Milling & Baking News - July 12, 2022 - 35

CHICAGO CORN AND SOY FUTURES
- Change from -
July 8
Corn Futures $ per bu
July
September
December
March
May
July
August
September
November
January
March
August
September
October
December
January
July 1
7.78¼ +23¾
+16
+15
+14
June 24
+28
-50½
-50½
-50
Year
ago
6.29¾
6.33¼ +13½ -49½ 5.29½
6.23½
6.28¾
6.31¾
5.17
5.25
5.30
6.29¼ +12¾ -48¼ 5.30¾
Soybeans $ per bu
July
16.30¼ +4¼ +19½ 14.04
15.13¼ +4¼ -7½ 13.79¼
14.14¼ -2½ -31½ 13.38¾
13.96½ +1¼ -27¾ 13.29¼
14.01¼
+½
Soybean Meal $ per ton
July
478.40
431.30
412.30
402.80
-27
+18.70 +45.80
+9.20
+11.10
+14.10
403.70 +14.50
402.60
+13.90
+19.90
+15.00
+13.40
+13.00
+12.90
Soy Products
Trading activity was quiet during the
Fourth of July holiday week. Bookings of soy
flour were limited to fill-in requests. Prices
advanced.
Major buyers of soy flour and soy flour
products, including bakers and pet food
manufacturers, had previously extended
coverage through December. Users continued
to resist extending coverage further
until additional crop reports were available.
Soybean and soybean meal futures
rebounded from dips prior to the three-day
holiday weekend during which soybean
futures had plunged to multi-month lows
on technical selling, improved weather
forecasts and general fears of a slowing
economy and looming recession. But
enhanced economic outlooks and spillover
strength from other grains pushed soybean
meal and some soybean futures higher for
the week.
Demand remained seasonally strong
from a variety of industries but especially
from the baking sector, and mills performed
at maximum capacity to fill orders against
contracts. The majority of plants continued
to run through the long Independence Day
weekend, hoping to catch up on backlogs.
Traders fielded a flurry of phone calls from
customers wanting to know when their
orders would be processed and ready for
delivery.
The USDA in its weekly Export Sales
report said net export sales of soybean cake
and meal in the week ended June 30 for
delivery in 2021-22 totaled 148,200 tonnes,
up noticeably from the prior week and up
47% from the four-week average. In the
same week, a net sales reduction of soybeans
totaled 160,000 tonnes - a marketing
year low - was down noticeably from the
bakingbusiness.com
13.33¾
13.93½ -2¾ -29½ 13.19½
352.50
354.10
355.30
355.60
358.90
358.90
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
Chicago, bulk
SOY PRODUCTS
July 8
July 1
Soy flour
Bulk
Sacked
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 24
36.03 @ 39.03 +.70 @ +.70 +2.16 @ +2.16
39.63 @ 42.63 +.70 @ +.70 +2.16 @ +2.16
CORN MEAL
- Change from -
July 8
July 1
June 24
26.05 @ 26.30 .48 @ .48 .57 @ .57
Chicago, sacked 27.82 @ 28.07 .48 @ .48 .57 @ .57
New York, bulk
27.72 @ 27.97 .48 @ .48 .57 @ .57
New York, sacked 30.14 @ 30.43 .48 @ .48 .57 @ .57
$ per cwt
OATS
- Change from -
July 8
53.50@55.55
Milling quality oats, No. 2 heavy,
$ per bu
July 1
-
6.42¾ -57½c
25@35
-
June 24
-
-29¼c
-
prior four-week average. The USDA's Foreign
Agricultural Service reported China
reduced its soybean imports for the current
marketing year by 94 million tonnes due to
demand destruction from COVID lockdown
restrictions. MBN
Corn Products
Bookings and sales of corn meal and other
dry corn mill products were steady last
week. Prices were higher.
Major manufacturers and other buyers of
dry corn meal and extruded corn products,
including breakfast cereal and snack food
industries, had their needs covered into the
fourth quarter.
Corn futures bounced from previous
four-month lows, weighed down by recession
pressures along with beneficial rains
forecast for the US Midwest corn crop during
the key pollination phase. But by week's
end, the rain had evaporated, and economic
concerns were beginning to abate, which
fueled a rise in corn futures.
The USDA said in its July 5 Crop Progress
update that 7% of corn in the 18 major growing
states was silking as of July 3. The USDA
gave the crop a rating of 64% good to excellent,
compared with a 67% good-to-excellent
rating a week ago but on par with 64% at the
same time last year.
The USDA in its Export Sales report
said net sales reductions of corn in the
week ended June 30 for delivery in 2021-22
totaled 66,600 tonnes - a marketing year
low - were down noticeably from the previous
week and from the prior four-week
average. MBN
Oats
Bookings of food-grade oat flakes and
other oat mill products were limited last
week. Oat product prices were steady and
firm.
Major buyers of milled oat products,
including snack and dairy-free beverage
manufacturers, had previously covered
their needs through the fourth quarter.
Robust demand had buyers wanting to
extend contracts further, but most held
back in hopes prices would abate after
harvest.
Despite the late planting, the North
American oat crop appeared to be performing
well. The USDA said 67% of oats planted
in the nine major states was heading, down
from the five-year average of 81% at the same
time, according to the July 5 Crop Progress
update. But 61% of the crop was rated as good
to excellent, compared with 58% a week earlier
and 34% at the same time last year.
A recent acreage report from Statistics
Canada said farmers planted 3,972,000 acres
of oats, up 16% from 3,423,000 acres planted
in 2021. MBN
Rice
Bookings and sales of milled and industrial
rice, extruded products and rice flour
were steady last week. Prices were steady
and firm.
The USDA in its weekly Export Sales
report said net export sales of rice in the
week ended June 30 for delivery in 2021-22
totaled 30,400 tonnes, up 73% from the previous
week but down 2% from the prior fourweek
average. MBN
RICE
- Change from -
July 8
Cash
Long grain
Medium grain
Parboiled
Brewers
Rice bran
Rice hulls
31.50@33.50
40.25
37.50
Second
heads, bulk 22.50@25.00
21.00@23.50
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
15.54
Medium/short
grain
Broken
$ per cwt
September
November
January
$ per cwt
15.34
9.86
CBOT rough rice futures
July
16.20
+0.11
+0.13
+0.07
+0.08
+0.11
+0.13
+0.07
16.72
16.26
10.54
+0.14½ 12.60
16.45½ +0.03½ +0.04½ 12.86½
16.67
16.82
+0.01½ +0.06½ 13.07½
+0.02½ +0.18
13.26
MILLING & BAKING NEWS 35
50.00
July 1
-
-
-
-
-
-
160.00@165.00 -
10.00
-
June 24
-
-
-
-
-
-
-
-
Year
ago
26.50
32.25
29.50
21.00
18.25
40.00
110.00
5.00
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Milling & Baking News - July 12, 2022

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