Milling & Baking News - June 27, 2023 - 37

CHICAGO CORN AND SOY FUTURES
- Change from -
June 23
Corn Futures $ per bu
July
September
December
March
May
July
August
September
November
January
March
August
September
October
December
January
June 16
June 9
Year
ago
6.30¾ -9½ +26½ 7.50¼
5.84¾ -9¼ +60¼ 6.82¾
5.88
5.96¼ -7¾
5.99¼ -6½
5.96½
-7
Soybeans $ per bu
July
14.94½
14.04
-9½ +57½
+56
+54
+50
+28
+108
-3½ +108
6.74
6.79¼
6.81¾
6.77½
16.10¾
15.20¾
13.21½ -36½ +103½ 14.45¾
13.10
13.20
+106½ 14.28¼
Soybean Meal $ per ton
July
410.70
407.40
403.20
398.80
398.30
397.00
-5.70
-6.00
-5.90
-4.90
-5.00
-3.10
+13.50
+17.40
+24.10
+29.90
+31.70
+33.00
Soy Products
Bookings of soy flour were limited last
week. Prices declined.
Commercial bakers and other major
users of soy flour were well covered
through the fourth quarter. Buyers, who
had been resisting extending coverage
into 2024, were further deterred after
the market took a volatile upside swing
following the release of a weather-rattled
Crop Progress report. Ideas were buyers
may tentatively begin initiating coverage
discussions to ensure their needs are supported,
especially if crop conditions continue
to deteriorate.
Soybean meal futures surged at midweek,
boosted by flanking support from
lower-than-expected US soybean crop conditions
as well as a massive selloff in soybean
oil futures after the Environmental
Protection Agency announced lower-thanexpected
biofuel blending requirements
for 2023-25. Rounds of profit-taking in
later sessions along with a rainy weekend
forecast for the US Midwest and a correction
in soybean oil markets erased the
week's gains and prices ended lower.
The US Department of Agriculture
rated soybeans in the 18 major states as
of June 18 at 54% good-to-excellent, down
from 59% the prior week and sharply down
from 68% at the same period a year ago.
The crop was 92% emerged compared with
81% as the five-year average.
The USDA in its weekly Export Sales
report said net export sales of soybean
cake and meal in the week ended June
15 for delivery in 2022-23 were 135,300
tonnes, down 35% from a week earlier and
down 52% from the prior four-week average.
In the same week, net export sales
of soybeans for delivery in 2022-23 were
bakingbusiness.com
-32¼ +105¾ 14.24¼
-27
13.13¼ -14½ +101½ 14.23
432.60
411.40
397.30
389.40
390.70
389.70
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
June 23
Soy flour
Bulk
Sacked
SOY PRODUCTS
June 16
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 9
39.42 @ 41.42 -.29 @ -.29 +.86 @ +.86
43.42 @ 45.42 -.29 @ -.29 +.86 @ +.86
CORN MEAL
- Change from -
June 23
Chicago, bulk
Chicago, sacked 28.91 @ 29.16
New York, bulk
June 16
27.14 @ 27.39 -.19 @ -.19
-.19 @ -.19
28.81 @ 29.06 -.19 @ -.19
New York, sacked 31.23 @ 31.48 -.19 @ -.19
$ per cwt
OATS
June 23
41.00@42.00
Milling quality oats, No. 2 heavy,
$ per bu
4.35½
25@35
June 16
-
-19c
-
June 9
.53 @ .53
.53 @ .53
.53 @ .53
.53 @ .53
- Change from -
June 9
-
+27c
-
457,500 tonnes, down 5% from the previous
week but up 98% from the prior fourweek
average. MBN
Corn Products
Sales and shipments of corn meal and
other dry corn mill products were steady
last week. Prices were lower.
Corn futures jumped to multi-month
highs in early sessions, fueled by a persistent
lack of rain just ahead of the key yielddetermining
pollination period for the US
corn crop, which generally occurs in early
to mid-July. But forecasts indicating pockets
of weekend rainfall to quench parched
sections of the Corn Belt pulled futures
lower at week's end. Crop experts implied
any rainfall occurrence during the final
weeks of June may be helpful to producing
trend or above-average yields, but it
was unlikely to expect extensive rains
during these critical days to alleviate all
of the drought in the major corn-growing
regions, and the risks for yield losses due
to dryness are much higher in 2023 than
in recent years.
Also adding pressure to the corn market
was the final release of the EPA's Renewable
Fuel Standard program showing
lower mandates for corn-based ethanol
than initially was proposed in December.
The USDA said corn in the 18 major
states as of June 18 was rated 55% good to
excellent, down from 61% the prior week
and down from 70% at the same time last
year. Good-to-excellent ratings in topproducers
Iowa and Illinois dropped 11%
and 12%, respectively, from their prior
week ratings. The crop was 96% emerged
compared with 94% as the 2018-22 average
for the date.
The USDA in its weekly Export Sales
report said net sales of corn in the week
ended June 15 for delivery in 2022-23
totaled 36,000 tonnes, down 87% from the
previous week and down 74% from the
prior four-week average. MBN
Oats
Bookings of food-grade oat flakes and
other milled oat products were steady last
week. Prices were unchanged.
The trade awaited the June 28 Statistics
Canada acreage report, its second surveybased
assessment of planted acres for 2023
principal field crops. Most expected Canadian
farmers to reduce their oat planted
acres by at least 25%, but some believed the
acreage reduction could be even higher. MBN
Rice
Bookings and sales of milled rice, industrial
rice, extruded products and rice
flour were limited last week. Prices were
unchanged.
Recent reports indicated global rice
prices were at their highest levels since
2011. In its Rice Outlook: June 2023 report,
the USDA projected 2023-24 global rice
production at a record 520.5 million
tonnes.
The USDA in its weekly Export Sales
report said net sales of rice in the week
ended June 15 for delivery in 2022-23
totaled 13,300 tonnes, up 48% from the
prior week but down 21% from the previous
four-week average. MBN
RICE
June 23
Cash
Long grain
37.00@37.50
Medium grain 49.00@50.00
Parboiled
43.00@43.50
Second
heads, bulk 26.00@29.50
Brewers
Rice bran
Rice hulls
24.00@27.25
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
19.09
Medium/short
grain
Broken
$ per cwt
September
November
January
$ per cwt
18.85
11.10
CBOT rough rice futures
July
17.70
-
-
-
-
-
-
15.43
15.21
9.79
15.71½ +0.28
15.72
15.86
-0.09½ -1.32½ 16.05½
+0.25½ 16.41
+0.24½ +0.06½ 16.60½
+0.25 +0.16½ 16.64
MILLING & BAKING NEWS 37
65.00
- Change from -
June 16
-
-
-
-
-
-
170.00@185.00 -
5.00
-
-
-
-
-
-
-
-
-
June 9
Year
ago
31.50
40.25
37.50
22.50
21.00
50.00
160.00
10.00
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Milling & Baking News - June 27, 2023

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