Milling & Baking News - March 23, 2021 - 59

Ingredient Week

Soy Products
Bookings of soy flour were limited
last week. Prices were raised as soybean
meal futures recouped earlier losses and
traded higher at the week's end.
Most major soy flour buyers, including
bakers, earlier covered most if not all their
needs through June. The question confronting most buyers was when to extend
contract balances through the rest of the
2020-21 crop year. Soybean supplies were
tightening with the US Department of Agriculture forecasting a carryover of only
120 million bus. Limited supplies could
sustain high prices in the weeks ahead,
and soy flour processors cautioned buyers against waiting much longer to secure
their needs through the summer.
Soybean meal futures traded mostly
sideways before advancing at the week's
end. They had been on a downward trend
after setting contract and multiyear highs
in January. Soybean futures posted mixed
changes after setting contract highs early
the previous week. Export demand for
soybeans recently has been lackluster, and
supplies from the ongoing Brazilian harvest were entering marketing channels.
Soybean crush also gave signs of flagging.
The National Oilseed Processors Association (NOPA) on March 15 said
the soybean crush in February totaled
155.158 million bus, down sharply from
184.654 million bus in January and well
below the average of trade estimates at
168.6 million bus. It was the smallest
monthly soybean crush in 17 months.
NOPA estimated soybean meal exports
in February at 837,815 tons compared
with 969,353 tons in January.
The USDA, in its weekly Export Sales
report, said net export sales of soybean
meal for delivery in 2020-21 during the

Chicago corn and soy futures
- Change from - Year
Change in cents per bu
Corn Futures
Mar. 19 Mar. 12 Mar. 5
ago
$ per bu
May
5.57¾ +18¾ +12¼ 3.43¾
July
5.38¾ +10¼ +4¾
3.49½
September
4.89½
-6½
-9½
3.54¾
December
4.71½
-7¼
-10
3.63¼
March
4.79¼
-7¼
-9¾
3.73¼
May
4.84
-6¼
-8¾
3.77½
Soybeans
$ per bu
May
14.16¼
+3
-13¾ 8.62½
July
14.03
+½
-10¾ 8.64¾
August
13.56
-6¾
-15
8.65¼
September
12.69¾ -16¾ -22½ 8.61¾
November
12.20
-23¾ -27¼ 8.60¾
January
12.17
-25
-25½
8.60
Soybean Meal $ per ton
May
407.90 +7.20 -10.30 325.20
July
407.60 +7.10 -8.60 314.40
August
400.00 +7.00 -6.60 307.30
September
389.60 +6.70 -5.40 305.20
October
376.80 +4.60 -7.20 304.30
December
374.30 +3.90 -7.60 305.70
bakingbusiness.com / world-grain.com

week ended March 11 totaled 234,600
tonnes, down 10% from a week earlier
but up 1% from the prior four-week
average. Net export sales of soybeans
for delivery in 2020-21 during the same
week totaled 202,400 tonnes, down 42%
from the previous week and down 31%
from the four-week average. MBN

Corn Products
Bookings of cornmeal and other dried
corn products expanded last week even
as prices advanced.
Corn millers pointed to a significant
expansion in forward sales. Most of the
transactions were for the second quarter,
but some larger buyers extended contract
balances by as much as 12 months. These
buyers determined no significant price
drop was to be expected anytime soon, so
little was to be gained by waiting.
Demand for brewer's grits increased
with the approach of spring. Demand for
most other products was steady.
Old crop corn futures advanced on
China demand but continued to trade
within a 22¢ range that has held since the
beginning of February. That range included contract and multiyear highs set on
Feb. 9. New crop corn futures declined.
The USDA's 24-hour reporting service
indicated China in separate transactions
on four consecutive days purchased a total of 3,876,000 tonnes of US corn for delivery in 2020-21. These sales, combined
with previous exports and undelivered
sales of US corn to China as indicated in
the USDA's weekly Export Sales reports,
increased US corn sales to China in 202021 to about 23,239,500 tonnes.
The USDA, in its most recent Export
Sales report, said in the week ended
March 11 that net export sales of US corn

to all destinations for delivery in 202021 totaled 985,900 tonnes, up noticeably
from both a week earlier and the fourweek average. MBN

Oats
Bookings of food-grade oat flakes were
steady even at the recently raised pricing.
Some large oat product buyers have
taken extensive forward coverage in
the past couple of weeks, even through
March 2022. Most other buyers held
coverage extending into the summer or
through September 2021.
Agriculture and Agri-Food Canada
(AAFC) on March 18 forecast the 2020-21
Canadian oat carryout at a tight 400,000
tonnes, down 6% from 426,000 tonnes in
the previous year. For 2020-21, total exports of raw oat grain and oat products
were projected at 2.9 million tonnes, 11%
higher than last year and the highest level
on record. While the United States remains the largest buyer of Canadian oats,
" compared to the same period over the
past few crop years, the shares of oat grain
exports to the United States and Mexico
declined while the shares to Chile, Peru
and China have increased, " AAFC said. MBN

Rice
Bookings of milled and industrial rice
as well as of extruded rice products and
rice flour were limited last week. Market
prices were mostly firm.
Users who buy on a quarterly basis
began to lock in coverage for April-June.
The USDA, in its weekly Export Sales
report, said during the week ended
March 11 net export sales of rice for delivery in 2020-21 were 112,300 tonnes, up
noticeably from a week earlier and up
48% from the prior four-week average. MBN

Rice

Soy products
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Mar. 19
Mar. 12
Mar. 5
Soy ﬂour
Bulk
39.35 @ 40.35 +.35@ +.35 -.85 @ -.85
Sacked
41.35 @ 42.35 +.35@ +.35 -.85 @ -.85

Corn meal
$ per cwt
Mar. 19
Chicago, bulk
18.80@ 19.05
Chicago, sacked 20.57@ 20.82
New York, bulk 20.47@ 20.72
New York, sacked 22.89@ 23.18

- Change from -
Mar. 12
Mar. 5
.38@.38 .12@.12
.38@.38 .12@.12
.38@.38 .12@.12
.38@.38 .12@.12

Oats
- Change from -
Midwest
Mar. 19 Mar. 12 Mar. 5
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
31.75@32.25
-
+.50
Milling quality oats, No. 2 heavy,
$ per bu
4.16
-11½c
-18c
Oat hulls, $ per ton
25@35
-
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Mar. 19
Mar. 12 Mar. 5 ago
Long grain
26.25@27.50
-
- 25.25
Medium grain 32.00@32.50
-
- 32.00
Parboiled
29.50@31.50
-
- 28.00
Second
heads, bulk 20.00@22.50
-
- 18.00
Brewers
18.25@20.50
-
+0.5 15.50
f.o.b. mills, $ per ton
Rice millfeed
40.00
-
- 40.00
Rice bran
115.00@130.00
-
- 100.00
Rice hulls
5.00
-
- 25.00
USDA world price milled - $ per cwt
Long grain
17.84
-0.14
-0.14 15.38
Medium/short
grain
17.46
-0.15
-0.15 15.05
Broken
11.32
-0.09
-0.09
9.76
CBOT rough rice futures - $ per cwt
May
13.14½ +0.15½
-0.08 13.28½
July
13.34
+0.16 -0.05½ 13.23½
September
12.91
+0.03 +0.06½ 11.71
November
12.99
-0.00½ +0.11½ 11.66
Milling & Baking News

March 23, 2021 / 59

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Milling & Baking News - March 23, 2021

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