Milling & Baking News - May 2, 2023 - 45

CHICAGO CORN AND SOY FUTURES
- Change from -
Apr. 28
Corn Futures $ per bu
May
July
September
December
March
May
August
September
November
January
August
September
October
December
6.36
5.85
5.28¾
Soybeans $ per bu
May
July
Apr. 21
Apr. 14
Year
ago
-27¼ -30¼ 8.18¼
-30¼ -50¾ 8.13½
-24
-39
-30
-17¼ -28½
-29
-21
7.68
5.27¾ -20¼ -32¼ 7.51¼
5.38¼ -18½
5.45
7.55
7.56
14.44¼ -39¼ -56¼ 17.08¼
14.19¼ -29¾
13.62
-48 16.84¾
-53½ 16.35¾
12.84¾ -22¾ -49¾ 15.58¼
12.63½ -21¾
12.71¾
-38
-36
Soybean Meal $ per ton
May
July
435.30
432.40
426.00
416.00
407.30
405.20
-10.40
-11.20
-9.00
-6.70
-5.70
-5.90
15.14¾
15.55
-24.40 440.50
-24.40
-20.50
-14.40
432.30
424.80
415.20
-9.40 405.30
-8.60 404.90
Soy Products
Bookings of soy flour were limited last
week. Prices declined.
Bakers, pet food manufacturers, industrial
adhesive companies and other major
soy flour buyers had their needs covered
through the first half of the year with some
contracts extending through December.
Soy complex futures declined on diminishing
export opportunities that are
being siphoned away by Brazil's behemoth
soybean crop. Even the United States was
starting to import Brazilian soybeans due
to their significant discount. Adding further
complications to the domestic soybean
market was the weeks-long cessation of all
barge traffic across sections of the Upper
Mississippi River due to flooding from
snowmelt after record accumulation this
winter.
The US Department of Agriculture said
soybeans in the 18 major states as of April
23 were 9% planted compared with 3% a
year ago and 4% as the most recent five-year
average for the date. Minnesota, North
Dakota and Wisconsin were the only states
to report no planting progress as growers
in the area manage saturated soils from
recent snowmelts.
The USDA in its weekly Export Sales
report said net export sales of soybean cake
and meal in the week ended April 20 for
delivery in 2022-23 were 153,400 tonnes, up
6% from a week earlier but down 40% from
the prior four-week average, and near the
low end of the range of trade estimates. In
the same week, net export sales of soybeans
for delivery in 2022-23 were 311,300 tonnes,
up noticeably from a week earlier and up
38% from the prior four-week average.
Mexico, Japan and Germany were the primary
buyers. MBN
bakingbusiness.com
SOY PRODUCTS
Apr. 28
Apr. 21
Soy flour
Bulk
Sacked
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Apr. 14
40.86 @ 42.86 -.52 @ -.52 -1.22 @ -1.22
44.86 @ 46.86 -.52 @ -.52 -1.22 @ -1.22
CORN MEAL
- Change from -
Apr. 28
Chicago, bulk
Apr. 21
Apr. 14
26.31 @ 26.56 -.55 @ -.55 -.61 @ -.61
Chicago, sacked 28.08 @ 28.33 -.55 @ -.55 -.61 @ -.61
New York, bulk
27.98 @ 28.23 -.55 @ -.55 -.61 @ -.61
New York, sacked 30.40 @ 30.65 -.55 @ -.55 -.61 @ -.61
$ per cwt
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
OATS
Apr. 28
42.00@43.00
Milling quality oats, No. 2 heavy,
$ per bu
3.52
25@35
- Change from -
Apr. 21
-
-31½c
-
Corn Products
Sales and shipments of corn meal and
other dry corn mill products were steady
last week. Prices were lower.
Corn futures fell to multi-month lows
after China canceled more than half a million
tonnes of prior corn purchases for the
2022-23 marketing year. Ideas were the
massive and significantly discounted corn
crop in Brazil, along with ongoing retaliatory
tariffs, have made exports from the
United States less competitive to Chinese
buyers. Additional weight on futures
came from the rapidly advancing planting
progress for the new corn crop as well as
spillover pressure from sharp declines in
wheat futures.
The USDA said corn in the 18 major states
as of April 23 was 14% planted compared
with 7% at the same time a year ago and 11%
as the five-year average for the date. On
April 23, the USDA said 3% of the crop had
emerged, compared with 2% the year before
and 2% as the five-year average for the date.
The USDA in its weekly Export Sales
report said net export sales of corn in
the week ended April 20 for delivery in
2022-23 totaled 400,000 tonnes, up 28%
from the prior week but down 49% from
the previous four-week average, and near
the average for the range of trade expectations.
MBN
Oats
Bookings of food-grade oat flakes and
other milled oat products were limited last
week. Prices were unchanged.
Most oat product buyers were well covered
through September. A few users had
coverage extending through December.
Those without full- year coverage continued
to assess crop progress and weather
Apr. 14
-
-44c
-
Rice
Bookings and sales of milled rice, industrial
rice, extruded products and rice
flour were limited last week. Prices were
unchanged.
The USDA said rice in the six major states
as of April 23 was 51% planted compared
with 38% the prior week, 25% planted during
the same week a year ago and 37% as the
five-year average for the date. In the same
week, the USDA said 30% of the planted crop
had emerged compared with 18% a year ago
and 21% as the five-year average.
The USDA in its weekly Export Sales
report said net export sales of rice in the
week ended April 20 for delivery in 2022-23
totaled 51,500 tonnes, up sharply from the
previous week and up 25% from the prior
four-week average. Panama accounted for
more than half of the sales. MBN
RICE
Apr. 28
Cash
Long grain
Medium grain
Parboiled
Brewers
Rice bran
Rice hulls
37.00@38.00
50.00
43.00@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
19.01
Medium/short
grain
Broken
$ per cwt
18.75
11.06
CBOT rough rice futures
May
July
September
November
$ per cwt
MILLING & BAKING NEWS 45
+0.29
+0.27
+0.17
17.38½ +1.19
-0.19
+0.56
+0.53
+0.33
15.08
14.89
9.57
-
17.37½ +0.25½ +0.35
15.24
+0.21
15.45½ -0.12½ +0.22
17.09
17.47½
17.51½
17.49
65.00
Apr. 21
-
-
-
-
-
-
170.00@245.00 -
5.00
-
- Change from -
Apr. 14
-
-
-
-
-
-
-
-
Year
ago
30.00
35.00
32.50
20.50
20.50
50.00
150.00
10.00
reports while observing tumbling futures
prices, waiting to see how much further
prices would fall.
The USDA in its weekly Crop Progress
report said 42% of the oats crop had been
planted compared with 38% a year ago and
42% as the five-year average for the date.
Statistics Canada, the country's national
statistical office, forecast 3,056,300 acres
would be seeded to oats this year, down
nearly 900,000 acres, or 22%, from the
number of acres seeded in 2022 as farmers
switch to more competitive crops like
wheat and canola. MBN
http://www.bakingbusiness.com
Milling & Baking News - May 2, 2023

Table of Contents for the Digital Edition of Milling & Baking News - May 2, 2023
