Milling & Baking News - June 20, 2017 - 46

Ingredient Week X

Wheat Futures
Wheat futures continued to rally last
week with Minneapolis spring wheat futures leading the way.
Minneapolis futures surged as spring
wheat condition ratings across the northern Plains declined sharply. The U.S. Department of Agriculture rated the spring
wheat crop condition in the six key producing states as of June 11 at 45% good to
excellent compared with 55% a week earlier and 79% a year ago. An expanding area
of moderate and even severe drought was
thought to be exacting a toll on prospective
spring wheat yields. At the same time, the
market's demand for spring wheat protein
was increasing because of the strong possibility farmers will harvest their second
consecutive low-protein hard red winter
wheat crop. Rain fell across the northern
Plains last week, which may have arrested
the spring wheat crop's decline at least
temporarily.
On a continuous nearby contract basis, the nearby Minneapolis July wheat
future jumped to a 2½-year high.
Chicago wheat futures assumed the
mantle of command in late-week trading
with short covering a principal feature.
The winter wheat harvest expanded.
The U.S.D.A. indicated the harvest was
17% completed on June 11 compared

with 10% a week earlier and 15% as the
recent five-year average progress for
the date. The Texas harvest was 72%
completed by June 11 and the Oklahoma crop was 52% combined. Progress
was ahead of the average pace in both
states. The Kansas harvest was 4% completed on June 11 compared with 13% as
the five-year average. Hard red winter
wheat harvested to date had strong average test weight, above 60 lbs a bu, but
low average protein, below 11%.
The U.S.D.A. indicated net export
sales of wheat during the week ended
June 8, the first full week of the 2017-18
marketing year, totaled 373,400 tonnes
with Mexico the largest buyer with a
purchase of 121,400 tonnes. The week's
results fell toward the low end of prereport trade expectations.
Rallying wheat futures made U.S.
wheat non-competitive in most key
world markets. Egypt, the world's largest wheat buyer, turned to Black sea
states to provide 660,000 tonnes split between two transactions in the last several
days. MBN

Millfeed
Millfeed prices were mixed last week
with gains in the Southwest, Upper
Midwest, Central states and Southeast,

narrow changes in the Northeast and
losses in California. In markets that saw
advances, gains of mostly $3 to $6 a ton
were seen in spot through September,
with October forward flat to up $4. Gains
were far from robust due to adequate if
not ample supplies of competing ingredients in many areas, and some traders
expected weakness may return with any
increase in flour grind.
The best demand was noted in Central
states, where feed mixers who have the
capability to switch between millfeed and
other ingredients favored millfeed, which
also was a good value relative to corn, a
reseller noted. In most other regions price
strength was seen as a result of lighter
supply due to light weekend grind.
Most trading last week was for a week
or two forward, although some increased
inquiry for the July-September delivery period was noted. Long-haul trucks
were difficult to find in areas where the
winter wheat harvest was under way.
Millfeed was $60 a ton in Kansas City
and $67 in Minneapolis, on a rail basis,
compared with corn at $130 a ton and
sorghum at $119 a ton, both K.C. Corn
gluten feed was unchanged at $115 a
ton, distillers' dried grain was $5 higher
at $110 a ton, and dehydrated alfalfa was
steady at $200 a ton, all K.C. MBN

Wheat futures

Kansas City wheat futures
July contract, $ per bu

$ per bu; change in cents per bu

Kansas City
July
September
December
March
Chicago
July
September
December
March
Minneapolis
July
September
December
March

- Change from -
June 9 June 2

$6.70

Season's
Low

Week's
High
Low

Year
ago

High

4.73½
+22c +40¼c
4.91½ +22¼c
+40c
5.17
+22¾c +40¼c
5.29¾
+22c +38¾c

4.76½
4.94½
5.19¾
5.32¼

4.39½
4.57¼
4.83
4.96¼

4.60¾
4.78½
5.02¾
5.18½

6.51¼
6.03¾
6.08¾
6.08¾

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

4.11¼
4.28
4.53¾
4.75¼

(04-21-17)
(04-21-17)
(04-25-17)
(12-23-16)

4.65¼
4.81½
5.02¾
5.18¾

+19½c +35¾c
+21½c +37¾c
+21½c +37¾c
+20¾c
+36c

4.68½
4.84¼
5.05¼
5.21

4.31¼
4.45½
4.67½
4.85

4.81¼
4.94¾
5.13
5.31¼

6.10
5.90
5.99
6.04½

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

4.16
4.30¾
4.53
4.66¼

(04-25-17)
(04-25-17)
(12-23-16)
(12-23-16)

+59c
6.42¾ +36¼c
6.47
+36c
+60c
6.44¼ +35¾c +55¾c
6.42½ +32¾c +50¾c

6.45¾
6.51½
6.47
6.44½

5.91¼
5.97½
5.94¼
6.00

5.39¾
5.48¾
5.61¾
5.74¾

6.07½
6.09¾
6.15
5.94¾

(06-08-16)
(06-09-16)
(06-13-16)
(02-16-17)

6.45¾
6.51½
6.47
6.44½

(06-14-17)
(06-14-17)
(06-16-17)
(06-16-17)

June 16

$5.70
$4.70
$3.70
J

S

D

M

Previous Year

Current Year

Chicago wheat futures
July contract, $ per bu

$6.50
$5.75
$5.00

Bulk middlings

$4.25

$ per ton, delivered rail unless noted
Spot
Kansas City
60 @ 70
Southwest, f.o.b. truck
80 @ 90
Minneapolis
67 @ 77
Upper Midwest, f.o.b. truck 63 @ 73
Chicago West
80 @ 90
Central states, f.o.b truck 80 @ 88
Buﬀalo
62 @ 72
Southeast
85 @ 95
N. & S. California
109 @ 124
Los Angeles, f.o.b. truck 105 @ 120
Paciﬁc Northwest
85 @ 95
Upper Midwest, sacked
327
Wheat germ
220 @ 240

June
60 @ 70
80 @ 90
67 @ 77
63 @ 73
80 @ 90
80 @ 88
62 @ 72
85 @ 95
109@ 124
105@ 120
85 @ 95

46 / June 20, 2017 XMilling & Baking News

- Change from -
June 9 June 2
+4@ +4 +7@ +7
+5@ +5 +7@ +10
+6@ +6 +8@ +8
+6@ +6 +8@ +8
+6@ +6 +8@ +8
+5@ +3 +13@ +13
-1@ -1
-1@ -1
+10@ +10 +15@ +15
-7@ -7
-5@ -5
-7@ -7
-5@ -5
-
-

Year
ago July-Sept. Oct.-Dec.
48@ 58 60@ 70
73@ 83
80@ 90 80@ 90
93@ 103
67@ 77 82@ 92
84@ 94
63@ 73 78@ 88
80@ 90
80@ 90 95@ 105 97@ 107
83@ 93 80@ 88
92@ 100
89@ 99 64@ 74
73@ 83
75@ 85 85@ 95
90@ 100
134@ 149 109@ 124 114@ 129
130@ 145 105@ 120 110@ 125
100@ 115 85@ 95
85@ 95

$3.50

Jan.-Mar.
73@ 83
93@ 103
84@ 94
80@ 90
97@ 107
92@ 100
73@ 83
95@ 105
114@ 129
110@ 125
85@ 95

J

S

D
Previous Year

M
Current Year

Minneapolis wheat futures
July contract, $ per bu
$6.70
$6.20
$5.70
$5.20
$4.70
J

S

D
Previous Year

M
Current Year

bakingbusiness.com / world-grain.com
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - June 20, 2017

Table of Contents for the Digital Edition of Milling & Baking News - June 20, 2017
