Milling & Baking News - December 27, 2022 - 36

MARKET trends
TUES | 12 27 2022
Sweeteners
The sugar market was in holiday mode
last week with trading slow and prices
unchanged. Traders watched weather
closely in Louisiana where temperatures fell
well below freezing, raising concerns about
damage to the cane crop.
Beet sugar prices for 2022-23 were
nominally 59¢ to 60¢ a lb f.o.b. Midwest with
supplies mainly available from distributors
only. One cane refiner continued to offer
spot sugar at 68¢ a lb f.o.b. through Dec. 31
and at 61¢ a lb f.o.b. for calendar 2023 at all
locations. Some buyers said they could no
longer find cane sugar for 2023 at 61¢ and
suggested prices had firmed to 63¢, but that
was not confirmed.
Beet processors were out of the market
for the 2022-23 marketing year hoping production
was adequate to meet sales as their
slicing campaigns progressed without interruption.
Cane refiners were either sold out
or highly sold in most cases. There was some
uncovered business for 2022-23, especially
from beet sugar users where production
was lower than expected.
Deliveries of contracted sugar were slow
heading into the holiday period. In some
cases, sellers said deliveries of beet sugar
had slowed more than expected and were
below average for December, with bulk sugar
slowing the most and retail packages holding
up well if not better than expected. Others
reported more normal yearend draw on contracts.
Cane sugar deliveries appeared to be
typical for the season, and in some cases were
above average as users turned to cane sugar
to replace unavailable beet sugar.
2022-23
Midwest beet
Pacific beet
Northeast cane*
REFINED SUGAR
Dec. 23
59N
59N
61.00
-
-
- Change from -
Dec. 16
-
-
-
Dec. 9
-
Year
ago
39.00
42.00
55.00
f.o.b. plant, cents per lb
*Spot raw plus 7% plus 20.85¢ with 2% cash discount, for calendar 2023;
spot through Dec. 31, 2022 is 68¢, N=Nominal
Sugar deliveries to food manufacturers
should resume a normal pace after the holidays,
but new sales may remain slow a while longer.
Sales for 2023-24 were ongoing at a slow
pace at yearend. Most refiners and processors
still were not quoting prices for the next marketing
year, and many buyers were hesitant to
book with prices still influenced by lofty 202223
values. Recent offers for 2023-24 were 51¢ a
lb f.o.b. Midwest for beet sugar and 52.50¢ a lb
f.o.b. Southeast from one cane refiner.
Weather was the major concern as a massive
storm moved across much of the country,
bringing freezing temperatures well into
the South. Both truck and rail movement was
expected to be snarled or at least slowed by
snow, ice, high winds and frigid temperatures
in northern areas. Freeze warnings were
issued for parts of Louisiana and other southern
states. Nearby New York No. 11 world
42% HFCS spot price1
2023
Midwest
Northeast
Southeast
Southwest
West
30 @ 35
32 @ 37
32 @ 37
31 @ 36
33 @ 38
ICE No. 11
March
May
July
October
cents per lb
raw sugar futures surged to near six-year
highs on indications of tight nearby world
raw sugar supplies due to slow cane harvest
progress in some key producing and exporting
countries.
Contracting of corn sweeteners for 2023
was completed, although numerous buyers
still had coverage to add. Increased use of corn
sweetener products the past couple of years
after decades of decline left corn refiners
unable to meet demand after downsizing production
capacity to match demand in recent
years. Prices for 2023 were up 20% to 40% or
more from 2022. Prospects for spot supplies
and imports were limited for 2023. MBN
2022
25½ @ 26
27 @ 27½
27¼ @ 27¾
26¾ @ 27¼
27½ @ 28¾
Midwest
CORN SWEETENERS
55% HFCS spot price1
38 @ 43
2023
Northeast
Southeast
Southwest
West
40 @ 45
40 @ 45
40 @ 45
41 @ 46
2022
32¾ @ 33¾
34¼ @ 35¼
34¼ @ 35¼
34 @ 35
34¾ @ 35¾
2021 prices; Delivered basis, cents per lb
1-Variations in prices often tied to tank car versus truck deliveries. 2-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks
Corn syrup2
2023
47@52
49@54
49@54
50@55
51@56
East
South
Dextrose
2023
70.00@75.00
Midwest 69.00@74.00
West
71.00@76.00
72.00@77.00
ICE No. 16
March
May
July
September
November
January
RAW SUGAR FUTURES
Dec. 23
36.50
36.51
36.25
36.25
36.24
35.42
Dec. 23
20.98
19.50
18.50
18.21
+.34
+.25
-
-
-
-
- Change from -
Dec. 16 Dec. 9
Year
ago
-.25 36.20
-.38 36.49
-.64
36.67
-.64 36.66
-.25
-.25
35.74
32.74
- Change from -
Dec. 16 Dec. 9
Year
ago
+.89 +1.38 19.24
+.68
+.51
+.44
+.71
+.57
+1.04 18.87
18.59
18.49
Premium flour
since 1906
SHAWNEE FLOUR
Bakers, H & R
Food Service/Retail
Private Label
All Purpose
Self-Rising
Whole Wheat
Custom Mixes
SHAWNEE CORN MEAL
White/Yellow
Meal, Flour, Cones, Coarse
Self Rising
OKEENE FLOUR
Bakers, Pastry, Whole Wheat
Shawnee Milling Company
P.O. Box 1567, Shawnee, OK 74802-1567
405-273-7000
Okeene Milling Company
P.O. Box 1000, Okeene, OK 73763
580-822-4411
Contact: Sarah Haselwood
shaselwood@shawneemilling.com
www.shawneemilling.com

http://www.shawneemilling.com

Milling & Baking News - December 27, 2022

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