Milling & Baking News - December 18, 2018 - 43

Ingredient Week

Soy Products
Soy flour bookings were limited last
week. Orders and shipments were brisk
but were expected to slow just ahead of
the winter holidays as many users' plants
will be closed or operating on abbreviated
schedules. Price adjustments were minor.
Individual buyers filled gaps in January-March coverage, but ownership in
the first quarter already had been above
70%. Some buyers held even more extensive coverage.
Demand from the bakery sector was
expected to ease with the end of the baking season, but orders from other sectors, including pet food manufacturers,
were expected to hold up well.
Soy complex futures declined last
week even as China began to buy U.S.
soybeans once again. China resumed
purchasing U.S. soybeans in large volumes last week. Additional purchases
were expected. But with Brazil forecast
to harvest a record crop, and with that
nation's rapidly approaching harvest to
produce exportable supply in early to
mid-January, the window of opportunity for U.S. soybean exporters seeking to
increase sales to China was narrowing.
The U.S.D.A. on Dec. 11 left unchanged
from November all its 2018-19 supplyand-demand forecasts for soybeans and
soybean meal. The forecast carryover
of soybeans on Sept. 1, 2019, remained
955 million bus, up 517 million bus, or
118%, from 438 million bus in 2018. The
forecast 2018-19 soybean crush remained
2,080,000 bus, up 25 million bus from the
previous year. The forecast for soybean
exports in 2018-19 was 1,900 million bus,
down 229 million bus from 2017-18.
The forecast carryover of soybean
meal in the United States on Oct. 1, 2019,

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

+2¾
-¾
-½
-½
+¾
+¾

+10¼
+7
+7¼
+7¼
+6
+4

...
3.49½
3.55¾
3.64¼
3.71¼
3.80

-16¼
-15¼
-14¾
-14½
-14
-13

+5¾
+6¼
+6½
+6¼
+6¼
+8¼

9.67¼
9.78
9.89
9.99
10.01
9.93¾

+.30
-3.90
-3.10
-2.70
-2.50
-2.50

+1.10
-3.20
-1.60
-.70
-
+.30

...
320.60
324.50
327.30
330.10
330.10

bakingbusiness.com / world-grain.com

Corn Products
Business in corn meal, corn flour and
other corn products was steady last
week. Prices were lowered slightly.
Manufacturers continued to fill orders
ahead of Christmas week, which was expected to see several food plants closed
or operating on abbreviated schedules.
Coverage continued to range widely
from spot buyers to those who earlier
booked their needs through the crop
year. Coverage was said to be average
for the date, according to millers.
Products favored in cold weather,
such as muffin and corn bread mixes and
corn flour for use in thickening soups
and chilis, continued to see strong demand, as did grits serving as hot breakfast cereals and side dishes. Snack meal
sales continued to show unseasonable
strength because of promotions by major
snack manufacturers.
Corn futures posted minor, mixed
changes last week. They have been range
bound thus far in December.
The U.S.D.A. on Dec. 11 forecast the
carryover of corn on Sept. 1, 2019, at 1,781
million bus, up 45 million bus from the
November projection but down 359 million bus, or 17%, from 2,140 million bus in
2018. Domestic use of corn in 2018-19 was
forecast at 12,580 million bus, down 50
million bus as the November projection
and compared with 12,355 million bus in
2017-18. The reduction in the use forecast
was tied to the U.S.D.A.'s lowering its
forecast for use of corn in manufacturing
ethanol by 50 million bus, to 5,600 million
bus. In comparison, corn use for ethanol
was 6,605 million bus in 2017-18. MBN

Oats
Bookings of food-grade oats flakes,
oat flour and other oats products were
steady last week. Prices were unchanged.
Orders were brisk but were expected to wane in the week leading to
Christmas.
Most buyers of oats products held extensive coverage. One miller indicated
three-quarters of his major customers
were booked about six months forward.
Smaller buyers held less extensive coverage with some covered only a month or
so ahead.
The U.S.D.A. made no changes in the
2018-19 oats supply and demand forecasts on Dec. 11. The carryover of oats on
June 1, 2019, was forecast at 36 million
bus, down 5 million bus from 2018 and
compared with 50 million bus in 2017. MBN

Rice
Business in rice, rice flour and other
rice products was steady 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
milled rice prices also were unchanged.
Certain major rice millers began to
buy rice from cooperative member-producers, a signal that contracting with
long-standing buyers for all their firstquarter needs was set to begin.
Thinly traded rough rice futures declined last week.
The U.S.D.A. on Dec. 11 forecast the
carryover of rice on Aug. 1, 2019, at 44.2
million cwts, down 2.5 million cwts from
the November projection but up 14.8
million cwts, or 50%, from 29.4 million
cwts in 2018. Forecast exports in 2018-19
were raised 3 million cwts while imports
were raised 0.5 million cwts. MBN

Soy products

- Change from - Year
Dec. 14 Dec. 7 Nov. 30 ago
3.76¾
3.84¾
3.92¼
3.98¾
4.00
4.03¾
$ per bu
9.00½
9.13¾
9.27
9.38¾
9.43
9.44½
$ per ton
309.40
307.30
311.60
315.40
319.10
320.70

remained 450,000 tons, down 103,000
tons, or 19%, from 553,000 tons in 2018. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Dec. 14
Dec. 7
Nov. 30
Soy ﬂour
Bulk
24.25 @ 25.25 -.05@ -.05 -.35 @ -.35
Sacked
26.25 @ 27.25 -.05@ -.05 -.35 @ -.35

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

- Change from - Year
Cash
Dec. 14
Dec. 7 Nov. 30 ago
Long grain
23.50@25.00
-
-0.50 24.50
Medium grain 30.00@31.50
-
- 25.00
Parboiled
26.00@26.50
-
- 25.50
Second
Corn meal
heads, bulk 16.50@19.00
-
- 15.00
$ per cwt
14.00@17.50
-
- 15.00
- Change from - Brewers
Dec. 14
Dec. 7
Nov. 30 f.o.b. mills, $ per ton
40
-
- 40.00
Chicago, bulk
15.13@ 15.38 -.02@-.02 .14@.14 Rice millfeed
90@120
-
- 100.00
Chicago, sacked 16.90@ 17.15 -.02@-.02 .14@.14 Rice bran
5@10
-
-
5.00
New York, bulk 16.80@ 17.05 -.02@-.02 .14@.14 Rice hulls
New York, sacked 19.22@ 19.47 -.02@-.02 .14@.14 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
Dec. 14
Dec. 7 Nov. 30 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
10.57½
-0.19½
-0.31 11.70½
Milling quality oats, No. 2 heavy,
March
10.69
-0.27 -0.37½ 12.00
$ per bu
3.27½
-½c
-¾c
May
10.86½
-0.30
-0.35 12.28½
Oat hulls, $ per ton
25@35
-
-
July
11.01½
-0.30
-0.34 12.46½
Milling & Baking News

December 18, 2018 / 43

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

Milling & Baking News - December 18, 2018

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