Milling & Baking News - April 7, 2020 - 49

n.com

Ingredient Week
Cash Wheat

HARD WINTER. Premiums on hard red
winter wheat in Kansas City were 10¢ a
bu higher to 24¢ lower last week. All adjustments were posted across the bottom
half of the protein scale. The sole gain was
registered at 11.6% protein. Last week's defensive tone carried over from the previous
week, when premiums toppled following
the rally that erupted earlier in the month.
Panic-buying that was evident earlier
in the month has subsided. Mills were
receiving shipments for application
against first-half April contracts. Shippers showed little enthusiasm for loading wheat beyond applications given the
recent slide in wheat prices, but they encountered no urgent demand.
The Wheat Quality Council canceled
its annual hard red winter wheat tour that
had been scheduled for May 4-6 because
of federal social-distancing guidance.
The National Agricultural Statistics
Service of the US Department of Agriculture will resume publication of its weekly national Crop Progress report on April
6. Meanwhile, USDA offices in some key
states updated their states' crop progress
and condition ratings.
Kansas winter wheat was 3% jointed
by March 29 and was rated 7% excellent, 43% good, 38% fair, 9% poor and
3% very poor. The Oklahoma crop was
44% jointed (38% a year ago, 47% as the
five-year average) and was rated 4%
excellent, 66% good, 25% fair, 4% poor
and 1% very poor. Nebraska wheat was
rated 8% excellent, 71% good, 16% fair,
4% poor and 1% very poor.
The USDA indicated March 1 wheat
stocks in the Southwest - Kansas, Oklahoma, Texas, Colorado and Nebraska
- totaled 570.7 million bus, down 12%
from a year ago.
Salina spot wheat bids were 7¢ under KC May; new crop, 15¢ under July.

No. 1 hard winter
Basis Kansas City May, cents per bu
Apr. 3 - Change from -
Premium Mar. 27 Mar. 20
Ordinary 85@ 95 -15 @ -15 -25 @ -25
11%
91@ 101 -24 @ -24 -39 @ -39
11.2% 91@ 101 -24 @ -24 -39 @ -39
11.4% 115@ 125 -5 @ -5 -25 @ -25
11.6% 130@ 140 +10 @ +10 -10 @ -10
11.8% 130@ 140
-
-25 @ -25
12%
140@ 150 -7 @ -7 -15 @ -15
12.2% 140@ 150 -10 @ -10 -15 @ -15
12.4% 155@ 165
-
-5 @ -5
12.6% 155@ 165
-
-5 @ -5
12.8% 155@ 165
-
-5 @ -5
13%
173@ 183
-
-5 @ -5
13.2% 173@ 183
-
-5 @ -5
13.4% 173@ 183
-
-5 @ -5
13.6% 183@ 193
-
-5 @ -5
13.8% 183@ 193
-
-5 @ -5
14%
183@ 193
-
-5 @ -5
bakingbusiness.com / world-grain.com

048_MBN_April7_20.indd 49

Year
ago
127 @ 137
135 @ 145
135 @ 145
135 @ 145
140 @ 150
140 @ 150
141 @ 151
141 @ 151
141 @ 151
150 @ 160
150 @ 160
150 @ 160
150 @ 160
150 @ 160
155 @ 165
155 @ 165
155 @ 165

Hutchinson spot wheat bids were 7¢ under KC May; new crop, 10¢ under July.
Wichita elevator bids for nearby were
7¢ under KC May; new crop, 10¢ under
July. Gulf bids on 12%-protein hard red
winter wheat for nearby were 150¢ over
KC May, 5¢ lower.
HARD SPRING. Premiums on hard red
spring wheat in Minneapolis dropped
20@55¢ a bu last week. Mills received
wheat shipments to apply against April
contracts. Demand for wheat in excess
of what was contracted waned from the
previous few weeks. A veteran spring
wheat merchandiser characterized spot
trading as fitful. "We ran pretty hard to
get shelves refilled and to get domestic
mills supplied," she said. "Mill bins now
are full. They've met their objective."
Farmers who needed to sell before
seasonal road restrictions for cash purposes have done so, she said.
On the basis of a survey of producers,
the USDA projected the area planted to
spring wheat other than durum in 2020
at 12,590,000 acres, down 0.6% from
12,660,000 acres in 2019 but up 2% from
the 2015-19 average. The total forecast
for this year included about 11.9 million
acres forecast for hard red spring wheat.
Spring wheat stocks in storage in the
port cities of Duluth, Minn., and Superior, Wis., on March 29 totaled 20,286,000
bus, up 366,000 bus from a week earlier.
The USDA estimated March 1 wheat
stocks in the key spring wheat states -
North Dakota, South Dakota, Montana

No. 1 hard spring

and Minnesota - at 431.9 million bus,
down 28% from a year ago.
SOFT RED. Mill bids on soft red winter
wheat remained firm and were expected
to remain so up until the new crop harvest.
Supplies of quality 2019 soft red winter
wheat were very tight. The USDA in its
quarterly Grain Stocks report issued March
31 indicated soft red winter wheat stocks in
the key Central states on March 1 totaled
108,730,000 bus, down a whopping 36%
from 169,136,000 bus on March 31, 2019.
St. Louis-area bids on soft red winter
wheat through May were 60¢ over Chicago May; June-July, 45¢ over July. Toledo
mill bids through May were 25¢ over Chicago May. Elevator bids for nearby were
the Chicago May price; new crop, the July
price. Cincinnati elevator was not receiving wheat. Its new crop bid was 25¢ over
Chicago July. Michigan white wheat mill
bids were 40¢ over Chicago May, new crop
20¢ over July; soft red wheat mill bids were
25¢ over May, new crop 5¢ over Chicago
July. Gulf bids on soft red winter wheat for
nearby were 64¢ over Chicago May.
  Soft wheat millers forecast soft red
winter wheat production in 2020 at
284,806,000 bus, up 45,640,000 bus, or
19%, from 239,166,000 bus in 2019. Millers forecast soft white winter wheat
production this year at 192,305,000 bus,
down 9% from 211,702,000 bus in 2019.
Millers projected increased production in all principal regions except the
Midwest, where production was expected to be down slightly from 2019. MBN

Basis Minneapolis May, delivered Chicago\beyond cents
per bu
Apr. 3
- Change from -
Year
Premium Mar. 27
Mar. 20
ago
Ordinary
...
...
...
...
11%
...
...
...
...
12%
...
...
...
...
13%
...
...
...
110
13.5%
105
...
-35 @ -45 105 @ 110
14%
110 @ 120 -20 @ -30 -35 @ -40 105 @ 125
14.5%
...
...
...
100
15%
105 @ 140 -55 @ -40 -50 @ -35 105 @ 140
16%
...
...
...
...
17%
...
...
...
...

Exporter bids and offers

For
shipment

Apr. 3
Bid

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
April
+150 May
160
May
+150 May
160
June
+150 July
155
July
+150 July
160
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
April
+64 May
72
May
+65 May
75
June
+55 July
67
July
+55 July
67

Year ago
bid

+163 May
+163 May
+155 July
+155 July
+85 May
+83 May
+68 July
+68 July

No. 1 hard winter premiums, 12.2%

Basis Kansas City, cents per bu
200
180
160
140
120
100

@

A

140 J

O

J

Cash wheat
Apr. 3 - Change from -
For shipment
Bid Mar. 27 Mar. 20
No. 1 Soft White, Track, Portland
$ per bu
April
6.00
-.16
+.10
May
6.06
-.13
+.06
June
6.10
-.12
+.05
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
April
1.70
-.05
-.05
May
1.70
-.10
-.10
June
1.65
-.10
-.10
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
April
1.35
-.10
-.10
May
1.35
-.10
-.10
June
1.30
-.10
-.05
Milling & Baking News

Year
ago
6.00
6.05
6.05
1.95
1.90
1.80
1.15
1.10
1.08

April 7, 2020 / 49

4/3/2020 3:29:25 PM
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - April 7, 2020

Table of Contents for the Digital Edition of Milling & Baking News - April 7, 2020
