Milling & Baking News - June 16, 2020 - 32

ACR
Y

LAM

IDE

RED

WEBINAR 2020

UCT

ION

┬ęTIMMARY - STOCK.ADOBE.COM

Wheat futures seen slipping on
COVID-19 and trade tensions

Where Quality, Innovation and
good people are in the MIX

Continued from Page 1

C ERTIF I E D

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32www.kbingredients.com
/ June 16, 2020
Milling & Baking News

World wheat ending stocks

US all-wheat production

2010-11 2012-13 2014-15 2016-17 2018-19 2020-21
Source: US Department of Agriculture

*May forecast

wheat production, supplies, use and
trade in 2020-21.
The recent correlation between Russian
wheat prices and Chicago wheat futures
most likely would continue, Mr. Freed
said. Russia was projected in the WASDE
report to be the leading world wheat exporter at 35 million tonnes. With a huge
exportable supply, Russian wheat export
prices often fall to levels that exclude US
wheat from competing in some key export markets for much if not most of a
given marketing year.
US markets will monitor Russia's
weather and export potential. Analysts
have growing confidence Russia will produce a larger crop in 2020 due to recent
record-high domestic wheat prices in the
Black Sea country.
Export competition from Australia also
was expected to weigh on demand for
US wheat as that country's 2020-21 crop
expands to a forecast 24 million tonnes
from 15 million tonnes in 2019-20.

1,866*

1,920

1,885

1,741

2,309

2,062

2,026

2,135

2,252

1,993

2,163

310.1*

295.1

279.4

284.1

263.0

245.0

222.8

197.7

179.5

199.4

million bus

million tonnes

* Mixes, Blends, Bases
* Dough Conditioners, Shelf Life
Extenders, Mold Inhibitors
* Toll Blending and Mixing Services
* Vital Wheat Gluten
* Acrylamide Reduction
* Palm Shortening (RSPO)
* Liquid Sweeteners
- Tankers, Totes, Drums & Pails
* Baking Powders, NGMO, Alum Free

The USDA in May projected US allwheat production in 2020 at 1,866 million bus, down 54 million bus, or 3%,
from 1,920 million bus in 2019. However,
expectations for a smaller crop in the
United States may be more than offset by
the heavy world supply when it comes to
futures direction.
For Kansas City wheat futures, Mr.
Freed forecast a downtrend after September through 2021 barring a significant
weather problem or major demand changes. He pegged US hard red winter production at 730 million bus, down 12% from
833 million bus in 2019.
As for Kansas City hard red wheat premiums, Mr. Freed said a couple of factors

199.2

Clean Label, NGMO, Organic

commodities, increased corn and wheat
supplies and increased trade tensions between the United States and China, the
world's top two economies.
Looking ahead, record global wheat
supplies were expected to continue to
weigh on world and US wheat prices,
Mr. Freed said.
The US Department of Agriculture,
in its May World Agricultural Supply
and Demand Estimates report, forecast
world wheat ending stocks in 2020-21
at a record 310.12 million tonnes, up 15
million tonnes from an estimated 295.12
tonnes in 2019-21, the current record.
The USDA also forecast record world

'10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Source: US Department of Agriculture

*May forecast

will be in the mix. First, expectations were
that producers would sell off most soybean and wheat stocks to clear as much
space as possible to store corn. Secondly,
if average protein levels don't measure up
to expectations and hover near last year's
averages, the basis may firm up in compensation. The market was hoping average protein would rise to around 12%, but
early harvest results suggest the average
might be closer to 11.5% protein.
Soft red winter wheat futures were
expected to trend lower, Mr. Freed said,
based on a larger supply - 300 million bus
in 2020-21 versus 239 million in 2019-20 -
concurrent with lower export demand.
Spring wheat futures, too, were expected
to decline as production increases to a forecast 540 million bus from 522 million bus
in 2019, Mr. Freed said. If that happens, the
Minneapolis basis may remain relatively
strong over the next six months, as spring
wheat producers are historically "good
holders of supply," Mr. Freed said. MBN
bakingbusiness.com / world-grain.com


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Milling & Baking News - June 16, 2020

Table of Contents for the Digital Edition of Milling & Baking News - June 16, 2020

Milling & Baking News - June 16, 2020 - 1
Milling & Baking News - June 16, 2020 - 1
Milling & Baking News - June 16, 2020 - 2
Milling & Baking News - June 16, 2020 - 3
Milling & Baking News - June 16, 2020 - 4
Milling & Baking News - June 16, 2020 - 5
Milling & Baking News - June 16, 2020 - 6
Milling & Baking News - June 16, 2020 - 7
Milling & Baking News - June 16, 2020 - 8
Milling & Baking News - June 16, 2020 - 9
Milling & Baking News - June 16, 2020 - 10
Milling & Baking News - June 16, 2020 - 11
Milling & Baking News - June 16, 2020 - 12
Milling & Baking News - June 16, 2020 - 13
Milling & Baking News - June 16, 2020 - 14
Milling & Baking News - June 16, 2020 - 15
Milling & Baking News - June 16, 2020 - 16
Milling & Baking News - June 16, 2020 - 17
Milling & Baking News - June 16, 2020 - 18
Milling & Baking News - June 16, 2020 - 19
Milling & Baking News - June 16, 2020 - 20
Milling & Baking News - June 16, 2020 - 21
Milling & Baking News - June 16, 2020 - 22
Milling & Baking News - June 16, 2020 - 23
Milling & Baking News - June 16, 2020 - 24
Milling & Baking News - June 16, 2020 - 25
Milling & Baking News - June 16, 2020 - 26
Milling & Baking News - June 16, 2020 - 27
Milling & Baking News - June 16, 2020 - 28
Milling & Baking News - June 16, 2020 - 29
Milling & Baking News - June 16, 2020 - 30
Milling & Baking News - June 16, 2020 - 31
Milling & Baking News - June 16, 2020 - 32
Milling & Baking News - June 16, 2020 - 33
Milling & Baking News - June 16, 2020 - 34
Milling & Baking News - June 16, 2020 - 35
Milling & Baking News - June 16, 2020 - 36
Milling & Baking News - June 16, 2020 - 37
Milling & Baking News - June 16, 2020 - 38
Milling & Baking News - June 16, 2020 - 39
Milling & Baking News - June 16, 2020 - 40
Milling & Baking News - June 16, 2020 - 41
Milling & Baking News - June 16, 2020 - 42
Milling & Baking News - June 16, 2020 - 43
Milling & Baking News - June 16, 2020 - 44
Milling & Baking News - June 16, 2020 - 45
Milling & Baking News - June 16, 2020 - 46
Milling & Baking News - June 16, 2020 - 47
Milling & Baking News - June 16, 2020 - 48
Milling & Baking News - June 16, 2020 - 49
Milling & Baking News - June 16, 2020 - 50
Milling & Baking News - June 16, 2020 - 51
Milling & Baking News - June 16, 2020 - 52
Milling & Baking News - June 16, 2020 - 53
Milling & Baking News - June 16, 2020 - 54
Milling & Baking News - June 16, 2020 - 55
Milling & Baking News - June 16, 2020 - 56
Milling & Baking News - June 16, 2020 - 57
Milling & Baking News - June 16, 2020 - 58
Milling & Baking News - June 16, 2020 - 59
Milling & Baking News - June 16, 2020 - 60
Milling & Baking News - June 16, 2020 - 61
Milling & Baking News - June 16, 2020 - 62
Milling & Baking News - June 16, 2020 - 63
Milling & Baking News - June 16, 2020 - 64
https://www.nxtbook.com/sosland/mbn/2020_06_30
https://www.nxtbook.com/sosland/mbn/2020_06_16
https://www.nxtbook.com/sosland/mbn/2020_06_02
https://www.nxtbook.com/sosland/mbn/2020_05_19
https://www.nxtbook.com/sosland/mbn/2020_05_05
https://www.nxtbook.com/sosland/mbn/2020_04_21
https://www.nxtbook.com/sosland/mbn/2020_04_07
https://www.nxtbook.com/sosland/mbn/2020_03_24
https://www.nxtbook.com/sosland/mbn/2020_03_10
https://www.nxtbook.com/sosland/mbn/2020_02_25
https://www.nxtbook.com/sosland/mbn/2020_02_11
https://www.nxtbook.com/sosland/mbn/2020_01_28
https://www.nxtbook.com/sosland/mbn/2020_01_14
https://www.nxtbook.com/sosland/mbn/2019_12_31
https://www.nxtbook.com/sosland/mbn/2019_12_17
https://www.nxtbook.com/sosland/mbn/2019_12_03
https://www.nxtbook.com/sosland/mbn/2019_11_19
https://www.nxtbook.com/sosland/mbn/2019_11_05
https://www.nxtbook.com/sosland/mbn/2019_10_22
https://www.nxtbook.com/sosland/mbn/2019_10_08
https://www.nxtbook.com/sosland/mbn/2019_09_24
https://www.nxtbook.com/sosland/mbn/2019_09_10
https://www.nxtbook.com/sosland/mbn/2019_08_27
https://www.nxtbook.com/sosland/mbn/2019_08_13
https://www.nxtbook.com/sosland/mbn/2019_07_30
https://www.nxtbook.com/sosland/mbn/2019_07_16
https://www.nxtbook.com/sosland/mbn/2019_07_02
https://www.nxtbook.com/sosland/mbn/2019_06_18
https://www.nxtbook.com/sosland/mbn/2019_06_04
https://www.nxtbook.com/sosland/mbn/2019_05_21
https://www.nxtbook.com/sosland/mbn/2019_05_07
https://www.nxtbook.com/sosland/mbn/2019_04_23
https://www.nxtbook.com/sosland/mbn/2019_04_09
https://www.nxtbook.com/sosland/mbn/2019_03_26
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_03_12
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_26
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_12
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_29
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_15
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_01
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_18
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_04
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_20
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_06
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_10_23
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_10_09
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_09_25
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_09_11
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_08_24
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_08_14
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_31
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_17
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_03
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_06_19
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_06_05
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_05_22
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_05_08
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_04_24
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_04_10
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_03_27
https://www.nxtbook.com/sosland/mbn/2018_03_13
https://www.nxtbook.com/sosland/mbn/2018_02_27
https://www.nxtbook.com/sosland/mbn/2018_02_13
https://www.nxtbook.com/sosland/mbn/2018_01_30
https://www.nxtbook.com/sosland/mbn/2018_01_16
https://www.nxtbook.com/sosland/mbn/2018_01_02
https://www.nxtbook.com/sosland/mbn/2017_12_19
https://www.nxtbook.com/sosland/mbn/2017_12_05
https://www.nxtbook.com/sosland/mbn/2017_11_21
https://www.nxtbook.com/sosland/mbn/2017_11_07
https://www.nxtbook.com/sosland/mbn/2017_10_24
https://www.nxtbook.com/sosland/mbn/2017_10_10
https://www.nxtbook.com/sosland/mbn/2017_09_26
https://www.nxtbook.com/sosland/mbn/2017_09_12
https://www.nxtbook.com/sosland/mbn/2017_08_29
https://www.nxtbook.com/sosland/mbn/2017_08_15
https://www.nxtbook.com/sosland/mbn/2017_08_01
https://www.nxtbook.com/sosland/mbn/2017_07_18
https://www.nxtbook.com/sosland/mbn/2017_07_04
https://www.nxtbook.com/sosland/mbn/2017_06_20
https://www.nxtbook.com/sosland/mbn/2017_06_06
https://www.nxtbook.com/sosland/mbn/2017_05_23
https://www.nxtbook.com/sosland/mbn/2017_05_09
https://www.nxtbook.com/sosland/mbn/2017_04_25
https://www.nxtbook.com/sosland/mbn/2017_04_11
https://www.nxtbook.com/sosland/mbn/2017_03_28
https://www.nxtbook.com/sosland/mbn/2017_03_14
https://www.nxtbook.com/sosland/mbn/2017_02_28
https://www.nxtbook.com/sosland/mbn/2017_02_14
https://www.nxtbook.com/sosland/mbn/2017_01_31
https://www.nxtbook.com/sosland/mbn/2017_01_17
https://www.nxtbook.com/sosland/mbn/2017_01_03
https://www.nxtbook.com/sosland/mbn/2016_12_20
https://www.nxtbook.com/sosland/mbn/2016_12_06
https://www.nxtbook.com/sosland/mbn/2016_11_22
https://www.nxtbook.com/sosland/mbn/2016_11_08
https://www.nxtbook.com/sosland/mbn/2016_10_25
https://www.nxtbook.com/sosland/mbn/2016_10_11
https://www.nxtbook.com/sosland/mbn/2016_09_27
https://www.nxtbook.com/sosland/mbn/2016_09_13
https://www.nxtbook.com/sosland/mbn/2016_08_30
https://www.nxtbook.com/sosland/mbn/2016_08_16
https://www.nxtbook.com/sosland/mbn/2016_08_02
https://www.nxtbook.com/sosland/mbn/2016_07_19
https://www.nxtbook.com/sosland/mbn/2016_07_05
https://www.nxtbook.com/sosland/mbn/2016_06_21
https://www.nxtbook.com/sosland/mbn/2016_06_07
https://www.nxtbook.com/sosland/mbn/2016_05_24
https://www.nxtbook.com/sosland/mbn/2016_05_10
https://www.nxtbook.com/sosland/mbn/2016_04_26
https://www.nxtbook.com/sosland/mbn/2016_04_12
https://www.nxtbook.com/sosland/mbn/2016_03_29
https://www.nxtbook.com/sosland/mbn/2016_03_15
https://www.nxtbook.com/sosland/mbn/2016_03_01
https://www.nxtbook.com/sosland/mbn/2016_02_16
https://www.nxtbook.com/sosland/mbn/2016_02_02
https://www.nxtbook.com/sosland/mbn/2016_01_19
https://www.nxtbook.com/sosland/mbn/2016_01_05
https://www.nxtbook.com/sosland/mbn/2015_12_22
https://www.nxtbook.com/sosland/mbn/2015_12_08
https://www.nxtbook.com/sosland/mbn/2015_11_24
https://www.nxtbook.com/sosland/mbn/2015_11_10
https://www.nxtbook.com/sosland/mbn/2015_10_27
https://www.nxtbook.com/sosland/mbn/2015_10_13
https://www.nxtbook.com/sosland/mbn/2015_09_29
https://www.nxtbook.com/sosland/mbn/2015_09_15
https://www.nxtbook.com/sosland/mbn/2015_09_01
https://www.nxtbook.com/sosland/mbn/2015_08_18
https://www.nxtbook.com/sosland/mbn/2015_08_04
https://www.nxtbook.com/sosland/mbn/2015_07_21
https://www.nxtbook.com/sosland/mbn/2015_07_07
https://www.nxtbook.com/sosland/mbn/2015_06_23
https://www.nxtbook.com/sosland/mbn/2015_06_09
https://www.nxtbook.com/sosland/mbn/2015_05_26
https://www.nxtbook.com/sosland/mbn/2015_05_12
https://www.nxtbook.com/sosland/mbn/2015_04_28
https://www.nxtbook.com/sosland/mbn/2015_04_014
https://www.nxtbook.com/sosland/mbn/2015_03_31
https://www.nxtbook.com/sosland/mbn/2015_03_17
https://www.nxtbook.com/sosland/mbn/mbn/2015_03__03
https://www.nxtbook.com/sosland/mbn/2015_02_17
https://www.nxtbook.com/sosland/mbn/2015_02_03
https://www.nxtbook.com/sosland/mbn/2015_01_20
https://www.nxtbook.com/sosland/mbn/2015_01_06
https://www.nxtbook.com/sosland/mbn/2014_12_23
https://www.nxtbook.com/sosland/mbn/2014_12_09
https://www.nxtbook.com/sosland/mbn/mbn_2014_11_25
https://www.nxtbook.com/sosland/mbn/2014_11_11
https://www.nxtbook.com/sosland/mbn/2014_10_28
https://www.nxtbook.com/sosland/mbn/2014_10_14
https://www.nxtbook.com/sosland/mbn/2014_09_30
https://www.nxtbook.com/sosland/mbn/2014_09_16
https://www.nxtbook.com/sosland/mbn/2014_09_02
https://www.nxtbook.com/sosland/mbn/214_08_19
https://www.nxtbook.com/sosland/mbn/2014_08_01
https://www.nxtbook.com/sosland/mbn/2014_07_22
https://www.nxtbook.com/sosland/mbn/2014_07_08
https://www.nxtbook.com/sosland/mbn/2014_06_24
https://www.nxtbook.com/sosland/mbn/2014_06_10
https://www.nxtbook.com/sosland/mbn/2014_05_27
https://www.nxtbook.com/sosland/mbn/2014_05_13
https://www.nxtbook.com/sosland/mbn/2014_04_29
https://www.nxtbook.com/sosland/mbn/2014_04_15
https://www.nxtbook.com/sosland/mbn/2014_04_01
https://www.nxtbook.com/sosland/mbn/2014_03_18
https://www.nxtbook.com/sosland/mbn/2014_03_04
https://www.nxtbook.com/sosland/mbn/2014_02_18
https://www.nxtbook.com/sosland/mbn/2014_02_04
https://www.nxtbook.com/sosland/mbn/2014_01_21
https://www.nxtbook.com/sosland/mbn/2014_01_07
https://www.nxtbook.com/sosland/mbn/2013_12_24
https://www.nxtbook.com/sosland/mbn/2013_12_10
https://www.nxtbook.com/sosland/mbn/2013_11_26
https://www.nxtbook.com/sosland/mbn/2013_11_12
https://www.nxtbook.com/sosland/mbn/2013_10_29
https://www.nxtbook.com/sosland/mbn/2013_10_15
https://www.nxtbook.com/sosland/mbn/2013_10_01
https://www.nxtbook.com/sosland/mbn/2013_09_17
https://www.nxtbook.com/sosland/mbn/2013_09_03
https://www.nxtbook.com/sosland/mbn/2013_08_20
https://www.nxtbook.com/sosland/mbn/2013_08-06
https://www.nxtbook.com/sosland/mbn/2013_07_23
https://www.nxtbook.com/sosland/mbn/2013_07_09
https://www.nxtbook.com/sosland/mbn/2013_06_25
https://www.nxtbook.com/sosland/mbn/2013_06_11
https://www.nxtbook.com/sosland/mbn/2013_05_28
https://www.nxtbook.com/sosland/mbn/2013_05_14
https://www.nxtbook.com/sosland/mbn/2013_04_30
https://www.nxtbook.com/sosland/mbn/2013_04_16
https://www.nxtbook.com/sosland/mbn/2013_04_02
https://www.nxtbook.com/sosland/mbn/2013_03_19
https://www.nxtbook.com/sosland/mbn/2013_03_05
https://www.nxtbook.com/sosland/mbn/2013_02_19
https://www.nxtbook.com/sosland/mbn/2013_02_05
https://www.nxtbook.com/sosland/mbn/2013_01_22
https://www.nxtbook.com/sosland/mbn/2013_01_08
https://www.nxtbook.com/sosland/mbn/2012_12_25
https://www.nxtbook.com/sosland/mbn/2012_12_11
https://www.nxtbook.com/sosland/mbn/2012_11_27
https://www.nxtbook.com/sosland/mbn/2012_11_13
https://www.nxtbook.com/sosland/mbn/2012_10_30
https://www.nxtbook.com/sosland/mbn/2012_10_16
https://www.nxtbook.com/sosland/mbn/2012_10_02
https://www.nxtbook.com/sosland/mbn/2012_09_18
https://www.nxtbook.com/sosland/mbn/2012_09_04
https://www.nxtbook.com/sosland/mbn/2012_08_21
https://www.nxtbook.com/sosland/mbn/2012_08_07
https://www.nxtbook.com/sosland/mbn/2012_07_24
https://www.nxtbook.com/sosland/mbn/2012_07_10
https://www.nxtbook.com/sosland/mbn/2012_06_26
https://www.nxtbook.com/sosland/mbn/2012_06_12
https://www.nxtbook.com/sosland/mbn/2012_05_29
https://www.nxtbook.com/sosland/mbn/2012_05_15
https://www.nxtbook.com/sosland/mbn/2012_05_01
https://www.nxtbook.com/sosland/mbn/2012_04_17
https://www.nxtbook.com/sosland/mbn/2012_04_03
https://www.nxtbook.com/sosland/mbn/2012_03_20
https://www.nxtbook.com/sosland/mbn/2012_03_06
https://www.nxtbook.com/sosland/mbn/2012_02_21
https://www.nxtbook.com/sosland/mbn/2012_02_07
https://www.nxtbook.com/sosland/mbn/2012_01_24
https://www.nxtbook.com/sosland/mbn/2012_01_10
https://www.nxtbook.com/sosland/mbn/2011_12_27
https://www.nxtbook.com/sosland/mbn/2011_12_13
https://www.nxtbook.com/sosland/mbn/2011_11_29
https://www.nxtbook.com/sosland/mbn/2011_11_15
https://www.nxtbook.com/sosland/mbn/2011_11_01
https://www.nxtbook.com/sosland/mbn/2011_10_18
https://www.nxtbook.com/sosland/mbn/2011_10_04
https://www.nxtbook.com/sosland/mbn/2011_09_20
https://www.nxtbook.com/sosland/mbn/2011_09_06
https://www.nxtbook.com/sosland/mbn/2011_08_23
https://www.nxtbook.com/sosland/mbn/2011_08_09
https://www.nxtbook.com/sosland/mbn/2011_07_26
https://www.nxtbook.com/sosland/mbn/2011_07_12
https://www.nxtbook.com/sosland/mbn/2011_06_28
https://www.nxtbook.com/sosland/mbn/2011_06_14
https://www.nxtbook.com/sosland/mbn/2011_05_31
https://www.nxtbook.com/sosland/mbn/2011_05_17
https://www.nxtbook.com/sosland/mbn/2011_05_03
https://www.nxtbook.com/sosland/mbn/2011_04_19
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