Milling & Baking News - December 27, 2022 - 34

MARKET trends
per bu
TUES | 12 27 2022
Wheat Futures
Winter weather was the primary feature
in US wheat futures last week, hobbling
flour mill activity, limiting transportation,
raising concerns about damage to winter
wheat crops and supporting futures that
posted gains of 8½¢ to 31¢ a bu, led by KC
hard red winter futures.
Some flour mills closed a day or two earlier
than planned ahead of the holiday weekend
because of the severe weather.
Early-week losses attributed to beneficial
rain in parched Argentina and worries about
the US and global economies were erased
as wheat futures advanced amid fears of
winterkill in hard red winter and soft red
winter wheat areas that were lacking protective
snow cover ahead of frigid weather that
posted freezing temperatures as far south
as Texas, Louisiana and the Southeast except
for Florida. Indications were that much of
Kansas, Texas and Oklahoma lacked snow
cover as temperatures fell below zero across
Kansas, to single digits in Oklahoma and to
the low teens in parts of Texas.
At the same time, veteran crop observers
consistently cautioned about the difficulty
of assessing damage to the resilient wheat
- Change from -
Dec. 23 Dec. 16 Dec. 9
Kansas City
March
May
July
September
Chicago
March
May
July
September
Minneapolis
March
May
July
September
8.74¾ +30¾c +41¾c
8.69
+31c +41¾c
8.62 +30¼c
8.62½ +29¼c +38½c
+37c
+21c
7.76 +22½c +41¾c
7.82½ +21½c +37¾c
7.86¼ +20¾c
7.92¾ +21½c +36¼c
9.31¾ +22¼c +30¼c
9.21 +16¼c
9.14¾ +12¼c
8.98¼ +9¼c
$ per bu; change in cents per bu
Spot
Kansas City
Southwest, f.o.b. truck
Minneapolis
BULK MIDDLINGS
- Change from -
Dec.
270 @ 280 270 @ 280
295 @ 305 295 @ 305
219 @ 229
Upper Midwest, f.o.b. truck 215 @ 225
Chicago West
232 @ 242
Central states, f.o.b truck 260 @ 270
Buffalo
Southeast
N. & S. California
Los Angeles, f.o.b. truck
Pacific Northwest
Upper Midwest, sacked
Wheat germ
240 @ 250
270 @ 280
225 @ 240
Dec. 16
-
-
Dec. 9
Year
ago
+15¾c
crop, especially during
dormancy.
The storm brought
much-needed moisture
(and protective snow
cover for future freeze
events) to much of the
dry southern Plains hard
red winter wheat region.
Most northern soft red
winter wheat areas
already were blanketed
with snow ahead of the
storm.
Prior to the storm,
NEARBY KANSAS CITY WHEAT FUTURE
$7.30
$8.30
$9.30
$10.30
$11.30
$12.30
$13.30
DM JS
KC wheat futures were supported last week by
concerns about winterkill from frigid temperatures
across the southern Plains where inadequate snow
cover left minimal protection to the crop.
the US Department of
Agriculture in its assessment
of the Dec. 20 US Drought Monitor said
67% of winter wheat production was within
areas of drought.
The USDA in its weekly Export Sales report
said sales of US wheat during the week ended
Dec. 15 for delivery in 2022-23 were 334,200
tonnes, down 29% from a week earlier but
within trade expectations that ranged from
200,000 to 500,000 tonnes. The largest buyers
were " unknown destinations " and Japan.
While inclusion of US wheat in most
WHEAT FUTURES
Week's
High
Low
Year
ago
High
8.77½ 8.30¾ 8.61½
8.71½ 8.25 8.59¾
+40c 8.64¼ 8.18½ 8.46½
8.63¾ 8.20¾ 8.46
7.78 7.38¾ 8.14¾
7.84¾ 7.47¼ 8.18½
7.89 7.52¾ 8.05¾
7.95½ 7.59¾ 8.04½
9.35 9.00¾ 10.32½
9.24 8.96¾ 10.24¾
9.17½ 8.95 10.07½
+11¾c 9.00¾ 8.81¼ 9.48
(05-19-22)
(05-19-22)
Season's
Low
13.62½ (05-17-22) 5.75¾ (12-28-20)
13.26¼ (05-17-22) 5.87¼ (12-28-20)
12.10
11.59
6.21
5.71
12.73¼ (05-17-22)
(05-17-22)
(05-17-22)
12.42
11.61
11.30½ (05-17-22)
13.90¼ (05-17-22)
13.58¾ (05-17-22)
12.78¾ (05-17-22)
11.50
6.10
5.35 (03-30-21)
(07-14-21)
(03-30-21)
6.06¾ (01-22-21)
(03-30-21)
6.46 (07-14-21)
(01-14-22)
8.47
8.42¼ (02-04-22)
8.37¾ (02-03-22)
(05-19-22) 7.78¾ (02-02-22)
international tenders has been lacking in
recent months, Iraq bought 50,000 tonnes
of US wheat in a Dec. 18 tender, along with
regular buyers Japan and Taiwan taking a
total of 140,000 tonnes. MBN
Millfeed
Millfeed markets were at the mercy of
weather and the Christmas holiday last
week. Spot prices were higher, with most
gains in the northern areas. Deferred values
were little changed.
Most users laid in supplies through yearend
earlier in December to avoid shortages
due to extra flour mill down time over the
holidays and to avoid price spikes. Those needing
a load or two had to " pay-up " for the supply.
The massive winter storm that moved
through much of the country east of the
Rocky Mountains complicated flour mills'
plans to be down three days (in most cases)
over Christmas weekend. Several opted to
close early on Friday, and a few on Thursday,
taking some expected millfeed supply out
of the market. At the same time, some feed
mills that had adequate feed on hand also
opted to close due to the weather, offsetting
much of the lost millfeed production.
Users shied away from completing
Jan.
Feb.-Mar.
Apr.-June
+10 @ +10 170 @ 185 250 @ 260 230 @ 240 170 @ 180
+10 @ +10 205 @ 220 260 @ 270 260 @ 270 190 @ 200
219 @ 229 +5 @ +5 +15 @ +15 142 @ 157 204 @ 214 199 @ 209 174 @ 184
215 @ 225 +5 @ +5 +15 @ +15 138 @ 153 200 @ 210 195 @ 205 170 @ 180
232 @ 242 +5 @ +5 +15 @ +15 155 @ 170 217 @ 227 212 @ 222 187 @ 197
260 @ 270 +10 @ +10 +20 @ +20 175 @ 185 230 @ 240 210 @ 220 185 @ 200
240 @ 250
-
221 @ 236 221 @ 236
-
-
+10 @ +10 160 @ 170 210 @ 220 200 @ 210
-
-
185 @ 195
270 @ 280 -10 @ -10 -10 @ -10 160 @ 175 250 @ 260 225 @ 235 180 @ 190
225 @ 240
190 @ 200 190 @ 200 +30 @ +30 +30 @ +30 120 @ 130 190 @ 200 180 @ 190 160 @ 170
320
...
$ per ton, delivered rail unless noted
34 MILLING & BAKING NEWS
187 @ 202 225 @ 240 225 @ 240 220 @ 235
183 @ 198 221 @ 236 221 @ 236 216 @ 231
first-quarter coverage as prices have been
elevated by high spot values, and AprilJune
prices were ill defined. It was thought
buyers will return from the holiday break
in January to focus on first-quarter needs,
which may limit the typical post-holiday
price decline in spot values.
Millfeed was $270 a ton in Kansas City
and $219 in Minneapolis, on a rail basis,
compared to corn at $254 a ton and sorghum
at $238 a ton, both KC. Corn gluten fell $15, to
$300 a ton, dried distillers' grain was steady
at $310 a ton, and dehydrated alfalfa was not
quoted, all KC. MBN
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Milling & Baking News - December 27, 2022

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