Milling & Baking News - September 26, 2017 - 39

X
Soy Products
Spot soy flour prices were raised last
week as soybean meal futures posted
wide gains and there were no other indicated adjustments by mills. Bookings were
expanding seasonally.
Baking industry demand for soy flour
increased with the fall baking season approaching. In 2016, soybean meal use for
manufacturing edible protein products, including soy flour, began to increase in October, rising to 62,646 tons from 43,100 tons
in September. Soybean meal use for the
production of edible protein products was
strongest in November 2016 at 67,776 tons
and remained above 60,000 tons in both December 2016 and January 2017 before dropping to 56,466 tons in February 2017.
The U.S.D.A. indicated the soybean harvest in the 18 major producing states was
4% completed by Sept. 17 compared with
4% last year and 5% as the recent five-year
average for the date. Forty-one per cent of
the crop dropped or was dropping leaves
compared with 22% a week earlier and
43% as the average for the date. The crop
was rated 59% good to excellent, 29% fair
and 12% poor to very poor compared with
60%, 28% and 12%, respectively, a week
earlier. The 2016 crop last year on the same
date was rated 73% good to excellent.
The U.S.D.A. indicated net export
sales of soybean meal during the week
ended Sept. 14 for the remainder of 201617, which ends Sept. 30, totaled 25,200
tonnes. For 2017-18, net sales were
147,200 tonnes with "unknown destinations," often China, accounting for
50,000 tonnes of that aggregate.
Net export sales of soybeans in the week
ended Sept. 14 totaled 2,338,100 tonnes for
2017-18, according to the U.S.D.A. China
purchased 1,403,200 tonnes of the total,

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

-1¼
-1¼
-1¼
-¾
-½
-¾

-3¼
-3
-2¼
-1¾
-1¼
-1½

3.36½
3.46¼
3.52¾
3.59½
3.66½
3.75¾

+15½
+15½
+15¾
+15¾
+15¼
+14½

+22¼
+22½
+23
+22¾
+21¾
+20½

9.55
9.61
9.66½
9.71¾
9.77
9.75¾

+7.00
+7.60
+8.10
+8.20
+8.10
+7.90

+12.60
+13.80
+14.10
+13.80
+13.60
+13.30

303.30
302.80
303.50
304.70
305.10
306.30

bakingbusiness.com / world-grain.com

3% from the previous week and down
24% from the prior four-week average. MBN

Corn Products

Oats

Prices of cornmeal and other corn products were unchanged last week. Sales increased seasonally.
Sales of snack meal as well as flaking
grits for manufacturing breakfast cereals
were steady. Corn meal for use as cooked
grits followed a similar pattern to that exhibited by family flour, where the fall and
winter months see the strongest sales.
Corn futures declined last week and
trade not far above the recent lows set on
Sept. 12 and contract lows set on Aug. 31.
The U.S. Department of Agriculture indicated that 7% of the corn crop in the 18
key states was harvested by Sept. 17 compared with 5% a week earlier and 11% as
the recent five-year average for the date.
The Missouri corn harvest was 21% completed compared with 28% as the average
progress, but combining was just under
way across the rest of the Corn Belt with
combining 1% completed in Iowa (6% as
the average for the date), 5% in Illinois
(13%), 5% in Indiana (7%), 1% in Ohio
(2%) and 3% in Michigan (2%).
Thirty-four per cent of the crop in the 18
states was mature by Sept. 17, and 61% of
the crop was rated good to excellent, 26%
fair and 13% poor to very poor, the same
as a week earlier. A year ago, the 2016 crop
was rated 74% good to excellent.
The U.S.D.A. on Sept. 12 forecast use of
corn for manufacturing cereals and other
food products in 2017-18 at 206.5 million
bus compared with 204.3 million bus in
2016-17 and 203.1 million bus in 2015-16.
The U.S.D.A. indicated net export sales
of corn during the week ended Sept. 14
for 2017-18 totaled 526,900 tonnes, down

Bookings of food-grade oat flakes
prices were seasonally strong last week.
Prices were unchanged, although oats
futures advanced to trade at the highest
levels since late August.
Agriculture and Agri-Food Canada on
Sept. 15 forecast Canadian exports of oats
to the United States at 2,350,000 tonnes, up
3% from 2,279,000 tonnes in 2016-17 and
compared with 2,234,000 tonnes in 201516. The ministry commented, "Oat grain
and product exports to the United States
are forecast to increase by a total of 3% and
remain near record high for oat products...
The Canadian oat price is forecast to increase due to a higher U.S. oat futures price
and a continuing weak Canadian dollar."
Statistics Canada on Sept. 19 estimated Canadian oats production in 2017 at
3,802,200 tonnes, up 117,000 tonnes from
its previous estimate and up 607,600
tonnes, or 19%, from 3,194,6000 tonnes in
2016. MBN

Rice
U.S. milled rice and rice byproduct
prices were unchanged in the latest week.
World milled rice prices reported by the
U.S.D.A. were 7c to 12c a cwt higher.
The U.S. Department of Agriculture
indicated 55% of the rice crop in the six
key states was harvested by Sept. 17 compared with 43% a week earlier and 51% as
the recent five-year average for the date.
The U.S.D.A. indicated the crop's condition was 69% good to excellent, 24% fair
and 7% poor to very poor compared with
71% good to excellent a week earlier and
55% good to excellent a year ago. MBN

Rice

Soy products

- Change from - Year
Sept. 22 Sept. 15 Sept. 8 ago
3.53½
3.66
3.74½
3.81½
3.88
3.96½
$ per bu
9.84¼
9.94½
10.03½
10.11½
10.17¾
10.17½
$ per ton
315.00
319.00
321.00
323.70
326.00
328.20

and perhaps more, given 528,800 tonnes
were sold to "unknown destinations." MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Sept. 22
Sept. 15
Sept. 8
Soy ﬂour
Bulk
25.56 @ 26.57 +.35@ +.35 +.65 @+.65
Sacked
26.56 @ 28.57 +.35@ +.35 +.65 @+.65

Corn meal
$ per cwt
Sept. 22
Chicago, bulk
15.78@ 16.21
Chicago, sacked 17.55@ 17.98
New York, bulk 17.45@ 17.88
New York, sacked 19.87@ 20.3

Ingredient Week

- Change from -
Sept. 15 Sept. 8
-
-.04@-.04
-
-.04@-.04
-
-.04@-.04
-
-.04@-.04

Oats
- Change from -
Midwest
Sept. 22 Sept. 15 Sept. 8
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
26.75@27.25
-
-
Milling quality oats, No. 2 heavy,
$ per bu
2.98
+12c
+16c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Sept. 22
Sept. 15 Sept. 8 ago
Long grain
23.00@25.50
-
- 21.50
Medium grain 24.00@26.00
-
- 22.00
Parboiled
25.50@27.00
-
- 23.00
Second
heads, bulk 16.00@18.00
-
- 15.25
Brewers
15.00@15.00
-
- 13.75
f.o.b. mills, $ per ton
Rice millfeed
...
...
. . . 35.00
Rice bran
95@110
-
- 100.00
Rice hulls
5@10
-
-
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
15.40
+0.11 +0.45 13.50
Medium/short
grain
15.03
+0.12 +0.46 13.13
Broken
9.29
+0.07 +0.27
8.14
C.B.O.T. rough rice futures - $ per cwt
November
12.36½
-0.44 -0.35½
9.65
January
13.05
-0.43 -0.32½ 9.89½
March
12.80½
-0.40½ -0.30½ 10.14½
May
13.01½
0.34 -0.15½ 10.34½
Milling & Baking News XSeptember 26, 2017 / 39

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Milling & Baking News - September 26, 2017

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