Milling & Baking News - December 28, 2021 - 43

CHICAGO CORN AND SOY FUTURES
- Change from -
Dec. 23
Corn Futures $ per bu
March
May
July
September
December
March
March
May
July
August
September
March
May
July
August
September
Dec. 17
+13
Dec. 10
6.05¾ +12½ +15¾
6.07¼
6.06
5.72¼
5.53½
Soybeans $ per bu
January
13.32
+13¼
+10
+7
+15
+8
Year
ago
4.51
+15¼ 4.51¾
4.50¼
4.30
+2½ 4.24½
5.60½ +6¾ +2¼ 4.28¾
+46¾ +64¼ 12.63½
13.40¾ +52¼ +66½ 12.64½
13.48¼ +54¾ +66½ 12.62¾
13.52
+52¾
13.35½ +46½
12.96¼ +32¼
Soybean Meal $ per ton
January
406.10 +26.60
+64
+55
+36
+39.30
400.50 +24.00 +34.60
398.00 +22.20 +30.70
398.20 +20.90 +28.50
395.30 +19.00 +26.40
389.60
+16.10
+22.60
Soy Products
Bookings of soy flour slowed last week as
the market reflected the downshift into holiday
mode. Prices advanced as soybean meal
futures surged.
Most buyers, including bakers, were
covered into the new year. Many also had
contracts extended through 2022. The tight
market along with shortened holiday schedules
made filling last-minute orders a challenge
for processors.
Soybean meal futures continued rising
toward " bubble " proportions, according to
one processor. The surge in the entire soy
complex was largely fueled by persistent
reports of poor crop conditions in South
America due to sustained dry weather
patterns, with some analysts beginning to
revise South American soybean production
forecasts lower, which could boost export
demand for US soybeans.
The US Department of Agriculture in its
weekly Export Sales report said in the week
ended Dec. 16 net sales of soybean meal for
delivery in 2021-22 totaled 300,000 tonnes, up
214% from the previous week and up noticeably
from the prior four-week average.
The USDA said in the same week net export
sales of soybeans for delivery in 2021-22
totaled 811,500 tonnes, down 38% from the
previous week, down 42% from the prior fourweek
average and a marketing-year low. China
accounted for 90% of the week's purchases. MBN
Corn Products
Bookings and sales of corn meal and other
dry corn mill products were steady last
week. Prices advanced with stronger corn
futures a feature.
The increase in corn futures reflected
reports of prevailing dry weather causing
stress to crops in South America, which
bakingbusiness.com
12.57¼
12.22
11.32
416.80
414.10
410.80
409.03
397.60
376.20
Chicago, bulk
SOY PRODUCTS
Dec. 23
Dec. 17
Soy flour
Bulk
Sacked
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Dec. 10
31.50 @ 34.50 +1.35 @ +1.35 +1.50 @ +1.50
34.50 @ 37.50 +1.35 @ +1.35 +1.50 @ +1.50
CORN MEAL
- Change from -
Dec. 23
Dec. 17
22.41 @ 22.66 .25 @ .25
Chicago, sacked 24.18 @ 24.43 .25 @ .25
New York, bulk
24.08 @ 24.33 .25 @ .25
New York, sacked 26.50 @ 26.79 .25 @ .25
$ per cwt
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
OATS
Dec. 23
Milling quality oats, No. 2 heavy,
$ per bu
7.57
25@35
Dec. 17
52.00@54.00 +2.00
+4¾c
-
Dec. 10
.31 @ .31
.31 @ .31
.31 @ .31
.31 @ .31
- Change from -
Dec. 10
+2.00
+4c
-
could boost foreign demand for US supplies.
Most buyers had previously secured
contracts to cover their corn product needs
for the first half of 2022. Some were booked
for the entire year. Orders from cereal and
snack food manufacturers reflected the
seasonal demand for hot grits dishes and
popular corn-based snack foods featured at
retail during the college bowl season and the
upcoming professional football playoffs.
Transportation woes continued to plague
delivery needs. Timeframes between orders
placed and orders received expanded from
the typical one week to several weeks. Buyers
were encouraged to place orders well in
advance to accommodate the delays.
The USDA in its weekly Export Sales
report said in the week ended Dec. 16 net
export sales of corn for delivery in 2021-22
totaled 982,900 tonnes, down 50% from the
previous week and down 29% from the prior
four-week average. MBN
Oats
Bookings of food-grade oat flakes and
other oat mill products were limited last
week. Prices were raised and up more than
70% from a year ago with no hint of weakness
anytime soon.
The oat futures market continued its
volatile streak but finally began to settle into
sideways trading just before the Christmas
holiday.
Most major oat product buyers had
secured contracts through the first half of
2022. With a razor-thin supply, high prices
were forecast for bookings still to be made.
Buyers were cautioned to ensure coverage
early as demand will outpace supply, despite
the higher-than-average prices.
There was speculation the price increases
would impact feed demand. It was anticipated
some would change their formulas to incorporate
more competitive ingredients.
The phenomenal demand in the oat products
market has spurred talks of expansion. It
was hopeful the number of acres dedicated to
next year's oat crops in Canada and the United
States would increase by double digits. MBN
Rice
Bookings and sales of milled rice, industrial
rice, extruded products and rice
flour were limited last week. Prices were
unchanged but firm.
Mills were still running hard but only in
an effort to get ahead of the holiday weekend
so workers could take time off. Production
was expected to return to its usual tempo
after the holiday.
Many buyers already had secured contracts
through the first quarter with some
large industrial buyers of milled rice holding
even more extensive coverage. Negotiations
for brokens were also underway with
manufacturers of rice flour and pet food.
Despite the healthy supply and strong
demand, transportation issues continued
to afflict delivery effectiveness. Miscommunication
between freight carriers and mills
seemed to exacerbate the already strained
situation. The requested number of rail cars
were not arriving at prescheduled dates making
delays inevitable. Trucks were also an
issue due to driver shortages and an increase
in demand stretching an already thinly
spread transport industry. MBN
RICE
Dec. 23
Cash
Long grain
27.00@28.50
Medium grain 33.00@35.00
Parboiled
Second
heads, bulk 20.50@23.00
Brewers
Rice bran
Rice hulls
20.00@21.00
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
14.31
Medium/short
grain
Broken
$ per cwt
March
May
July
$ per cwt
MILLING & BAKING NEWS 43
14.29
9.08
CBOT rough rice futures
January
14.05
14.21
-0.21
-0.20
-0.13
+0.32
-0.40
-0.39
-0.25
17.07
16.76
10.83
+0.22½ 12.28
+0.25½ +0.11½ 12.44½
14.36½ +0.21 +0.08½ 12.57½
14.45½ +0.13½ +0.10½ 12.72
45.00
30.00@32.50
- Change from -
Dec. 17
-
-
-
-
-
-
130.00@150.00 -
5.00
-
Dec. 10
-
-
-
-
-
-
-
-
Year
ago
27.50
32.00
29.50
19.00
17.00
40.00
110.00
5.00
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Milling & Baking News - December 28, 2021

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