Milling & Baking News - April 25, 2017 - 42

Ingredient Week X

Wheat Futures
Wheat futures tumbled last week and
set new contract lows in Kansas City
and Chicago contracts. While also dropping last week, Minneapolis futures still
traded above their recent lows set April
11. Through all, Minneapolis spring
wheat futures continued to outperform
the winter wheat contracts with winter
wheat supplies burdensome and spring
wheat supplies tight in comparison.
There was little bullish sentiment to arrest the decline in wheat futures. There
was no weather threat to the winter wheat
crop, and winter wheat condition ratings
continued to rise since waves of rain began to wash across the hard winter wheat
belt. In a remarkable turnabout, the U.S.
Department of Agriculture on April 20 was
able to report that no Kansas winter wheat
was growing in areas afflicted by drought
compared with 44% just a few weeks earlier, when drought conditions were at their
most severe in that state. The U.S.D.A. indicated that 51% of the Kansas winter wheat
crop was in good to excellent condition on
April 16 compared with 43% two weeks
earlier. Winter wheat conditions overall
were rated 54% good to excellent on April
16 versus 51% on April 2, the first composite crop condition rating of the season.
The U.S.D.A. said 13% of the spring

wheat crop was planted by April 16
compared with 25% last year and 21% as
the recent five-year average for the date.
Planting has been slowed by wet field
conditions.
The U.S.D.A. indicated net export
sales of wheat during the week ended
April 13 totaled 414,000 tonnes for 201617, down 2% from the previous week and
down 12% from the prior four-week average. The number was toward the high
end of pre-report trade estimates. At the
current pace, export sales may meet or
exceed the U.S.D.A. forecast of 1,025 million bus for 2016-17, which ends May 31.
Farmer selling of wheat has dried up.
Spring wheat producers turned full attention to spring planting, and all farmers were disgruntled with prices.
Statistics Canada on April 21 indicated, based on a survey of producers
conducted in March, Canadian farmers
intend to plant 16,664,000 acres to spring
wheat other than durum for harvest this
year, up 8% from 15,404,000 acres in
2016. MBN

Millfeed
Prices were mostly lower last week
with relatively steep declines in nearby
values in Southwest, Central states and
Northeast markets. Traders said waning

demand for manufactured feed as pastures greened was a major driver of lower prices. "Grass is free," said a Southwest trader.
Well-priced competing ingredients
such as corn gluten feed and soy hulls
also were taking business away from
millfeed.
Further pressuring prices was an uptick in flour grind of about a half-day last
week in some, but not all, regions. This
was surprising because mills ran less in
the lead-up to Easter, when some market participants had expected stronger
grind.
A trader said some interior mills in
the Southwest ran as much as six days
last week. Mills in other regions were expected to average about 5½ days. There
were exceptions: One Ohio mill was expected to continue to run only 4½ days
as it concentrated on filling orders of its
contracted customers rather than attending to spot buyers.
Millfeed was $45 a ton in Kansas City
and $67 in Minneapolis, on a rail basis,
compared with corn at $120 a ton and
sorghum at $103 a ton, both K.C. Corn
gluten feed was steady at $115 a ton,
distillers' dried grain was unchanged at
$100 a ton, and dehydrated alfalfa was
steady at $200 a ton, all K.C. MBN

Wheat futures

Kansas City wheat futures
May contract, $ per bu

$ per bu; change in cents per bu

Kansas City
May
July
September
December
Chicago
May
July
September
December
Minneapolis
May
July
September
December

$6.70

Season's
Low

- Change from -
Apr. 14 Apr. 7

Week's
High
Low

Year
ago

High

4.04½
4.17¼
4.33¾
4.60½

-22¾c
-22c
-21¾c
-20c

-17¼c
-17c
-16c
-13¾c

4.28
4.40
4.55
4.80

3.98¾
4.11¼
4.28
4.55

4.61¾
4.73½
4.87¾
5.10

6.80
6.51¼
6.03¾
6.08¾

(06-30-15)
(06-30-15)
(12-17-14)
(08-10-15)

3.98¾
4.11¼
4.28
4.55

(04-21-17)
(04-21-17)
(04-21-17)
(04-21-17)

4.05
4.21
4.35½
4.59¼

-24¾c
-21¾c
-20¼c
-17½c

-19c
-15¼c
-14¼c
-10¾c

4.31¼
4.44¾
4.57½
4.78½

4.00
4.16¼
4.31¼
4.55

4.67
4.74
4.83½
5.00¼

6.48
6.10
5.90
5.99

(06-30-15)
(06-30-15)
(06-08-16)
(06-08-16)

4.00
4.16¼
4.31¼
4.53

(04-21-17)
(04-21-17)
(04-21-17)
(12-23-16)

5.26½
5.35½
5.42¼
5.51¼

-3¾c
-3¼c
-4½c
-6c

+8¼c
+9¼c
+7¾c
+4¾c

5.39½
5.47¾
5.55
5.64¾

5.21½
5.30¼
5.37½
5.46½

5.25½
5.33¼
5.42½
5.53

6.03
6.07½
6.09¾
6.15

(08-20-15)
(06-08-16)
(06-09-16)
(06-13-16)

4.99¾
5.09¾
5.20
5.35¾

(08-31-16)
(08-31-16)
(08-31-16)
(08-31-16)

Apr. 21

$5.70
$4.70
$3.70
A

J

O
Previous Year

J
Current Year

Chicago wheat futures
May contract, $ per bu

$6.50
$5.75
$5.00

Bulk middlings

$4.25

$ per ton, delivered rail unless noted
Spot
Kansas City
45 @ 55
Southwest, f.o.b. truck
75 @ 85
Minneapolis
67 @ 77
Upper Midwest, f.o.b. truck 63 @ 73
Chicago West
80 @ 90
Central states, f.o.b truck 89 @ 99
Buﬀalo
76 @ 86
Southeast
73 @ 83
N. & S. California
122 @ 137
Los Angeles, f.o.b. truck 118 @ 133
Paciﬁc Northwest
85 @ 95
Upper Midwest, sacked
327
Wheat germ
220 @ 240

Apr.
45 @ 55
75 @ 85
67 @ 77
63 @ 73
80 @ 90
88 @ 98
76 @ 86
80 @ 90
122@ 137
118@ 133
85 @ 95

42 / April 25, 2017 XMilling & Baking News

- Change from -
Apr. 14 Apr. 7
-10@ -10 -9@ -9
-12@ -12 -14@ -14
-3@ -3 +1@ +1
-3@ -3 +1@ +1
-3@ -3 +1@ +1
-10@ -10 -11@ -11
-8@ -8
-9@ -9
-2@ -2
-9@ -9
-2@ -2
-
-2@ -2
-
-
-

Year
ago
64@ 74
105@ 115
74@ 84
70@ 80
87@ 97
82@ 92
67@ 77
75@ 85
118@ 133
114@ 129
105@ 120

$3.50

May-June July-Sept. Oct.-Dec.
48@ 58
56@ 66 68@ 78
78@ 88
86@ 96 98@ 108
64@ 74
76@ 86 81@ 91
60@ 70
72@ 82 77@ 87
77@ 87
89@ 99 94@ 104
77@ 87
78@ 88 87@ 97
66@ 76
65@ 75 74@ 84
80@ 90
83@ 93 93@ 103
122@ 137 119@ 134 128@ 143
118@ 133 115@ 130 124@ 139
85@ 95
85@ 95 85@ 95

A

J

O
Previous Year

J
Current Year

Minneapolis wheat futures
May contract, $ per bu
$6.70
$6.20
$5.70
$5.20
$4.70
A

J

O
Previous Year

J
Current Year

bakingbusiness.com / world-grain.com
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Milling & Baking News - April 25, 2017

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