Milling & Baking News - May 16, 2023 - 45

CHICAGO CORN AND SOY FUTURES
- Change from -
May 12
Corn Futures $ per bu
May
July
September
December
March
May
August
September
November
January
August
September
October
December
6.33¼
May 5
-20
-26
5.19¼ -24¼
Soybeans $ per bu
May
July
14.35
13.90
-34
Apr. 28
Year
ago
-2¾ 7.94½
5.86¼ -10¼ +1¼ 7.81¼
5.10¾ -26¼
5.08¾
-18
-19
-19
7.57½
7.48¾
7.51¾
5.25¾ -23½ -19¼ 7.49¾
-9¼ 17.23¼
-46½ -29¼ 16.46½
13.18¼ -55¼ -43¾ 15.95½
12.44¼ -55½ -40½ 15.33¼
12.23¾ -56¼ -39¾ 14.98¼
12.33¾ -54¾
Soybean Meal $ per ton
May
July
428.10
432.90
423.40
409.20
396.00
392.00
-.80
+6.80
+4.80
+2.10
-2.10
-4.40
-7.20 406.40
+.50
409.30
-2.60 404.00
-6.80 400.00
-11.30 395.80
-13.20
397.00
Soy Products
Bookings of soy flour were limited last
week. Prices edged lower.
Most major buyers of soy flour previously
covered their needs through December but
held back on extending coverage into 2024.
Spot supplies were limited as sellers, disappointed
by prices descending from multiyear
highs to multi-month lows, became
hesitant to engage in sales, hoping diminishing
ending stocks would boost prices before
harvest begins.
End-of-the-week bearish US crop production
forecasts from the US Department of
Agriculture further depressed soybean
futures, which were already under pressure
from waning export demand and rapidly
advancing planting progress, which stirred
ideas for a potential bumper crop this fall.
Soybean meal futures early in the week
touched multi-month lows but bounced back
on bargain-buying with contracts ending
mixed for the week.
The USDA in its May 12 World Agricultural
Supply and Demand Estimates report
forecast US soybean production in 2023
at 4,510 million bus, up 234 million bus, or
5%, from 2022 and near the high end of the
range of trade estimates. The forecast was
based on a projected harvested area at 86.7
million acres and a trendline yield of 52 bus
per acre. The USDA forecast the 2023-24
soybean crush at 2,310 million bus, up 90
million bus from the projection for 2022-23.
The report also forecast the soybean meal
carryover on Oct. 1, 2024, at 400,000 tons, up
50,000 tons from the forecast for the current
year.
The USDA in its weekly Export Sales
report said net export sales of soybean
cake and meal in the week ended May 4 for
delivery in 2022-23 were 277,800 tonnes,
bakingbusiness.com
-38 14.99½
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
Chicago, bulk
SOY PRODUCTS
May 12
May 5
Soy flour
Bulk
Sacked
40.54 @ 42.54 -.04 @ -.04
44.54 @ 46.54 -.04 @ -.04
Defatted, f.o.b. Midwest plant, $ per cwt
CORN MEAL
May 12
- Change from -
May 5
Apr. 28
26.26 @ 26.51 -.40 @ -.40 -.05 @ -.05
Chicago, sacked 28.03 @ 28.28 -.40 @ -.40 -.05 @ -.05
New York, bulk
27.93 @ 28.18 -.40 @ -.40 -.05 @ -.05
New York, sacked 30.35 @ 30.60 -.40 @ -.40 -.05 @ -.05
$ per cwt
OATS
May 12
41.00@42.00
Milling quality oats, No. 2 heavy,
$ per bu
3.78¼
25@35
- Change from -
May 5
-
-¾c
-
Apr. 28
-1.00
+26¼c
-
up 55% from a week earlier and up 52%
from the prior four-week average, and
near the high end of the range of trade
estimates. In the same week, net export
sales of soybeans for delivery in 2022-23
were 62,200 tonnes, down 79% from the
previous week, down 68% from the prior
four-week average, and well below the
range of trade guesses.
The USDA's 24-hour Foreign Agricultural
Service reporting service indicated sales of
132,000 tonnes of soybeans for delivery to
unknown destinations during the 2023-24
marketing year. MBN
Corn Products
Sales and shipments of corn meal and
other dry corn mill products were steady
last week. Prices dropped.
Corn futures struggled and lost ground
for the week despite finding some support
from pessimistic outlooks about the Black
Sea grain corridor remaining open past May
18, when the current agreement expires. But
a faster-than-average planting pace, a largerthan-expected
crop production outlook
from the USDA, and diminishing export
demand exerted irresistible downward
pressure. China canceled another corn sale
last week, bringing the country's total net
cancellations for its US corn sales to 974,277
tonnes so far this marketing year.
The USDA said corn in the 18 major states
as of May 7 was 49% planted compared with
21% at the same time a year ago and 42% as
the recent five-year average for the date.
The USDA in its weekly Export Sales
report said net export sales of corn in the
week ended May 4 for delivery in 2022-23
totaled 257,300 tonnes, down noticeably
from the prior week but up 11% from the
previous four-week average.
May 12
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
18.65
Medium/short
grain
Broken
$ per cwt
18.60
10.96
CBOT rough rice futures
May
July
September
November
$ per cwt
MILLING & BAKING NEWS 45
-0.36
-0.15
-0.10
-0.36
-0.15
-0.10
18.27½ +0.20½ +0.89
18.48½ +0.20
+1.11
15.10
14.90
9.58
17.15
17.37
15.47½ +0.04½ +0.23½ 17.47½
15.66
+0.05½ +0.20½ 17.49½
65.00
- Change from -
Apr. 28
-.32 @ -.32
-.32 @ -.32
The USDA in its May 12 WASDE forecast
corn production in 2023 at 15,265 million
bus, up 1,535 million bus, or 11%, from 2022
and near the high end of the range of prereport
trade estimates. The 2023 corn yield
was projected at a trendline 181.5 bus per
acre. MBN
Oats
Bookings of food-grade oat flakes and
other milled oat products were limited last
week. Prices were unchanged.
Many oat product buyers previously
covered their needs through September
with some having extended contract balances
into the fourth quarter. But most
remained sidelined, waiting to see if prices
fall further before finalizing purchase
commitments.
The USDA forecast the carryover of oats
on June 1, 2024, at 29 million bus, down 3
million bus from the forecast for the current
year. MBN
Rice
Bookings and sales of milled rice, industrial
rice, extruded products and rice
flour were limited last week. Prices were
unchanged.
The USDA in its weekly Export Sales
report said net export sales of rice in the
week ended May 4 for delivery in 2022-23
totaled 30,600 tonnes, down 34% from the
previous week and down 15% from the prior
four-week average. MBN
RICE
- Change from -
May 5
-
-
-
-
-
-
170.00@265.00 -
5.00
-
Apr. 28
-
-1.00
-
-
-
-
-
-
Year
ago
30.00
35.00
32.50
20.50
20.50
50.00
150.00
10.00
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Milling & Baking News - May 16, 2023

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