News - December 22, 2015

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