Milling & Baking News - February 11, 2020 - 35

Ingredient Week

Soy Products
Bookings of soy flour were limited last
week. Prices were lowered.
Most bookings comprised fill-ins. Major soy flour users earlier booked most of
their needs through June, and individual
buyers have covered a portion of their
needs through September. Some processors fielded increased inquiry, but most
of their supply was committed to fulfilling contracts with current customers.
Soybean meal futures set new contract lows and did not participate in the
bounce seen in the rest of the soy complex
from recent lows set at last week's outset.
The U.S. Department of Agriculture
indicated 185 million bus (5.54 million
tons) of soybeans were crushed for oil in
December 2019 compared with 175 million bus (5.24 million tons) in November
2019 and 184 million bus (5.51 million
tons) in December 2018. Soybean cake
and meal produced in December totaled
4,062,9290 tons, up 5% from November
and up 1% from December 2018. Of
the December cake and meal production, 49,880 tons were for edible protein
products compared with 42,606 tons in
November 2019 and 45,310 tons in December 2018.
The U.S.D.A. indicated net export
sales of soybean meal for delivery in
2019-20 during the week ended Jan. 30
totaled 212,700 tonnes, down 52% from
the previous week and down 44% from
the prior four-week average. Net export
sales of soybeans for delivery in the current crop year during the same week
totaled 703,800 tonnes, up 76% from the
previous week and up 29% from the prior
four-week average. China was not among
the buyers of U.S. soybeans for the week;
Egypt made the largest purchase.

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

+2¼
+2
+1¼
+1¾
+3¼
+2¼

-3¾
-4¼
-5½
-6¼
-4¼
-5

3.74¼
3.82¼
3.90
3.93½
3.99¼
4.08¾

+9½
+8¼
+7½
+7
+6¾
+6¼

-20
-20¾
-21½
-21¾
-21
-20¼

9.14½
9.28¾
9.42¼
9.47¾
9.50¼
9.57

-1.70
-1.10
-.90
-1.10
-1.20
-1.50

-9.00
-7.30
-6.30
-6.10
-6.10
-5.90

306.10
310.10
314.00
315.70
317.30
318.10

bakingbusiness.com / world-grain.com

Corn Products
Bookings and sales of corn products
were limited last week. Price adjustments were minor.
Individual buyers booked the remainder of their prospective needs through
June. Coverage ran the gamut. Some
buyers were covered through March;
others had contract balances extending
through June or even beyond.
Demand from snack food manufacturers continued to exceed expectations
for the time of year, and corn flour sales
continued to increase in advance of
Lent, which begins Feb. 26. Demand for
flaking grits from cold breakfast cereal
manufacturers remained steady. Sales of
brewer's grits were limited as were muffin mixes and other items.
Corn futures edged higher but continued
to trade within the 23c-a-bu trading range
that has prevailed since mid-December.
Corn mill operations were expected to
slow seasonally in the next few weeks.
The U.S. Department of Agriculture
said net export sales of corn for delivery in
2019-20 in the week ended Jan. 30 totaled
1,247,800 tonnes, up 1% from a week earlier and up 57% from the four-week average; Mexico was the largest buyer. MBN

Oats
Bookings of food-grade oat flakes and
other oats products were light. Prices
were unchanged.
Most users of food grade oat flakes
and other oats-based products have
covered their needs through March and
continued to extend contract balances

further into the second quarter of 2020.
Oats futures closed slightly lower but
continued to trade within the recent narrow range.
Statistics Canada estimated Canadian
Dec. 31, 2019, oats stocks at 2,671,000
tonnes, up 11% from 2,406,000 tonnes a
year earlier and compared with 2,883,000
tonnes in December 2017. Statistics Canada commented, "Both on-farm stocks
(+9%) and commercial stocks (+30.9%)
contributed to the increase." MBN

Rice
Business in whole grain milled and industrial rice was limited last week. Most
buyers earlier booked supply through
March and were extending contract balances into April-June. In some instances,
buyers extended coverage into July-September, which ensured their pipelines
would be adequate until new crop supply becomes available. The same buying
pattern held true for buyers of brokens,
extruded rice and rice flour.
Arkansas milled rice prices as quoted
by the U.S. Department of Agriculture
were unchanged. World rice prices as
quoted by the U.S.D.A. declined, marking a pause if not an end to an upward
trend that began in November 2019.
At the same time, market prices of rice
were said to be firm or even strengthening. The higher pricing failed to curb
either domestic or export demand. Supplies will be tight by the end of the crop
year, and rice millers expect growers to
increase area planted to rice this spring.
The U.S.D.A. said net export sales of rice
for delivery in 2019-20 during the week
ended Jan. 30 totaled 76,300 tonnes, up
noticeably from the previous week and up
74% from the prior four-week average. MBN

Rice

Soy products

- Change from - Year
Feb. 7 Jan. 31 Jan. 24
ago
3.83½
3.88½
3.92¼
3.89½
3.94
4.02¾
$ per bu
8.82
8.95
9.08
9.12½
9.13¼
9.18½
$ per ton
289.30
295.20
300.50
302.20
303.40
304.20

With the end of Lunar New Year, China importers purchased up to 1.3 million
tonnes of soybeans from Brazil. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Feb. 7
Jan. 31
Jan. 24
Soy ﬂour
Bulk
32.70 @ 33.70 -.10@ -.10 -.45 @ -.45
Sacked
34.70 @ 35.70 -.10@ -.10 -.45 @ -.45

Corn meal
$ per cwt
Feb. 7
Chicago, bulk
15.01@ 15.26
Chicago, sacked 16.78@ 17.03
New York, bulk 16.68@ 16.93
New York, sacked 19.10@ 19.35

- Change from -
Jan. 31
Jan. 24
.04@.04 -.08@-.08
.04@.04 -.08@-.08
.04@.04 -.08@-.08
.04@.04 -.08@-.08

Oats
- Change from -
Midwest
Feb. 7
Jan. 31 Jan. 24
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
29.10@29.60
-
-
Milling quality oats, No. 2 heavy,
$ per bu
3.53
-¾c
-¼c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Feb. 7
Jan. 31 Jan. 24 ago
Long grain
25.25@26.00
-
- 23.00
Medium grain
32.00
-
- 30.00
Parboiled
28.00
-
- 26.00
Second
heads, bulk 18.00@19.25
-
- 16.50
Brewers
15.50@17.50
-
- 14.00
f.o.b. mills, $ per ton
Rice millfeed
40.00
-
- 40.00
Rice bran
110.00@120.00 +10
+10 90.00
Rice hulls
25.00
-
-
5.00
U.S.D.A. world price milled - $ per cwt
Long grain
14.82
-0.21
-0.1 13.20
Medium/short
grain
14.52
-0.15
-0.07 12.89
Broken
9.40
+0.33 +0.40
7.96
C.B.O.T. rough rice futures - $ per cwt
March
13.61½
0.00½ +0.03 10.36½
May
13.80½ +0.03½ +0.13 10.57
July
13.60½
+0.04 +0.12 10.73
September
12.19½ +0.02½
- 10.72½
Milling & Baking News

February 11, 2020 / 35

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

Milling & Baking News - February 11, 2020

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