Milling & Baking News - January 3, 2017 - 35

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Soy Products
Spot soy flour prices were mixed last
week while soybean meal futures advanced. Sales volume was light during
the holiday-shortened week. Bookings
remained about two weeks forward.
Demand was steady from food manufacturers, especially from bakers and
producers of soups and salad dressings.
Soybean and soybean meal futures
moved higher last week in relatively
light volume, similar to what was seen
in sessions leading up to the Christmas
holiday. The week's strongest gains
were posted Tuesday on short-covering
after the long weekend, as traders closed
out positions with the approach of the
end of the calendar year. Gains eroded
on Wednesday, but prices remained relatively firm through the week's end.
By the end of 2016, nearby soybean
futures had gained about 17%, and soybean meal futures had risen about 19%,
compared with values at the end of 2015.
The upward trajectory in prices came
about even as the 2016 soybean crop was
estimated as record large by the U.S. Department of Agriculture. Robust exports
of both soybeans and soybean meal,
especially to China, the world's largest
importer of the oilseed, were seen as a
key factor in the sustained higher prices
of soybean and soybean meal.
Net export sales of soybean meal in
the week ended Dec. 22 were 251,900
tonnes for 2016-17, up 81% from the previous week and up 42% from the prior
four-week average, and were 44,500
tonnes for 2017-18, the U.S.D.A. said.
Net export sales of soybeans in the latest week were 974,100 tonnes for 201617, down 46% from the previous week
and down 40% from the prior four-week

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

+6¼
+5
+4¼
+4
+3¾
+3¾

-4¼
-5½
-6¼
-6½
-6½
-6½

3.58¾
3.64½
3.70½
3.75¼
3.83
3.93

+7½
+6½
+6
+5¾
+7
+7¼

-40¼
-42¾
-41¾
-40
-37¾
-34

8.71¼
8.64¼
8.69½
8.76¾
8.79½
8.79

+4.90
+5.00
+4.90
+4.60
+4.80
+5.10

-4.20
-4.80
-4.90
-5.00
-4.90
-4.40

264.30
265.50
269.00
272.50
274.20
275.70

bakingbusiness.com / world-grain.com

Corn Products
Prices of cornmeal and other corn
products moved higher last week in
quiet dealings during the holiday-shortened week. Mill grind was cut back in a
typical fashion, and many buyers were
closed for some or all of last week. The
tone of the market was bearish because
of the heavy overhang of corn supplies
after the record fall harvest.
Export sales of corn products were
being hurt by persistent strength in the
dollar, a corn products manufacturer
said. At the same time, U.S. manufacturers of corn products faced challenges in
procuring high-quality supplies from
the eastern Corn Belt, where mold was
a persistent problem. "We'll be fighting
it all the way until September," he said.
Year-end reflection about the corn and
corn products markets yielded some
uncertainties as a new U.S. presidential
team prepares to begin governing, said
the corn products manufacturer. He reiterated concerns about the possibility
of a trade war, noting that "agriculture
benefits from free trade." He added that
the future of the ethanol mandate also
was uncertain because key members of
the incoming administration expressed
doubts about its benefits.
He said he felt unsettled about the fact
that President-elect Donald J. Trump had
not yet announced his choice of a new
secretary of agriculture. The delay was
"concerning as it is reflective of the president-elect's priorities," he noted.
Corn futures finished higher last week,
making the bulk of their gains on shortcovering Tuesday, when trading resumed

after the extended weekend. Volume remained at the relatively low levels seen in
the lead-up to the Christmas break.
Nearby corn futures ended the 2016
calendar year at nearly identical levels to
those posted at the end of 2015, despite
the record large 2016 crop. While corn
exports were relatively strong during
2016, they were not able to lift corn futures much on a year-over-year basis. At
the same time, corn prices didn't fall significantly with the abundant supplies.
The U.S.D.A. said net export sales of
corn in the week ended Dec. 22 were
958,600 tonnes for 2016-17, down 23%
from the previous week and down 24%
from the prior four-week average, and
were 46,200 tonnes for 2017-18. MBN

Oats
Food-grade oats flakes prices finished
higher last week in keeping with gains
in oats futures.
Demand for hot breakfast cereals
containing oats remained robust amid
colder winter weather across much of
the United States and because oatmeal
is sought out by consumers as a healthy
breakfast food choice. Snacks containing
oats remained popular as well. MBN

Rice
U.S. milled rice and rice byproducts
were steady last week with the U.S.D.A.
not publishing fresh prices because of
the federal holiday on Monday. World
milled rice prices posted by the U.S.D.A.
were higher.
Net export sales of U.S. rice in the
week ended Dec. 22 were 76,700 tonnes
for 2016-17, down 47% from the previous week but up 6% from the prior fourweek average, the U.S.D.A. said. MBN

Soy products

- Change from - Year
Dec. 30 Dec. 23 Dec. 16 ago
3.52
3.57½
3.64¼
3.71¼
3.80
3.89
$ per bu
9.96½
10.04
10.12½
10.19
10.17¾
10.02¼
$ per ton
312.90
316.60
319.20
322.00
321.00
319.00

average, and were 44,500 tonnes for
2017-18, the U.S.D.A. said. MBN

Ingredient Week

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Dec. 30
Dec. 23
Dec. 16
Soy ﬂour
Bulk
25.56 @ 30.64 -.11@ +.25 -.41 @ -.21
Sacked
26.56 @ 32.64 -.11@ +.25 -.41 @ -.21

Rice
Oﬀers f.o.b. mills, $ per cwt, bagged

- Change from - Year
Cash
Dec. 30
Dec. 23 Dec. 16 ago
Long grain
21.00@21.75
-
- 23.00
Medium grain 22.00@24.00
-
- 23.00
Parboiled
23.00@24.50
-
- 25.00
Second
Corn meal
heads, bulk 15.25@16.00
-
- 15.25
$ per cwt
13.50@14.50
-
-0.25 14.50
- Change from - Brewers
Dec. 30
Dec. 23
Dec. 16 f.o.b. mills, $ per ton
35@55
- +5.00 60.00
Chicago, bulk
16.43@ 17.23 +.13@+.13 -.08@-.08 Rice millfeed
100@120
- -10.00 120.00
Chicago, sacked
18.20@ 19.00 +.13@+.13 -.08@-.08 Rice bran
10@15
- +5.00
5.00
New York, bulk
18.10@ 18.90 +.13@+.13 -.08@-.08 Rice hulls
New York, sacked 20.52@ 21.32 +.13@+.13 -.08@-.08 U.S.D.A. world price milled - $ per cwt
Long grain
13.36
+0.09 +0.09 14.80
Oats
Medium/short
- Change from - grain
13.00
+0.09 +0.09 14.31
Minneapolis
Dec. 30
Dec. 23 Dec. 16 Broken
8.06
+0.06 +0.06
8.93
Food grade ﬂakes, f.o.b.,
C.B.O.T. rough rice futures - $ per cwt
bagged, $ per cwt
28.50@29.50 +.25
-
January
9.35½
+0.14½ -0.12½ 11.57
Milling quality oats, No. 2 heavy,
March
9.61
+0.15
-0.13 11.84
$ per bu
2.98½
+10c
+4½c May
9.86
+0.15 -0.14½ 12.12
Oat hulls, $ per ton
25@35
-
-
July
10.05½
+0.15
-0.13 12.39
Milling & Baking News XJanuary 3, 2017 / 35

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Milling & Baking News - January 3, 2017

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