Milling & Baking News - May 3, 2022 - 50

MARKET trends
per bu
TUES | 05 03 2022
Wheat Futures
Wheat futures tumbled in Kansas City
and Chicago last week but clung to minor
gains in the nearby contracts in Minneapolis.
The Biden administration's request for
Congress to approve $500 million in funding
to encourage US farmers to increase wheat
acreage in 2023, contained in a proposed
$33-billion aid package for Ukraine, exerted
formidable pressure at the week's end.
Weakness in KC hard red winter wheat
futures was tempered by ongoing support
derived from drought concerns.
The US Department of Agriculture rated
the condition of the winter wheat crop at 27%
good to excellent as of April 24, down from
30% a week earlier and from 49% a year ago.
The rating tied the lowest good-to-excellent
rating of 1996. Those good-to-excellent ratings,
in turn, were the lowest since 1989.
Ratings were dismal in all hard red winter
states. Eleven percent of the winter wheat
crop was headed.
In its assessment of the April 26 US Drought
Monitor, the USDA said 69% of the US winter
wheat crop was growing in drought areas,
slightly improved from 70% a week earlier.
Meanwhile, slow planting progress in the
- Change from -
Kansas City
May
July
September
December
Chicago
May
July
September
December
Minneapolis
May
July
September
December
Apr. 29 Apr. 22 Apr. 14
10.94¼ -48½c
11.05¾ -43¾c
11.09 -39¼c
11.11¼ -33¼c
10.43¾ -21¾c
10.55¾ -19½c
10.58¼ -15c
10.58¼ -11½c
11.61¼ +1c
11.66 +3¼c
11.53¼ +2c
11.49¼ -2c
$ per bu; change in cents per bu
Spot
Kansas City
Southwest, f.o.b. truck
Minneapolis
Central states, f.o.b truck
Buffalo
Southeast
N. & S. California
Los Angeles, f.o.b. truck
Pacific Northwest
Upper Midwest, sacked
Wheat germ
165 @ 175
220 @ 230
174 @ 184
Upper Midwest, f.o.b. truck 170 @ 180
Chicago West
187 @ 197
150 @ 160
180 @ 190
205 @ 220
201 @ 216
120 @ 130
320
$ per ton, delivered rail unless noted
50 MILLING & BAKING NEWS
BULK MIDDLINGS
- Change from -
May
165 @ 175
Apr. 22
-
190 @ 200 190 @ 200
150 @ 160
180 @ 190
-
-
-
-
-
-
Apr. 14
Year
ago
-59¾c
-51½c
-38½c
-52¾c
-48¾c
+16¾c
+19¼c
+19¼c
+11¾c
Northern Plains due to too
much moisture and cold
temperatures supported
Minneapolis spring wheat
futures. The crop was
13% seeded as of April 24,
compared with 27% a year
ago and 15% as the 2017-21
average for the date, the
USDA said. Two percent
of the crop has emerged.
Significant planting progress
was said to still be a
couple weeks away.
Net export sales of
MINNEAPOLIS NEARBY WHEAT FUTURES
$7.60
$8.60
$9.60
$10.60
$11.60
$12.60
$6.60
AJ OJ
US wheat during the
week ended April 21 for
delivery in 2021-22 were
32,300 tonnes, and sales for delivery in 202223
were 124,300 tonnes, the USDA said in its
weekly Export Sales report. The two-year
combined total was at the bottom of trade
expectations, indicating US wheat prices
remained uncompetitive in global markets
despite the loss of exports from Ukraine.
The war in Ukraine continued to attract
Minneapolis spring wheat futures posted gains last
week as cold, wet weather delayed planting of the
spring wheat crop in the Upper Midwest.
traditionally was a low-priced source for
Middle East and North Africa buyers. Russia
continued to export wheat, but shipments
from Ukraine were effectively halted.
The US dollar index moved to a five-year
high against a basket of currencies. MBN
Millfeed
speculative buying because of disruptions to
shipments from the Black Sea region, which
WHEAT FUTURES
Week's
High
Low
Year
ago
11.73¼ 10.94¼ 6.98¼
11.81¾ 11.04¼ 7.03½
-46c 11.80½ 11.07½ 7.07¼
11.75¼ 11.09¾ 7.13¼
10.96 10.43¾ 7.42½
11.07 10.54¼ 7.34¾
-42¾c 11.04¼ 10.55¾ 7.32¼
-35½c
11.01¼ 10.53¾ 7.32¾
12.09
11.57 7.63¼
12.06 11.56¼ 7.63¾
11.91¼ 11.44½ 7.68¼
11.90
11.43 7.68¼
Season's
High
11.99¼ (03-07-22)
11.88
12.94
Low
12.99½ (03-07-22) 4.88¼ (08-12-20)
12.59
5.27
5.14
(08-13-19)
(03-07-22) 4.88¾ (06-26-20)
4.93 (08-04-20)
(04-19-22) 4.72¼ (08-07-20)
(03-07-22)
12.60¼ (03-07-22) 5.16¼ (05-18-20)
11.45
11.26¾ (04-18-22)
(03-07-22) 5.34½ (08-10-20)
(06-26-20)
12.09 (04-28-22) 5.74½ (09-18-20)
12.06 (04-28-22) 6.06¾ (01-12-21)
11.91¼ (04-28-22)
11.90
6.15
(02-26-21)
(04-28-22) 5.61½ (08-13-20)
Prices were steady to higher last week as
an undertone of tightness, carried over from
Easter-weekend mill downtime, still lingered.
Unshakeable cold temperatures across
many regions supported high demand for
manufactured feed. But buyers outnumbered
sellers who often fetched top dollar for
loads that were exceedingly difficult to find.
For some users, price didn't appear to be an
issue as many other feed ingredient options
were staggeringly more expensive than
high-priced midds.
Tightness was starting to loosen in the
June
July-Sept.
Oct.-Dec.
+5 @ +5 110 @ 120 165 @ 175 170 @ 180 170 @ 180
210 @ 220 +5 @ +5 +10 @ +10 140 @ 150 210 @ 220 180 @ 190 180 @ 190
174 @ 184
170 @ 180
187 @ 197
+5 @ +5 112 @ 122 164 @ 174 174 @ 184 164 @ 174
+5 @ +5 108 @ 118 160 @ 170 170 @ 180 160 @ 170
+5 @ +5 125 @ 135 177 @ 187 187 @ 197 177 @ 187
+30 @ +30 140 @ 150 175 @ 185 165 @ 175 160 @ 170
-10 @ -10 120 @ 130 150 @ 160 145 @ 155 145 @ 155
+10 @ +10 140 @ 150 180 @ 190 160 @ 170 160 @ 170
200 @ 215 +5 @ +5 +5 @ +5 164 @ 179 200 @ 215 190 @ 205 180 @ 195
201 @ 216 +5 @ +5 +5 @ +5 160 @ 175 201 @ 216 186 @ 201
120 @ 130
176 @ 191
-
210 @ 230
-
115 @ 125 120 @ 130 110 @ 120 100 @ 110
Northeast, where the market was finally
catching up after a large flour mill went
offline for nearly two weeks around Easter to
replace a transformer. Run times rebounded
afterward, resulting in surplus millfeed
on market. But persistent transportation
constraints from driver shortages to fuel
surcharges prevented loads from reaching
neighboring markets screaming for midds.
Elsewhere, flour mills struggled with run
times, especially in the Southwest. The seasonal
lull between Easter and summer barbecue
months meant suppressed grind times
and fewer millfeed supplies on market.
Millfeed was $165 a ton in Kansas City and
$174 in Minneapolis, on a rail basis, compared
with corn at $299 a ton and sorghum at $287
a ton, both KC. Corn gluten feed dropped $35
to $280 a ton KC. Dried distillers' grain added
$5 to $330 a ton, also KC. Dehydrated alfalfa
declined $10 to $290 a ton, KC. MBN
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Milling & Baking News - May 3, 2022

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