Milling & Baking News - June 28, 2022 - 44

MARKET trends
TUES | 06 28 2022
RAW SUGAR FUTURES
June 24
Sweeteners
Trading of bulk refined sugar was limited
last week. Beet sugar was still not being
offered for this or next year. Cane sugar
was available at historic, near 50-year high
prices.
Beet processors remained out of the market
for the rest of 2021-22 and for 2022-23.
Some had been hoping to reenter for 202223
in late July or early August, but at least
one processor said recent wind and hail
events had damaged crops, forcing them
to wait for harvest tonnage reports and
slicing data before accepting new orders in
October. Other beet sugar processors were
also concerned about new-crop supplies for
the current crop year after having to delay
planting due to weather. Much will depend
on the remaining growing season and its
adequate amounts of rainfall and heating
degree days.
Sugar beet planting was completed in
most major growing regions. Significant
acreage in Montana is expected to go
unplanted with emergence at 80% and with
a US Department of Agriculture crop rating
of only 5% good, 80% fair and 15% poor to
very poor as of June 19. The USDA as of June
19 rated Idaho's sugar beet crop at 84% good
to excellent, Colorado's crop at 64% good to
excellent, Michigan at 73% good to excellent,
North Dakota at 55% good to excellent, and
Oregon at 50% good and 40% fair.
The trade awaited the June 30 USDA
Acreage report's estimate of sugar beet
planted area, which is expected to be down
from March in Michigan and Montana but
up in the Red River Valley.
2021-22
Midwest beet
Pacific beet
Northeast cane*
REFINED SUGAR
June 24
. . .
. . .
68.00
. . .
. . .
-
- Change from -
June 17 June 10
. . .
. . .
Year
ago
36.50
37.00
+6.00 45.00
f.o.b. plant, cents per lb
*Spot raw plus 7% plus 28.5¢ with 2% cash discount, effective through Dec. 31, 2022.
The Louisiana sugar cane crop rating
declined slightly but remained in great condition
with a good-to-excellent rating at 78%
as of June 19, down from 82% a week earlier.
Bulk refined cane sugar was available
from one refiner at 68¢ a lb f.o.b. nationwide
through Dec. 31, unchanged, and was offered
for 2023 at 56¢ a lb f.o.b. in the Northeast
and West Coast and at 55¢ a lb f.o.b. Southeast
and Gulf, also steady. Trade sources
expressed concern that current cane sugar
supplies would not be sufficient to fill the
gap left by this year's sugar beet crop.
Sales for 2023-24 continued but were
slowing. Beet sugar was said to be valued at
42.75¢ a lb f.o.b. Midwest for 2023-24. One
beet processor had withdrawn offers for
that period.
Trade sources said many users had not
yet booked their needs for 2022-23 and
42% HFCS spot price1
June 24
Midwest
Northeast
Southeast
25½ @ 29
ICE No. 11
July
October
March
May
cents per lb
were worried the country would be short
of sugar supplies. Efforts were being made
to access additional sugar from Mexico,
but an allocation to receive more refined
sugar was necessary as Mexico was reportedly
out of raw sugar supplies, some trade
sources said.
Beet processors and cane refiners indicated
sugar deliveries remained active.
Corn sweetener and starch markets continued
to be highly disrupted by production
and shipping issues. Many users were looking
overseas for needed supplies. A trade
source indicated next year's price could
rise by as much as $15 a cwt. MBN
CORN SWEETENERS
55% HFCS spot price1
Year ago
25½ @ 26
27 @ 30½ 27 @ 27½
27¼ @ 30¾ 27¼ @ 27¾
Southwest 26¾ @ 30¼ 26¾ @ 27¼
West
27½ @ 31¾ 27½ @ 28¾
Midwest
June 24
Year ago
32¾ @ 38¾ 32¾ @ 33¾
Northeast 34¼ @ 40¼ 34¼ @ 35¼
Southeast 34¼ @ 40¼ 34¼ @ 35¼
Southwest
West
34 @ 40
34 @ 35
34¾ @ 40¾ 34¾ @ 35¾
Delivered basis, cents per lb
1-Variations in prices often tied to tank car versus truck deliveries. 2-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks
43.00
45.00
45.00
46.00
47.00
East
50.00@55.00
Midwest 49.00@54.00
West
52.00@57.00
South 51.00@56.00
Corn syrup2
Dextrose
ICE No. 16
September
November
January
March
May
July
35.65
36.65
36.75
36.70
36.70
36.70
June 24
18.37
18.31
18.59
18.05
-.60
-
+.10
+.05
+.05
+.05
- Change from -
June 17 June 10
-.80
Year
ago
33.25
-.35 32.00
-.35 30.30
-.30 30.10
-.30 30.10
-.30 30.10
- Change from -
June 17 June 10
-.23
-.42
-.43
-.39
-.50
-.76
-.87
-.85
Year
ago
16.90
17.31
17.59
16.76
100% Pure & Natural Honey
Amber, Light Amber, Extra Light Amber & Organic
Sweetener Supply is proud to participate in SMETA and
is committed to ethical and responsible sourcing.
888-SUGAR-99
Sweetenersupply.com

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Milling & Baking News - June 28, 2022

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