Milling & Baking News - April 5, 2022 - 50

MARKET trends
per bu
TUES | 04 05 2022
Wheat Futures
Winter wheat futures plunged last week,
dropping nearly 10%. Spring wheat futures
also declined, but losses were much narrower
after Minneapolis futures rallied March 31
on bullish US Department of Agriculture
spring wheat planting intentions data.
Futures in general have been on edge since
Russia's invasion of Ukraine on Feb. 24, and
wheat futures have been especially volatile
because of the critical role those two Black
Sea countries play in the global wheat trade.
Negotiations between Russia and Ukraine
played a key role in pressuring wheat futures
last week, but the trade's attention at least
briefly shifted to the USDA's Prospective
Plantings and Grain Stocks reports.
The USDA on March 31 said farmers indicated
they intend to plant 11,200,000 acres
of spring wheat other than durum in 2022,
down 2% from 2021. Area for other-spring
wheat had been expected by the trade to
increase about 380,000 acres rather than
decline 220,000 acres. The " miss " by the trade
forecast was enough to send spring wheat
futures up about 20¢ a bu in nearby months
and about 5¢ to 9¢ in later months, while winter
wheat futures declined.
- Change from -
Kansas City
May
July
September
December
Chicago
May
July
September
December
Minneapolis
May
July
September
December
Apr. 1 Mar. 25 Mar. 18
10.13 -973/4c
10.133/4 -931/4c
10.113/4 -841/2c
10.111/4 -733/4c
9.841/2 -1173/4c
9.841/4 -1081/4c
9.741/2 -951/4c
9.641/2 -791/4c
10.651/4
10.651/4
$ per bu; change in cents per bu
Spot
Kansas City
Southwest, f.o.b. truck
Minneapolis
Central states, f.o.b truck
Buffalo
Southeast
N. & S. California
Los Angeles, f.o.b. truck
Pacific Northwest
Upper Midwest, sacked
Wheat germ
175 @ 185
200 @ 210
164 @ 174
Upper Midwest, f.o.b. truck 160 @ 170
Chicago West
177 @ 187
160 @ 170
160 @ 170
170 @ 180
200 @ 215
196 @ 211
120 @ 130
320
210 @ 230
$ per ton, delivered rail unless noted
50 MILLING & BAKING NEWS
BULK MIDDLINGS
- Change from -
Apr.
Mar. 25
Mar. 18
Year
ago
-39c
-37c
10.403/4 -421/2c
10.371/2 -443/4c
-571/2c
-481/4c
-17c
-791/4c
Winter wheat area
planted in 2021 for
harvest in 2022 was
estimated at 34,236,000
acres, up 2% from 2021 but
down 1% from the USDA's
Jan. 12 Winter Wheat and
Canola Seedings estimate.
All-wheat planted area
was forecast at 47,351,000
acres, up 1% from 2021
but still the fifth lowest in
records back to 1919. The
USDA's winter wheat and
all-wheat forecasts also
were below the average of
trade expectations.
The USDA in its Grain
MINNEAPOLIS MAY WHEAT FUTURES
$5.60
$6.60
$7.60
$8.60
$9.60
$10.60
$11.60
$12.60
AJOJ
Nearby Minneapolis spring wheat futures rallied
March 31 on a lower-than-expected USDA other
spring wheat planting forecast. Spring wheat
futures still declined for the week but less than
winter wheat.
Stocks report estimated
March 1 wheat stocks in
all positions at 1,025 million bus, down 22%
from a year earlier, including on-farm stocks
at 174 million bus, down 39%, and off-farm
stocks at 850 million bus, down 17%.
Weekly export sales data didn't yet reflect
an increased need for US wheat, even amid
a robust lineup of global export tenders.
The USDA said net export sales of US wheat
WHEAT FUTURES
Week's
High
11.031/4
-34c 10.823/4
10.711/4
10.96
10.39
Low
9.93
10.99 9.931/4
9.72
-601/2c 10.821/4 9.671/4
-311/4c 10.621/4
-21/2c
+5c
+101/2c
+121/4c
11.161/4
11.15
10.86 9.981/2
+13c 10.801/2 10.001/4
Year
ago
5.65
5.72
9.921/2 5.783/4
9.91
5.89
6.11
6.101/2
9.58 6.121/2
9.44 6.183/4
10.191/2 5.991/2
10.181/4
6.09
6.173/4
6.29
Season's
High
11.991/4 (03-07-22)
(03-07-22)
Low
12.991/2 (03-07-22) 4.881/4 (08-12-20)
12.59
5.27
5.14
(08-13-19)
(03-07-22) 4.883/4 (06-26-20)
4.93 (08-04-20)
11.421/4 (03-07-22) 4.721/4 (08-07-20)
12.94
12.601/4 (03-07-22) 5.161/4 (05-18-20)
11.45
10.55
12.07
11.15
10.99
11.803/4 (03-07-22) 6.063/4
(03-07-22)
6.15
(03-07-22) 5.341/2 (08-10-20)
(03-07-22)
(03-07-22) 5.741/2 (09-18-20)
(01-12-21)
(02-26-21)
(03-07-22) 5.611/2 (08-13-20)
(06-26-20)
in the week ended March 25 for delivery in
2021-22 and in 2022-23 combined were a dismal
176,300 tonnes, well below trade expectations
that ranged from 200,000 to 800,000
tonnes for the combined years. MBN
Millfeed
Prices were sharply lower last week in
most markets as warmer weather boosted
pasture growth and ramped-up flour grind
outpaced millfeed demand.
The price dips started on the East Coast
then creeped west. Loads from New York to
Georgia saw discounts up to $30 a ton. Elsewhere,
discounts averaged between $5 and
$10 a ton.
Trading activity closed the first quarter
on a weak note. The unrelenting whipsawing
on the futures board continued to perplex
both buyers and sellers, encouraging
most to focus on the spot market. But nearby
values were also pressured by waning
demand and high freight costs from an overextended
trucking sector.
Most flour mills reported steady but
Apr.-June July-Sept.
Oct.-Dec.
150 @ 160 -35 @ -35 -35 @ -35 155 @ 165 150 @ 160 140 @ 150 140 @ 150
190 @ 200 -30 @ -30 -30 @ -30 220 @ 240 190 @ 200 160 @ 170 160 @ 170
154 @ 164 -10 @ -10 -20 @ -20 164 @ 174 154 @ 164 144 @ 154 144 @ 154
150 @ 160 -10 @ -10 -20 @ -20 160 @ 170 150 @ 160 140 @ 150 140 @ 150
167 @ 177 -10 @ -10 -20 @ -20 177 @ 187 167 @ 177 157 @ 167 157 @ 167
160 @ 170 -20 @ -20 -20 @ -20 165 @ 175 150 @ 160 140 @ 150 140 @ 150
150 @ 160 -30 @ -30 -30 @ -30 140 @ 150 150 @ 160 140 @ 150 140 @ 150
160 @ 170 -25 @ -25 -25 @ -25 170 @ 180 160 @ 170 150 @ 160 150 @ 160
180 @ 195 -20 @ -20 -20 @ -20 159 @ 174 180 @ 195 170 @ 185 170 @ 185
176 @ 191 -20 @ -20 -20 @ -20 155 @ 170 176 @ 191 166 @ 181
166 @ 181
110 @ 120 -10 @ -10 -10 @ -10 115 @ 125 110 @ 120 110 @ 120 110 @ 120
strong run times, filling orders ahead of
expected downtime over the upcoming
Easter holiday. A large Northeast mill said it
expected to shut down for two weeks in midApril
to tackle a major maintenance project.
Traders thought this closing may tighten
supplies as readily available midds were
weighing on markets.
Millfeed was $175 a ton in Kansas City and
$164 in Minneapolis, on a rail basis, compared
with corn at $270 a ton and sorghum at $258
a ton, both KC. Corn gluten feed dropped $10
to $300 a ton in KC. Dried distillers' grain
dropped $5 to $315 a ton, also in KC. Dehydrated
alfalfa added $5 to $305 a ton, KC. MBN
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Milling & Baking News - April 5, 2022

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