Milling & Baking News - March 21, 2023 - 53

CHICAGO CORN AND SOY FUTURES
- Change from -
March 17
Corn Futures $ per bu
May
July
September
December
March
May
Soybeans $ per bu
May
July
August
September
November
January
August
September
October
December
6.34¼
March 10
+17
5.75¼
+3¾
+4
March 3
Year
ago
-5½ 7.41¾
6.17¾ +11¼ -10¼ 7.12½
5.68¾ +3¼
-15
-9
6.64¾
5.61¼ +3½ -9¾ 6.45½
5.70
6.46½
-8½ 6.47¼
14.76½ -30½ -42¼ 16.68
14.61¼ -33½ -44¾ 16.45¾
14.18¾ -39¼
-51
-44
Soybean Meal $ per ton
May
July
16.02¼
13.47¾ -42¾ -55¼ 15.19½
13.13½
13.18¼ -43¾ -59¼ 14.56½
466.00
459.20
446.00
429.50
417.20
-19.90
-18.00
-19.50
-20.90
-20.70
414.40 -20.50
-15.30
-12.50
477.00
468.00
-12.30 454.60
-11.80
-10.40
-10.30
439.80
425.00
422.30
Soy Products
Bookings of soy flour were limited last
week. Prices sharply declined.
Most major soy flour buyers, including
bakers and pet food manufacturers, had
previously covered their needs through
the first half of the year. Some had contract
balances extending through the end of
2023. Despite softer prices, buyers resisted
extending contracts and continued to hope
the forthcoming soybean planting intentions
report from the US Department of
Agriculture on March 30 will pressure
prices further.
Soybean and soybean meal futures fell,
pulled down by multiple macro components
including tumbling financial and
crude oil markets as well as rising anxieties
around the rattled banking sector, geopolitical
tensions and a global recession.
The Buenos Aires Grains Exchange
reduced its forecast for Argentina's 202223
drought-devastated soybean crop to
25 million tonnes, down from its prior
outlook of 29 million tonnes, and sharply
lower than the USDA's projection of 33
million tonnes in its March 8 World Agricultural
Supply and Demand Estimates
report.
The USDA in its weekly Export Sales
report said net export sales of soybean
cake and meal in the week ended March
9 for delivery in 2022-23 were 220,100
tonnes, which were within the range of
trade estimates. Total sales were down 31%
from a week earlier but were up 6% from
the prior four-week average. In the same
week, net export sales of soybeans for
delivery in 2022-23 were 665,000 tonnes,
up noticeably from the previous week and
from the prior four-week average and also
within the range of trade expectations. MBN
bakingbusiness.com
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
-59½ 14.66¾
Chicago, bulk
March 17
Soy flour
Bulk
Sacked
SOY PRODUCTS
March 10
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
March 3
43.25 @ 45.25 -1.00 @ -1.00 -.96 @ -.96
47.25 @ 49.25 -1.00 @ -1.00 -.96 @ -.96
CORN MEAL
- Change from -
March 17
27.94 @ 28.19
March 10
March 3
26.27 @ 26.52 .34 @ .34 -.08 @ -.08
Chicago, sacked 28.04 @ 28.29 .34 @ .34 -.08 @ -.08
New York, bulk
New York, sacked 30.36 @ 30.61
$ per cwt
OATS
March 17
44.00@45.00
Milling quality oats, No. 2 heavy,
$ per bu
4.08
25@35
.34 @ .34 -.08 @ -.08
.34 @ .34 -.08 @ -.08
- Change from -
March 10
-
+1¼c
-
Corn Products
Sales and shipments of corn meal and
other dry corn mill products were steady
last week. Prices advanced.
Corn futures eased in early sessions on
global economic concerns and indications of
record-high 2022-23 Brazilian corn production
of 126.63 million tonnes, up nearly 12%
from a year earlier. But bargain buying, four
consecutive flash corn sales to China and a
bipartisan bill reintroduced in the US Senate
to allow year-round sales of gasoline with
a higher ethanol blend helped boost corn
futures in later sessions. Uncertainty surrounding
the renewal of the Black Sea grain
export deal that was set to expire March
18 added support. Gains were tempered,
however, by a bearish report from the International
Grains Council that forecast global
corn production would rise to 1,202 million
tonnes in 2023-24, up 4.5% from 1,150 million
tonnes in 2022-23.
The USDA in its weekly Export Sales
report said net export sales of corn in the
week ended March 9 for delivery in 2022-23
totaled 1,236,200 tonnes, down 13% from
the prior week but up 28% from the previous
four-week average. Mexico, Japan and
Colombia were the primary buyers.
In four separate transactions, China purchased
a total of 2,111,000 tonnes of US corn for
delivery during the 2022-23 marketing year,
according to the USDA's 24-hour Foreign Agricultural
Service reporting system. MBN
Oats
Bookings of food-grade oat flakes and
other milled oat products were limited last
week. Prices were unchanged.
Mills stayed busy filling seasonal orders
against contracts from breakfast cereal
manufacturers. New business continued to
CBOT rough rice futures
May
July
17.20
September
November
$ per cwt
MILLING & BAKING NEWS 53
+0.85½ -0.15
17.24½ +0.66½ -0.38
15.38
-0.05½ -0.60
15.62½
15.89½
15.73
15.51½ -0.06 -0.60½ 15.84
March 3
-
+11½c
-
be on hold until this season's planting prospects
were better defined.
Oat futures rebounded from previous
new contract lows in the prior week and
were narrowly mixed as traders processed
bearish and bullish signals in other grain
futures.
Oatly Group AB, a giant in the dairyalternative
sector, recently announced new
channels of investments to help the company
eradicate supply chain snarls and expand
into new markets. Despite annual sales of
$722 million in 2022, up from $643 million
in 2021, the company reported losses of $393
million, which was greater than the loss of
$212 million the year before. The company
attributed the losses to supply chain issues
adversely affecting production and impact
from global COVID restrictions. Earlier this
year, Oatly divested some of its North American
assets and shifted to a hybrid manufacturing
strategy. MBN
Rice
Bookings and sales of milled rice, industrial
rice, extruded products and rice
flour were steady last week. Prices were
unchanged.
The USDA in its weekly Export Sales
report said net export sales of rice in the
week ended March 9 for delivery in 2022-23
totaled 25,800 tonnes, down 82% from the
previous week and down 59% from the prior
four-week average. Japan and Mexico were
the primary buyers. MBN
RICE
- Change from -
March 17
Cash
Long grain
Medium grain
Parboiled
Brewers
Rice bran
Rice hulls
36.00@38.00
50.00
41.50@43.50
Second
heads, bulk 26.00@30.50
24.00@28.00
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
18.45
Medium/short
grain
Broken
$ per cwt
18.22
10.73
-
-
-
-0.22
-0.20
-0.13
14.80
14.60
9.39
65.00
March 10
-
-
-
-
-
-
220.00@270.00 -
5.00
-
March 3
-
-
-
-
-
-
-
-
Year
ago
29.00
34.00
31.50
20.50
20.00
50.00
145.00
5.00
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Milling & Baking News - March 21, 2023

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