Milling & Baking News - October 24, 2017 - 45

X
Edible Oils
Bookings of edible oils and fats were limited last week. Price changes were mixed.
Soybean oil prices advanced. Soybean
oil futures initially fell in line with the
rest of the soy complex and traded lower.
But soybean oil futures broke ranks later
and posted gains for the week. The cash
basis on soybean oil was unchanged. Basis levels encountered pressure to both
rise and decline. On the one hand, soybean crush was expanding, which exerted downward pressure. But providing
an offset were expectations for stronger
demand kindled by government policy.
Early in the week, soybean oil users
booked what supply was required to keep
contract balances about 60 days. Booking
stopped as futures rallied. Basis coverage
was nearly solid through December and
was estimated at 45% for January-March.
Supply-and-demand
fundamentals
played only a supporting role in soybean oil futures last week with the government policy once again taking center
stage. Farm state members of Congress
and governors pressured the Trump administration not to curtail Renewable
Fuel Standard mandate targets for 2018

and 2019, and their advocacy seemed
to have some effect. The Environmental Protection Agency recently indicated
it was considering reducing the R.F.S.
mandates for those years, but in an Oct.
19 letter, Scott Pruitt, E.P.A. administrator, indicated the agency would retain
the renewable fuel volume mandates at
or above current levels. Also, indications
were the U.S. Department of Commerce
will announce in November it will maintain onerous countervailing duties preliminarily imposed a few months ago on
Argentine and Indonesia biodiesel. The
preliminary decision already shut down
biodiesel imports from those countries.
Palm oil pricing followed soybean
oil higher. Stocks in Malaysia recently
climbed above 2 million tonnes, but production in Malaysia and Indonesia was
said to have peaked for the season.
Peanut oil pricing eased, but the market may be bottoming in view of expected increased demand for use in turkey
fryers during the holidays.
The premium to soybean oil futures
asked for refined canola oil in the Midwest was 5½c a lb, slightly higher than
the previous week. MBN

Spot soybean oil

Chicago soybean oil futures
Bulk in tank cars, cents per lb
Oct. 20
- Change from -
Delivery
close
Oct. 13
Oct. 6
December 34.16
+.47
+1.21
January
34.31
+.46
+1.19
March
34.53
+.44
+1.18
May
34.76
+.45
+1.17
July
34.92
+.45
+1.14
August
34.91
+.42
+1.10

Crude soybean oil
Delivery
October
November
December
January
February
March
April

34.00

39.00

24.00
19.00
O

A
Previous Year

J
Current Year

34.00
O

Western points
32.41 @32.66
32.41 @32.66
32.41 @32.66
32.41 @32.66
32.06 @32.31
32.17 @32.42
32.28 @32.53

Edible oils

44.00

29.00

Decatur, Ill.
32.91 @33.16
32.91 @33.16
32.91 @33.16
32.56 @32.81
32.67 @32.92
32.78 @33.03
32.90 @33.15

Bulk, cents per lb

Reﬁned, Midwest, bulk, cents per lb
39.00

Year
ago
35.12
35.38
35.60
35.78
35.95
35.96

Bulk in tank cars, cents per lb

Spot canola oil

Decatur, Ill., bulk, cents per lb

Ingredient Week

- Change from - Year
Oct. 20 Oct. 13 Oct. 6 ago
Soybean oil,
Decatur
Loose lard, Chicago
Edible tallow,
Chicago
Cottonseed oil,
Miss. PBSY
Palm oil, ports
Palm kernel oil,
ports
Coconut oil
Peanut oil,
Southeast
Corn oil, Decatur
Sunﬂowerseed oil,
Midwest
Canola oil, Midwest

33.25
35.50

+.75
-.50

+1.25 35.00
-.50 34.00

32.00

-1.00

37.25
36.75

-.25
+.75

+.50 45.50
+1.75 36.75

39.75
68.00

+1.00
-

+2.25 40.25
-2.00 70.00

65.25
36.75

-.75
-

56.00
39.75

-
+1.25

-.75
-.25

30.00

64.50
43.25

-
56.00
+2.00 39.50

Shawnee Milling Company
www.s
www.shawneemilling.com

SHAWNEE FLOUR
Bakers, H & R
Food Service/Retail
Private Label
All Purpose
Self-Rising
Whole Wheat
Custom Mixes

Good Millers Since 1906

SHAWNEE CORN MEAL

Shawnee Milling Company
P.O. Box 1567, Shawnee, OK 74802-1567
405-273-7000
Okeene Milling Company
P.O. Box 1000, Okeene, OK 73763
580-822-4411

White/Yellow
Meal, Flour, Cones, Coarse
Self Rising

OKEENE FLOUR
Bakers, Pastry, Whole Wheat
bakingbusiness.com / world-grain.com

sgarlow@shawneemilling.com

Milling & Baking News XOctober 24, 2017 / 45

http://www.shawneemilling.com http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - October 24, 2017

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