Milling & Baking News - November 3, 2020 - 36

Ingredient Week

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
2020-21
Oct. 30
Oct. 23 Oct. 16
Midwest beet 36.50 @ 37.00
-
-
Paciﬁc beet
37.00 @ 40.00
-
-
Northeast cane*
41.00
-
-

Year
ago
35.00
41.00
39.00

*Delivered **Spot raw plus 7% plus 10.2¢ with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
- Change from -
Oct. 30 Oct. 23 Oct. 16
Nearby
28.05
+.30
+.70
December
28.05
+.30
+.70
January-March
28.03
+.30
+.58
April-June
28.45
+.40
+.90
July-September
28.28
+.33
+.58
October-December 27.65
+.20
+.30

Year
ago
26.82
26.82
26.85
27.00
27.10
26.85

ICE No. 11 raw sugar futures
cents per lb
16.00
15.00
14.00
13.00
12.00
11.00
10.00
9.00
O

Bulk refined sugar prices last week were
firm amid tight nearby supplies as another
hurricane hit the Gulf Coast. Contracting
of 2021 corn sweeteners remained slow.
Beet sugar still was officially offered
at 36.50¢ f.o.b. Midwest but was said to
be selling near 37¢. Michigan beet sugar
held firm at 39¢ a lb f.o.b. One major seller remained withdrawn from the market
pending further beet harvest progress,
while others were selling on a "selective"
basis - mainly taking care of existing
customers but not seeking new business.
The beet harvest in the four largest
growing states was an aggregate 89% completed as of Oct. 25, far ahead of 53% a year
ago and 75% as the 2015-19 average for the
date, the US Department of Agriculture
said. The harvest in the key Red River Valley was completed a couple of weeks ago
just ahead of the arrival of wintry weather.
Smaller beets due to dry weather during the growing season resulting in lower
beet tonnage indicated 2020-21 beet sugar
production may not be as high as earlier
expected or as forecast by the USDA.
Bulk refined cane sugar prices also were
firm. January-September 2021 was offered at 41¢ a lb f.o.b. in the Northeast and

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

Oct. 30
Year ago
25½@ 26
25@ 25¾
27@ 27½ 26½@ 27¼
27¼@ 27¾ 26¾@ 27½
26¾@ 27¼ 26¼@ 27
27½@ 28¾ 27@ 28¾

55% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

Oct. 30
32¾@ 33¾
34¼@ 35¼
34¼@ 35¼
34@ 35
34¾@ 35¾

Year ago
31¾@ 32¼
33¼@ 33¾
33¼@ 33¾
33@ 33½
33¾@ 35¼

Regular
corn
syrup3
37.25
39.50
39.50
40.50
41.50

Dextrose
East
42.00@42.50
Midwest 41.00@41.50
West
44.00@44.50
South
43.00@43.50

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

West Coast. Southeast cane was at 38.50¢
to 39.50¢ a lb f.o.b., and Gulf cane was at
38¢ to 39.50¢ a lb f.o.b. Cane refiners were
mostly sold out for November-December
2020, though one major refiner still offered sugar at 44¢ a lb f.o.b. in all regions.
Cane refiners also were well sold for the
January-September period of 2020-21.
Sugarcane was 27% harvested in Louisiana as of Oct. 25, slightly behind 29%
both last year and as the five-year average pace, the USDA state office said.
Hurricane Zeta made landfall last
week as a category 2 storm a bit farther
east than Laura and Delta, mostly affecting New Orleans and Alabama. The
Domino Sugar refinery in Chalmette, La.,
was shut down on Wednesday as a precaution ahead of the storm but reopened
on Friday. The refinery has been taken
down as a precaution for all three recent
hurricanes, and suffered a fire when operations were started back up on Aug. 27
after Laura. The plant still was running
below pre-hurricane output. Reduced
sugar production from the Chalmette refinery contributed to already tight sugar
supplies in the final quarter of 2020.
Negotiations for 2021 corn sweetener
contracts continued to move slowly but
varied between refiners. Most contracting of high-fructose corn syrup, glucose
and dextrose has been at rollover prices
from 2020. Traders expected contracting
will drag on until yearend. After indications of price weakness in August, pricing has firmed amid lower corn production estimates and sharp gains in corn
futures, although corn prices took a step
back last week amid the broad market
selloff prompted by the rising number of
coronavirus cases. MBN

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36 / November 3, 2020

Milling & Baking News

bakingbusiness.com / world-grain.com

http://www.honey.com

Milling & Baking News - November 3, 2020

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