Milling & Baking News - July 16, 2019 - 35

Ingredient Week

Soy Products
Bookings of soy flour were limited last
week. Prices were raised with both advancing soybean meal futures and tight
supplies factored into the adjustments.
Most major soy flour buyers earlier
covered their needs through the end of
2019. Those running short on supply
had to scramble to find offers with most
manufacturers concentrating on fulfilling contract obligations.
The U.S. Department of Agriculture
in its weekly Crop Progress report indicated that soybeans in the 18 principal
growing states were 96% planted by July
7 compared with 92% a week earlier and
99% as the recent five-year average for
the date. Soybean emergence was 90%
compared with 83% a week earlier and
98% as the average progress. Ten per cent
of the crop was blooming versus 32% as
the average for the date. The crop's condition was rated 53% good to excellent
(35% fair) versus 54% a week earlier and
compared with 71% a year ago.
The U.S.D.A., in its July 11 World
Agricultural Supply and Demand Estimates report, lowered its forecast for
soybean production in 2019 by 305 million bus from June, to 3,845 million bus,
on lower forecasts for planted and harvested acreage in the June 28 Acreage report. The U.S.D.A. projected the soybean
crush in 2019-20 at 2,115 million bus, unchanged from June. It forecast the carryover of soybeans on Sept. 1, 2020, at 795
million bus, down 250 million from June
and down 255 million bus, or 24%, from
1,050 million bus in 2019.
The U.S.D.A. forecast the carryover of
soybean meal on Oct. 1, 2020, at 400,000
tons, unchanged from June and down
50,000 tons from the forecast for 2019.

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

+15½
+15½
+17
+16
+14¼
+12

+29¼
+29½
+27¾
+25½
+23¾
+21¾

3.30¼
3.41¼
3.54¾
3.66½
3.73¼
3.79¼

+34½
+7
+37¼ +8¾
+36¾
+8
+37
+8½
+36¾ +8½
+36¾ +10½

8.14
8.18¾
8.24½
8.34¼
8.44¼
8.53½

+9.50
+9.00
+9.00
+8.90
+9.10
+8.90

328.80
326.00
325.40
324.50
323.00
320.20

bakingbusiness.com / world-grain.com

+.20
-.50
-.80
-.90
-1.40
-1.80

Corn Products
Bookings and sales of corn meal and
other corn products were steady last
week. Prices were raised with advancing
corn futures a consideration.
Demand for seasonal corn products
including snack meal and brewer's grits
remained brisk. Demand from other sectors was steady.
The U.S. Department of Agriculture
in its weekly Crop Progress report indicated that corn emergence in the 18 principal growing states was 98% by July 7
compared with 94% a week earlier and
100% as the recent five-year average for
the date. The U.S.D.A. indicated 8% of
the crop was silking versus 22% as the
average for the date. The crop's condition was rated 57% good to excellent
(31% fair) versus 56% a week earlier and
compared with 75% a year ago.
The U.S.D.A. raised its forecast for
the carryover of corn on Sept. 1, 2020,
to 2,010 million bus, up 335 million bus
from the June projection but down 330
million bus, or 14%, from a forecast
2,340 million bus in 2019. The U.S.D.A.
raised its projection for corn production
in 2019 by 195 million bus, to 13,875
million, because of the higher planted
area estimate contained in the June 28
Acreage report.
The U.S.D.A. indicated net export sales
of corn for delivery in 2018-19 during the
week ended July 4 totaled 505,400 tonnes,
up noticeably from the previous week

and from the prior four-week average. MBN

Oats
Bookings of food-grade oat flakes
and other oat products were limited last
week. Prices remained firm.
Most major buyers of oats flakes and
other oats products earlier covered their
needs through September.
The U.S. Department of Agriculture
in its weekly Crop Progress report indicated 74% of the oats crop in the nine
major producing states was headed by
July 7 compared with 58% a week earlier
and 90% as the recent five-year average
for the date. The oats crop condition was
rated 65% good to excellent (28% fair),
unchanged from a week earlier and compared with 73% a year ago. MBN

Rice
Whole-grain milled rice business was
steady last week. Most major buyers
held coverage at least through August,
or old crop. Discussions on new crop
coverage were beginning. The same
pattern was evident for business in rice
flour and extruded rice products.
The U.S. Department of Agriculture in
its weekly price summary for Arkansas
milled rice and byproducts indicated no
change in pricing. U.S.D.A.'s prevailing
world rice prices were raised, though.
The U.S.D.A. indicated that 16% of the
rice crop was headed by July 7 compared
with 10% a week earlier and 22% as the
recent five-year average for the date. The
crop's condition was rated 66% good to
excellent compared with 68% a week
earlier and 72% a year ago.
Iraq sought offers on an unspecified
volume of U.S. rice. Offers were due July
11, and results were expected soon. MBN

Soy products

- Change from - Year
July 12 July 5 June 28 ago
4.49½
4.54¼
4.59¼
4.65
4.66¾
4.67¾
$ per bu
9.06¾
9.13¼
9.19
9.31½
9.43
9.52
$ per ton
313.30
314.80
316.50
318.20
321.50
323.00

The U.S.D.A. indicated net export
sales of soybean meal for shipment in
2019-20 during the week ended July 4 totaled 44,900 tonnes, up noticeably from
the previous week but down 33% from
the prior four-week average. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
July 12
July 5
June 28
Soy ﬂour
Bulk
27.20 @ 28.20 +.70@ +.70 +1.15 @+1.15
Sacked
29.20 @ 30.20 +.70@ +.70 +1.15 @+1.15

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

- Change from - Year
Cash
July 12
July 5 June 28 ago
Long grain
23.25@25.00
-
- 25.50
Medium grain 30.00@31.50
-
- 29.00
Parboiled
26.00
-
- 26.50
Second
Corn meal
heads, bulk 18.00@19.00
-
- 16.50
$ per cwt
15.50@17.50
-
- 14.00
- Change from - Brewers
July 12
July 5
June 28 f.o.b. mills, $ per ton
40.00
-
- 40.00
Chicago, bulk
16.36@ 16.61 .30@.30 .56@.56 Rice millfeed
75.00@90.00
-
- 100.00
Chicago, sacked 18.13@ 18.38 .30@.30 .56@.56 Rice bran
10.00
-
-
5.00
New York, bulk 18.03@ 18.28 .30@.30 .56@.56 Rice hulls
New York, sacked 20.45@ 20.70 .30@.30 .56@.56 U.S.D.A. world price milled - $ per cwt
Long grain
13.25
+0.10
- 16.61
Oats
Medium/short
- Change from - grain
12.75
+0.10
- 16.24
Midwest
July 12
July 5 June 28 Broken
7.99
+0.06
- 10.02
Food grade ﬂakes, f.o.b.,
C.B.O.T. rough rice futures - $ per cwt
bagged, $ per cwt
29.10@29.60
-
-
July
11.68
+0.47½ +0.40½ 11.81½
Milling quality oats, No. 2 heavy,
September
11.90½ +0.40½ +0.33 11.98½
$ per bu
3.21½
+3¼c
+8½c November
12.06
+0.36 +0.27½ 11.81
Oat hulls, $ per ton
25@35
-
-
January
12.22½
+0.36 +0.27 12.00½
Milling & Baking News

July 16, 2019 / 35

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Milling & Baking News - July 16, 2019

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