Milling & Baking News - December 15, 2020 - 43

Ingredient Week

Soy Products

carryover since 92 million bus in 2014. MBN

Bookings of soy flour were steady last
week. Prices were lowered with declining
soybean meal futures a factor. Soybean
meal futures still were trading nearly $90
a ton higher than in mid-August.
Additional buyers, including bakers, bit the bullet and extended contract
balances into the first and even second
quarters of 2021. For many, soy flour is
not a major ingredient for their products, and these buyers opted to take risk
off the table, finalize their contracts and
turn their attention to other ingredients.
Buyers also sought to book their supply before the yearend holidays.
The US Department of Agriculture, in
its weekly Export Sales report, said net
export sales of soybean cake and meal
during the week ended Dec. 3 for delivery in 2020-21 totaled 163,600 tonnes with
Morocco and Colombia the largest buyers. In the same week, net export sales of
soybeans for delivery in 2020-21 totaled
569,000 tonnes, up 40% from the previous
week but down 42% from the prior fourweek average. China purchased 685,400
tonnes, including 459,000 tonnes switched
from " unknown destinations. " Notable
was a net sales reduction of 715,000 tonnes
by " unknown destinations. "
The USDA forecast the carryover of
soybean meal on Oct. 1, 2021, at 350,000
tons, unchanged from November and
up 9,000 tons from 2020. A 500,000-ton
increase in forecast supply to 52,650,000
tons was offset by a 500,000-ton increase
in exports to 14,000,000 tons. The USDA
forecast the carryover of soybeans on Sept.
1, 2021, at 175 million bus, down 15 million bus from November and down 348
million bus, or 67%, from 523 million bus
in 2020. It would be the smallest soybean

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

+7¼
+3
+3¼
+4¼
+3½
+2

-1¼
-10¼
-10¼
-9
-3½
-2¼

3.66¼
3.81
3.88
3.93¾
3.93
3.95¼

-2½
+1
+3½
+5¼
+4½
+8½

-31¼
-26¾
-23¾
-20¾
-19¼
-12¼

9.07½
9.21½
9.35¼
9.47½
9.51¾
9.48¾

-4.70
-5.20
-2.50
+.20
+2.10
+3.70

-14.40
-16.00
-13.80
-10.60
-8.10
-6.50

295.50
296.90
301.30
304.70
308.20
309.60

bakingbusiness.com / world-grain.com

Oats
Bookings of food-grade oat flakes

Rice
Business in milled and industrial rice
as well as in extruded rice products and
rice flour was limited last week. Market
prices remained stable.
Most quarterly buyers have taken full
or complete coverage through March.
Lagging buyers were expected to fill
gaps in first-quarter coverage before the
end of December. There was a smattering of coverage into the second quarter.
The good milling quality of the 2020
crop resulted in fewer brokens for use
in manufacturing flour and pet food.
Tightness in supply supported brokens
at nearly the same prices as whole kernel milled rice. This was an anomaly that
should correct in coming weeks.
The USDA said net export sales of rice
during the week ended Dec. 3 for delivery in 2020-21 totaled 66,000 tonnes,
down 8% from the previous week but
up 8% from the prior four-week average.
Iraq, a key market for milled rice, has yet
to issue a tender for US supply. MBN

Soy products

- Change from - Year
Dec. 11 Dec. 4 Nov. 27 ago
4.24¼
4.23½
4.26½
4.28¼
4.14
4.12¼
$ per bu
11.60½
11.66
11.67¼
11.66
11.45¼
10.93
$ per ton
384.10
380.30
381.40
381.40
381.50
375.00

Corn Products
Sales and shipments of corn products
were steady last week but at a slightly
slower pace that is typical for the date.
Prices edged higher as corn futures
traded mostly sideways. The cash basis
on corn was unchanged in most areas at
unexceptional post-harvest levels.
There was buyer inquiry about forward contracting, but this did not result
in additional bookings last week.
New orders may have been constrained
by pipelines filled to near capacity based
on earlier shipments. Perhaps also a factor was a slower operational pace of a few
buyers because of workers in quarantine
from exposure to COVID-19.
Demand for products that enjoy a seasonal boost in the cold months, such as
corn flour, muffin mixes and grits used
for hot meal side dishes, was steady.
Corn futures have traded in a narrow range thus far in December but remained nearly $1 a bu higher than the
lows posted in early August.
The USDA said net export sales of
corn during the week ended Dec. 3 for
delivery in 2020-21 totaled 1,362,200
tonnes, down 1% from a week earlier
but up 7% from the prior four-week average. China purchased 141,200 tonnes,
and " unknown destinations " purchased
422,200 tonnes.
The USDA made no adjustments to its
2020-21 corn supply-and-use forecasts on
Dec. 10. The projected carryover on Sept.
1, 2021, totaled 1,702 million bus, down
15% from 1,995 million bus in 2020. MBN

expanded last week. Prices were raised
50¢ a cwt.
Concerns over tightness in milling
quality oats was reflected not only in
rising product prices but also in surging
oat futures. Oat futures have advanced
about 50¢ a bu since the beginning of December and 80¢ since early August.
Oat product buyers, concerned over
market direction and with an eye on
the calendar, extended coverage, some
through the first quarter of 2021 and others through September, which would
carry them through the 2021 harvest.
Orders and shipments were seasonally brisk but remained slower than the
frenetic pace seen in the spring. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Dec. 11
Dec. 4
Nov. 27
Soy ﬂour
Bulk
37.95 @ 38.95 -.25@ -.25 +.55 @+.55
Sacked
39.95 @ 40.95 -.25@ -.25 +.55 @+.55

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

- Change from - Year
Cash
Dec. 11
Dec. 4 Nov. 27 ago
Long grain
27.50@29.25
-
- 25.00
Medium grain 32.00@32.50
-
- 30.50
Parboiled
29.50@30.50
-
- 27.75
Second
Corn meal
heads, bulk 19.00@22.50
-
- 18.00
$ per cwt
17.00@20.50
-
- 15.50
- Change from - Brewers
Dec. 11
Dec. 4
Nov. 27 f.o.b. mills, $ per ton
40.00
-
- 40.00
Chicago, bulk
15.86@ 16.11 .14@.14 -.04@-.04 Rice millfeed
110.00@120.00 +20.00 +20.00 100.00
Chicago, sacked 17.63@ 17.88 .14@.14 -.04@-.04 Rice bran
5.00
-
- 15.00
New York, bulk 17.53@ 17.78 .14@.14 -.04@-.04 Rice hulls
New York, sacked 19.95@ 20.20 .14@.14 -.04@-.04 USDA world price milled - $ per cwt
Long grain
16.93
+0.29
-0.05 14.28
Oats
Medium/short
16.63
+0.3
-0.04 13.94
- Change from - grain
Midwest
10.74
+0.18
-0.03
8.61
Dec. 11
Dec. 4 Nov. 27 Broken
CBOT rough rice futures - $ per cwt
Food grade ﬂakes, f.o.b.,
January
12.47
+0.24½ -0.20½ 12.51½
bagged, $ per cwt
30.25@30.75 +.50
+.50
March
12.65½ +0.24½
-0.18 12.76½
Milling quality oats, No. 2 heavy,
12.75½ +0.26½
-0.18 12.88½
$ per bu
3.94¾
+31½c +56¼c May
July
12.90
-0.05½
-0.14 12.93½
Oat hulls, $ per ton
25@35
-
-
Milling & Baking News

December 15, 2020 / 43

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

Milling & Baking News - December 15, 2020

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