Milling & Baking News - December 27, 2022 - 35

CHICAGO CORN AND SOY FUTURES
- Change from -
Dec. 23
Corn Futures $ per bu
March
May
July
September
December
March
Soybeans $ per bu
January
March
May
July
August
September
March
May
July
August
September
Dec. 16
Dec. 9
Year
ago
6.66¼ +13¼ +22¼ 6.05¾
6.65
6.58
6.16¾ +6½
14.79
14.84½
14.90
14.93
Soybean Meal $ per ton
January
455.30
451.30
443.90
439.30
431.80
421.00
-1
14.72¾ +5¾
14.20
-7.70
-8.90
-8.40
-8.00
-7.50
-6.90
+11
+4½ +9¼ 5.60½
+11½ +19¾ 6.07¼
+9¾ +17¼ 6.06
5.72¼
6.01¾ +4¼ +8¾ 5.53½
6.10
-4¾ 13.32
+¾ -4¼ 13.40¾
+3
-3½ 13.48¼
+3½ -3¼ 13.52
-2
13.35½
+4½ -5½ 12.96¼
-16.30
406.10
-17.30 400.50
-20.10
-20.90
-20.90
-20.60
398.00
398.20
395.30
389.60
Soy Products
A combination of persistently firm prices
along with industry-wide downshifting into
holiday mode kept bookings of soy flour
limited last week. Prices declined.
Most major buyers, including bakers and
pet food manufacturers, were well covered
with many having previously extended
contracts well into or through 2023. Nearly
all market participants were working on
abbreviated schedules. Some had started
their holiday break earlier than expected
due to a massive and dangerous winter
storm moving through a large swath of the
country. Those still working focused on
tying up yearend loose ends and chasing
unpaid invoices to settle books ahead of the
new year.
Soybean and soybean meal futures were
down at the start of the week on concerns of
global recession cooling export demand and
reports of weekend rains falling on parched
soybean crops in Argentina, the world's
leading supplier of soybean meal and soybean
oil. But a forecast of extended periods
of hot, dry weather evaporated hopeful outlooks
for the drought-damaged Argentine
crop, which gave support to US futures in
later sessions. Gains were tempered by technical
selling.
The US Department of Agriculture in its
weekly Export Sales report said net export
sales of soybean cake and meal in the week
ended Dec. 15 for delivery in 2022-23 totaled
311,400 tonnes, up 49% from the prior week
and above trade expectations. Major buyers
included Venezuela, Mexico, Ecuador,
Canada and the United Kingdom. In the
same week, net export sales of soybeans
for delivery 2022-23 totaled 736,000 tonnes,
down 76% from the previous week and falling
below the range of trade guesses. China
bakingbusiness.com
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
Chicago, bulk
SOY PRODUCTS
Dec. 23
Dec. 16
Soy flour
Bulk
Sacked
40.80 @ 42.80 -.39 @ -.39
44.80 @ 46.80 -.39 @ -.39
Defatted, f.o.b. Midwest plant, $ per cwt
CORN MEAL
Dec. 23
- Change from -
Dec. 16
26.61 @ 26.86 .27 @ .27
Chicago, sacked 28.38 @ 28.63 .27 @ .27
New York, bulk
28.28 @ 28.53 .27 @ .27
New York, sacked 30.70 @ 30.95 .27 @ .27
$ per cwt
OATS
Dec. 23
44.00@45.00
Milling quality oats, No. 2 heavy,
$ per bu
4.13½
25@35
Dec. 16
-
+25c
-
Dec. 9
.45 @ .45
.45 @ .45
.45 @ .45
.45 @ .45
- Change from -
Dec. 9
-
+29½c
-
accounted for more than half of the sales.
The USDA's 24-hour Foreign Agricultural
Service reporting system indicated a sale of
132,000 tonnes of soybeans for delivery to
unknown destinations during the 2022-23
marketing year. This sale will be reflected in
this week's Export Sales report. MBN
Corn Products
Sales and shipments of corn meal and
other dry corn mill products were steady
last week. Prices were higher.
Corn futures followed the trajectory
of soybean futures and their reaction to
weather patterns in Argentina, dipping
lower in early sessions then pulling higher
by midweek. A " once-in-a-generation "
winter storm event stretching across much
of the Central Plains, Upper Midwest and
Northeast also gave support to corn futures
with the potential for boosted feed demand
as livestock appetites tend to rise in colder
weather.
A group of Mexican foreign officials
recently traveled to Washington in an effort
to avoid a trade dispute and potential sanctions
after Mexico announced intentions to
ban imports of genetically modified corn
due to perceived health concerns. Mexico
has imported about $3 billion worth of
genetically modified corn from the United
States for several years. After meeting with
USDA Secretary Tom Vilsack and other US
trade officials, Mexico decided to postpone
its intended ban on genetically modified
corn until 2025.
The USDA in its weekly Export Sales
report said net export sales of corn in the
week ended Dec. 15 for delivery in 2022-23
totaled 636,800 tonnes, down about 34%
from the prior week and toward the low end
of the range of trade expectations. Mexico
- Change from -
Dec. 9
-.82 @ -.82
-.82 @ -.82
accounted for more than 75% of the sales.
The USDA's 24-hour Foreign Agricultural
Service reporting system indicated a sale of
141,000 tonnes of corn for delivery to Mexico
during the 2022-23 marketing year, which
will be noted in this week's Export Sales
report. MBN
Oats
Bookings of food-grade oat flakes and
other milled oat products were limited last
week. Prices were unchanged. Demand typically
is strongest during the hot breakfast
cereal season with increased demand for
other oat products and oat milk in recent
years helping to level demand at a higher
volume throughout the year. MBN
Rice
Bookings and sales of milled rice, industrial
rice, extruded products and rice
flour were limited last week. Prices were
unchanged.
Al Awees, the purchasing entity in Iraq,
bought 44,000 tons of US rice, marking the
first purchase of the 2022-23 Memorandum
of Understanding between the two countries
which states Iraq will annually purchase a
total of 200,000 tons of US rice; the rice marketing
year starts Aug. 1.
The USDA in its weekly Export Sales
report said in the week ended Dec. 15 net
export sales of rice for delivery in 2022-23
totaled 67,200 tonnes. Major buyers were
Japan and Mexico. MBN
RICE
Dec. 23
Cash
Long grain
34.25@38.00
Medium grain 45.00@47.00
Parboiled
Brewers
Rice bran
Rice hulls
23.25@26.00
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
17.21
Medium/short
grain
Broken
$ per cwt
March
May
July
$ per cwt
MILLING & BAKING NEWS 35
16.86
10.01
CBOT rough rice futures
January
-
-
-
+0.11
+0.11
+0.07
18.01½ +1.33
18.41
+1.30
+1.38
14.31
14.29
9.08
14.05
+1.33½ 14.21
18.68½ +1.40½ +1.35 14.36½
18.84
+1.28½ +1.25½ 14.45½
60.00
40.50@43.50
Second
heads, bulk 26.00@28.50
Dec. 16
-
-
-
-
-
-
205.00@275.00 -
10.00
-
- Change from -
Dec. 9
-
-
-
-
-
-
-
-
Year
ago
27.00
33.00
30.00
20.50
20.00
45.00
130.00
5.00
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Milling & Baking News - December 27, 2022

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