Milling & Baking News - February 21, 2023 - 52

MARKET trends
per bu
TUES | 02 2 1 2023
Wheat Futures
Wheat futures were mixed last week,
with soft red futures lower, hard red futures
easing through May and edging higher
beyond, and Minneapolis narrowly mixed.
Rain and snow fell across the droughtplagued
US Plains, the Upper Midwest and
the Central states. The moisture was most
needed in the central Plains where the
southwest half of Kansas remained mired
in extreme and exceptional drought. Texas,
Oklahoma and Nebraska also were mostly
in some stage of drought, although the areas
rated extreme and exceptional drought were
smaller in the Feb. 14 US Drought Monitor.
The US Department of Agriculture's
weekly assessment of the US Drought Monitor
indicated 57% of winter wheat areas, a
one-point improvement from a week earlier,
and 64% of spring wheat areas, unchanged
from the prior week, were in drought.
Downturns in US equity indexes and
energy prices brought pressure on wheat
futures at times. Data from the Labor and Commerce
departments indicated jobs numbers
were improving and retail spending was seen
as a signal the US economy picked up as 2023
opened. But inflation in January was up from a
- Change from -
Feb. 17 Feb. 10 Feb. 3
Kansas City
March
May
July
September
Chicago
March
May
July
September
Minneapolis
March
May
July
September
9.06½ -2½c +33½c
year earlier, and investors
were concerned the Federal
Reserve's aggressive
interest rate hikes could
continue.
Wheat futures at times
followed soybeans lower
as an expected recordlarge
soybean harvest
advanced in Brazil.
Wheat futures continNEARBY
CHICAGO WHEAT FUTURES
$6.00
$7.00
$8.00
$9.00
FM AN
ued to be underpinned
by uncertainty about
the viability of the grain
safe-shipping corridor
out of the Black Sea that
was set to expire in
March as fighting intensified in the year-old
Russian invasion of Ukraine.
The USDA in its weekly report said net
Nearby Chicago wheat futures rose to six-week
highs last week on Russia-Ukraine war and Black
Sea region export concerns but closed lower on
profit taking and outside market pressures.
export sales of wheat in the week ended
Feb. 9 for delivery in 2022-23 were 209,800
tonnes, up 60% from a week earlier but down
32% from the four-week average. Sales for
2023-24 were 23,000 tonnes. Total sales were
near the low end of trade expectations.
The International Grains Council in its February
update left unchanged from January
WHEAT FUTURES
Week's
High
Low
8.95¾ -1c +29½c 9.09¾ 8.78
8.83¼ +1c +25½c
8.80½ +¾c +22¼c
7.65½ -20½c
7.76¼ -19½c
7.81
-18c
7.89¾ -16½c
9.30¼
$ per bu; change in cents per bu
Spot
Kansas City
Southwest, f.o.b. truck
Minneapolis
Central states, f.o.b truck
Buffalo
Southeast
N. & S. California
Los Angeles, f.o.b. truck
Pacific Northwest
Upper Midwest, sacked
Wheat germ
52
190 @ 200
200 @ 210
179 @ 189
Upper Midwest, f.o.b. truck 175 @ 185
Chicago West
192 @ 202
190 @ 200
160 @ 180
200 @ 210
230 @ 245
226 @ 241
190 @ 200
...
...
$ per ton, delivered rail unless noted
MILLING & BAKING NEWS
BULK MIDDLINGS
- Change from -
Feb.
Feb. 10
Feb. 3
Year
ago
-
9.23½ +½c
9.16¾ -½c
8.98¾ +1½c
+8¾c
+8c
+9¼c
+9½c
+8¾c
+8¾c
+7c
Year
ago
High
9.21½ 8.88½ 8.35¼
8.40
8.94¼ 8.65 8.40¾
8.91 8.64¾ 8.44½
7.97½ 7.59½ 7.97
8.07½ 7.71¼ 8.04
8.10
7.76½ 8.00¾
8.16¾ 7.85½ 8.02½
9.36¼ 9.18¾ 9.60¾
9.28
9.11½ 9.61¼
9.21¼ 9.06¼ 9.56¾
+8c 9.04¼ 8.88¾ 9.30
(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)
its forecast for 2022-23 global wheat production
at 796 million tonnes. The IGC projected
2023-24 global wheat production at 787 million
tonnes. Ending stocks were forecast at
275 million tonnes, down from 282 million
in 2022-23. MBN
Millfeed
Millfeed prices were mostly lower last
week. The largest price move was in the Southeast
market, which sank $40 a ton on weak
demand after a week of cold and rainy weather
throughout the Southeast hindered livestock
and catfish producers' feeding schedules.
The persistent dynamic of low millfeed
usage coupled with consistently good flour
mill run times across most markets proved
too much for the price floor that had started
to develop a week earlier. Some flour mills,
desperate to move their byproduct backlogs,
were forced to drop values to $100 per ton to
move weekend loads. It remained to be seen
if reduced supplies from extra flour mill
down time over Presidents' Day weekend
will provide support.
Meanwhile, flour mills kept a peculiarly
Mar.
Apr.-June
July-Sept.
190 @ 200 -10 @ -10 -30 @ -30 175 @ 185 200 @ 210 180 @ 190 170 @ 180
200 @ 210 -20 @ -20 -40 @ -40 215 @ 225 210 @ 220 190 @ 200 180 @ 190
179 @ 189 -5 @ -5 -5 @ -5 144 @ 154 179 @ 189 149 @ 159 149 @ 159
175 @ 185 -5 @ -5 -5 @ -5 140 @ 150 175 @ 185 145 @ 155 145 @ 155
192 @ 202 -5 @ -5 -5 @ -5 157 @ 167 192 @ 202 162 @ 172 162 @ 172
190 @ 200 -10 @ -10 -20 @ -20 165 @ 175 185 @ 195 180 @ 190 175 @ 185
160 @ 180 -10 @ 0 -15 @ -5 150 @ 160 170 @ 180 170 @ 180 165 @ 175
200 @ 210 -40 @ -40 -40 @ -40 175 @ 185 200 @ 210 170 @ 180 170 @ 180
230 @ 245 +5 @ +5 +5 @ +5 200 @ 215 230 @ 245 225 @ 240 220 @ 235
226 @ 241 +5 @ +5 +5 @ +5 196 @ 211 226 @ 241 221 @ 236 216 @ 231
190 @ 200
-
-
120 @ 130 180 @ 190 160 @ 170
...
steady pace for the season. " Typically this is
our slower time of year, but we've been staying
plenty busy and don't anticipate pulling
back any time soon, " one Upper Midwest
flour miller said. Standard weekly run time
being posted at most flour mills was 5½ to 6
days. Ideas were midds prices would have to
fall further if flour mills picked up an extra
half day of grind.
Millfeed was $190 a ton in Kansas City
and $179 in Minneapolis, on a rail basis,
compared to corn at $254 a ton and sorghum
at $243 a ton, both KC. Corn gluten feed
dropped $10 to $290 a ton, dried distillers'
grain declined $10 to $300 a ton, and dehydrated
alfalfa also pulled back $10 to $270 a
ton, all KC. MBN
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Milling & Baking News - February 21, 2023

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