Milling & Baking News - August 16, 2016 - 44

Ingredient Week X

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
Aug. 12
Aug. 5 July 29
Midwest beet 28.50 @ 29.50
-
-.50
Paciﬁc beet* 34.00 @ 35.00
-
-
Cane**
33.00 @ 35.00
-
-

Year
ago
33.00
38.00
34.00

*Delivered **Spot raw plus 3.3% plus 3.45c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
- Change from -
Contract
Aug. 12 Aug. 5 July 29
Nearby
29.00
+.25 +1.10
August-September 29.00
+.25 +1.10
October-December 29.00
+.45 +1.10
January-March
27.10
+.10
+.25
April-June
27.10
+.10
+.20
July-September
27.10
+.15
+.20

Year
ago
24.50
24.50
24.50
24.60
24.75
24.80

I.C.E. No. 11 raw sugar futures
cents per lb

22
18
14
10
A

Bulk refined beet and cane sugar prices
were unchanged last week in mostly quiet
activity as the trade still awaited word on
potential changes to the Countervailing
Duty Suspension Agreements that may
alter U.S. sugar imports from Mexico with
the United States seeking to boost raw
sugar supplies for some cane refiners.
Letters with pricing programs for 2017
corn sweetener contracts were circulated
by at least four major corn refiners in
the past two weeks with three out last
week. The letters were consistent at a
$2.50-a-cwt hike from 2016 contracted
levels for regular corn syrup, 55% highfructose corn syrup and dextrose, and at
a $1.50-a-cwt increase for 42% HFCS.
There was no indication that contracting
for 2017 had yet occurred, although prices
in the letters were valid only from Aug.
19-31, depending on when the letter was issued. Some trade sources expected contract
buyers may have to accept the increases
for 55% HFCS, regular corn syrup and
dextrose due to high capacity utilization
of corn refineries, but some also expected
pushback on the increase for 42% HFCS.
Bulk refined beet sugar prices were
unchanged. Some sellers indicated light

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

Aug. 12
22⅜@ 23⅜
23¾@ 24¾
23⅞@ 24⅞
23½@ 24½
24⅜@ 26⅜

Year ago
18⅞@ 19⅞
20¼@ 21¼
20⅜@ 21⅜
20@ 21
20⅞@ 22⅞

HFCS list price2
42% HFCS wet
26.750
29.000
28.500
28.000
29.250

55% HFCS wet
31.750 net
34.250 net
34.000 net
33.500 net
34.750 net

Regular
corn
syrup3
31.75
34.00
34.00
35.00
36.25

Dextrose
East
39.00@41.00
Midwest 38.00@40.00
West
41.00@43.00

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

activity below the range, which may become more evident as early harvest of
the new beet crop begins shortly, adding
to remaining old-crop sugar supplies.
Most beet processors are expected to
carry some old-crop material into 201617, which begins Oct. 1. But it also was
thought that the possibility of forfeitures
this marketing year was remote.
Cane sugar prices also were steady.
There were indications refiners depending on imports had adequate raw supplies through September (the end of the
current marketing year) but were less
well supplied for October-December.
Pricing of both refined beet and cane
sugar for next year remained slightly
above nearby levels. Some estimated
that beet processors had about 50% to
60% of their prospective 2016-17 production sold, although the amount varied
widely between processors.
Delivered West coast refined cane sugar
was steady at 38c to 39c a lb and still hard
to find in some cases. Delivered refined
beet sugar was steady at 34c to 35c a lb.
Sugar beet crop ratings as of Aug. 7
mostly were unchanged from a week
earlier.
In its Aug. 12 World Agricultural Supply and Demand Estimates report, the
U.S. Department of Agriculture forecast 2016-17 U.S. sugar ending stocks at
1,887,000 short tons, raw value, up 14%
from its July forecast but down 2% from
an upwardly revised 1,921,000 tons estimated for 2015-16. There were no changes
from July in deliveries or exports for either year. The 2016-17 ending stocks-touse ratio was forecast at 15.4%, up from
13.5% in July, and the 2015-16 ratio was
raised to 15.7% from 15.4% last month. MBN

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44 / August 16, 2016 XMilling*& Sweetenersupply.com
Baking News

bakingbusiness.com / world-grain.com

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Milling & Baking News - August 16, 2016

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