Milling & Baking News - March 1, 2016 - 37

X
Edible Oils

from two-year highs set earlier in February.
Weighing on palm oil were data issued by
a Malaysian palm oil refiners' association
that indicated a 2.6% increase in production
in February through Feb. 20 compared with
the same three-week span in January. The
market had anticipated weaker production
because of the El Niño weather pattern, but
the data suggested a decline attributable to
the weather pattern may be less severe than
earlier expected. Also weighing on Malaysian palm oil futures were lackluster export demand and a Malaysian ringgit that
recently has been appreciating compared
with most other currencies. Indications
were Malaysian export volume in the first
three weeks of February was down 16%
from the first three weeks in January.
The refined canola oil basis in the
Midwest compared with soybean oil
futures continued to weaken. China's
newly announced tighter quality specifications for imported canola seed rankled
Canadian exporters, who have pulled
back until the dust settles. The result was
more seed stocks in Canada for refiners
to use, pushing the canola oil basis lower
and increasing the oil's competitiveness
vis-à-vis soybean oil. MBN

Bookings of edible oils and fats were limited last week. Price changes were mixed.
Soybean oil prices declined. Soybean
oil futures dropped in sympathy with
the rest of the soy complex. The soybean oil basis was unchanged but with
a weaker undertone. Soybean oil pricing
overall bore additional weight from declining prices of palm oil and canola oil.
Soybean oil contract balances extended
about 45 days. Second-quarter basis coverage was estimated at 65%.
Robert Johansson, the U.S. Department of Agriculture's chief economist,
speaking before the Agricultural Outlook Forum in Washington, on Feb. 25,
forecast area planted to soybeans in
2016 at 82.5 million acres, down 200,000
acres from 2015. Also at the forum, the
U.S.D.A. forecast 2016 soybean production at 3,810 million bus, down 3% from
3,930 million bus in 2015.
The U.S.D.A. indicated net export
sales of soybean oil for 2015-16 totaled
only 3,200 tonnes, down 75% from the
previous week and down 67% from the
prior four-week average.
Palm oil futures continued to decline

Spot soybean oil

Chicago soybean oil futures
Bulk in tank cars, cents per lb
Feb. 26
- Change from -
Delivery
close
Feb. 19
Feb. 12
March
31.03
-.36
-.77
May
31.23
-.40
-.79
July
31.47
-.39
-.77
August
31.56
-.37
-.73
September 31.64
-.34
-.68
October
31.68
-.29
-.63

Crude soybean oil
Delivery
February
March
April
May
June
July
August

48.00

38.00

38.00
33.00

34.00

28.00
23.00
F

A
Previous Year

30.00

Current Year

August 12,

on
Trade focuses

- Change from - Year
Feb. 26 Feb. 19 Feb. 12 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

30.25
26.00

-.50
-

-1.00
+.75

33.00
28.00

30.50

+1.75

45.00
31.00

-.50
-1.75

-.75
-.25

49.50
34.00

35.00
55.25

-1.00
+1.75

-1.75
+.25

55.75
55.50

56.00
42.00

+.75
+.75

+3.25 55.25
-
39.00

53.00
34.00

-
-.75

-
-1.00

+2.00 33.00

66.25
40.00

2015

to
s-to-use ratio
the stock for next year,
boosting
16 by 8%,
August 12, 2015
and to 14.6% prescribed in
this year
sweetener
15.1% for the 13.5% minimum ment. The
ts
U.S. and global
e
prices from
ension agree ased doboth abov
ol
onal marke
news, data and Company
to incre
Mexico susp
ing
InternatiUnica, Brazil's sugar andJulyethan
harwere due
the U.S.sugar
Sosland Publish
this year
early beet
alf
for
-
from
ges
last-h
stly
chan
of
ly from
BRAZIL
n, said
es for all
uction (mo
ar
ZĞƉŽƌƚ.com
DE
year most
associatio
ucSee ^ǁĞĞƚĞŶĞƌ er market
mestic prod rts, and for next
million tonn weeks last
prod
industry
5.58
Mexico sug .A. in its Aug. 12andWAS
ed
estic
ng
impo
endi
n total
n
for daily sweeten
same two
s and dom
vest) and
productio
he U.S.D
Brazil
estic use
from the
ning stock in imports. Productio
ntary and news
year
for all of
24.7%
begin
n
comme
this
only dom
er
up
for
il,
ted
uctio
ase
high
2015
the
ico
Braz
prod
adjus
a slight incre mostly due to new
asts for Mex d 4% for both
on-to-date es, down 10.8% from the
tion with
ted
year. Seas
stocks forec
in
asts.
were adjus
use was raise by 18.5% for
million tonn Ethanol output
uction forec
numbers
Domestic
totaled 27
sugar prices
year.
cane prod were unchanged for
up 37.1%
were cut
and next.
uction,
d beet and cane
r beet and
ng stocks
period last
Brazil was
Prod
asts
Ͳ
refine
suga
of
endi
was
bulk
same
all
forec
year.
ut
U.S.
outp
ͲChangefrom
r use
te 11
years, while 31.5% for next
weeks for Volum
4, Issue
e to-da
U.S. suga
-16.
Nearby
d.
yearyearago
s for
and
latest two
unchange
weekago
-15 and 2015
this year
are
earlier, while the latest two week
&͘Ž͘ď͘ƉůĂŶƚ͕
August12
both 2014
exports were
2015-16
Ratings in
but
from a year
in
Ͳϰ͘ϬϬ
- U.S.
imports and
stocks for
a year ago,
ĐĞŶƚƐƉĞƌůď͘
field offices said. good to
Cane crush
ͲϬ͘ϱϬ
use A.
190,616
U.S.D.
beginning
ly and
up 2.6%.
37.4% from
er, state
. The sug6 r supp
ged at 85%
ƚ ϯϯ͘ϬϬͲϯϱ͘ϬϬ
ͲͲ
rd
tonnes, down
"Mexico
2015-1
il was up
unchan
. suga
forD.A
werefrom
2014-15.
Ͳϭ͘ϬϬ
DŝĚǁĞƐƚďĞĞ
poor;
down 0.36%s of
sota and
U.S.
all of Braz
at 836,775 because of an upwa
southtic sugar
poor to very

ϯϴ͘ϬϬͲϰϮ͘ϬϬ
crush was
the keydomes
in the ChanMinne
ooking

from July10%
and 5%From
Ͳϭ͘ϬϬ
tion
th
in
date
estimated
ued
ges
fair
a
ďĞĞƚη
ed
ump
mon
n-tocontin
ͲϬ͘ϱϬ
(81%
nt,
WĂĐŝĮĐ
last
crush
two
seaso
art 2016
for cons
excelle
WASDE.
Aug. From
lates
to excellent
calend
ed
ϯϰ͘ϬϬͲϯϲ͘ϬϬ
and
Aug. 12remain
said.
tonnes from
l mix of cane
deliveries
in the
82% good
From
ŽƵŶƚ͘
July 14-15 and 2% poor
Aug.
U.S.D.A.
ĂŶĞΎ
ar/ethano n was 44%/56%
/59%y activity tons
North Dakota
of 2014-15
ŝƚŚϮйĐĂƐŚĚŝƐĐ
15-16 fair (17%)
41%Nearb
week.
77
es," the
past was
й͕ƉůƵƐϳ͘ϲĐǁ
estimate
1,000d needs 14-15 July
,
covere
), 16% + 92 + 11
year) and mostyear)
central regio
Ύ^ƉŽƚƌĂǁƉůƵƐϳ
million tonn are increased by 192,4per
. having In
week earlier
1,821
to excellent (80%)
/54% lastslow with
last users
ted there 1,810
to 4.441
ed
-16
Raw value
an 85% good
35 + 186 to very poor
traders
(44%/56% ago. Some
weeks (46%
po- sugges
s for 2015
It is assum
(2%);+ Michig
ηĞůŝǀĞƌĞĚ͘
8,800 + 4% +poor
s
155
54
n-to-date some timeniza
tion com the market
withs the 8,614
"Deliverie
and anged
on tonnes.
Begin. Stock
sugar future
(14%)
in
nt (32%),
for the seaso
essdown
4.501 milli umption is unch
4,980
11% +fair
and #11 raw
excelle
Sugar aOrga
lb,
s
l
weakn
31
#16
ction
a
of
27%
+
45
of
c
iona
U.S.
supplie
ing
hint
tonnes to
Produ
tion
35
cons
was11 was 11.50
Wyom
4,825
tener
consump
3,820 +
The Internat on Aug.
sugarto nearby
(6%); +and
(10%).
t adding
9
harvesraw
- 113
Beet
beet sman
capita swee at 49.4 kg and that
and 10%
+ 5 fair
price
early King
lb.
3,789 good
from a
as estimated
3,369
-15
site sugar
63% + 38 (58%)
Nearby, cents per
Brazilian
few weeks.
- 125slipped
Aug. 4. The thec next
cane- ratings
from 2014 corn syrup is the samedry weight)."
through Sept. 3,482Louisia
a lb f.o.b. sugar prices Cane
ions
na sugar
1,491
10.34 refined
0.37c from 11 wasover
8
beet
- 110dry condit
hot
on tonnes,
- and
Impo
high-fructose
33crtsto 35c a 1,616 +earlier due
Bulk
nt Ϯϳ
to
315to
s.
(1.420 milli
Aug. 11.
price on Aug.
.
week
Ϯϲ
sourceslightly
good to excelle
d down
T.R.Q
1 +122
0.26c from were adjuste
for 2014-15
425 + 25 of the
crop -rated
cane sugar
and private
1,548
and 6% Ϯϱ
- Mexico
ports, down newswires,30web sitesMidwest with bulk refined
r Prog.
with 63%
Othe
Ϯϰ
5 fair -(29%)
ly and use
f.o.b. One 1,426 a week earlier
from
15 ), +31%
lb f.o.b.
Ϯϯ
Compiled
. sugar supp
co crop
+ 84
2014-15.
(66%
s d to 34c to 36c aoutlbMexi
15 + 5 poor (5%).
U.S.D.A
new
adjuste
ϮϮ
0 +132
of old
July and from
ry
in
prices
#11
13,99
from
very
sold
ast
stages
ust
to
ges
Tier
#16
poor
Ϯϭ
sor was
its initial
Highcrop
it forec
From
6 + 92
proces
DE. Chan
sup- 13,90
defic
Top ind s 2015
200 t was in 125
-16beet
major
to be ϮϬ
have new
Aug. From
Aug. 12 WAS
Sugar -beet harves
ed dtoits
raise
Ttl Supplysors
raise
- + t expected
expect
ϭϵ
200
n Pool
Aug. From 15-16 July 14-15
proces
Greewas
with0early harves
sugar
12,01
st but
Green Pool
mil- other
ϭϴ
125
, while
+6
several
- +week.
Exports well as 11,88
July
5 areas,
ast to 4.6
based analy
le shortly

14-15
it forec
11,875 t by next
y to sell aseries
ply availab
Australia837 -190
- report, the ϭϳ
t
- in earnes
sugar
+ 15
ϭϲ
under
Deliv
cropiousl
0 way
tion
al sugar defic
es prev
Actual weigh
831
tonnold
Crop Produc
hadonsome
le before the 11,75In its -August135
il
stillmilli
s
6,000
2015-16 glob
+ 125 beet produc- ϭϱ
ing availab
Food
- sugar
n in Braz
135
Begin. Stock
ϭϰ
0
uctiobecom
U.S.
supply
es from 2.8
5,985
2015
crop
12,21
prod
t
tonn
155
r
30).
new
41 from 2014.
-9%
lion
land.
(Sept. Other
ϭϯ
21
5 A. -forecas
year
Thai
U.S.D.
+132
ns of loweof the
Production
12,08
-190 +
a anding
155
market
1,780
ϭϮ
sugar
,000 tons, up - 0.5
Usefor
6,992
end ut), Chin
92
on expectatio ol outp
Total
- 35
00 acres, ϭϭ
tic beet and cane
tion at+ 34,211
1,821
Imports
ethan
of domes
6,971
carryover
14.6% +1.1 t at 1,144,0
indicateds
ly
Pricing
1,335
, 2016
(increased
+ 61
ted area was forecasstill below last year's ϭϬ
Ending Stock
2015
raisedalso was
Total Supp
ar 2016
Harves+0.8
15.1%
1,370
WASDE
se
st and
raises U.S.2015-1
6 and calend
4,825 +193
- Midwe
from June
4 but
+ 26
Stocks-to-u
U.S.D.A.
lb f.o.b.
its Aug. 12
t at a record
Exports
up slightly
fora2015
35c
4,764 +190
.A. in mostly
frome 201
33c toand
at 5.3%
6,160 +193
coast. Some down 4%Averag
yield was forecas
Use
-4
rs
The U.S.D
-15 by
trade
Domestic
cast level.
ed on the West fore
2014.
6,134 +190
s for 2014
833 - 383
9% efrom ose,
upSom
crop
may be availa36c to 38c deliver
acre,et.
- 0.1
anmark
corn es
ending stock
Total Use
tener
dextr was forecast at
s prices
-6.9
837 - 190 13.5%
large5 volum
sweetons
; 201
ding tion
sorsrican29.9
s
inclu
s sugges
monted
proces
produc
raw sugar future
Ame
- 0.3
broker
h
cwt.
ted
ucts,
com
- 3.7
some
cane
a
5
Nort
Ending Stock
$1
Harves
prod
mͲ
9.0
while
Sugar
201
#16 Domestic
up from 2014.
13.6%
dry
a lb, to the tight end of the
to 6%
ͲChangefro
l)
flat up
was
ease from ble below 33c
offers for received
- 4.9 17.3%
tons,

the top
eeks
S-T-U (tota
,000
s referred
, and0 price
sales at
17.6%
price incr
years
letter
acres, up 3% from
to find 2016
weekĮvew
.)
to make
le oft at
a ued
offer he 32,146a coup
894,70ucts.

t ofansugar
difficult
contin
amoun
ated
teners at
$4.50 a cwt
S-T-U (dom
August12 one
leastwas forecas
prod was forecast at 35.9
ed the
foundItitappearbrok

er indic
ͲϬ͘Ϯϱ
corn swee
of wet
$3.50 to
tight for atareathan those
least range.
ĞŶƚƐƉĞƌůď͘
e yield
one varied
Ϭ͘ϬϬ
beenamong
widely
Averagunav
eteners:
ailable. 2014.
er
offering 2016 racted levels, at price
although
Ϯϰ͘ϱϬ
year
next ose
angreatlast year.
supplies have
imous in
Corn Swe
ͲϬ͘Ϯϲ
to be
cont
for dextr
2015,
ton from2015
ucts were
Julyedwas
up 0.9
ghtend
Ϭ͘ϬϬ
prod
and EŽǀĞŵďĞƌ
appear unan ase from 2015
Dry and
have
per acre,
report for 2014
, althou
t 15% from booked
tons
ltural Supply
buyers
Ϯϰ͘ϲϮ
sweetener
not sors
uctiotnWorld
incre
Agricu

in the past
orn refiners
te to abou
corn
did proces
d
ͲϬ͘ϭϲ
prod
cwt
of
It
ases
ǇϮϬϭϲ
s
a
equa
recor
n.
corn
foreincre
:ĂŶƵĂƌ
ͲϬ͘Ϭϭ
$4.50
its Augus
. and offer surve
U.S.D.A.
increases
from thereport,
y-bass ed In
and trading
thethe
month
Ϯϰ͘ϲϰ
uct and regioing levels, active
$3.50 to
supplies
downd4%
tes2.2 bu from
ͲϬ͘Ϭϯ
Spot
slow, sourceon
August. The
its first
bus,
Estima
tener prod
ending
inwere
DĂƌĐŚ
Ϭ͘ϬϬ
sugar
down
.A.
Deman
and
Mexico
milli
ctaU.S.
n
6
5
through late ific corn swee ract at the initial offer
acre,
from
ges,
U.S.D
expe
Ϯϰ͘ϴϬ
13,68
shorta 168.8 bus an
at car
Imports The
trade
negotiatio tight
spec
ͲϬ͘ϯϬ
boost ine 2014-1
of box
ratio of
s
a 5.3%
at
U.S. crop
rs to cont
castasts
DĂǇ
to-use
ͲϬ͘Ϭϱ
room for
g on the
s
were abov
es price
stocksa combi
ast thenation
forec
futur
citing
Ϯϰ͘ϴϬ
dependin was a rush by buye with some seeing based on this year' said,
ending
forec
lackastof need
wasthe
an corn
ͲϬ͘ϯϬ
um reand ast,
yieldand
uction forec
ared
prices
stocks
prodship:ƵůǇ
ͲϬ͘Ϭϱ
Average
andslow
stocks forec above the 13.5% minim
appear there trade were mixed lock in supply now customers, it appe higher
crop. esired
yield
Ϯϰ͘ϴϬ
time,
ending 15.1%
to sion agree(well
said -than-d
d. The
same
ͲϬ͘ϭϮ
ing
ld
est.
er corn
harv
At the
suspen
high
^ĞƉƚĞŵďĞƌ
Ϭ͘Ϭϴ
exicogood
one broker in some 2014
cases.recor
ideas in theesting buyers shou restricted to exist
on the
felttrend
rated 70%
U.S.-M
with ato
be to
lower into bysthe
Ϯϰ͘ϵϴ
ly
ed, which
below ts there will
continued
tly sugges
quired
, and along
r state was juste sligh
n majo
Mexico
others sugg initial offers most offers may be limit waited too long. ments
tions
expectedon Mexica
EŽǀĞŵďĞƌ
ed from
were
increas further
and
s and
in the 18 ment)
. The
to depend crop
s prices
ged and
mers offer coast,
tends
ly if they
two week
to tariff-rate import
supply. With to get competitive
which
doughesstage
sugar future
s to custo corn syrup
9, the corn
mitted supp
nalinincreas
West plun
ties
, 50%
regions.the previous begno
additio
of Aug.
#11 World raw
Asthan
most other
opportuni buyers without com major refiners in letter
date.
ngefromͲ
d from
on Page 2.)
silkin stage
the
-fructose
were
ͲCha
in
table
ange
9
more
for
high
(See
three
Aug.
96%
unch
ges
supply
of was

as crop
the
eeks
this year.
llent, ratingsThe
ear avera
could leave day, at least three increase and 42%
exce
eekĮvew
s. Two of
se
beet crop
and five-yquotas

a week
year earliyeartoago.
thanlast
racted level listed liquid glucoSugar 71% aged
1
August12 onew
As of Mon
$4.50 a cwt
a
Ͳϭ͘ϳϳ
higher
cont
at

near
ly
rose
low
2015
syrup
ͲϬ͘ϮϮ
also
most
valid unchan
Dext
ĞŶƚƐƉĞƌůď͘
to 7-year2014
ϭϬ͘ϱϰ
regular corna cwt increase from cwt increase. One a cwt. Prices were mostly
9% dented,
Ͳϭ͘ϳϵ
Tuesday KĐƚŽďĞƌϮϬϭϱ
a
of the
p1 ober dips 2015 y and again briefly
ͲϬ͘Ϯϳ
Oct
rbysyru
at a $3.50 HFCS at a $4.50 at increases of $3.50 the refiner. Two
ϯϰͲϯϳ
re
ϭϭ͘ϳϰ
Nea
lar corn
a lb Monda
Ͳϭ͘ϲϰ
futu1res:Regu
both days. Pressu t DĂƌĐŚϮϬϭϲ
ϯϳͲϯϵthat level ϯϯͲϯϲ
2014 low of 10.37c above
ͲϬ͘ϭϵ
offered 55% d dextrose syrup 28, depending on
Sugar
S list price futures201
5 hit a 7-year
ϭϭ͘ϵϯ
prices
s cane harves
liqui
ct settled ϯϲͲϯϴ
Ͳϭ͘ϱϯ
East
55% HFC aw sugar
or Aug.
1
d in Brazil'
the contra
ϯϱͲϯϴ
syrup and
ghϮϱ͘Ϯϱ
ͲϬ͘ϭϲ
2014
a reboun
est
to o.25c DĂǇ
r Aug. 21

er, althou

S list price
ϭϮ͘Ϭϯ
supplies, withϯϴͲϰϬ
0.05c
Midw
2015
Ͳϭ͘ϰϲ
down about
nearby
OctobϮϳ͘Ϯϱ
through eithe
in nearby
d
ϯϲͲϯϵ
were
Ϯϳ͘ϱϬ
42% HFC
1
ample
Ϯϱ͘Ϯϱ
h

raws
reduce
:ƵůǇ
ͲϬ͘ϭϱ
from
Sout

world ϯϵͲϰϭ
about
2014
rnsƐ͕
Ϯϵ͘ϱϬ
ued to stem
ϭϮ͘Ϯϳ
spot price
Ϯϳ͘Ϯϱ
For the week
contin
a lb. Conce
Ͳϭ͘ϯϳ
uting.Ϯϳ͘ϱϬ
2015
͕ǁĞƚďĂƐŝ
6 global KĐƚŽďĞƌ
Ϯϳ͘ϳϱ of July contrib
HFCS 42%
West1.30c to 1.80c
ͲϬ͘ϭϬ
Ϯϭ͘Ϯϱ
͘ 2015-1

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tion due to the
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ETENER
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utheast
ution. ©201 ures were about
t the Septem-

r:
U.S. cash suga

Western points
29.28 @29.78
29.28 @29.78
29.60 @30.10
29.73 @30.23
30.09 @30.59
30.22 @30.72
30.31 @30.81

Edible oils

42.00

43.00

Decatur, Ill.
30.03 @30.28
30.03 @30.28
30.35 @30.60
30.48 @30.73
30.59 @30.84
30.97 @31.22
31.06 @31.31

Bulk, cents per lb

Reﬁned, Midwest, bulk, cents per lb
53.00

Year
ago
32.80
32.95
33.11
33.11
33.07
32.83

Bulk in tank cars, cents per lb

Spot canola oil

Decatur, Ill., bulk, cents per lb

Ingredient Week

2015-16

Proprietary domestic sugar and sweetener prices
Better manage your sales and procurement needs

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ϭϮͬϬϯͬϭϰ
ϭϭͬϬϱͬϭϰ

Daily updates of raw sugar futures and cash sugar markets
Full report published weekly
To view a sample Sweetener Report or to subscribe,
go to SoslandPremium.com and click on "Sweetener Report."
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Milling & Baking News XMarch 1, 2016
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Milling & Baking News - March 1, 2016

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