Milling & Baking News - June 16, 2020 - 51

Ingredient Week

Soy Products
Bookings of soy flour were limited
last week. Price adjustments were minor
with soybean meal futures trading sideways a principal consideration.
Major soy flour buyers, including
bakers, earlier covered nearly all their
needs through December. Most activity
comprised filling any unexpected gaps
emerging in pipelines. It was expected
buyers soon will begin extending coverage into 2021. But the market seemed to
be working in their favor, so there was
no sense of urgency.
The US Department of Agriculture
on June 11 projected the carryover of
soybean meal on Oct. 1, 2021, at 400,000
tons, unchanged from the May forecast
and up 25 million tons from the 375 million tons projected for the current year.
The USDA, in its weekly Crop Progress
report, said 86% of the soybean crop in the
18 major producing states was planted by
June 7 compared with 79% as the 2015-19
average for the date. The crop was 67%
emerged versus 61% as the average. The
USDA rated the crop 72% good to excellent, up from 70% a week earlier.
The USDA said net export sales of soybean cake and meal for delivery in 2019-20
in the week ended June 4 totaled 207,900
tonnes, down 63% from a week earlier
and down 15% from the prior four-week
average. Net export sales of soybeans for
delivery in 2019-20 in the same week totaled 1,003,700 tonnes, up noticeably from
the previous week and up 36% from the
prior four-week average. China purchased
337,000 tonnes, and "unknown destinations" purchased 213,200 tonnes. MBN

Corn Products
Sales of corn products were limited

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

-1¼
-1
-2¼
-2¼
-2
-2

+4¼
+4½
+4¼
+4½
+4
+3¾

4.53
4.58¼
4.63½
4.67½
4.68½
4.68

+3½
+2½
+1½
+¼
-2¼
-4¼

+30½
+29
+27¾
+28
+26¾
+24¼

8.96¾
9.03
9.10
9.23½
9.35
9.41

-.10
-.10
-.30
-.10
+.20
+.20

+5.80
+6.40
+6.60
+6.60
+6.60
+6.40

323.50
324.70
326.40
328.10
331.90
333.40

bakingbusiness.com / world-grain.com

Oats
Bookings and shipments of food-grade
oat flakes and other oat products slowed
last week. Nearby prices were unchanged.
Forward pricing was at a discount to the
spot market, but there few new bookings
with most buyers already covered through
September and awaiting the new crop.

The pace of business was said to be
approaching normal for the date after
the especially pressing demand seen
from mid-March to mid-May.
The Canadian crop was nearly completely planted and was said to be in
good condition.
The USDA said 91% of the US oat crop
had emerged by June 7 compared with
94% as the 2015-19 average for the date;
34% of the crop was headed compared
with 36% as the average. The USDA rated
the condition of the crop as 71% good to
excellent, the same as a week earlier. MBN

Rice
Business in milled and industrial rice
continued to slow last week, trending
toward a more normal pace for the time
of year. Most major buyers have contracts extending through June or even
September. Most activity last week involved filling gaps in coverage opened
when buyers drew early from contracts
to meet unusually heavy demand from
mid-March through May.
Arkansas milled rice prices as quoted
by the US Department of Agriculture
were unchanged, but world rice prices
as quoted by the USDA edged higher.
The USDA said 95% of the nation's
rice crop was planted by May 7 (98%
as the recent five-year average for the
date) and emergence was at 88% (93%).
The USDA rated the crop as 70% good
to excellent compared with 69% a week
earlier and 61% a year ago.
The USDA said that during the week
ended June 4 there was a net export
sales reduction totaling 17,500 tonnes
for rice for delivery in 2019-20 as a large
Nicaraguan purchase was shifted to
delivery in the 2020-21 marketing year. MBN

Soy products

- Change from - Year
June 12 June 5 May 29 ago
3.30
3.34½
3.43
3.54¾
3.61¼
3.66¼
$ per bu
8.71¼
8.72½
8.73¼
8.79¾
8.82¼
8.77½
$ per ton
289.00
291.40
293.30
295.00
298.40
299.30

last week. Price adjustments were slim.
Corn futures remained rangebound and
weak, but the corn basis rose as ethanol
plants reopened and provided increased
competition to mills and other buyers for
the corn being offered.
Corn mills indicated the pace of operations has slowed sharply since April
and may be even a bit slower than what
would be considered average for the date.
Foodservice demand has increased,
but sales of corn products to grocery outlets have declined from the frenetic pace
seen in late March and April and the still
strong pace in the first half of May.
The USDA forecast the carryover of
corn on Sept. 1, 2021, at 3,323 million
bus, up 5 million bus from the May projection and up a whopping 58% from a
projected 2,103 million bus in 2020.
The USDA said 97% of the corn crop
in the 18 principal producing states was
planted by June 7 compared with 94% as
the five-year average for the date. The
crop was 89% emerged versus 84% as the
average. The crop was rated 75% good
to excellent compared with 74% a week
earlier and 59% a year ago.
The USDA indicated net export sales
of corn for delivery in 2019-20 in the
week ended June 4 totaled 660,700
tonnes, up 4% from the previous week
but down 12% from the prior four-week
average. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 12
June 5
May 29
Soy ﬂour
Bulk
32.25 @ 33.25
-
+.30 @+.30
Sacked
34.25 @ 35.25
-
+.30 @+.30

Rice
Oﬀers f.o.b. mills, $ per cwt, bagged

- Change from - Year
Cash
June 12
June 5 May 29 ago
Long grain
28.50@31.00
-
- 23.25
Medium grain 32.00@33.50
-
-0.50 30.00
Parboiled
30.50@34.00
-
-1.50 26.00
Second
Corn meal
heads, bulk 18.75@21.00
-
- 18.00
$ per cwt
15.50@19.50
-
- 15.50
- Change from - Brewers
June 12
June 5
May 29 f.o.b. mills, $ per ton
40.00
-
- 40.00
Chicago, bulk
14.01@ 14.26 -.02@-.02 .12@.12 Rice millfeed
80.00@105.00
- -10.00 75.00
Chicago, sacked 15.78@ 16.03 -.02@-.02 .12@.12 Rice bran
5.00
-5.00
-5.00 10.00
New York, bulk 15.68@ 15.93 -.02@-.02 .12@.12 Rice hulls
New York, sacked 18.10@ 18.35 -.02@-.02 .12@.12 USDA world price milled - $ per cwt
Long grain
17.52
+0.10
-0.25 13.04
Oats
Medium/short
- Change from - grain
17.17
+0.09
-0.26 12.55
Midwest
June 12
June 5 May 29 Broken
11.11
+0.06
-0.16
7.87
Food grade ﬂakes, f.o.b.,
CBOT rough rice futures - $ per cwt
bagged, $ per cwt
29.25@29.75
-
-
July
16.06½
-4.50
-1.15 11.64
Milling quality oats, No. 2 heavy,
September
11.95
-0.59
-0.46 11.96
$ per bu
3.67
-11¼c
-7¼c
November
11.81½
-0.33½ -0.20½ 11.98
Oat hulls, $ per ton
25@35
-
-
January
12.00
-0.35 -0.22½ 12.11
Milling & Baking News

June 16, 2020 / 51
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - June 16, 2020

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