Milling & Baking News - February 13, 2018 - 52

Ingredient Week

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
Feb. 9
Feb. 2 Jan. 26
Midwest beet 36.00 @ 37.00
-
-
Paciﬁc beet* 40.00 @ 41.00
-
-
N.E. cane**
37.00 @ 38.00
-
-

Year
ago
28.50
34.00
36.00

*Delivered **Spot raw plus 7% plus 9.51c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
Contract
Nearby
March
April-June
July-September
October-December
January-March

Feb. 9
25.80
25.80
25.80
26.75
26.95
26.75

- Change from -
Feb. 2 Jan. 26
-.05
-.45
-.05
-.45
-.60
-.95
-.30
-.15
-
-.05
-.05
-

Year
ago
30.40
30.40
30.40
30.05
28.70
28.00

I.C.E. No. 11 raw sugar futures
cents per lb

22
20
18
16
14
12
F

M

A

N

Sugar prices were unchanged last week
amid slow trading ahead of the International Sweetener Colloquium Feb. 11-14 in
Orlando, Fla., where participants hoped to
gain 2018-19 market insight. Trading was
expected to pick up after the colloquium.
Beet sugar prices nearby through
Sept. 30, 2018, were steady at a nominal
36c to 37c a lb f.o.b. Midwest, amid limited spot activity. Most business for 201718 was completed with only a couple of
processors with sugar yet to sell.
Bulk refined cane sugar prices for 201718 were unchanged at 36c to 37c a lb f.o.b.
Southeast, at 37c to 38c a lb f.o.b. Northeast
and at 41c to 42c a lb delivered on the West
coast. Despite declines recently in New
York domestic raw sugar futures (No. 16
contract), indications were refiners were
hoping to hold refined cane sugar prices at
current levels. Since sugar supplies were
seen as relatively tight, the refiners may
be successful. The declines in domestic futures mostly were attributed to increased
imports of raw cane from Mexico, which
were sharply below year-ago levels during October-December, which, in part,
was offset by increased tariff-rate quota
imports during the same period.

Sweeteners
Delivered basis, cents per lb
42% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

Feb. 9
24¾@ 25¾
26¼@ 27¼
26½@ 27½
26@ 27
26¾@ 28¾

Year ago
23⅞@ 24⅞
25¼@ 26¼
25⅜@ 26⅜
25@ 26
25⅞@ 27⅞

55% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

Feb. 9
30¼@ 31¾
31¾@ 33¼
31¾@ 33¾
31½@ 33
32¼@ 34¾

Year ago
29¼@ 30¼
30¾@ 31¾
30¾@ 31¾
30½@ 31½
31¼@ 33¼

Regular
corn
syrup3
Dextrose
35.25 East
39.50@41.00
37.50 Midwest 38.50@40.00
37.50 West
41.50@43.00
38.50
39.50

1-Variations in prices often tied to tank car versus truck deliveries. 2-Prices are the lowest available to the publication. 3-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks

Offers for 2018-19 on bulk refined beet
sugar remained at around 34c a lb f.o.b.
Midwest. Offers on bulk Southeast refined
cane sugar remained near 35c to 36c a lb
f.o.b. and near 36c f.o.b. Louisiana Gulf.
Trading so far for next year has been slow.
The U.S. Department of Agriculture,
in its Feb. 8 World Agricultural Supply
and Demand Estimates report, forecast
U.S. 2017-18 sugar production at a record
9,230,000 short tons, raw value, down
82,000 tons from January, based on beet
sugar at 5,219,000 tons, down 38,000 tons
but still record high, and cane sugar at
4,011,000 tons, down 44,000 tons. Florida
sugar production was forecast at 1,992,000
tons, down 83,000 tons from January,
while Louisiana production was seen at a
record 1,859,000 tons, up 39,000 tons.
Forecast 2017-18 imports were unchanged from January at 3,316,000
tons, including imports from Mexico at
1,268,000 tons. Total supply was forecast
at 14,422,000 tons, down 57,000 tons from
January as lower production was partially
offset by higher beginning stocks. Deliveries for food were forecast at 12,325,000
tons, down 75,000 tons from January, with
total use down a like amount at 12,580,000
tons. Ending stocks for 2017-18 were forecast at 1,842,000 tons, up 18,000 tons from
January. The ending stocks-to-use ratio
was raised to 14.6% from 14.4% in January.
The U.S.D.A. estimated 2016-17 sugar
ending stocks at 1,876,000 tons, up 25,000
tons from January on a like decrease in
sugar deliveries for food, estimated at
12,102,000 tons. The ending stocks-touse ratio was estimated at 15.1%, up
from 14.9% last month.
Corn sweetener markets were seasonally quiet. MBN

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52 / February 13, 2018
Milling *
& Baking
News

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Milling & Baking News - February 13, 2018

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