Milling & Baking News - February 22, 2022 - 43

CHICAGO CORN AND SOY FUTURES
- Change from -
Feb. 18
Corn Futures $ per bu
March
May
July
September
December
March
May
July
August
September
November
May
July
August
September
October
Feb. 11
Feb. 4
+31
Year
ago
6.54¼ +3¼ +33¾ 5.42¾
6.52¾ +2¼
6.47
+1¾ +28½
+3
6.04¾ +3¼
Soybeans $ per bu
March
16.01½ +18½
16.03½ +17¼
16.01
15.65½
14.99
Soybean Meal $ per ton
March
447.90
445.70
445.10
437.60
427.90
418.80
+20
+17
14.63¾ +19¾
-8.70
-8.30
-7.50
-5.30
-1.30
+1.60
+24
+24
5.41¾
5.33
6.08¾ +1¼ +22¾ 4.81¾
5.97¾
4.60
4.67¾
+48
+46
13.77¼
13.80
+47½ 13.67¾
+50¼ 13.27½
+17¼ +59½ 12.42¾
+68
11.96¼
+4.00
+3.90
424.30
423.60
+6.30 420.30
+9.80
+15.40
+20.20
407.70
392.80
378.20
Soy Products
Bookings of soy flour were limited last
week. Prices were lower.
Most major soy flour buyers, including
bakers, earlier covered their needs through
the first half of the year. Some had contract
balances extending through the end of 2022.
Buyers without extensive coverage
remained reluctant to book significant supply
at current prices. They chose instead to
purchase loads as needed.
Soybean meal futures declined with meal
losing share in the value of the soybean crush
to soybean oil. Meanwhile, soybean futures
dropped early in the week in response to rain
across parched South American soybean
areas only to bounce higher at midweek as
reports indicated the rainfall may have been
too little too late, and forecasts suggested hot
and dry conditions were returning.
The National Oilseed Processors
Association said a lower-than-expected
182,200,000 bus of soybeans were crushed
in January, down from December's recordbreaking
186,438,000 bus and compared
with 184,600,000 bus crushed in January
2021. The average daily crush volume for
January 2022 was 5,800,000 bus. Recent
winter storms may have contributed to the
lower crush with refiners grappling with
snow-clogged roads that delayed both the
transport of soybeans to crushing facilities
as well as shipments of oil and meal from the
processing plants.
The US Department of Agriculture said
net export sales of soybean cake and meal
in the week ended Feb. 10 for delivery in
2021-22 totaled 279,100 tonnes, up 16% from
the previous week but down 25% from the
prior four-week average. In the same week,
export sales of soybeans for delivery in 202122
totaled 1,361,800 tonnes, down 15% from
bakingbusiness.com
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
Chicago, bulk
SOY PRODUCTS
Feb. 18
Feb. 11
Soy flour
Bulk
Sacked
33.51 @ 36.51 -.54 @ -.54
36.51 @ 39.51
-.54 @ -.54
Defatted, f.o.b. Midwest plant, $ per cwt
CORN MEAL
Feb. 18
Chicago, sacked 25.16 @ 25.41
New York, bulk
25.06 @ 25.31
- Change from -
Feb. 11
Feb. 4
23.39 @ 23.64 .07 @ .07 .69 @ .69
.07 @ .07 .69 @ .69
.07 @ .07 .69 @ .69
New York, sacked 27.48 @ 27.77 .07 @ .07 .69 @ .69
$ per cwt
OATS
- Change from -
Feb. 18
52.00@54.00
Milling quality oats, No. 2 heavy,
$ per bu
Feb. 11
-
7.39½ -60¼c
25@35
-
Feb. 4
-
-41½c
-
the previous week but up 26% from the fourweek
average. MBN
Corn Products
Bookings and sales of corn meal and other
dry corn mill products were steady last
week. Prices edged higher.
Major corn product buyers, including
breakfast cereal and snack food manufacturers,
have secured contracts through the
third quarter of 2022.
Demand for organic corn products as well
as for grits for hot breakfast cereal and side
dishes remained strong. Demand for corn
flour for fish breading during the Lenten
season also kept a steady pace.
Corn futures advanced from early losses
to close higher. Lower corn production forecasts
for Argentina and southern Brazil lent
support as did a recent bout of bargain buying.
Tensions between Russia and Ukraine,
the latter a major corn exporter, also kept
markets on edge.
The USDA in its weekly Export Sales
report said net export sales of corn in the
week ended Feb. 10 for delivery in 2021-22
totaled 820,000 tonnes, up 39% from the
previous week but down 23% from the prior
four-week average. MBN
Oats
Bookings of food-grade oat flakes and
other oat mill products were limited last
week. The prices of oat flakes and other
oat products were unchanged. Oat futures
began to soften but remained high.
Mills were running strong to keep up
with seasonal demand from hot breakfast
cereal manufacturers. Mills also kept
busy managing customer service concerns
regarding postponed shipments. Snowdelayed
deliveries along with sourcing
capacity to fill orders for a variety of industries,
including breakfast cereal manufacturers
and co-packing companies. Demand
remained high for all rice products, including
brokens. Brewers, pet food and rice flour
businesses were interested in replenishing
their diminished broken rice stores. High
and persistent demand was expected to support
elevated prices for some time.
Transportation concerns were a continual
issue. Ordered freight cars were not
available at ports, which led to a backup in
export shipments. Adding to the problems,
trucks and drivers were hard to find, delaying
shipments even more.
The USDA in its weekly Export Sales
report said net export sales of rice in the
week ended Feb. 10 for delivery in 2021-22
totaled 24,000 tonnes, down 88% from the
previous week and down 80% from the prior
four-week average. MBN
RICE
Feb. 18
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
14.14
Medium/short
grain
Broken
$ per cwt
May
July
September
$ per cwt
13.94
8.97
CBOT rough rice futures
March
14.90
15.16
15.30
14.66
+0.13
+0.14
+0.08
-0.31
+0.02
-0.16
+0.01
17.98
17.61
11.41
-0.37½ 12.87
-0.30½ -0.35½ 13.15
-0.65½ -0.34
-0.08
13.34
-0.05 12.77½
MILLING & BAKING NEWS 43
45.00
30.00@32.50
- Change from -
Feb. 11
-
-
-
-
-
-
130.00@150.00 -
5.00
-
-
-
-
-
-
-
-
-
Feb. 4
Year
ago
26.25
32.00
29.50
20.00
17.75
40.00
120.00
5.00
- Change from -
Feb. 4
+.09 @ +.09
+.09 @ +.09
available transportation in a COVID-affected
sector was a constant challenge.
Cost assessments for new crop seeding
were underway. It was hoped the competitive
market price for oats would encourage
farmers to plant more acres to the crop this
year. MBN
Rice
Bookings and sales of milled rice and
industrial rice, extruded products and rice
flour expanded last week. Market prices
remained firm.
Mills continued to run at maximum
Milling & Baking News - February 22, 2022

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