Milling & Baking News - July 31, 2018 - 44

Ingredient Week

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
July 27
July 20 July 13
Midwest beet
36.00
-
-
Paciﬁc beet* 40.00 @ 41.00
-
-
N.E. Cane** 37.00 @ 38.00
-
-

Year
ago
32.00
37.00
35.00

*Delivered **Spot raw plus 7% plus 8.85c with 2% cash discount.

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

- Change from -
July 27 July 20 July 13
25.40
+.15
-.23
25.40
+.15
-.23
25.50
-.05
-.50
25.80
+.20
-.20
25.80
+.10
-.40
26.20
+.05
-.07

Year
ago
25.35
25.35
25.40
25.90
26.25
26.50

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

Sales of bulk refined sugar for 2018-19
continued at a steady pace last week. Prices were unchanged.
Beet sugar sales for 2018-19 mostly were
at 33c to 33.5c a lb f.o.b. Midwest. Beet sugar offers to the east were maintained at 2c a
lb above Midwest prices due to freight advantages. West coast beet sugar was available around 38.5c a lb f.o.b. and from 40c
to 41c a lb on a delivered basis. Most processors indicated they had booked near or
more than 50% of prospective 2018-19 production, with some more than 60% sold.
Trade sources said some buyers continued
to seek prices closer to those booked a year
ago, but sellers were not willing to offer
discounts as sales grew.
Sugar beet crop ratings as of July 22
were mixed with a slight improvement
from a week earlier in the Red River Valley but a sharp decline in Michigan, where
dry weather was affecting crops, the state's
U.S. Department of Agriculture office said.
Louisiana sugar cane condition slipped
due to hot, dry weather, with 58% of the
crop rated good to excellent compared
with 64% a week earlier and 77% a year
ago, the state U.S.D.A. office said.
Refined cane sugar offers for 2018-19

Sweeteners
Delivered basis, cents per lb
42% H.F.C.S. spot price1
Midwest
Northeast
Southeast
Southwest
West

July 27
24¾@25¾
26¼@ 27¼
26½@ 27½
26@ 27
26¾@ 28¾

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

55% H.F.C.S. spot price1
Midwest
Northeast
Southeast
Southwest
West

July 27
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

44 / July 31, 2018

Milling & Baking News

were mostly at 34c to 35c a lb f.o.b. Southeast, 34c to 34.50c a lb f.o.b. Gulf and 35c
to 36c a lb f.o.b. Northeast. The Gulf value
was slightly firmer than a few weeks ago.
Though raw cane sugar stocks have remained high and refined inventories low
through May (per the U.S.D.A.), refiners indicated they were comfortable with
sales of refined cane sugar for 2018-19.
Beet and cane sugar prices for spot
through Sept. 30 remained nominal with
buyers well covered and most beet processors sold out. Nearby Midwest beet sugar
was at 36c a lb f.o.b., Northeast cane at 37c
to 38c a lb f.o.b., Southeast cane at 36c to 37c
a lb f.o.b. and West coast delivered cane at
41c to 42c a lb and beet at 40c to 41c a lb.
Although the U.S.D.A. indicated a
slowdown in beet and refined cane sugar
deliveries to the food and beverage sectors
through May, trade sources did not appear
overly concerned amid favorable margins
to date. Beet sugar deliveries compared
with record high shipments a year ago and
still were historically strong, while available beet sugar supply was booked for the
rest of the current year.
Trading in corn sweeteners was quiet.
Trade sources indicated an advance of
$2 to $3 per cwt over 2018 contracted levels for corn sweeteners may be sought by
refiners for 2019. Like last year, refiners
indicated they plan to work one-on-one
with customers with a letter to that effect
sent by one refiner last week. Ingredion
earlier set the stage for firmer pricing in a
July 10 letter alerting customers of higher
manufacturing and freight costs and said
July 12 it would cease milling operations
in Stockton, Calif., tightening U.S. production capacity by 3%. Last year, negotiations started in mid-August. MBN

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Milling & Baking News - July 31, 2018

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