Milling & Baking News - January 17, 2017 - 44

Ingredient Week X

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
Jan. 13
Midwest beet 28.50 @ 29.50
Paciﬁc beet* 34.00 @ 35.00
Cane**
34.00 @ 36.50

- Change from -
Jan. 6 Dec. 30
-
-
-
-
-
-

Year
ago
32.00
37.00
33.00

*Delivered **Spot raw plus 7% plus 4c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
Contract
Nearby
February-March
April-June
July-September
October-December
January-March

Jan. 13
29.30
29.30
29.40
28.70
28.30
27.35

- Change from -
Jan. 6 Dec. 30
+.20
+.05
+.20
+.05
+.25
-
+.50
-.45
+.50
+.50
-.15
-.15

Year
ago
26.00
26.00
26.10
26.00
25.95
25.65

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

24
21
18
15
12
J

Cash sugar markets were quiet as
is typical early in a new year. The next
flurry in activity likely will result from
sideline meetings held during the International Sweetener Colloquium, which
was scheduled for Feb. 26 to March 1 in
Dana Point, Calif.
There was no news from the U.S. Department of Commerce concerning its review
and renegotiation of the 2014 Countervailing Duty and Anti-Dumping Suspension
Agreements between the United States and
Mexico, which has slowed new long-term
contracting of imports from Mexico.
Domestic bulk refined cane sugar
prices were unchanged at 34c to 36.5c a lb
f.o.b. plant through 2016-17. Refiners with
access to domestic raw cane continued to
offer sugar from 34c to 35c a lb f.o.b. while
refiners dependent on raw cane imports
remained at 36c a lb or above.
The sugar cane harvest continued in
Florida at an average pace.
Bulk refined beet sugar was steady at
28.5c to 29.5c a lb f.o.b. Midwest through
2016-17 with most processors at 29c. One
major seller continued to offer and sell
beet sugar below 29c a lb. Sales were
steady and at seasonal levels. Most pro-

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

Jan. 13
23⅞@ 24⅞
25¼@ 26¼
25⅜@ 26⅜
25@ 26
25⅞@ 27⅞

Year ago
22⅜@ 23⅜
23¾@ 24¾
23⅞@ 24⅞
23½@ 24½
24⅜@ 26⅜

HFCS list price2
42% HFCS wet
28.25
30.50
30.00
29.50
30.75

55% HFCS wet
34.25 net
36.75 net
36.50 net
36.00 net
37.25 net

Regular
corn
syrup3
34.25
36.50
36.50
37.50
38.75

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

cessors appeared comfortable with their
sales for the year to date but still were
working on clearing stocks from the 2016
beet crop before focusing on 2018. Beet
sugar prices for 2017-18 remained about
1c to 2c a lb above 2016-17 levels.
Beet sugar deliveries were running
well ahead of last year's pace, when
concern about state G.M.O. labeling
laws shifted some buying to non-G.M.O.
cane sugar early in the year. But beet
sugar sales rebounded with passage of
a national G.M.O. labeling law around
mid-year 2016 and because of a sharp
discount to refined cane sugar prices.
Contracting of cane sugar from Mexico
has been slow, although one trader noted
that spot material was available, which
may be an indication of growing supplies
in Mexico as the cane harvest gains momentum and prices there decline.
In its Jan. 12 World Agricultural Supply and Demand Estimates report, the
U.S. Department of Agriculture projected
the U.S. sugar carryover on Oct. 1, 2017,
at 1,881,000 short tons, raw value, down
31,000 tons, or 2%, from its December projection and down 173,000 tons, or 8%, from
2,054,000 tons estimated on Oct. 1, 2016.
The projected 2016-17 ending stocks-touse ratio was revised to 15.4% from 15.7%
in December and compared with 17% in
2015-16. Total sugar production was forecast at 9,313,000 tons, down 29,000 tons
from December due to lower cane sugar
outturn in Louisiana. Total 2016-17 imports were lowered slightly from December to 2,694,000 tons, while imports from
Mexico were unchanged at 972,000 tons.
Corn sweetener markets were quiet
with 2017 contracting in place and no indications of supply issues. MBN

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44 / January 17, 2017 XMilling*& Sweetenersupply.com
Baking News

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Milling & Baking News - January 17, 2017

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