Milling & Baking News - December 3, 2019 - 36

Ingredient Week
Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
Prices nominal.
2019-20
Nov. 29
Midwest beet
NA
Pacific beet*
NA
Northeast cane**
44.00

- Change from -
Nov. 22 Nov. 15
...
...
...
...
-
-

Year
ago
35.00
41.00
37.00

*Delivered **Spot raw plus 7% plus 15c with 2% cash discount.

Raw cane
Delivered refiner, cents per lb
- Change from -
Nov. 29 Nov. 22 Nov. 15
Nearby
26.30
-1.35 -1.55
January-March
26.32
-1.38 -1.58
April-June
26.80
-.95
-1.15
July-September
27.20
-.78
-.78
October-December 26.90
-.10
-.15
January-March
26.35
-.45
-.50

Year
ago
25.10
25.18
25.75
26.35
26.40
26.40

I.C.E. No. 11 raw sugar futures
cents per lb
14.00

12.00

10.00
N

The U.S. Department of Agriculture on
Nov. 25 announced a 100,000-ton increase
in refined sugar imports from Mexico for
the current 2019-20 marketing year to help
offset lower domestic sugar production.
The import increase, which falls under guidelines of the U.S.-Mexico trade
agreement but is not subject to its shipping restrictions, was applauded by U.S.
sugar users who hoped for short-term
relief to supply concerns, but all agreed
imports will need to be boosted even
more as the increase fell well short of the
domestic sugar shortfall. Since the additional imports will be refined, the sugar
may go directly to distributors and/or
end users rather than cane refiners, providing quicker relief to tight supplies.
The import increase sent domestic raw
sugar futures sharply lower but had little
impact on the cash sugar market as most
beet sugar processors had no sugar to sell
and cane offers were limited. Two beet sellers continued to offer supply but on a limited basis with existing customers getting
top priority. The two sellers who declared
force majeure on Nov. 15, United Sugars
Corp. and the Western Sugar Cooperative,
continued to deliver on October-December

Sweeteners
Delivered basis, cents per lb
42% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

Nov. 29
25@ 25¾
26½@ 27¼
26¾@ 27½
26¼@ 27
27@ 28¾

Year ago
24¾@ 25¾
26¼@ 27¼
26½@ 27½
26@ 27
26¾@ 28¾

55% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

Nov. 29
31¾@ 32¼
33¼@ 33¾
33¼@ 33¾
33@ 33½
33¾@ 35¼

Year ago
30¼@ 31¾
31¾@ 33¼
31¾@ 33¼
31½@ 33
32¼@ 34¾

Regular
corn
syrup3
36.25
38.50
38.50
39.50
40.50

Dextrose
East
40.50@41.50
Midwest 39.50@40.50
West
42.50@43.50
South
41.50@42.50

1-Variations in prices often tied to tank car versus truck deliveries. 2-Prices are the lowest available to the publication. 3-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks

contracts but will have delivery restrictions
of 18% and 15%, respectively, from Jan. 1
through Sept. 30. The lack of beet sugar
was unprecedented.
Cane sugar was said to be still offered in multiple regions at 44c a lb f.o.b.
Sources indicated one cane refiner would
only guarantee offers for 24 hours. Cane
refiners continued to encourage buyers to
book refined cane earlier in the year when
they have more available refining capacity. The government's move to increase refined sugar imports should relieve some
of the stress on cane refining capacity.
Louisiana's sugar cane crop was 61%
harvested as of Nov. 24, slightly ahead of
60% as the 2014-18 average for the date,
the state U.S.D.A. office said. Remaining cane was rated 37% good to excellent, down from 47% a week ago and
far below final ratings of recent years
due to damage from dryness and recent
freezing temperatures. Comments in the
weekly crop update indicated lower cane
tonnage but still consistent sugar content,
suggesting another possible reduction in
cane sugar production was possible in
the U.S.D.A.'s December WASDE report.
The beet harvest was completed but
left significant acreage unharvested, especially in Minnesota and North Dakota, as
has been previously reported. The trade
will continue to wait for adjustments in
the Dec. 10 WASDE with forecasts of still
lower U.S. production and sharply higher
imports from Mexico expected.
Contracting for 2020 corn sweeteners was nearing completion with only a
few small and medium-size buyers yet to
book. Business has been completed mostly
$1 to $2 a cwt above 2019 levels, although
some rollover prices were noted. MBN

100% Pure & Natural Honey
Amber, Light Amber, Extra Light Amber & Organic
Sweetener Supply is proud to participate in SMETA and
is committed to ethical and responsible sourcing.

36 / December 3, 2019

888-SUGAR-99
Sweetenersupply.com
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Milling & Baking News - December 3, 2019

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