Milling & Baking News - May 3, 2022 - 51

CHICAGO CORN AND SOY FUTURES
- Change from -
Apr. 29
Corn Futures $ per bu
May
July
September
December
March
May
Soybeans $ per bu
May
July
August
September
November
January
August
September
October
December
Apr. 22
8.18¼ +25¼
7.51¼ +26¾
7.55
7.56
Apr. 14
+28
Year
ago
7.40
8.13½ +24½ +29¾ 6.73¼
7.68
+22½ +19¼ 5.92¼
+16
5.63¾
+27¼ +17¾ 5.68½
+27½ +18¼
5.71
17.08¼ -7¾
+7
+26
15.71
16.84¾ -3¼ +19½ 15.34¼
16.35¾ +2½ +11¼ 14.71¼
15.58¼
+12¾ 13.81¼
15.14¾ +9½ +13¼ 13.39¾
+48
15.55
Soybean Meal $ per ton
May
July
440.50
432.30
424.80
415.20
405.30
404.90
-18.30
-19.80
-16.60
-14.60
-13.20
-12.10
+54 13.38½
-20.90
-23.40
-19.90
-16.40
Soy Products
Bookings of soy flour were limited last
week. Prices dropped.
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.
Soybean meal futures tumbled despite
mixed changes in the rest of the soy complex.
Soybean meal's share in the value of
the soybean crush declined as soybean oil
prices surged following Indonesia's recent
ban on all exports of palm oil.
Some users were taking advantage of the
swing toward lower prices, but many hesitated,
worried the pendulum may quickly
swing higher again. They chose instead to
stay in the spot market until new crop progress
updates were reported.
Transportation issues plagued the market.
Recently, Union Pacific Railroad initiated
a plan to reduce the use of its private
cars to ease congestion. Soaring fuel prices
and truck driver shortages have pushed
more distribution business onto railcars,
but demand was overwhelming supply. The
Union Pacific plan dissolved, but railcars
were still underperforming, which was
slowing the processing speed of one major
soybean meal plant to the point that the
plant considered shutting down to allow
shipments on previous orders to catch up.
The US Department of Agriculture in its
weekly Export Sales report said net export
sales of soybean cake and meal in the week
ended April 21 for delivery in 2021-22
totaled 203,000 tonnes, up markedly from
the previous week and from the prior fourweek
average. Net export sales of soybeans
in the week for delivery in 2021-22 totaled
481,300 tonnes, up 5% from the previous
bakingbusiness.com
426.00
426.10
419.70
411.90
-14.60 402.50
-14.00
401.00
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
Chicago, bulk
SOY PRODUCTS
Apr. 29
Apr. 22
Soy flour
Bulk
Sacked
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Apr. 14
32.76 @ 35.76 -.92 @ -.92 -1.59 @ -1.59
35.76 @ 38.76 -.92 @ -.92 -1.59 @ -1.59
CORN MEAL
Apr. 29
Apr. 22
- Change from -
Apr. 14
26.70 @ 26.95 .51 @ .51
Chicago, sacked 28.47 @ 28.72 .51 @ .51
New York, bulk
28.37 @ 28.62 .51 @ .51
New York, sacked 30.79 @ 31.08 .51 @ .51
$ per cwt
OATS
Apr. 29
53.50@55.55
Milling quality oats, No. 2 heavy,
$ per bu
Apr. 22
-
7.25½ -45¾c
25@35
-
.57 @ .57
.57 @ .57
.57 @ .57
.57 @ .57
- Change from -
Apr. 14
-
-81½c
-
week but down 37% from the prior fourweek
average. MBN
Corn Products
Bookings and sales of corn meal and other
dry corn mill products were steady last
week. Prices advanced.
Most major corn product buyers, including
breakfast cereal and snack food manufacturers,
earlier covered needs into the
fourth quarter.
Corn futures advanced with some contracts
reaching 10-year highs as cold, wet
weather delayed planting in the Midwest
Corn Belt. Strong export demand also fueled
the rise.
Several Midwestern governors sent a
letter to the Biden administration requesting
E15 gasoline be sold year-round to
soften rising fuel prices. If approved, corn
demand may expand, potentially leading to
energy sector competition with food manufacturers.
The
USDA in its weekly Export Sales
report said net export sales of corn in the
week ended April 21 for delivery in 2021-22
totaled 866,800 tonnes, down 1% from the
previous week, down 5% from the prior fourweek
average, and below the trade expectations.
China accounted for more than 700,000
tonnes of the week's purchases. MBN
Oats
Bookings of food-grade oat flakes and
other oat mill products were limited last
week. Oat product prices remained firm.
Most major oat product buyers were well
covered through September. A few users even
moved forward on extending contracts into
March 2023. But most waited for crop progress
and weather updates before committing
to currently high prices on deferred contracts.
Oat supplies remained consistently tight
amid strong demand from snack food and
non-dairy beverage manufacturers. The
few additional spot loads produced from
pre-sold oat grindings were quickly sold at
premium prices.
Cold temperatures and snow-covered
fields prevented early plantings in both the
United States and Canada. But the window
for seeding was still open, and the moisture
was welcomed as last year's crops were devastated
by drought.
Statistics Canada, the country's national
statistical office, forecast 3,991,700 acres
would be seeded to oats this year, up almost
600,000 acres, or approximately 17%, from
the number of acres seeded in 2021. The
forecast was well above trade estimates of a
10% increase in acres. MBN
Rice
Bookings and sales of milled and industrial
rice, extruded products and rice flour were
limited last week. Market prices were steady.
Mills were prevented from taking on new
orders since previously processed orders
had not shipped due to severely limited
access to railcars. " I can sell rice all day long,
but I can't ship it, " one miller said.
The USDA in its weekly Export Sales
report said net export sales of rice in the
week ended April 21 for delivery in 2021-22
totaled 16,400 tonnes, down 75% from the
previous week and down 53% from the prior
four-week average. MBN
RICE
Apr. 29
Cash
Long grain
30.00@32.50
Medium grain 35.00@37.00
Parboiled
Brewers
Rice bran
Rice hulls
20.50@21.50
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
15.08
Medium/short
grain
Broken
$ per cwt
14.89
9.57
CBOT rough rice futures
May
July
17.09
September
November
$ per cwt
MILLING & BAKING NEWS 51
-0.15
-0.13
-0.09
+0.07
+0.09
+0.05
17.76
17.38
11.27
17.47½ +0.92½ +0.95
17.51½ +0.81
17.49
+0.88½ +0.89½ 13.38½
13.69½
+1.04½ 13.65½
+0.74½ +0.93½ 13.76½
50.00
32.50@36.00
Second
heads, bulk 20.50@23.50
Apr. 22
-
-
-
-
-
-
150.00@160.00 -
10.00
-
- Change from -
Apr. 14
-
-
-
-
-
-
-
-
Year
ago
26.50
32.25
29.50
21.00
18.25
40.00
110.00
5.00
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Milling & Baking News - May 3, 2022

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