Milling & Baking News - July 13, 2021 - 43

CHICAGO CORN AND SOY FUTURES
- Change from -
July 9
Corn Futures $ per bu
July
September
December
March
May
July
August
September
November
January
March
August
September
October
December
January
July 2
June 25
Year
ago
6.29¾ -67½ -6¾ 3.40½
5.29½ -62½
5.17
5.25
5.30
-¾ 3.37¼
-62¾ -2¼ 3.44¾
-61¼
-60¼
-1½
Soybeans $ per bu
July
14.04
13.79¼
3.55
-1¼ 3.61¼
5.30¾ -56¾ -2¼ 3.66¼
-47¾ +74¼ 8.91½
+76½ 8.87¼
-54
13.38¾ -69¼ +64½ 8.85½
13.29¼ -69¾ +59½ 8.90¾
13.33¾ -68½
+60
Soybean Meal $ per ton
July
352.50
354.10
-27.40
-27.40
355.30 -28.30
355.60
358.90
-29.00
-29.40
358.90 -28.80
8.96¼
13.19½ -58¼ +57¾ 8.92½
+5.30 290.80
+5.20
+5.10
+4.80
+4.00
+3.70
292.50
294.90
296.80
300.10
301.90
Soy Products
Bookings of soy flour were limited last
week. Prices declined.
Most soy flour buyers, including bakers,
were comfortable with coverage that in most
cases extended through the fourth quarter.
Some coverage has been added for early
2022, but that activity still consisted mostly
of " kicking tires " until more is known about
the 2021 soybean crop.
Concerns about tight supplies of soybeans
for crushing ahead of fall harvest have eased as
high prices have helped to ration demand and
export sales have slowed. How much supplies
increase will be seen after the harvest depends
on favorable weather boosting soybean yields.
Soy complex futures declined. Soybean
meal futures dropped about 7% and soybeans
about 5% for the week. The widest
declines occurred when trading resumed
after the holiday break amid forecasts for
improved weather in the coming weeks.
The US Department of Agriculture in its
weekly Crop Progress report said 29% of the
soybeans in the 18 major producing states
were blooming by July 4, equal to a year ago
and compared with 24% as the 2016-20 average
for the date. The USDA rated the crop's
condition at 59% good to excellent compared
with 71% a year ago.
The USDA in its weekly Export Sales
report said during the week ended July 1 net
export sales of soybean cake and meal for
delivery in 2020-21 totaled 211,800 tonnes,
down 9% from both the previous week and
from the prior four-week average. Lacking
fresh China demand, export sales of soybeans
languished. MBN
Corn Products
Bookings and sales of corn meal and other
dry corn mill products were steady to slower
bakingbusiness.com
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
Chicago, bulk
SOY PRODUCTS
July 9
July 2
Soy flour
Bulk
Sacked
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 25
36.85 @ 37.85 -1.35 @ -1.35 +.30 @ +.30
38.85 @ 39.85 -1.35 @ -1.35 +.30 @ +.30
CORN MEAL
- Change from -
July 9
July 2
June 25
21.16 @ 21.41 -1.26 @ -1.26 -.04 @ -.04
Chicago, sacked 22.93 @ 23.18 -1.26 @ -1.26 -.04 @ -.04
New York, bulk
22.83 @ 23.08 -1.26 @ -1.26 -.04 @ -.04
New York, sacked 25.25 @ 25.54 -1.26 @ -1.26 -.04 @ -.04
$ per cwt
OATS
- Change from -
July 9
32.25@32.75
Milling quality oats, No. 2 heavy,
$ per bu
July 2
-
4.39¼ -5¼c
25@35
-
June 25
-
+11¾c
-
during the holiday week. Prices dropped.
Some breakfast cereal and snack food
manufacturers continued to fill gaps in coverage
through the end of the year. Sales of
brewer's grits were seasonally strong.
Corn futures continued to dominate the
agricultural markets, posting lossesof 10%
to 11% for the week. Forecasts of improved
weather in July, during the crop's key pollination
phase, sent several months down the
40¢-a-bu daily limit on July 6. Price changes
were more modest as the week progressed
but continued to lose ground mostly due to
weather forecasts.
The USDA in its weekly Crop Progress
report rated the condition of the corn crop in
the 18 major growing states as of July 4 at 64%
good to excellent, unchanged from a week
earlier but below 71% a year ago. Ten percent
of the crop was silking compared with 9% a
year ago and 14% as the 2016-20 average.
Absent new Chinese demand, export sales
of US corn remained lackluster. MBN
Oats
Bookings of food-grade oat flakes and
other oat mill products were limited last
week. Prices were unchanged.
Most major buyers of oat mill products
earlier covered their needs through September
(old crop). Trade sources suggested buyers
hoping for price relief when new crop
supplies become available after September
may be disappointed.
" With lower acreage, I can't see prices
going anywhere but up, " a major oat miller
said. Planted area in both the United States
and in Canada, the latter the major source
of milling quality oats, and drought in the
Upper Midwest, may result in historically
tight oat supplies, he said.
Demand for oat flakes has been down from
last year when retail sales jumped amid the
pandemic. Sales were expected to increase as
pantries finally begin to empty out, and then
build seasonally as weather cools. Shipments
for oat drinks remained brisk.
The USDA in its weekly Crop Progress
report said 88% of oats in the nine major producing
states was headed by July 4 compared
with 83% both a year ago and as the recent
five-year average for the date. The crop's
condition was rated 34% good to excellent
(36% fair) compared with 37% a week earlier
(37% fair) and 62% a year ago (28% fair). MBN
Rice
Trading in milled rice, industrial rice,
extruded products, and rice flour was quiet
last week due to the holiday and quarterly
buyers adequately covered. Market prices
were firm. Prices as quoted by the USDA
were steady for cash rice and lower for
world milled rice.
The USDA in its weekly Crop Progress
report said 14% of the nation's rice crop was
headed by July 4 compared with 18% at the
same time last year and 17% as the recent
five-year average for the date. The USDA
rated the condition of the crop at 73% good
to excellent, unchanged from a week earlier
and from the same time a year ago.
Some trade sources said they thought the
rice area estimate in the June 30 USDA Acreage
report was too high in several states, which may
result in tighter-than-expected supplies in 202122
if lower production is realized. MBN
RICE
July 9
Cash
Long grain
Second
heads, bulk
Brewers
Rice bran
Rice hulls
$ per cwt bagged
USDA world price milled
Long grain
16.72
Medium/short
grain
Broken
$ per cwt
September
November
January
$ per cwt
16.26
10.54
CBOT rough rice futures
July
12.60
-0.07
-0.16
-0.11
-0.24
12.86½ -0.28
13.07½ -0.31
13.26
-0.26
-0.4
-0.49
-0.32
-0.55
17.23
16.89
10.93
16.15½
-0.64½ 11.94
-0.64½ 11.80
-0.64½ 11.95
MILLING & BAKING NEWS 43
26.50@28.00
Medium grain 32.25@32.50
Parboiled
29.50@31.75
21.00@22.50
18.25@20.50
f.o.b. mills, $ per ton
Rice millfeed
40.00
July 2
-
-
-
-
-
-
110.00@130.00 -
5.00
-
- Change from -
June 25
-
-
-
-
-
-
-
-
Year
ago
29.00
32.00
30.50
19.50
15.50
40.00
75.00
5.00
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Milling & Baking News - July 13, 2021

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