Milling & Baking News - June 1, 2021 - 42

MARKET trends
TUES | 06 01 202 1
Wheat Futures
Whipsaw trading took place in wheat
futures last week. Through midweek,
futures were in retreat along with corn and
soybean futures on outstanding planting
progress of spring wheat and row crops and
increasingly favorable weather across some
key growing regions. By midweek, Kansas
City wheat futures were trading at the lowest
levels since mid-April. But futures bounced
on May 27 on technical trading and rallying
corn futures. Corn futures drew support
from hopes US-China trade tensions might
ease. Kansas City and Chicago wheat futures
dropped at the week's end to close lower, but
Minneapolis spring wheat futures broke
ranks and exhibited independent strength.
While spring wheat areas received some
rain, it was not enough to break drought
conditions that have gripped the northern
Plains. Much more rain was needed. Concerns
over spring wheat prospects because
of the dry conditions provided support to
Minneapolis wheat futures during the week.
While world wheat demand expanded,
the US share in the sales was expected to be
limited. Egypt purchased 240,000 tonnes
of Romanian wheat. Saudi Arabia issued
- Change from -
Kansas City
July
September
December
March
Chicago
July
September
December
March
Minneapolis
July
September
December
March
6.20½ -10½c
6.32¼ -7½c
6.42½ -5¾c
6.63½ -10¾c
6.67¼ -9¾c
6.74¾ -6¼c
6.81¾ -4c
7.27½ +27c
7.33½ +27¾c
7.37½ +28½c
7.42¾ +30¾c
$ 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
145 @ 155
190 @ 200
179 @ 189
Upper Midwest, f.o.b. truck 175 @ 185
Chicago West
192 @ 202
170 @ 180
145 @ 155
170 @ 190
189 @ 204
185 @ 200
120 @ 135
320
210 @ 230
$ per ton, delivered rail unless noted
42 MILLING & BAKING NEWS
BULK MIDDLINGS
- Change from -
June
May 21
-
May 14
145 @ 155 -5 @ -5 +5 @ +5
190 @ 200
Year
ago
-44½c
-42½c
-38¼c
-35c
-43¾c
-39¼c
-35c
-32¼c
-13¼c
-13c
-12¾c
-10¼c
a mammoth tender
for 702,000 tonnes of
optional-origin wheat.
Several suppliers will vie
for that business.
The US Department of
CHICAGO JULY WHEAT FUTURES
Agriculture in its weekly
Export Sales report said
in the week ended May
20 net export sales of
wheat for delivery in
2020-21 totaled 29,500
tonnes, down 76% from
the previous week and
down 58% from the prior
four-week average. For
2021-22, net export sales
totaled 373,800 tonnes.
The USDA in its weekly Crop Progress
$4.70
$5.20
$5.70
$6.20
$6.70
$7.20
$7.70
July contract, cents per bu
MA NF
Previous Year
Current Year
Improved prospects for 2021 winter wheat sent
Chicago wheat futures into retreat.
report rated the US winter wheat crop as of
May 23 at 47% good to excellent, down from
48% a week earlier and compared with 54%
a year ago. The overall rating was pulled
down mostly by dismal ratings in the Pacific
Northwest, where drought prevailed.
The USDA said 94% of the spring wheat
crop was planted by May 23 versus 85% as
the average for the date, and emergence was
WHEAT FUTURES
Week's
May 28 May 21 May 14 High
6.13¼ -10¾c
Low
Year
ago
6.29½ 5.88 4.70½
6.37 5.95½ 4.77
6.48 6.05¾ 4.88
6.58¼ 6.16 4.98½
6.79¾ 6.39½ 5.20¾
6.83 6.42¾ 5.23½
6.90¼ 6.48¾ 5.32¼
6.95¾ 6.55½ 5.40¼
7.36 6.68¾ 5.25
7.41½ 6.75¾ 5.36
7.44½ 6.83½ 5.48¾
7.48¾ 6.91¾ 5.61¼
Season's
High
Low
7.41½ (05-07-21) 4.49¾ (08-07-20)
7.45¼ (05-07-21) 4.59½ (08-07-20)
7.51¼ (05-07-21) 4.72¼ (08-07-20)
7.56½ (05-07-21) 4.32¾ (08-07-20)
7.69½ (04-27-21) 4.96¼ (06-26-20)
7.67½ (05-07-21) 5.03¾ (06-26-20)
7.70½ (05-07-21)
5.14
(06-26-20)
7.73¾ (05-07-21) 4.88¼ (06-26-20)
8.07¼ (05-07-21) 5.40½ (08-12-20)
8.10¾ (05-07-21) 5.49¾ (08-12-20)
8.10
8.09½ (05-07-21) 5.20¼ (08-17-20)
(05-07-21) 5.61½ (08-13-20)
66%. Because of drought across the northern
Plains and the Pacific Northwest, the spring
wheat crop's initial rating for the season was
45% good to excellent, the lowest in several
years. North Dakota spring wheat was rated
31% good to excellent, 50% fair and 19% poor
to very poor. MBN
Millfeed
Prices were unchanged to higher in the
pre-holiday week. Supplies tightened as
steady demand met reduced flour grind.
Feed demand and wheat midds usage
remained unseasonably strong in some
areas. Demand was particularly strong in
the Southeast, where catfish were surfacing
and taking in more feed, and where other
sectors such as poultry and swine still were
consuming hefty volumes.
Most trading was completed nearby. As
not all their usual loads would be available
after the holiday weekend, buyers strategized
to secure the feed they needed for
the first week of June.
Price adjustments following corn futures'
dramatic declines drew renewed interest in
July-Sept.
Oct.-Dec.
Jan.-Mar.
67 @ 77 140 @ 160 165 @ 180 160 @ 175
+15 @ +15 90 @ 100 195 @ 205 195 @ 205 190 @ 200
164 @ 174 -15 @ -15 +5 @ +5 87 @ 97 159 @ 169 167 @ 177 167 @ 177
160 @ 170 -15 @ -15 +5 @ +5 83 @ 93 155 @ 165 163 @ 173 163 @ 173
177 @ 187 -15 @ -15 +5 @ +5 100 @ 110 172 @ 182 180 @ 190 180 @ 190
160 @ 170 -5 @ -5 +5 @ +5 85 @ 95 150 @ 170 155 @ 175 145 @ 160
135 @ 145 -10 @ -10 +5 @ +5
150 @ 160 +10 @ 0 +10 @ 0
70 @ 80 130 @ 140 140 @ 150 125 @ 140
85 @ 95 140 @ 150 150 @ 160 145 @ 155
184 @ 199 +5 @ +5 +5 @ +5 129 @ 144 179 @ 194 174 @ 189 174 @ 189
180 @ 195 +5 @ +5 +5 @ +5 125 @ 140 175 @ 190 170 @ 185 170 @ 185
115 @ 125
-
-
95 @ 105 110 @ 120 120 @ 130 110 @ 120
deferred coverage after nearly six weeks of
" sky-high offers, " a trader said. But activity
was mostly limited to tire-kicking, as buyers
felt corn had room for additional declines
into summer that could tug millfeed lower.
Flour grind turned markedly lower. Most
mills planned three days down for Memorial
Day. A few locations excised Thursday and
Friday grind to initiate routine maintenance.
Millfeed was $145 a ton in Kansas City and
$179 in Minneapolis, on a rail basis, compared
with corn at $252 a ton and sorghum at $255 a
ton, both KC. Corn gluten feed was $10 lower at
$225 a ton in KC, where dried distillers' grain
and dehydrated alfalfa were unchanged at
$235 and $300 a ton, respectively. MBN
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Milling & Baking News - June 1, 2021

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