Milling & Baking News - November 5, 2019 - 34

Ingredient Week

Wheat Futures
Wheat futures posted mixed changes
last week. After dropping about 5c to 9c
a bu at the week's outset, futures for all
three futures exchanges traded in narrow, mixed ranges until a bounce on Friday pulled Kansas City contracts higher
for the week and narrowed losses in Chicago and Minneapolis. Chicago wheat
futures hit three-week lows at midweek.
With a general lack of market-moving
news for wheat futures, technical selling
became a pressuring feature of the market.
Wheat futures continued to receive
mixed signals from the export market. Exporters still missed out on all but routine
foreign tenders even as U.S. wheat prices
have become more competitive globally.
Still, weekly export sales were strong. The
recent sizable lineup of foreign tenders has
nearly evaporated. The U.S. Department
of Agriculture said net export sales of U.S.
wheat for delivery in 2019-20 during the
week ended Oct. 24 totaled 493,800 tonnes,
up 88% from a week earlier, up 31% from
the prior four-week average and near the
high end of trade expectations.
Recent support from the late harvest
and sub-par quality of a portion of the
spring wheat crop has run its course,
evidenced by Minneapolis spring wheat
futures' declines last week. Some spring

wheat was diverted for feed, and some
acres were destroyed for insurance purposes, bringing the harvest to an end.
The U.S.D.A. in its weekly Crop Progress report said winter wheat seeding in
the 18 principal production states had
reached 85% by Oct. 27, about a week
ahead of 77% a year ago and compared
with 82% as the 2014-18 average for
the date. Winter wheat emergence was
pegged at 63% as of Oct. 27, just slightly
ahead of 64% as the five-year average.
While farmers attention in the last few
weeks has focused on the harvest of fall
crops, which also are running well behind
the average pace in most cases, selling and
shipping of cash wheat have been mixed,
and cash basis levels have held strong.
Sales of hard red winter wheat have been
light as indicated by very light spot offers
in Kansas City. But sales of spring wheat
have at times been more active, in part
due to farmers' disappointment with soybean prices as they opt to store new crop
soybeans and sell more wheat. MBN

Millfeed
Prices were unchanged to $5 per
ton higher last week. Feed demand increased slightly from the previous week
and was considered strong by most traders. Flour mill runtimes were average

Wheat futures

Kansas City wheat futures
December contract, per bu

$ per bu; change in cents per bu
Nov. 1
Kansas City
December
March
May
July
Chicago
December
March
May
July
Minneapolis
December
March
May
July

or poor depending on the region.
Millfeed production from wheat in the
third quarter (July-September) of 2019
was 1.66 million tons compared with 1.63
million tons in the same quarter in 2018,
the U.S. Department of Agriculture said
in its latest Flour Milling Products report.
Wheat midds trade was extremely quiet, with one trader proclaiming "There's
no nearby market" in the Southwest. But
buyers in that region appeared to accept
that the previous week's price increases
would stick around, perhaps until buyers
sufficiently filled their bins in hopes of
avoiding typical short-supply scenarios
around the year-end holidays. One major
flour miller in the region indicated it had
no midds left to contract for 2019, though
some traders said that could be a conservative forecast.
Northeast runtimes were below the
national average due to a major mill taking operations down for 36 hours to deal
with an unexpected electrical issue.
Millfeed was $100 a ton in Kansas City
and $119 in Minneapolis, on a rail basis,
compared with corn at $137 a ton in K.C.,
with no bid available on sorghum. Corn
gluten feed was steady at $165 a ton,
dried distillers' grains were unchanged
at $155 a ton and dehydrated alfalfa was
steady at $300 a ton, all K.C. MBN

- Change from -
Oct. 25 Oct. 18

Week's
High
Low

Year
ago

High

Season's
Low

$6.50
$5.90

4.26
4.38¾
4.47¾
4.56¼

+3¼c
+3c
+3c
+3c

-7¾c
-7¼c
-6¾c
-6¾c

4.27
4.39½
4.48¼
4.56¾

4.10
4.22¾
4.31¾
4.40¼

5.04¼
5.28
5.41¼
5.48½

6.59½
6.59
6.52¼
6.40

(08-07-18)
(08-06-18)
(08-06-18)
(08-07-18)

3.81
3.97½
4.08¾
4.19

(09-03-19)
(09-03-19)
(09-03-19)
(09-03-19)

5.16
5.21¾
5.26½
5.31

-1¾c
-1¾c
-2¼c
-1½c

-16¼c
-15¼c
-15c
-13c

5.18½
5.22¾
5.28¼
5.32¼

5.01
5.07
5.12¼
5.16½

5.08¾
5.24
5.35¾
5.42¾

6.34½
6.37
6.34½
6.19

(08-07-18)
(08-02-18)
(08-02-18)
(08-07-18)

4.42¼
4.57¾
4.63½
4.18½

(05-13-19)
(09-03-19)
(09-03-19)
(05-13-19)

$5.30
$4.70
$4.10
$3.50

5.31¼
5.48
5.58½
5.66½

-5½c
-3¼c
-2¼c
-1c

-13¼c
-10¼c
-8¾c
-7¾c

5.37
5.51
5.60
5.61

5.18
5.35
5.45½
5.54

5.80½
5.88¼
5.96
6.03½

6.73
6.73½
6.72
6.75

(08-07-18)
(08-07-18)
(05-29-18)
(05-29-18)

4.86½
5.00¼
5.11½
5.06

(09-03-19)
(09-03-19)
(09-03-19)
(04-30-19)

N

F

M
Previous Year

A
Current Year

Chicago wheat futures
December contract, per bu
$6.15
$5.65
$5.15

Bulk middlings

$4.65

$ per ton, delivered rail unless noted
Spot
Kansas City
105 @ 120
Southwest, f.o.b. truck
150 @ 160
Minneapolis
119 @ 129
Upper Midwest, f.o.b. truck115 @ 125
Chicago West
132 @ 142
Central states, f.o.b truck 130 @ 140
Buﬀalo
125 @ 135
Southeast
135 @ 145
N. & S. California
124 @ 139
Los Angeles, f.o.b. truck 120 @ 135
Paciﬁc Northwest
100 @ 110
Upper Midwest, sacked
320
Wheat germ
200 @ 220
34 / November 5, 2019

Nov.
105@ 120
150@ 160
119@ 129
115@ 125
132@ 142
125@ 140
125@ 135
135@ 145
129@ 144
125@ 140
110@ 120

Milling & Baking News

- Change from -
Oct. 25 Oct. 18
-
+17@ +22
-
+20@ +15
+10@ +10 +15@ +15
+10@ +10 +15@ +15
+10@ +10 +15@ +15
-
-5@ 0
+2@ +2 +5@ +5
-
+10@ +10
-
+5@ +5
-
+5@ +5
+5@ +5 +10@ +10

Year
ago
85@ 95
115@ 125
89@ 99
85@ 95
102@ 112
93@ 103
83@ 93
95@ 105
124@ 139
120@ 135
100@ 110

$4.15
N

Dec.
110@ 125
155@ 165
119@ 129
120@ 130
132@ 142
130@ 145
140@ 150
140@ 150
129@ 144
125@ 140
110@ 120

Jan.-Mar.
106@ 116
155@ 165
119@ 129
115@ 125
132@ 142
120@ 135
120@ 130
120@ 130
124@ 139
120@ 135
110@ 120

Apr.-June
72@ 82
115@ 135
94@ 104
90@ 100
107@ 117
95@ 105
95@ 105
100@ 110
104@ 119
100@ 115
100@ 110

F

M
Previous Year

A
Current Year

Minneapolis wheat futures
December contract, per bu
$6.80
$6.10
$5.40
$4.70
N

F

M
Previous Year

A
Current Year

bakingbusiness.com / world-grain.com
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Milling & Baking News - November 5, 2019

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