Milling & Baking News - April 18, 2023 - 45

CHICAGO CORN AND SOY FUTURES
- Change from -
Apr. 14
Corn Futures $ per bu
May
July
September
December
March
May
August
September
November
January
August
September
October
December
Apr. 6
+16
Mar. 31
Year
ago
6.66¼ +22¾ +5¾ 7.90¼
6.35¾
-¼ 7.83¾
5.67¾ +3½ -9½ 7.48¾
5.60
+3¼ -6½ 7.35¼
5.68¼ +3¾ -5¾ 7.37¼
5.73½ +3¾
-5
Soybeans $ per bu
May
July
15.00½
14.15½
+8
-5
7.37¾
16.82¼
14.67¼ +4¾ -8¼ 16.65¼
+3
-6¼ 16.24½
13.34½ -3¾ -13¼ 15.45½
13.01½ -8¼ -18¼ 15.01½
13.07¾ -8½ -17½ 15.01
Soybean Meal $ per ton
May
July
459.70
456.80
446.50
430.40
416.70
413.80
+5.40
+7.10
+5.60
+2.10
-.40
-.50
-6.30
-4.50
-3.70
-5.30
-6.50
-6.00
Soy Products
Bookings of soy flour were limited last
week. Prices advanced.
Most major soy flour buyers earlier covered
their needs through June with some
extending contracts through December.
Soybean meal futures rose in tandem
with soybean futures after the April 11 US
Department of Agriculture's World Agricultural
Supply and Demand Estimates report
reduced the 2022-23 soybean production
forecast for Argentina to a lower-thanexpected
27 million tonnes, down 18% from
its March projection and a 23-year low.
At least one analyst projected the crop to
shrink even further, down to 22 million
tonnes. Futures were mixed for the week.
Also providing support was disappointing
farmer participation in Argentina's
third installment of its " soy dollar " incentive
program, which gives soy exporters a better
exchange rate. The country hopes the
program will generate $15 billion worth of
soy exports. So far, it has only netted around
$2 million, but it is still in its early stages.
Analysts ultimately expect the program to
attract only around $4 billion in exports.
A recent report from CONAB, the Brazilian
government's food supply and statistics
agency, raised Brazil's soybean production
forecast to 153.6 million tonnes, confirming
the country will produce a record crop this
season.
In its April 11 WASDE report, the USDA
forecast the carryover of soybeans on Sept.
1, 2023, at 210 million bus, unchanged from
the March projection but down 23% from 274
million bus in 2022. The report also did not
make any changes to the 2022-23 soybean
crush at 2,220 million bus, or to the soybean
meal carryover for Oct. 1, 2023, at 350,000
tons. Soybean meal imports were increased
bakingbusiness.com
461.40
455.70
444.70
431.60
419.90
418.90
Chicago, bulk
SOY PRODUCTS
Apr. 6
- Change from -
Apr. 14
Soy flour
Bulk
Sacked
42.08 @ 44.08 +.27 @ +.27
46.08 @ 48.08 +.27 @ +.27
Defatted, f.o.b. Midwest plant, $ per cwt
CORN MEAL
Apr. 14
26.92 @ 27.17
- Change from -
Apr. 6
.46 @ .46
Chicago, sacked 28.69 @ 28.94 .46 @ .46
New York, bulk
28.59 @ 28.84 .46 @ .46
New York, sacked 31.01 @ 31.26 .46 @ .46
$ per cwt
OATS
- Change from -
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
Apr. 14
42.00@43.00
Milling quality oats, No. 2 heavy,
$ per bu
3.96
25@35
Apr. 6
-
-4¼c
-
Mar. 31
-2.00
-28¼c
-
50,000 tons to 650,000 tons from last month's
outlook.
The USDA in its weekly Export Sales
report said net export sales of soybean cake
and meal in the week ended April 6 for delivery
in 2022-23 were 255,200 tonnes, up 4%
from the previous week and up 6% from the
prior four-week average. In the same week,
net export sales of soybeans for delivery in
2022-23 were 364,500 tonnes, up sharply
from a week earlier and up 17% from the
prior four-week average. The Netherlands
accounted for nearly half of the sales. MBN
Corn Products
Sales and shipments of corn meal and
other dry corn mill products were steady
last week. Prices were higher.
Corn futures mostly juggled narrow
gains and losses, eventually jumping higher
for the week as Russia, once again, threatened
to withdraw from the Black Sea humanitarian
grain corridor agreement when it
expires May 18. Keeping gains in check was
a somewhat bearish-for-corn WASDE report
as well as updates of Brazil's mammoth corn
crop, which is expected to produce a record
harvest at 124.9 million tonnes, according to
a recent report from Brazil's CONAB statistics
service.
The USDA left its forecast for the US carryover
of corn on Sept. 1, 2023, unchanged
at 1,342 million bus, down 2.5% from 1,377
million bus in 2022, and above analysts'
expectations for 1,319 million bus. The USDA
decreased its corn imports by 10 million bus
to 40 million bus, reflecting the report's 10
million bus month-over-month decrease
in corn used for food, seed and industrial
applications (including corn used to make
glucose, dextrose and starch).
The USDA in its weekly Export Sales
Mar. 31
.12 @ .12
.12 @ .12
.12 @ .12
.12 @ .12
Mar. 31
-.32 @ -.32
-.32 @ -.32
report said net export sales of corn in the
week ended April 6 for delivery in 2022-23
totaled 527,700 tonnes, down 58% from the
prior week and down 68% from the previous
four-week average. Mexico, Japan and China
were the primary buyers.
The USDA's 24-hour Foreign Agricultural
Service reporting system indicated two
separate sales totaling 437,000 tonnes of
corn for delivery to China during the 202223
marketing year as well as another two
separate sales totaling 272,000 tonnes, also
for delivery to China, during the 2023-24
marketing year. MBN
Oats
Bookings of food-grade oat flakes and
other milled oat products were limited last
week. Prices were unchanged.
Most major food and beverage manufacturers
had oat product coverage extending
into the third quarter. Mill production was
steady, filling orders against contracts. MBN
Rice
Bookings and sales of milled rice, industrial
rice, extruded products and rice
flour were steady last week. Prices were
unchanged.
The USDA in its weekly Export Sales
report said net export sales of rice in the
week ended April 6 for delivery in 2022-23
totaled 35,700 tonnes, down 65% from the
previous week and down 11% from the prior
four-week average. MBN
RICE
Apr. 14
Cash
Long grain
Medium grain
Parboiled
Brewers
Rice bran
Rice hulls
37.00@38.00
50
43.00@43.50
Second
heads, bulk 26.00@30.50
24.00@28.00
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
18.45
Medium/short
grain
Broken
$ per cwt
18.22
10.73
CBOT rough rice futures
May
July
September
November
$ per cwt
MILLING & BAKING NEWS 45
-
-
-
-
-
-
15.01
14.80
9.52
17.38½ +0.75
17.02½ +0.16
15.03
-0.10
15.23½ -0.10
-0.03
16.19½
-0.63½ 16.52½
-0.59½ 16.47
-0.61
16.55½
65.00
- Change from -
Apr. 6
-
-
-
-
-
-
170.00@245.00 -
5.00
-
-
-
-
-
-
-
-
-
Mar. 31
Year
ago
30.00
35.00
32.50
20.50
20.50
50.00
150.00
10.00
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Milling & Baking News - April 18, 2023

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