Milling & Baking News - January 31, 2017 - 44

Ingredient Week X

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
Jan. 27
Jan. 20 Jan. 13
Midwest beet 28.50 @ 29.50
-
-
Paciﬁc beet* 34.00 @ 35.00
-
-
Cane**
34.00 @ 36.50
-
-

Year
ago
32.00
37.00
33.00

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

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

- Change from -
Jan. 27 Jan. 20 Jan. 13
29.85
+.20
+.55
29.85
+.20
+.55
30.10
+.25
+.70
29.55
-.05
+.85
28.40
+.05
+.10
27.65
+.05
+.30

Year
ago
25.30
25.30
25.40
25.50
25.60
25.50

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

24
21
18
15
12
J

Cash sugar markets remained quiet
with new sales concluded at a steady but
rather slow pace, which is typical for the
season. All eyes were on Washington with
a sugar industry focus on trade issues.
President Donald J. Trump's executive
order to withdraw from the Trans-Pacific Partnership came as no surprise and
elicited minimal reaction in the sugar
market. Sweetener users were part of a
group of 133 food manufacturers and
organizations that sent a letter to President Trump last week seeking to "modernize" the North American Free Trade
Agreement, but free trade in sugar under NAFTA already had ended with the
Anti-dumping and Countervailing Duty
Suspension Agreements between the
United States and Mexico in late 2014.
Those agreements currently were under
review by the U.S. Department of Commerce, a process that has dragged on for
months and has slowed new contracting
of sugar 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 offered
sugar from 34c to 35c a lb f.o.b. while

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

Jan. 27
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

refiners dependent on imports remained
at 36c a lb or above. There was growing
concern about supplies of raw sugar for
refiners depending on imports as talks on
the suspension agreements continued.
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 sell beet sugar
below 29c a lb. Sales were steady but at
a slow pace. Most processors were comfortable with their sales for the year to
date even if they still had sugar to sell for
2017. One processor continued to experience mechanical problems and had to
secure supply from other processors for
some deliveries, but the overall supply
of beet sugar was ample.
Beet sugar offers for 2017-18 remained
about 1c to 2c a lb above 2016-17 levels.
Sales were slow for next year as processors were not aggressively seeking new
business until they had 2017 supplies
better sold. Buyers were hoping for 201718 prices that were flat with 2016-17.
Corn sweetener markets were quiet
with no indications of supply issues. U.S.
high-fructose corn syrup production was
8.380 million tons, dry weight, in 2015-16,
down 1.4% from 2014-15 and the lowest
since 1995-96, according to the U.S. Department of Agriculture's January Sugar and
Sweeteners Outlook and yearbook data. It
was the fifth consecutive year of decline.
Production of 42% HFCS was 2.432 million
tons, down 3.1% and the lowest in more
than two decades. Outturn of 55% HFCS
was 5.948 tons, down 0.7%. Domestic use
was down 2% at 7.097 million tons, the lowest since 1992-93. Exports were 1.345 million tons, down just 4,000 tons from 201415, with two-thirds going to Mexico. MBN

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44 / January 31, 2017 XMilling*& Sweetenersupply.com
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Milling & Baking News - January 31, 2017

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