Milling & Baking News - November 6, 2018 - 44

Ingredient Week

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
Nov. 2
Oct. 26 Oct. 19
Midwest beet 34.50 @ 36.00 +.50
+1.00
Paciﬁc beet* 41.00 @ 42.00
-
+1.00
N.E. cane**
37.00 @ 38.00 +1.00 +2.00

Year
ago
33.50
39.00
37.00

*Delivered **Spot raw plus 8.75% plus 9.4c with 2% cash discount.

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

- Change from -
Nov. 2 Oct. 26 Oct. 19
25.10
-.15
-.18
25.10
-.15
-.18
25.25
-.18
-.33
25.85
-.03
-.15
26.35
-
-.05
26.45
+.05
-

Year
ago
27.20
27.20
27.25
27.10
27.10
26.75

I.C.E. No. 11 raw sugar futures
cents per lb
16
14
12
10
N

Bulk refined beet sugar prices were
raised again last week as some processors
lowered prospective 2018-19 production
after adverse weather in late September
and early October. Refined cane sugar
prices tended to follow beet sugar higher.
Beet sugar offers for 2018-19 were firm
to as much as 1c a lb higher at 34.5c to 36c
a lb f.o.b. Midwest. West coast beet sugar
was firm but unchanged and available
at around 39c a lb f.o.b. and from 41c
to 42c a lb delivered. Beet processors in
many cases were raising prices to limit
sales of their remaining supply, and sales
were continuing without any indication
of discounting. One processor was out of
the bulk market but continued sales to
retail and in bags. Most indicated they
had sales commitments for about 90% or
more of prospective 2018-19 production.
Beets in the four major states were 82%
harvested as of Oct. 28, up sharply from 65%
a week earlier but slightly behind 85% both
last year and as the 2013-17 average for the
date, the U.S. Department of Agriculture
said in its Crop Progress report. Beets in Minnesota were 92% harvested compared with
95% as the five-year average, with North
Dakota at 93% (98% as the average), Idaho

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

Nov. 2
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

Nov. 2
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 / November 6, 2018

Milling & Baking News

at 66% (74%) and Michigan at 58% (52%).
The beet crop in Idaho continued to
shine relative to most other areas where
harvesting was delayed by rainfall in early
October and where freezing temperatures
reduced sucrose content. While sucrose
content was no longer declining as the harvest neared completion in the Red River
Valley, levels were said to be capped and
were below earlier expectations.
Refined cane sugar offers for 2018-19
also were firm to 1c a lb higher at 37c to 38c
a lb f.o.b. Northeast, 36c to 36.5c a lb f.o.b.
Southeast and 34c to 35c a lb f.o.b. Gulf.
Louisiana sugar cane was 31% harvested as of Oct. 28, up from 27% a week earlier and compared with 32% a year ago and
29% as the five-year average, the U.S.D.A.
state office said. Cane harvesting in Florida proceeded "nicely," the U.S.D.A. said.
With recent gains, refined beet prices
have eclipsed year-ago levels, while
refined cane values were even with a
year-ago, narrowing the spread between
refined beet and cane sugar to traditional levels, which may tend to favor cane
sugar sales, with cane sugar also somewhat more available than beet.
One corn refiner last week offered dry
dextrose for 2019 at $1.50 a cwt above 2018
contracted levels. Dextrose contracting typically takes place after contracting for liquid
products such as high-fructose corn syrup
and regular corn syrup. Last year, dry dextrose contracting carried into the new year
with prices flat to up about 0.50c a cwt from
2017. Contracting for liquid products has
been progressing slowly. Pricing was said
to be mostly around $1 to $1.50 above 2018
contracted levels, with 42% HFCS up about
50c to $1. Contracting of liquid products
has been well behind the year-ago pace. MBN

bakingbusiness.com / world-grain.com

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

Milling & Baking News - November 6, 2018

Table of Contents for the Digital Edition of Milling & Baking News - November 6, 2018