Milling & Baking News - April 9, 2019 - 45

Ingredient Week
Edible Oils

Bookings of edible fats and oil were
limited last week. A stronger tone in
pricing was seen in most ingredients.
Soybean oil prices were raised. Soybean oil futures advanced from the prior
week's declines. Soybean and soybean
meal futures also moved higher. The cash
basis on soybean oil saw little change.
Rising soybean oil futures kept most
soybean oil users on the sidelines. Contract balances extended between 55 and
60 days on average.
Soybean oil basis coverage for AprilJune was estimated at about 75%, and
third-quarter coverage was estimated to
be about 45%.
The U.S. Department of Agriculture indicated 4.88 million tons (163 million bus) of
soybeans were crushed for crude oil during
February compared with 5.49 million tons
(183 million bus) in January 2019 and 4.95
million tons (165 million bus) in February
2018. Crude oil produced was 1.90 billion
lbs, down 10% from January 2019 but up
slightly from February 2018. Soybean oncerefined oil production at 1.29 billion lbs during February decreased 8% from January
2019 but increased 2% from February 2018.

Spot soybean oil

The U.S.D.A. indicated net export sales
of soybean oil during the week ended
March 28 for delivery in 2018-19 totaled
36,700 tonnes, up noticeably from the previous week and the prior four-week average. The U.S.D.A. said net export sales
of soybeans in the week ended March 28
for delivery in 2018-19 totaled 1,971,700
tonnes, also up noticeably from the previous week and from the prior four-week
average. Purchases by China accounted
for 1,700,100 tonnes of the total.
Problematic rail logistics delayed or
even stranded some edible oil shipments.
This was said to account for the recent
spike in cottonseed oil prices.
Palm oil prices strengthened as Malaysian and Indonesian exports in February were higher than expected.
The premium to soybean oil futures
asked for refined canola oil in the Midwest
held at 6¾c a lb. China expanded its blocking of Canadian canola seed shipments.
The Chinese raised phytosanitary concerns with the Canadian canola seed, but it
was widely assumed China's actions were
in retaliation for the recent arrest of a Chinese corporate executive and her threatened extradition to the United States. MBN

Spot canola oil

Decatur, Ill., bulk, cents per lb

Refined, Midwest, bulk, cents per lb

38.00

40.00

35.00

39.00

32.00

38.00
37.00

29.00

36.00

26.00
A

O
Previous Year

J
Current Year

35.00
A

Chicago soybean oil futures
Bulk in tank cars, cents per lb
Apr. 5
- Change from -
Delivery
close
Mar. 29
Mar. 22
May
29.15
+.79
+.49
July
29.48
+.79
+.50
August
29.62
+.78
+.51
September 29.79
+.78
+.53
October
29.94
+.78
+.54
December 30.27
+.79
+.58

Year
ago
31.53
31.81
31.93
32.08
32.22
32.53

Crude soybean oil
Bulk in tank cars, cents per lb
Delivery
April
May
June
July
August
September
October

Decatur, Ill.
28.90 @29.15
28.90 @29.15
29.07 @29.32
28.98 @29.48
29.12 @29.62
29.29 @29.79
29.44 @29.94

Western points
28.40 @28.90
28.40 @28.90
28.57 @29.07
28.48 @28.98
28.62 @29.12
28.79 @29.29
28.94 @29.44

Edible oils
Bulk, cents per lb
Soybean oil,
Decatur
Loose lard, Chicago
Edible tallow,
Chicago
Cottonseed oil,
Miss. PBSY
Palm oil (R.B.D.), ports
Palm kernel oil
(R.B.D.), ports
Coconut oil
Peanut oil,
Southeast
Corn oil, Decatur
Sunflowerseed oil,
Midwest
Canola oil, Midwest

- Change from - Year
Apr. 5 Mar. 29 Mar. 22 ago
29.25
31.00

+1.00
-

+.25
-

30.50
32.25

32.00

31.25

37.75
29.00

+2.50
+1.00

+2.75 31.50
+.75 34.25

58.00
34.00

+1.00
-

+1.00 61.75
-1.50 54.00

65.00
29.75

+4.00
-

+4.00 67.00
-
32.75

55.00
36.00

-
+1.00

+1.00 54.00
+.50 37.00

DEDICATED TO PROVIDING
YOU WITH THE HIGHEST
QUALITY SUGAR AND
CUSTOMER SERVICE
As a grower-owned Cooperative,
our growers care deeply for the
land that produces their crops
each year. This loyalty to the land
ensures our customers receive
sustainable, high-quality sugar.
We strive to make your experience
with us a "sweet" one.

bakingbusiness.com / world-grain.com

westernsugar.com

Milling & Baking News
April 9, 2019 / 45
1-800-523-7497

http://www.westernsugar.com

Milling & Baking News - April 9, 2019

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