Milling & Baking News - June 15, 2021 - 43

CHICAGO CORN AND SOY FUTURES
- Change from -
June 11
Corn Futures $ per bu
July
September
December
March
May
July
August
September
November
January
March
August
September
October
December
January
June 4
May 28
6.84½ +1¾ +27¾
+18
Year
ago
3.30
6.29¾ +23¼ +56½ 3.34½
6.09¾ +18¼ +64¼
6.16
3.43
+63¾ 3.54¾
6.19½ +18¾ +63¾ 3.61¼
6.19½ +19¾ +64¾ 3.66¼
Soybeans $ per bu
July
15.08½ -75¼
14.82½ -52½
14.15
-22
+66
8.71¼
+½ 8.72½
14.47½ -21¾ +40½ 8.73¼
14.38¾ +3¼
8.79¾
14.40½ +5¼ +67½ 8.82¼
+8
+64¾ 8.77½
Soybean Meal $ per ton
July
383.30
386.00
388.80
390.30
395.50
395.90
-12.90
-11.30
-8.00
-3.00
+1.30
+3.20
-12.20
-10.50
-6.60
289.00
291.40
293.30
-2.00 295.00
+2.00 298.40
+4.00
299.30
Soy Products
Bookings of soy flour were limited last
week. Prices declined.
Many major users of soy flour, including
bakers, already had contract balances extending
into the third and fourth quarters. With
soybean meal futures holding near recent
lows, inquiry has increased for remaining
fourth-quarter needs and for January-March.
Millers urged buyers to take additional forward
coverage to mitigate risk with several
weeks before the fall harvest.
Soybean meal futures dropped in sympathy
with retreating soybean futures. The latter
slumped mostly because of slack export
demand, recent rain across the parched
northern Plains and the US Department of
Agriculture's higher soybean carryover
forecasts for both 2021 and 2022.
The USDA in its weekly Export Sales
report said during the week ended June 3 net
export sales of soybean cake and meal for
delivery in 2020-21 totaled 136,300 tonnes,
down 37% from the previous week and down
20% from the prior four-week average. Soybean
exports remained in a slump.
The USDA in its weekly Crop Progress
report said 79% of the soybean crop had
emerged by June 6 compared with 59% as
the recent five-year average for the date. In
its first soybean crop condition rating of the
season, 67% of the crop was rated good to
excellent compared with 72% a year ago.
The USDA in its June World Agricultural
Supply and Demand Estimates report lowered
its forecast for the 2020-21 soybean crush by
15 million bus, which had the effect of raising
the projection for the 2021 carryover to 135
million bus. The adjustment also raised the
USDA's forecast for the 2021-22 soybean supply
to 4,575 million bus and the forecast for 2022
carryover to 155 million bus. MBN
bakingbusiness.com
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
Chicago, bulk
SOY PRODUCTS
June 11
June 4
Soy flour
Bulk
Sacked
38.35 @ 39.35 -.65 @ -.65
40.35 @ 41.35 -.65 @ -.65
Defatted, f.o.b. Midwest plant, $ per cwt
CORN MEAL
June 11
22.16 @ 22.41
Chicago, sacked 23.93 @ 24.18
New York, bulk
- Change from -
June 4
May 28
.04 @ .04 .56 @ .56
.04 @ .04 .56 @ .56
23.83 @ 24.08 .04 @ .04 .56 @ .56
New York, sacked 26.25 @ 26.54 .04 @ .04 .56 @ .56
$ per cwt
OATS
June 11
32.25@32.75
Milling quality oats, No. 2 heavy,
$ per bu
- Change from -
June 4
-
4.31½ -13¼c
25@35
-
Corn Products
Bookings and sales of corn meal and other
dry corn mill products were limited last
week. Prices advanced.
Baking mix manufacturers remained
among the most active buyers, adding to
their ownership for the third and fourth
quarters. Snack meal sales were steady but
off from their recent peak. Breakfast cereal
manufacturers earlier covered most of their
needs through the end of the year.
Corn futures advanced on declining crop
conditions and on the US Department of
Agriculture's lower-than-expected forecasts
for the 2021 and 2022 corn carryovers.
The USDA said during the week ended
June 3 net export sales of corn for delivery
in 2020-21 totaled 189,600 tonnes, down 64%
from the previous week and down 39% from
the prior four-week average.
The USDA said 90% of the corn crop had
emerged by June 6 compared with 81% a
week earlier and 82% as the five-year average.
The crop was rated 72% good to excellent
versus 76% a week earlier and 75% a year ago.
The USDA on June 10 lowered its forecast
for 2020-21 corn ending stocks by 150 million
bus to 1,107 million bus because of higher
ethanol use and export forecasts. The adjustment
carried forward into the forecasts for
2021-22 corn supply and demand with the
projected carryover on Sept. 1, 2022, lowered
150 million bus to 1,357 million bus. MBN
Oats
Bookings of food-grade oat flakes and
other oat mill products were limited last
week. Prices remained firm.
Most major buyers of oat mill products
earlier covered their needs through September,
which should carry them through the
2021 oat harvest. Orders against contracts
May 28
-
+4c
-
- Change from -
May 28
-.60 @ -.60
-.60 @ -.60
were steady but well below levels seen a year
earlier, when consumers stocked pantries
with breakfast cereal and other home food
staples because of the pandemic.
The USDA in its weekly Crop Progress
report said 37% of oats in the nine principal
growing states were headed by June 6 compared
with 34% as the recent five-year average
progress for the date. The crop's condition
was 46% good to excellent compared
with 45% a week earlier.
Rain fell across oat fields in parts of the
Canadian Prairies, improving prospects
for the crop there, which is critical for both
Canadian and US oat millers. MBN
Rice
Business in milled rice, industrial rice,
extruded rice products and rice flour was limited
last week. Market prices remained firm.
Some large industrial users of milled rice
earlier covered their needs through September.
Quarterly buyers remained on the sidelines,
though, as they hoped for lower pricing before
they must contract for July-September supply.
Torrential rains across parts of Arkansas
were not expected to have damaged the
area's rice crop, but soybeans in some fields
may have to be replanted.
The USDA said 91% of the rice crop had
emerged by June 6, on par with the average
progress for the date. The USDA rated the
condition of the crop as at 75% good to excellent
compared with 74% a week earlier and
70% a year ago. MBN
RICE
June 11
Cash
Long grain
Second
heads, bulk
Brewers
Rice bran
Rice hulls
$ per cwt bagged
USDA world price milled
Long grain
17.40
Medium/short
grain
Broken
$ per cwt
September
November
January
$ per cwt
17.02
11.04
CME rough rice futures
July
12.85
-
-
-
-0.19
-0.20
-0.12
-0.46
13.12½ -0.46
13.33½ -0.40
13.54
-0.37
-0.45
-0.42
-0.31
-0.29
17.52
17.17
11.11
16.06½
11.95
11.81½
12.00
MILLING & BAKING NEWS 43
- Change from -
June 4
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
-
-
-
-
-
-
110.00@130.00 -
5.00
-
May 28
-
-
-
-
-
-
-
-
Year
ago
28.50
32.00
30.50
18.75
15.50
40.00
80.00
5.00
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Milling & Baking News - June 15, 2021

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