Milling & Baking News - June 14, 2022 - 43

CHICAGO CORN AND SOY FUTURES
- Change from -
June 10
Corn Futures $ per bu
July
September
December
March
May
July
Soybeans $ per bu
July
August
September
November
January
March
August
September
October
December
January
June 3
7.73¼ +46¼
7.32¾ +31½
May 27
-4
-12
-9
-4
-1
Year
ago
6.84½
6.29¾
7.20½ +30½ -9½ 6.09¾
7.24¾ +29½
6.16
7.26¼ +29½ -6¾ 6.19½
7.23¼ +29¾
6.19½
17.45½ +47¾ +13¼ 15.08½
16.62
+28¼
15.84¼ +24½
Soybean Meal $ per ton
July
14.82½
-¼ 14.47½
15.68¼ +41¼ +24¼ 14.38¾
15.70½ +39½ +22¾ 14.40½
15.53¼ +30¼ +13¾ 14.15
429.10
417.60
409.10
401.40
401.80
399.80
+21.20
+16.60
+14.40
+11.90
+10.90
+9.90
-3.20
383.30
-9.70 386.00
-11.90 388.80
-13.00 390.30
-13.70 395.50
-13.40
395.90
Soy Products
Bookings of soy flour were limited last
week. Prices advanced.
Many major users, including bakers and
pet food manufacturers, had previously covered
their needs through the fourth quarter.
Buyers showed little interest in extending
coverage into 2023, choosing to wait for
new crop progress updates before making
purchasing decisions. Spot procurements
were unavailable at some plants after buyers
swooped in to take advantage of price dips in
recent weeks.
Many processors continued to struggle
with adequate run times. Some plants
scheduled downtime to tackle maintenance
projects, which is typical this time of year,
but a few major processors had unexpected
snags that added further strain to production
schedules.
Soybean futures felt pressure early last
week after crop progress updates showed
vast improvement in planting status. But
strong demand from both domestic and
international users amidst tightening
global supplies pushed soybean futures to
10-year highs in later sessions. Soybean meal
futures also rose on spillover strength from
the surging soybeans.
The US Department of Agriculture
in its June 10 World Agricultural Supply
and Demand Estimates report left its
forecast for US soybean production in
2022 unchanged at 4,640 million bus, up
205 million bus, or 5%, from 2021. In the
same report, USDA reduced the soybean
carryover to 280 million bus, down 30
million bus, or approximately 10%, from
last month, and well below average trade
estimates. The USDA left its forecast for
the 2022-23 soybean crush unchanged
at 2,255 million bus. The report also left
bakingbusiness.com
Chicago, bulk
June 10
Soy flour
Bulk
Sacked
SOY PRODUCTS
June 3
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
May 27
33.08 @ 36.08 +1.06 @ +1.06 -.28 @ -.28
36.68 @ 39.68 +1.06 @ +1.06 -.28 @ -.28
CORN MEAL
- Change from -
June 10
25.94 @ 26.19
27.61 @ 27.86
June 3
May 27
.93 @ .93 -.08 @ -.08
Chicago, sacked 27.71 @ 27.96 .93 @ .93 -.08 @ -.08
New York, bulk
.93 @ .93 -.08 @ -.08
New York, sacked 30.03 @ 30.32 .93 @ .93 -.08 @ -.08
$ per cwt
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
OATS
June 10
53.50@55.55
Milling quality oats, No. 2 heavy,
$ per bu
- Change from -
June 3
-
7.26¼ -39¼c
25@35
-
May 27
-
-52½c
-
unchanged its forecast for soybean meal
carryover on Oct. 1, 2023, at 500,000 tons,
up 100,000 tons from the forecast for the
current year.
The USDA in its weekly Export Sales
report said net export sales of soybean
cake and meal in the week ended June 2 for
delivery in 2021-22 totaled 134,400 tonnes,
down 29% from the previous week and 35%
from the prior four-week average. In the
same week, net export sales of soybeans
for delivery in 2021-22 totaled 429,900
tonnes, up noticeably from the previous
week, and up 41% from the prior four-week
average. MBN
Corn Products
Bookings and sales of corn meal and other
dry corn mill products were steady last
week. Prices advanced.
Major manufacturers and other buyers of
dry corn meal and extruded corn products,
including breakfast cereals and snack foods,
had their needs covered into the fourth
quarter.
Corn futures climbed higher last week,
fueled by a strong cash market and recent
forecast of sustaining hot, dry weather patterns
across the Corn Belt adding stress to
new crop growth. The rise in futures was
tempered, however, by reports of Russia initiating
discussions to reopen Black Sea ports
with the intentions of exporting Ukrainian
grain in exchange for reduced financial
sanctions. To date, these plans have not
come to fruition.
The USDA in its June 10 WASDE raised
its corn carryover well above average trade
estimates to 1,400 million bus, up 40 million
bus, or 3%, from the previous month, but
down 85 million bus, or 5.7%, from the forecast
for the current year.
RICE
June 10
Cash
Long grain
30.00@32.50
Medium grain 35.00@37.00
Parboiled
Brewers
Rice bran
Rice hulls
20.50@21.50
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
15.27
Medium/short
grain
Broken
$ per cwt
September
November
January
$ per cwt
15.07
9.69
CBOT rough rice futures
July
16.25
16.57
-
-
-
-
-
-
17.40
17.02
11.04
-0.54½ -1.22
-0.49
16.77½ -0.40
16.93
-0.39
12.85
-1.16½ 13.12½
-1.02½ 13.33½
-0.97
13.54
MILLING & BAKING NEWS 43
50.00
32.50@36.00
Second
heads, bulk 20.50@23.50
- Change from -
June 3
-
-
-
-
-
-
150.00@160.00 -
10.00
-
-
-
-
-
-
-
-
-
May 27
Year
ago
26.50
32.25
29.50
21.00
18.25
40.00
110.00
5.00
The USDA in its Export Sales report said
net export sales of corn in the week ended
June 2 for delivery in 2021-22 totaled 280,400
tonnes, up 51% from a week earlier and 19%
from the four-week average. MBN
Oats
Bookings of food-grade oat flakes and
other oat mill products were limited last
week. Oat product prices remained firm.
Many buyers of milled oat products,
including cereal and snack food manufacturers,
earlier covered their needs through
the fourth quarter. Some buyers were
extending contracts into 2023.
The USDA in its June 10 WASDE report
left the carryover of oats on June 1, 2023,
unchanged at 34 million bus, up 6 million
bus from the forecast for the current year at
28 million bus. Tight supplies were expected
to keep prices well supported for the new
crop. MBN
Rice
Bookings and sales of milled and industrial
rice, extruded products and rice flour
were limited last week. Market prices were
steady and firm.
The USDA in its weekly Export Sales
report said net export sales of rice in the
week ended June 2 for delivery in 2021-22
totaled 7,600 tonnes, a marketing year low,
down 63% from the previous week and
down 67% from the prior four-week average.
MBN
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Milling & Baking News - June 14, 2022

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