Milling & Baking News - December 4, 2018 - 43

Ingredient Week

Soy Products

Corn Products

Soy flour bookings were limited last
week. Prices were adjusted higher.
Shipments and orders resumed a crisp
pace after Thanksgiving week. But most
buyers, including bakers, held back on
taking additional coverage. First-quarter
ownership was comfortable at any rate,
with about 70% of prospective business
on the books. Individual users held even
more extensive coverage. It was expected buyers will fill most gaps in JanuaryMarch coverage in the next few weeks.
The baking season provided a boost
in demand for soy flour from bakers.
Demand from other food sectors has remained steady through this period as their
needs display no marked seasonality.
Soybean meal futures advanced last
week in sympathy with stronger soybean
futures. Both markets were influenced by
speculation about what might take place at
the G-20 summit in Buenos Aires, Argentina, which began Nov. 30. President Donald Trump and President Xi Jinping were
scheduled to meet the evening of Dec. 1.
Even a best-case scenario, dismantling
tariffs that essentially halted U.S. exports
of soybeans to China, may not provide
the degree of relief for which many have
hoped because strong planting progress
in Brazil may result in an early harvest
there, and an earlier-than-normal start to
Brazilian soybean exports.
The U.S.D.A. indicated net export sales
of soybean meal during the week ended
Nov. 22 totaled 189,500 tonnes for 2018-19,
down 18% from the previous week and
down 39% from the prior four-week average. Net export sales of soybeans in the
same week totaled 628,800 tonnes, down
8% from the previous week but up 50%
from the recent four-week average. MBN

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

+7½
+7¼
+6¾
+6
+5
+4½

+1¾
+2
+1½
+1½
+2
+1¾

3.44¾
3.58¾
3.66½
3.74½
3.81½
3.89¾

+13¾
+12¾
+12½
+12¼
+11¾
+10¼

+2½
+1¾
+1¾
+2
+2
+2

9.94¼
10.06
10.17
10.25¾
10.26½
10.17

+2.50
+2.50
+2.80
+2.60
+2.40
+2.20

-2.60
-2.50
-2.00
-1.70
-1.50
-1.50

328.20
330.20
333.50
336.10
338.10
337.70

bakingbusiness.com / world-grain.com

Oats
Bookings of food-grade oats flakes were
steady last week. Prices of oats flakes and
other oats products, including flour, were
unchanged, but the market had a firm
undertone. Orders regained momentum

following Thanksgiving week.
Coverage held by most buyers was extensive. One miller indicated 75% of his
major customers were booked about six
months forward, and there was inquiry
indicated for a full year's coverage.
Smaller buyers held less extensive coverage; some were covered only a month
or so ahead.
Millers cautioned because of the tight
supply of milling oats in North America
and, indeed, worldwide, pricing should
remain strong in coming weeks. MBN

Rice
Business in rice, rice flour and other
rice products remained strong last week.
Prices of rice and rice products as posted
by the U.S. Department of Agriculture
were unchanged. The U.S.D.A.'s posted
world rice prices also were unchanged.
Demand for rice and rice products,
including flour, remained steady, and
shipments regained momentum following Thanksgiving week. Most major
food manufacturers using rice and rice
products, including rice flour, were fully
booked through December. Much business typically is transacted on a quarterly basis between long-standing customers and sellers, and buyers soon will
contract first-quarter needs.
Rice flour demand has been expanding alongside its utility as a gluten-free
alternative to wheat flour.
Rough rice futures advanced last week
but remained well below a year ago.
The U.S.D.A. indicated net export
sales of rice during the week ended Nov.
22 for 2018-19 totaled 16,600 tonnes, a
marketing year low and down 86% from
the previous week and down 82% from
the prior four-week average. MBN

Soy products

- Change from - Year
Nov. 30 Nov. 23 Nov. 16 ago
3.66½
3.77¾
3.85
3.91½
3.94
3.99¾
$ per bu
8.94¾
9.07½
9.20½
9.32½
9.36¾
9.36¼
$ per ton
308.30
310.50
313.20
316.10
319.10
320.40

Business in corn meal, corn flour and
other corn products was brisk following
Thanksgiving week. Prices were raised
slightly.
An early-week drop in corn futures
encouraged a number of buyers to inquire about additional forward coverage, and individual users did step forward to book their January-March needs.
The extent of coverage varied widely by
buyer. Several users earlier covered their
first-quarter 2019 needs, but others were
covered only a month or so forward.
Volume of sales in November was
slightly better than expected, according
to millers, who pointed out the unseasonably cold temperatures across much
of the country spurred orders for products especially suited to cold weather
appetites, such as muffin and corn bread
mixes and corn flour used for thickening stews and soups. Corn grits used as
a breakfast cereal and as side dishes in
other meals also got a boost. Snack meal
sales were just steady, as were sales of
flaking grits for cold breakfast cereals.
Corn futures, after a weak start, closed
the week modestly higher. The soybean
market exerted an upward tug.
The U.S.D.A. indicated net export
sales of corn during the week ended
Nov. 22 totaled 1,266,500 tonnes for
2018-19, up 44% from the previous week
and up 77% from the prior four-week
average. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Nov. 30
Nov. 23
Nov. 16
Soy ﬂour
Bulk
24.60 @ 25.60 +1.65@+1.65 +1.35 @+1.35
Sacked
26.60 @ 27.60 +1.65@+1.65 +1.35 @+1.35

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

- Change from - Year
Cash
Nov. 30
Nov. 23 Nov. 16 ago
Long grain
24.00@25.00
-
- 24.50
Medium grain 30.00@31.50
-
- 25.00
Parboiled
26.00@27.00
-
- 25.50
Second
Corn meal
heads, bulk 16.50@19.00
-
- 15.00
$ per cwt
14.00@15.00
-
- 15.00
- Change from - Brewers
Nov. 30
Nov. 23 Nov. 16 f.o.b. mills, $ per ton
40
-
- 40.00
Chicago, bulk
14.99@ 15.24 .14@.14 .02@.02 Rice millfeed
90@120
-
- 100.00
Chicago, sacked 16.76@ 17.01 .14@.14 .02@.02 Rice bran
5@10
-
-
5.00
New York, bulk 16.66@ 16.91 .14@.14 .02@.02 Rice hulls
New York, sacked 19.08@ 19.33 .14@.14 .02@.02 U.S.D.A. world price milled - $ per cwt
Long grain
14.13
-
- 15.43
Oats
Medium/short
- Change from - grain
13.82
-
- 15.06
Midwest
Nov. 30 Nov. 23 Nov. 16 Broken
8.52
-
-
9.31
Food grade ﬂakes, f.o.b.,
C.B.O.T. rough rice futures - $ per cwt
bagged, $ per cwt
28.50@29.00
-
-
January
10.88½ +0.12½ -0.00½ 12.46
Milling quality oats, No. 2 heavy,
March
11.06½ +0.15½ +0.01 12.76
$ per bu
3.28¼
+1¾c
-10c
May
11.21½ +0.18½ +0.04 13.00½
Oat hulls, $ per ton
25@35
-
-
July
11.35½ +0.17½ +0.03½ 13.06
Milling & Baking News

December 4, 2018 / 43

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

Milling & Baking News - December 4, 2018

Table of Contents for the Digital Edition of Milling & Baking News - December 4, 2018