Milling & Baking News - November 5, 2019 - 35

Ingredient Week

Soy Products

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

+2½
+1
+½
+¼
-1
-2

-1¾
-4¼
-5
-5¼
-4
-4½

3.71¼
3.83¼
3.91¼
3.97
3.97¾
4.03¾

+4
+2¼
+2½
+3¼
+3¾
+4¼

-9¾
-10¾
-10
-6¾
-5¼
-4¾

8.75¼
8.87¾
9.00
9.13½
9.25½
9.29¾

+.60
+.70
+.50
+.70
+.60
+.90

-4.60
-4.90
-5.30
-5.20
-5.10
-4.80

311.00
312.70
314.60
315.80
318.00
319.10

bakingbusiness.com / world-grain.com

Bookings and sales of corn products
were about steady last week with focus
on seasonal items such as corn meal,
grits and products used in muffin mixes
and as thickeners for stews and soups.
Sales of flaking grits used by cereal manufacturers were steady. One miller noted
it was the time of year when budgets
were being finalized and purchasing
decisions for the new year were being
made, even if orders were not yet being
placed. Prices were slightly higher.
Corn futures remained range-bound,
posting narrow daily changes with values ending mixed from a week earlier.
The late harvest continued to underpin
futures, but ideas of improved harvest
weather in early November limited
gains.
Cash basis levels on corn were stronger than average for the time of year, one
miller noted. Farmers have been reluctant sellers amid the slow harvest and
perceived low prices.
Millers have seen mixed milling quality of new crop corn, with some noting
no problems but others indicating lower
quality that largely was expected. One
noted the seeding of more short-season
corn due to late planting resulted in variations in milling characteristics.
The U.S. Department of Agriculture
indicated the corn harvest in the 18 major producing states was 41% completed
by Oct. 27 compared with 30% a week
earlier but well behind 61% as the recent
five-year average for the date.
Net export sales of U.S. corn in the week
ended Oct. 24 were 549,100 tonnes, up 12%
from a week earlier and up 29% from the
prior four-week average, with Mexico the
major buyer, the U.S.D.A. said. MBN

Bookings of food-grade oat flakes and
other oat products were steady last week.
Coverage was solid through December,
and there has been a "fair amount" of
activity the past couple of weeks to add
coverage through March, a source said.
Oats flakes prices were unchanged,
but millers expected upward pressure
due to tight oats supplies and late harvest in parts of Canada. Sources estimated that oats were about 80% to 90%
harvested in Canada, with some areas
completed. The late harvest eliminated
the typical harvest pressure on pricing
and also increased quality concerns. The
cash basis on oats remained strong.
The oats market has been supply driven this year, but demand remains good as
well with steady buying from snack and
oats "milk" manufacturers, and now a
seasonal push for hot breakfast cereals. MBN

Rice
Whole grain milled rice shipments
were steady last week. New sales were
limited as most major buyers held coverage at least through the end of 2019 with
quarterly activity expected to pick up at
the start of the new year, although some
earlier bookings into 2020 have been
noted. The same pattern was evident for
business in rice flour and extruded rice
products. Good export trade this year
has kept mills' schedules full.
National weekly rice prices published
by the U.S. Department of Agriculture
were unchanged. World milled rice prices posted by the U.S.D.A. were lower.
The U.S.D.A. indicated the harvest of
the U.S. rice crop was 97% completed by
Oct. 27 compared with 93% a week earlier and 98% as the five-year average. MBN

Rice

Soy products

- Change from - Year
Nov. 1 Oct. 25 Oct. 18
ago
3.89¼
3.98½
4.04½
4.10
4.02½
4.05¾
$ per bu
9.24¼
9.36¾
9.49¼
9.60¾
9.70¾
9.73¾
$ per ton
303.90
306.30
309.90
313.70
317.50
318.70

Oats

Corn Products

Bookings of soy flour were steady last
week. Prices were higher as soybean
meal values posted slight gains. Buyers
continued to add incrementally to coverage, which was solid through December
and was estimated above 50% for the
first half of 2020.
Soy complex futures traded in a narrow, mixed range last week before ending
slightly higher for the week. The delayed
harvest provided support, but a period of
good weather brought pressure and ongoing trade issues brought uncertainty.
The U.S. Department of Agriculture
said the soybean harvest in the 18 major
states was 62% completed by Oct. 27, up
from 46% a week earlier but well behind
78% as the 2014-18 average for the date.
The U.S.D.A. said 4.87 million tons (162
million bus) of soybeans were crushed for
oil and meal in September 2019 compared
with 5.32 million tons (177 million bus)
in August and 5.09 million tons (170 million bus) in September 2018. Soybean cake
and meal produced in September totaled
3,553,484 tons, down from 3,876,153 tons
in August and down from 3,740,681 tons
a year ago. Meal production for edible
protein products in September was 39,012
tons, down from 49,318 tons in August and
down from 39,088 tons in September 2018.
Net export sales of soybean meal in the
week ended Oct. 24 were 179,100 tonnes,
up 62% from a week earlier, the U.S.D.A.
said. Importers in the Philippines bought
135,000 tonnes of soybean cake and meal
for 2019-20 delivery, according to the
U.S.D.A.'s 24-hour reporting service.
Net export sales of soybeans were
943,600 tonnes, up 99% from a week earlier but down 39% from the prior four-week
average, with China the primary buyer. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Nov. 1
Oct. 25
Oct. 18
Soy ﬂour
Bulk
31.05 @ 32.05 +.05@ +.05 -.20 @ -.20
Sacked
33.05 @ 34.05 +.05@ +.05 -.20 @ -.20

Corn meal
$ per cwt
Nov. 1
Chicago, bulk
15.27@ 15.52
Chicago, sacked 17.04@ 17.29
New York, bulk 16.94@ 17.19
New York, sacked 19.36@ 19.61

- Change from -
Oct. 25
Oct. 18
.05@.05 -.03@-.03
.05@.05 -.03@-.03
.05@.05 -.03@-.03
.05@.05 -.03@-.03

Oats
- Change from -
Midwest
Nov. 1
Oct. 25 Oct. 18
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
29.10@29.60
-
-
Milling quality oats, No. 2 heavy,
$ per bu
3.56
+13½c +21¾c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Nov. 1
Oct. 25 Oct. 18 ago
Long grain
25.00@25.50
-
- 23.00
Medium grain 30.50@32.00
-
- 30.00
Parboiled
27.75
-
- 26.00
Second
heads, bulk 18.00@19.00
-
- 15.25
Brewers
15.50@17.50
-
- 14.00
f.o.b. mills, $ per ton
Rice millfeed
40.00
-
- 40.00
Rice bran
85.00@100.00
-
- 105.00
Rice hulls
10.00
-
-
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
14.51
-0.11
-0.11 14.27
Medium/short
grain
14.17
-0.12
-0.12 13.95
Broken
8.75
-0.07
-0.07
8.61
C.B.O.T. rough rice futures - $ per cwt
November
11.72½
-0.07½ -0.18½ 10.70
January
11.98½
-0.06½ -0.21½ 10.74½
March
12.21
-0.06 -0.17½ 10.91½
May
12.32½
-0.02
-0.13 11.04
Milling & Baking News

November 5, 2019 / 35

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

Milling & Baking News - November 5, 2019

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