Milling & Baking News - June 20, 2017 - 47

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Soy Products
Spot soy flour prices were lowered last
week in line with lower soybean meal futures. Bookings were active with delivery
of new sales about two weeks forward.
Soybean futures started last week with
10c-a-bu declines but trimmed those
losses in subsequent days to end with
only narrow changes, with support from
higher crude oil prices on Friday. As
with wheat and corn, weather and crop
conditions were major factors dictating
soybean futures direction last week, and
will continue to be through the summer.
Early-week pressure came from rainfall
during the prior weekend, with prospects
for more rain limiting late-week gains.
Soybeans got a boost Thursday after
the National Oilseed Processors Association reported the May soybean crush
at 149.2 million bus, which was above
trade expectations and the second highest May on record, indicating strong soybean meal demand.
The U.S. Department of Agriculture
in its initial crop condition report of the
season rated the soybean crop in the 18
major states as of June 11 at 66% good
to excellent (74% a year ago), 28% fair
(22%) and 6% poor to very poor (4%).
Soybeans were 92% planted (87% as the
2012-16 average for the date) and were
77% emerged (73% as the average).
The U.S.D.A. said net export sales of
soybean meal in the week ended June 8
were 166,800 tonnes for 2016-17, up 97%
from a week earlier and up 49% from the
prior four-week average. Sales for 201718 were 110,500 tonnes. The two-year
total exceeded trade expectations that
ranged from 50,000 to 200,000 tonnes.
Net export sales of U.S. soybeans in the
latest week were 340,200 tonnes for 2016-

Chicago corn and soy futures
Corn Futures
$ per bu
July
September
December
March
May
July
Soybeans
July
August
September
November
January
March
Soybean Meal
July
August
September
October
December
January

Corn Products
Prices of cornmeal and other corn products were adjusted lower last week as corn
futures declined. Demand for extruded
products used in snacks and brewers' grits
typically are strong through the summer
months.
Corn futures traded lower last week,
posting declines of about 4c a bu. New crop
prices (December 2017 through September
2018) held above $4 a bu. Weather continued to be the primary market-moving
feature with rainfall and forecasts for more
pressuring corn futures early last week.
Declines in corn were limited some days as
corn also was a follower of wheat futures,
which, in turn, were led by the surging
Minneapolis spring wheat market as the
result of drought in the key Upper Midwest spring wheat region. Forecasts of rain
across the Corn Belt through the remainder
of June limited late-week gains in corn.
The corn crop in the 18 major states as
of June 11 was rated 67% good to excellent (68% a week earlier and 75% a year
ago), 25% fair (26% and 21%) and 8%
poor to very poor (6% and 4%), the U.S.
Department of Agriculture said. The crop
in top-producing Iowa was rated 77%
good to excellent, but in No. 2 Illinois was
at 58%. Emergence in the 18 states was at
94%, equal to the 2012-16 average.
Net export sales of U.S. corn in the
week ended June 8 were 600,700 tonnes
for 2016-17, up 72% from a week earlier
and up 25% from the four-week average,

Oats
Food-grade oats flakes prices were
raised last week in keeping with gains in
oats futures.
The U.S.D.A. said 44% of the oats crop
in the nine major states was headed as of
June 11 compared with 48% as the recent
five-year average for the date. The crop
was rated 57% good to excellent, down
from 62% a week earlier and from 70%
on the same date last year. In the top four
oats-producing states, good-to-excellent
ratings in North Dakota were 28% and in
South Dakota were 33%, with the region
affected by drought, while Wisconsin was
at 78% and Minnesota was at 81%. MBN

Rice
U.S. milled rice and rice byproducts
prices reported by the U.S.D.A. were
unchanged last week. World milled rice
prices posted by the U.S.D.A. advanced.
Rice futures traded at the CME Group
continued to rise on support from ongoing weather concerns.
The rice crop in the six major states
was rated 68% good to excellent as of
June 11, up from 66% a week earlier and
equal to 68% at the same time a year
ago, the U.S.D.A. said, with the crop in
top-producing Arkansas rated 61% good
to excellent. The crop overall was 94%
emerged compared with 97% as the recent five-year average for the date.
Net export sales of rice in the week ended June 8 were 104,500 tonnes for 2016-17,
three times the previous week's amount
and up from the four-week average. MBN

Rice

4.37¾
4.42¾
4.48¾
4.52½
4.54
4.55

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 16
June 9
June 2
Soy ﬂour
Bulk
25.00 @ 26.50 -.17@ -.25 +.03 @ -.10
Sacked
26.00 @ 28.50 -.17@ -.25 +.03 @ -.10

-3¾
-3¾
-4
-3½
-3½
-3½

+11¼
+11¼
+11
+10½
+9½
+9¼

-2½
-1¾
-½
-2½
-1¾
-½

+17¾ 11.291/3
+20
11.60 Chicago, bulk
+21¾ 11.51¾ Chicago, sacked
+14 11.48¼ New York, bulk
+10¾ 11.46 New York, sacked
+7½ 11.07½ Oats

-5.00
-4.80
-4.30
-3.50
-2.70
-2.90

-1.00
-.80
-.20
-.10
-
+.20

bakingbusiness.com / world-grain.com

the U.S.D.A. said. Sales for 2017-18 were
13,500 tonnes. Total sales were near the
low end of trade expectations that ranged
from 600,000 to 1 million tonnes. MBN

Soy products

- Change from - Year
June 16 June 9 June 2
ago
3.84
3.92
4.02
4.11¼
4.16½
4.21½
$ per bu
9.39
9.43¼
9.45
9.39
9.43¼
9.45
$ per ton
300.90
302.70
304.40
305.40
307.20
308.20

17, more than double the prior week's
volume but down 15% from the fourweek average. Sales for 2017-18 were
314,000 tonnes. The two-year total was
near the high end of expectations that
ranged from 300,000 to 750,000 tonnes. MBN

407.40
406.70
406.10
405.00
405.30
401.20

Corn meal
$ per cwt
June 16
16.75@ 17.45
18.52@ 19.22
18.42@ 19.12
20.84@ 21.54

Ingredient Week

- Change from -
June 9
June 2
-.07@-.10 +.23@+.15
-.07@-.10 +.23@+.15
-.07@-.10 +.23@+.15
-.07@-.10 +.23@+.15

Midwest
June 16
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
27@27.50
Milling quality oats, No. 2 heavy,
$ per bu
3.19¼
Oat hulls, $ per ton
25@35

- Change from -
June 9
June 2
+.50

+.50

+17c
-

+23¼c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
June 16
June 9 June 2 ago
Long grain
19.50@22.75
-
- 21.50
Medium grain 22.00@23.00
-
- 22.50
Parboiled
21.50@23.25
-
- 23.00
Second
heads, bulk 15@15.75
-
- 15.25
Brewers
13.50@15.00
-
- 13.75
f.o.b. mills, $ per ton
Rice millfeed
40.00
-
- 30.00
Rice bran
55@70
-
- 60.00
Rice hulls
10.00
-
-
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
16.02
+0.46 +0.84 15.47
Medium/short
grain
15.47
+0.46 +0.82 15.08
Broken
9.66
+0.27 +0.50
9.33
C.B.O.T. rough rice futures - $ per cwt
July
11.40
+0.08 +0.28 11.30
September
11.68½ +0.08½ +0.29½ 11.56
November
11.90½ +0.07½ +0.30 11.80
January
12.06½ +0.11½ +0.34 12.04
Milling & Baking News XJune 20, 2017 / 47

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Milling & Baking News - June 20, 2017

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