Milling & Baking News - August 28, 2018 - 43

Ingredient Week

Soy Products
Spot soy flour prices were lowered
last week. Bakers, pet food manufacturers and glue makers added coverage
ranging from about a month out to the
fall of 2019. The ramp up to fall baking
season offset some lower usage as the
manufacture of hot dog and hamburger
buns declined with the approach of Labor Day, seen as the end to the summer
grilling season.
The U.S. Department of Agriculture
in its latest Crop Progress report said the
condition of the U.S. soybean crop in the
18 major states as of Aug. 19 deteriorated
slightly with 65% in good to excellent
condition (66% a week earlier), 24% fair
(24%) and 11% poor to very poor (10%).
The crop was 91% in the setting pods
phase, ahead of 86% a year ago and 83%
as the five-year average for the date.
Pressured in part by mixed findings
from the Pro Farmer Midwest Crop Tour
after a volatile summer of high heat and
flooding, soybean and soybean meal
futures traded sharply lower last week.
Tour scouts noted mixed yield potential
in Indiana and Western Iowa where average soybean pod counts topped the
2017 tour average and mostly came in
higher than the three-year averages for
the crop districts. Illinois is projected as
the largest soybean production state this
year, followed by Iowa.
The U.S.D.A. reported net export sales
of soybean meal in the week ended Aug.
16 were 212,500 tonnes for 2017-18, up
3% from a week earlier and up 51% from
the prior four-week average. Sales for
2018-19 were 109,300 tonnes. Sales for
the combined crop years were within
trade estimates. Private exporters reported sales of 250,000 tonnes of soybean

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

-15¾
-16
-15¾
-15½
-15¾
-13

-9¼
-9
-8¼
-8
-8¼
-8½

3.38¾
3.53½
3.66½
3.73¾
3.80
3.86

-39½
-37½
-37
-34¼
-33½
-33

-8¾
-6½
-5½
-3¾
-4
-4¼

9.39
9.44½
9.53½
9.62¼
9.70¼
9.76¾

-17.40
-16.20
-16.10
-16.30
-13.50
-11.20

-9.00
-7.60
-7.00
-6.40
-4.90
-4.50

296.40
297.90
300.00
300.90
303.80
305.90

bakingbusiness.com / world-grain.com

Corn Products
Prices of cornmeal and other corn
products were lowered last week with
lower nearby corn futures a prime influence. An expected expansion of demand
for muffin mixes and corn bread during
the fall baking season was on the horizon and seen as taking up slack left by
a slight decline in sales of products for
use in salty snacks, which were steady
through the summer.
Corn futures traded lower last week.
Pro Farmer Midwest Crop Tour scouts'
estimates of Indiana and Illinois corn
yields each topped the 2017 and threeyear crop tour averages but fell below
the U.S.D.A.'s Aug. 10 projections. Reports from Western Iowa estimated
corn yields above last year and the
three-year average. Iowa is the largest
corn producing state.
The U.S.D.A. said the U.S. corn crop
in 18 major producing states was 85%
in the dough stage as of Aug. 19 (74% a
year ago and 72% as the five-year average for the date) and 44% dented (27%
last year, 26% average). Conditions continued to deteriorate slightly to 68%
good to excellent (70% a week earlier),
20% fair (20%) and 12% poor to very
poor (10%).
Net export sales of corn in the week
ended Aug. 16 were 173,400 tonnes for

2017-18, down 49% from the previous
week and down 55% from the prior
four-week average, the U.S.D.A. said.
Sales for 2018-19 were 1,054,600 tonnes.
Combined sales fell within trade expectations. MBN

Oats
Food-grade oats flakes prices were
steady a week after adjusting higher on
a firm tone.
Manufacturers of foods featuring
conventionally-grown oats defended
their products last week after a study
commissioned by the Environmental
Working Group showed residue from
the herbicide glyphosate in 43 of 45
samples of oat-based breakfast foods.
Three-fourths of those products had
residue at levels topping E.W.G.'s child
safety benchmark, calculated from a
base more than 60 times lower than the
Environmental Protection Agency's established safety level.
The U.S.D.A. said oats in the nine major states were 80% harvested as of Aug.
19, ahead of a year ago (67%) and the recent five-year average (77%). MBN

Rice
U.S. milled rice and rice byproduct prices were steady last week, the
U.S.D.A. said, as were world milled rice
prices.
The U.S.D.A. said the U.S. rice crop
in the six major states is 15% harvested.
Of the remaining crop, 95% was headed
as of Aug. 19, even with a year ago and
ahead of 91% as the 2013-17 average for
the date. The crop's condition improved
from the prior week to 73% good to excellent (69% a week earlier), 23% fair
(24%) and 4% poor to very poor (7%). MBN

Soy products

- Change from - Year
Aug. 24 Aug. 17 Aug. 10 ago
3.48½
3.62¾
3.75
3.82¼
3.87¾
3.88¾
$ per bu
8.42
8.55¼
8.68
8.81¼
8.92½
9.01¾
$ per ton
312.70
314.50
316.30
315.70
315.60
315.10

meal for delivery in 2018-19.
Net export sales of U.S. soybeans in
the latest week were 152,700 tonnes for
2017-18, up 14% from a week earlier but
down 37% from the prior four-week average, the U.S.D.A. said. Sales for 201819 were 1,148,600 tonnes. The two-year
total topped analysts' expectations that
ranged from 500,000 to 900,000 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Aug. 24
Aug. 17
Aug. 10
Soy ﬂour
Bulk
24.20 @ 25.20 -.85@ -.85 -.45 @ -.35
Sacked
26.20 @ 27.20 -.85@ -.85 -.45 @ -.35

Rice
Oﬀers f.o.b. mills, $ per cwt, bagged

- Change from - Year
Cash
Aug. 24
Aug. 17 Aug. 10 ago
Long grain
25.50@27.50
-
- 21.75
Medium grain 29.00@31.50
-
- 23.75
Parboiled
26.50@28.00
-
- 23.25
Second
Corn meal
heads, bulk 16.50@19.00
-
- 15.75
$ per cwt
14.00@15.50
-
- 14.50
- Change from - Brewers
Aug. 24
Aug. 17 Aug. 10 f.o.b. mills, $ per ton
40
-
- 38.00
Chicago, bulk
14.96@ 15.21 -.32@-.32 -.19@-.19 Rice millfeed
105@120
-
+5 85.00
Chicago, sacked 16.73@ 16.98 -.32@-.32 -.19@-.19 Rice bran
5@10
-
-
5.00
New York, bulk 16.63@ 16.88 -.32@-.32 -.19@-.19 Rice hulls
New York, sacked 19.05@ 19.30 -.32@-.32 -.19@-.19 U.S.D.A. world price milled - $ per cwt
Long grain
15.31
-
- 15.04
Oats
Medium/short
14.98
-
- 14.67
- Change from - grain
Midwest
9.23
-
-
9.07
Aug. 24 Aug. 17 Aug. 10 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade ﬂakes, f.o.b.,
September
10.78½ +0.43½ +0.23½ 12.39½
bagged, $ per cwt
27.25@27.75
-
+.25
November
10.72
+0.19½ +0.03½ 12.71
Milling quality oats, No. 2 heavy,
January
10.87
+0.16
-0.02 12.96
$ per bu
3.03¾
-3¼c
-2¾c
March
10.99
+0.91
-0.07 13.05½
Oat hulls, $ per ton
25@35
-
-
Milling & Baking News

August 28, 2018 / 43

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Milling & Baking News - August 28, 2018

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