Milling & Baking News - September 11, 2018 - 51

Ingredient Week

Soy Products
Spot soy flour prices were raised last
week with advances in the nearby soybean meal future a consideration. There
were buyer inquiries as far forward as
2020, but customers buying on the spot
market or adding to fourth-quarter coverage comprised most business. The
largest volume soy flour purchases were
by bakers using it to improve the machineability of dough and pet food manufacturers seeking a vegetable source for
protein that is easily digestible by domesticated animals.
Soybean meal futures traded higher
last week while soybean futures - struggling during a prolonged U.S.-China
trade standoff - were nearly flat. China
on Sept. 7 said it will allow imports of
Ethiopian soybeans as it looks for supplemental sources and alternate proteins
to meet domestic demand totaling about
95 million tonnes per year. Earlier last
week, China held a cooperation forum in
Beijing with representatives from nearly
every African nation as it sought to diversify sourcing of soybeans valued for
making animal feed and cooking oil.
The U.S. Department of Agriculture
indicated the July soybean crush was
5.37 million tons (179 million bus) compared with 5.09 million tons (170 million
bus) in June 2018 and 4.67 million tons
(156 million bus) in July 2017. Soybean
cake and meal production in July totaled
3.98 million tons compared with 3.78
million tons in June and 3.35 million tons
in July 2017. Of the cake and meal produced in July 2018, 47,568 tons were for
edible products compared with 46,106
tons in June and 48,679 tons in July 2017.
The U.S.D.A. in its weekly Crop Progress report said 16% of the U.S. 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

+3¼
+2
+2
+2¼
+2¼
+1¼

+5¾
+4¼
+4¼
+4¾
+5
+3½

3.44¼
3.56¾
3.69
3.76¾
3.83¼
3.89¼

-1
+½
+½
+¾
+½
+¾

-10
-11¼
-10¾
-11
-10½
-10

9.56½
9.62
9.72
9.80½
9.88¾
9.96

+10.50 +1.50
+10.10 +.20
+9.80 +.70
+8.30 +.30
+6.70 -.60
+5.20 -1.10

300.90
302.40
305.20
306.90
309.90
312.40

bakingbusiness.com / world-grain.com

Corn Products
Prices of cornmeal and other corn
products were raised slightly last week.
Corn futures edged higher. Easing demand for brewers' grits and for extruded
products from snack manufacturers was
offset by increased demand for large
flaking grits from breakfast cereal manufacturers concurrent with the back-toschool period. Further demand increases
were seen from manufacturers preparing for the seasonal shift in consumer
preferences for corn muffin mixes and
other cold-weather comfort foods.
Corn futures posted small gains last
week as ample rains across the Corn Belt
raised concerns as harvest approached,

offsetting pressure from an expected
large crop. More showers were forecast
as the last vestiges of Tropical Storm
Gordon moved toward the Midwest,
potentially slowing the maturity of the
corn crop.
The U.S.D.A. said the corn crop in the
18 principal states was 22% mature as of
Sept. 2, compared with 11% both a year
ago and as the five-year average for the
date. The crop was rated 67% good to excellent (61% a year ago), 21% fair (26%)
and 12% poor to very poor (13%).
Net export sales of corn for 2017-18
in the week ended Aug. 30 were 30,100
tonnes, a marketing-year low, down 83%
from the previous week and down 90%
from the four-week average, the U.S.D.A.
said. Sales for 2018-19 were 1,032,900
tonnes. Combined sales were near the
midpoint of trade expectations that ranged
from 950,000 to 1,500,000 tonnes. MBN

Oats
Food-grade oat flakes prices were unchanged last week. Oats futures edged
lower. Statistics Canada, in a Sept. 6
principal field crops report, said total
stocks of Canadian oats as of July 31
were 784,000 tonnes, up 11.5% year over
year. Increases in both on-farm (up 6%)
and commercial (up 35%) stock levels
led to the overall rise. MBN

Rice
U.S. milled rice and rice byproduct prices were steady last week while
world milled rice prices were 10@16c a
cwt lower, the U.S.D.A. said.
The U.S. rice crop in the six major
states was 31% harvested by Sept. 2 compared with 28% a year ago and 26% as
the prior five-year average. MBN

Soy products

- Change from - Year
Sept. 7 Aug. 31 Aug. 24 ago
3.54¼
3.67
3.79¼
3.87
3.92¾
3.92¼
$ per bu
8.32
8.44
8.57¼
8.70¼
8.82
8.91¾
$ per ton
314.20
314.70
317.00
316.00
315.00
314.00

crop in the 18 key states was dropping
leaves as of Sept. 2 compared with 10%
a year ago and 9% as the prior five-year
average for the date. The crop's condition was unchanged from the previous
week at 66% good to excellent (61% a
year ago), 23% fair (28%) and 11% poor
to very poor (11%).
The U.S.D.A. indicated net export
sales of soybean meal in the week ended
Aug. 30 were 69,300 tonnes for 2017-18,
up noticeably from a week earlier but
down 45% from the prior four-week
average. Sales for 2018-19 were 289,500
tonnes. For the combined crop years,
sales were within trade expectations.
Net export sales of U.S. soybeans
in the latest week were 600 tonnes for
2017-18, down 100% both from a week
earlier and from the four-week average,
the U.S.D.A. said. Sales of 672,600 tonnes
were reported for 2018-19. The two-year
total was near the bottom of analysts'
expectations that ranged from 500,000 to
1,350,000 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Sept. 7
Aug. 31
Aug. 24
Soy ﬂour
Bulk
24.28 @ 25.28 +.53@ +.53 +.08 @+.08
Sacked
26.28 @ 27.28 +.53@ +.53 +.08 @+.08

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

- Change from - Year
Cash
Sept. 7
Aug. 31 Aug. 24 ago
Long grain
25.50@27.50
-
- 23.00
Medium grain 29.00@31.50
-
- 24.00
Parboiled
26.50@28.00
-
- 25.50
Second
Corn meal
heads, bulk 16.50@19.00
-
- 16.00
$ per cwt
14.00@15.50
-
- 15.00
- Change from - Brewers
Sept. 7
Aug. 31 Aug. 24 f.o.b. mills, $ per ton
40
-
-
...
Chicago, bulk
15.07@ 15.32 .07@.07 .11@.11 Rice millfeed
105@120
-
-
95
Chicago, sacked 16.84@ 17.09 .07@.07 .11@.11 Rice bran
5@10
-
-
5.00
New York, bulk 16.74@ 16.99 .07@.07 .11@.11 Rice hulls
New York, sacked 19.16@ 19.41 .07@.07 .11@.11 U.S.D.A. world price milled - $ per cwt
Long grain
14.58
-0.16
-0.73 14.95
Oats
Medium/short
- Change from - grain
14.27
-0.14
-0.71 14.57
Midwest
Sept. 7
Aug. 31 Aug. 24 Broken
8.79
-0.1
-0.44
9.02
Food grade ﬂakes, f.o.b.,
C.B.O.T. rough rice futures - $ per cwt
bagged, $ per cwt
27.25@27.75
-
-
September
10.84½ +0.01½ +0.06 12.45½
Milling quality oats, No. 2 heavy,
November
10.95
+0.12 +0.23 12.72
$ per bu
2.87¼
-5¼c
-16½c January
11.06½
+0.09 +0.19½ 12.94½
Oat hulls, $ per ton
25@35
-
-
March
11.17½ +0.10½ +0.18½ 13.11
Milling & Baking News

September 11, 2018 / 51

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Milling & Baking News - September 11, 2018

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