Milling & Baking News - July 18, 2017 - 42

Ingredient Week X

Wheat Futures
Wheat futures advanced through Tuesday last week but tumbled in the wake of
the U.S. Department of Agriculture's July
Crop Production and World Agricultural
Supply and Demand Estimates reports issued on July 12. Minneapolis spring wheat
futures bounced at the week's end with
some contracts ending the week higher,
but Kansas City and Chicago wheat futures resisted the late upward tug and
closed the week with wide declines.
The U.S.D.A.'s forecasts for winter
wheat and other-spring wheat production, at 1,279 million bus and 423 million bus, respectively, were higher than
pre-report trade estimates. The corn production forecast also was higher than expected. The bearish reports helped ignite
a broad liquidation of long positions in
wheat futures that had been built up by
large speculators in recent weeks.
The relative strength in spring wheat
futures at the week's end reflected ongoing concerns over the condition of the
spring wheat crop across the western
expanses of the northern Plains. While
weather forecasts for much of the country turned more favorable, this was not
the case for western North Dakota and
South Dakota and in Montana.
The U.S.D.A. in its weekly Crop

Progress report rated the spring wheat
crop's condition as of July 9 at 35% good
to excellent, 26% fair and 39% poor to
very poor. The North Dakota crop was
36% good to excellent, 29% fair and 35%
poor to very poor. The South Dakota
crop was 10% good to excellent, 18% fair
and 72% poor to very poor.
The U.S.D.A. indicated the winter
wheat harvest by July 9 was 67% completed compared with 53% a week earlier and 65% as the recent five-year average for the date. The harvest made rapid
progress last week.
The center of the hard red winter
wheat harvest has shifted northward to
Nebraska, Colorado and South Dakota.
Average protein of the wheat harvested
thus far, while low, was running fractionally higher than in 2016.
The U.S.D.A. indicated net export sales
of wheat during the week ended July 6 totaled 357,700 tonnes, which was mostly in
line with pre-report trade expectations. MBN

Millfeed
Nearby millfeed prices mostly were
unchanged to firmer last week, although
sharply lower corn futures weighed on
the market after midweek, especially in
deferred delivery positions.
Spot values firmed in the Southwest

and Southeast, eased in the Northeast
and were mostly steady in other regions.
Supplies of truck-delivered material
were lacking in the Southwest. Nearby
demand was good in the western Corn
Belt and Upper Midwest, where some
creep feeding was noted, which also
pulled supply from the Central states.
Northeast demand was easier as some
feed mixers delayed loads, but uneven
flour grind that limited supply provided
an offset. Flour grind was five to six days
in most areas.
Corn futures tumbled after bearish
supply-and-demand data for corn were
released by the U.S. Department of Agriculture on Wednesday. Buyers used
the downturn to bid lower for millfeed,
but millfeed supply and demand had a
greater influence on nearby prices than
did corn. Lower corn futures mostly
pressured deferred millfeed prices, although declines were not consistent
across the country.
Millfeed was $65 a ton in Kansas City
and $79 in Minneapolis, on a rail basis,
compared with corn at $125 a ton and
sorghum at $111 a ton, both K.C. Corn
gluten feed was unchanged at $115 a
ton, distillers' dried grain was $5 lower
at $115 a ton, and dehydrated alfalfa was
steady at $200 a ton, all K.C. MBN

Wheat futures

Kansas City wheat futures
September 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

$6.70

Season's
Low

- Change from -
July 7 June 30

Week's
High
Low

Year
ago

High

4.99
5.13½
5.40
5.56

-27½c
-29½c
-28¾c
-26¼c

-12¼c
-16c
-14¼c
-11¼c

5.44
5.65
5.91
6.04¼

4.99
5.10
5.36¾
5.52¾

4.77½
4.13¾
4.39¾
4.56¾

6.51¼
6.03¾
6.08¾
6.13¾

(06-30-15)
(12-17-14)
(08-10-15)
(07-05-17)

4.11¼
4.28
4.53¾
4.75¼

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

4.94¾
5.10¾
5.34¾
5.54¼

-20½c
-24¼c
-23c
-20¼c

-16¼c
-15¼c
-10¼c
-4½c

5.34¼
5.59¼
5.82½
5.98½

4.94¾
5.07
5.31
5.50½

4.96¼
4.24¾
4.49¾
4.72¾

6.10
5.90
5.99
6.04¾

(06-30-15)
(06-08-16)
(06-08-16)
(07-05-17)

4.16
4.30¾
4.53
4.66¼

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

7.56½
7.58
7.60¼
7.52¾

-1c
-8¾c
-½c
+3½c

-11¼c
-13¾c
+½c
+7c

7.99½
8.25
8.17
8.00

7.45¾
7.46
7.49
7.42½

5.45¾
4.96¾
5.12
5.27

8.16¼
8.68½
8.43
8.16

(07-03-17)
(07-05-17)
(07-05-17)
(07-05-17)

6.61
6.65¼
6.62¼
6.59½

(06-26-17)
(06-26-17)
(06-26-17)
(06-26-17)

July 14

$5.70
$4.70
$3.70
J

O

J

A

Previous Year

Current Year

Chicago wheat futures
September contract, $ per bu

$6.50
$5.75
$5.00

Bulk middlings

$4.25

$ per ton, delivered rail unless noted
Spot
Kansas City
65 @ 75
Southwest, f.o.b. truck
90 @ 100
Minneapolis
79 @ 89
Upper Midwest, f.o.b. truck 75 @ 85
Chicago West
92 @ 102
Central states, f.o.b truck 90 @ 100
Buﬀalo
62 @ 62
Southeast
90 @ 100
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

July
65 @
90 @
79 @
75 @
92 @
90 @
62 @
90 @
109@
105@
85 @

42 / July 18, 2017 XMilling & Baking News

75
100
89
85
102
100
72
100
124
120
95

- Change from -
July 7 June 30
+3@ +3 +5@ +5
+5@ +10 +15@ +15
-
+2@ +5
-
+2@ +5
-
+2@ +5
0@ +2
0@ +2
-2@ -2
-5@ -5
+5@ +5 +10@ +10
-
-
-
-
-
-

Year
ago Aug-Sept. Oct.-Dec. Jan.-Mar.
57@ 67 68@ 78
73@ 83 73@ 83
108@ 118 93@ 103 98@ 108 98@ 108
86@ 96 89@ 99
84@ 94 84@ 94
82@ 92 85@ 95
80@ 90 80@ 90
99@ 109 102@ 112 97@ 107 97@ 107
89@ 99 88@ 98
89@ 99 91@ 101
82@ 92 65@ 75
75@ 85 75@ 85
85@ 95 90@ 100 95@ 105 98@ 108
124@ 139 111@ 126 121@ 136 121@ 136
120@ 135 107@ 122 117@ 132 117@ 132
100@ 115 85@ 95
85@ 95 85@ 95

$3.50
J

O

J
Previous Year

A
Current Year

Minneapolis wheat futures
September contract, $ per bu
$8.00
$7.50
$7.00
$6.50
$6.00
$5.50
$5.00
$4.50
J

O

J
Previous Year

A
Current Year

bakingbusiness.com / world-grain.com
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - July 18, 2017

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