Milling & Baking News - December 26, 2023 - 37

CHICAGO CORN AND SOY FUTURES
- Change from -
Dec. 22
Corn Futures $ per bu
March
May
July
September
December
March
Soybeans $ per bu
January
March
May
July
August
September
March
May
July
August
September
4.73
Dec. 15
-10
Dec. 8
4.85¾ -9½ -11¾
4.95½ -9¼ -10½
-8
5.15½ -6¾ -7¼
12.99¾
-16
Year
ago
-12½ 6.66¼
6.65
6.58
4.98¼ -7¼ -9¼ 6.16¾
5.04½ -7¾
6.01¾
6.10
-4¼ 14.79
13.06¼ -25¼ -16¾ 14.84½
13.16¾ -26¼ -20½ 14.90
13.22½ -27½ -21½ 14.93
13.04¾ -26¼ -18½ 14.72¾
12.71¼ -20¾
-14
Soybean Meal $ per ton
January
399.60
391.10
388.00
388.70
386.50
383.40
-6.00
-5.50
-5.00
-4.70
-3.40
-2.10
-5.10
-4.70
SOY PRODUCTS
Dec. 22
Dec. 15
Soy flour
Bulk
Sacked
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Dec. 8
41.05 @ 43.05 -.30 @ -.30 -.25 @ -.25
45.05 @ 47.05 -.30 @ -.30 -.25 @ -.25
CORN MEAL
- Change from -
Dec. 22
Chicago, bulk
Dec. 15
Dec. 8
24.75 @ 25.00 -.20 @ -.20 -.25 @ -.25
Chicago, sacked 26.52 @ 26.77 -.20 @ -.20 -.25 @ -.25
New York, bulk
26.42 @ 26.67 -.20 @ -.20 -.25 @ -.25
New York, sacked 28.84 @ 29.09 -.20 @ -.20 -.25 @ -.25
$ per cwt
14.20
455.30
451.30
-5.00 443.90
-5.10
-4.80
-3.90
Soy Products
Bookings of soy flour were limited as the
industry downshifted into holiday mode last
week. Prices declined.
Most major buyers, including bakers
and pet food manufacturers, had coverage
extending well into 2024. Fulfillment of spot
requests remained limited due to strained
processing capacity.
All components of the soy complex lost
ground in the CME futures market. Neither
rumors of China extending its purchasing
period for US soybeans due to Brazil's
weather-related planting delays nor the recent
release of guidance from the US Department
of the Treasury for sustainable aviation fuel
credit, which may provide another outlet for
soybean-based biofuels, were enough to override
the pressure from improved weather
benefiting crops in South America.
Despite a recent downward revision,
Brazil's national supply company Conab
continues to forecast a second consecutive
record-breaking soybean crop in 2024. Adding
further pressure is the expectation for
both Argentina to produce a healthy 2024
crop as well as for US farmers to expand
acres for soybeans next year.
The US Department of Agriculture said net
sales of soybean cake and meal in the week
ended Dec. 14 for delivery in 2023-24 were
147,800 tonnes, down 55% from a week earlier,
down 16% from the prior four-week average,
and below the range of pre-report trade
estimates. Mexico accounted for most of the
sales. In the same week, net sales of soybeans
for delivery in 2023-24 were 1,989,400 tonnes,
up 84% from the previous week, up 51% from
the prior four-week average, and near the
average of trade expectations.
The USDA's 24-hour Foreign Agricultural
Service reporting system indicated sales of
bakingbusiness.com
439.30
431.80
421.00
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
OATS
Dec. 22
41.00@42.00
Milling quality oats, No. 2 heavy,
$ per bu
4.04½
25@35
- Change from -
Dec. 15
-
-16c
-
Dec. 8
-
+4c
-
132,000 tonnes of soybeans for delivery to
unknown destinations during the 2023-24
marketing year. MBN
Corn Products
Sales and shipments of corn meal and
other dry corn mill products were active last
week. Prices were lower.
Corn product buyers from all sectors
were taking advantage of low prices and
extending contracts well into the next year
with some companies booking all the way
through December 2024. The brisk buying
activity was atypical for the period as most
manufactures traditionally ease business
dealings ahead of the holidays, but the dip
in prices kept many engaged longer than
expected.
Nearby corn futures sank to fresh contract
lows, pressured by export concerns after the
US government on Dec. 18 closed two major
rail crossings on the Texas-Mexico border to
redirect personnel to help process the surge
of incoming migrants. Analysts speculated
the two closures were preventing several million
bus of grain movement at an expense of
$200 million in lost sales per day. On Friday,
Dec. 22, both crossings were reopened after
numerous US agricultural groups expressed
fervent condemnation and concern about the
disruption to trade flow.
Last month, Brazil surpassed the United
States to become the top supplier of corn to
China. From January to November, China
imported 22.18 million tonnes of corn with
40% of the imports coming from Brazil and
33% coming from the United States.
The USDA in its Export Sales report said
net sales of corn in the week ended Dec.
14 for delivery in 2023-24 totaled 1,013,100
tonnes, down 29% from the previous week
and down 33% from the prior four-week
average. Mexico, Japan and China were the
primary buyers. MBN
Oats
Bookings of food-grade oat flakes and
other milled oat products were limited last
week as most buyers had previously secured
coverage through May 2024. Prices were
unchanged.
Mills had been busy processing oats to meet
strong demand from hot breakfast cereal manufacturers
as well as from the perennial snack
foods and dairy-alternative sectors. MBN
Rice
Bookings and sales of milled rice, industrial
rice, extruded products and rice flour
were steady last week as buyers finalized
negotiations for the first quarter and some
second-quarter contracts. Prices were
unchanged.
A recent report showed global rice prices
have risen sharply in several top-producing
countries. In its December Rice Price Index
report, the United Nations Food and Agriculture
Organization said global rice prices
in November were 21% higher compared
with prices a year ago due in part to strong
demand, tight supplies and India's partial
ban on rice exports.
The USDA in its weekly Export Sales report
said net sales of rice in the week ended Dec. 14
for delivery in 2023-24 totaled 97,800 tonnes,
down 19% from the previous week and down
3% from the prior four-week average. MBN
RICE
Dec. 22
Cash
Long grain
Medium grain
Parboiled
Brewers
Rice bran
Rice hulls
34.50@37.25
46.00
43.50
Second
heads, bulk 23.00@27.25
21.00@23.75
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
24.52
Medium/short
grain
Broken
$ per cwt
March
May
July
$ per cwt
MILLING & BAKING NEWS 37
24.04
14.83
CBOT rough rice futures
January
17.39
-
-
-
-
-
-
17.21
16.86
10.01
+0.27
17.68½ +0.27
+0.35
+0.25
18.01½
+0.41½ 18.41
17.84½ +0.27½ +0.42 18.68½
17.81½ +0.27
18.84
65.00
- Change from -
Dec. 15
-
-
-
-
-
-
170.00@190.00 -
5.00
-
-
-
-
-
-
-
-
-
Dec. 8
Year
ago
34.25
45.00
40.50
26.00
23.25
60.00
205.00
10.00
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Milling & Baking News - December 26, 2023

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