Milling & Baking News - September 27, 2016 - 52

Ingredient Week X

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
Sept. 23
Sept. 16 Sept. 9
Midwest beet 28.50 @ 29.50
-
-
Paciﬁc beet* 34.00 @ 35.00
-
-
Cane**
33.00 @ 35.00
-
-

Year
ago
33.00
38.00
33.00

*Delivered **Spot raw plus 7% plus 3.4c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
- Change from -
Contract
Sept. 23 Sept. 16 Sept. 9
Nearby
28.00
+.10
+.20
October-December 28.00
+.10
+.20
January-March
27.50
-
+.45
April-June
27.50
+.15
+.50
July-September
27.50
+.20
+.50
October-December 27.25
+.25
+.35

Year
ago
24.20
24.20
24.50
24.60
24.75
24.80

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

24
21
18
15
12
9
S

Beet processors noted an uptick in beet
sugar sales last week as new-crop production gained momentum and some
still had old-crop supply to move. Prices
were unchanged, although those with no
or manageable old-crop supplies noted a
firm tone to the market.
Bulk refined beet sugar prices were
steady at 28.5c to 29.5c a lb f.o.b. Midwest nearby through 2016-17. Some processors noted brisk sales mostly in the
29c to 29.50c a lb range for next year. But
others seeking to clear or reduce old-crop
supply continued to sell sugar below the
full range in an effort to avoid forfeitures
against outstanding government loans,
although the potential for forfeitures
remained. Processors also noted active
deliveries of previously sold beet sugar.
As of Sept. 23, all types of beet sugar
under loan totaled 374,000 tons, up 23,250
tons from 350,750 tons a week earlier.
Sugar beets as of Sept. 18 were 11%
harvested in the four major producing
states, up from 8% as the 2011-15 average but behind 13% a year ago, the U.S.
Department of Agriculture said.
Bulk refined cane sugar prices were
unchanged at 33c to 35c a lb f.o.b. plant.

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

Sept. 23
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

Refiners with domestic cane supplies in
the South and Southeast continued to
price and sell sugar around 33c a lb. But
refiners who depend on raw cane imports were mostly in the 34c-to-35c-a-lb
range, or even above in some cases.
Louisiana sugar cane ratings continued
to improve after tumbling in August due
to heavy rains and floods. Rated good to
excellent as of Sept. 18 was 57% of the
crop, up from a low of 49% as of Aug. 28,
the U.S.D.A. said. New-crop cane planting remained well behind average.
Contracting of corn sweeteners progressed with the bulk of business completed, although coverage for individual buyers was said to range from only about 50%
to more than 90%, as a number of buyers
continued to hold out for more favorable
pricing. Trade sources said most business
to date was completed at the higher levels
sought by corn refiners, which included a
$2.50-a-cwt increase from 2016 contracted
levels for regular corn syrup, 55% highfructose corn syrup and liquid dextrose,
and a $1.50-a-cwt increase for 42% HFCS.
But there were reports of some buyers having contracted for 2017 at smaller increases
or in some cases, flat with or even slightly
below 2016 levels, depending on a buyer's
2016 contracted price. It was uncertain
if the "hold outs" will be rewarded with
lower prices. If refiners are able to maintain export levels to Mexico, there would
be less incentive to drop prices because of
limited production capacity.
The Sweetener Users Association
last week asked the U.S. Department of
Commerce to renegotiate a 2014 bilateral
trade deal with Mexico to boost U.S. sugar imports. Intermittent talks have been
under way for several weeks. MBN

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* Sweetenersupply.com
52 / September 27, 2016 XMilling
& Baking News

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http://www.Sweetenersupply.com

Milling & Baking News - September 27, 2016

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