Milling & Baking News - May 4, 2021 - 52

MARKET trends

TUES

RAW SUGAR FUTURES

05 04 2021

Sweeteners

Bulk refined sugar prices were steady to
higher last week with cane sugar prices rising in the aftermath of a fire at the Domino
Sugar refinery in Baltimore on April 20. That
fire did not damage the refinery, but about
two weeks of production were lost at one of
the largest refineries in the country, which
tightened spot supplies. Refining operations
were to have resumed at some level over the
past weekend.
As expected, the loss of production from
the Baltimore refinery sent ripples through
the industry. Domino had implemented a
1¢-a-lb price increase just prior to the fire
based on tight supplies, strong raw sugar
prices and strong deliveries in March and
April, and prices were raised another 1¢ a lb
last week. Other refiners and processors did
not raise prices, although discounts were
smaller and less available, and the potential
for higher prices still existed.
Spot prices of bulk refined sugar were
at 44¢ a lb f.o.b. in the Northeast and West
Coast, 39¢ a lb in Michigan, 36.50¢ a lb in the
Midwest, 38.50¢ to 42¢ a lb in the Southeast
and 38¢ to 42¢ a lb in the Gulf. A year ago,
prices were at 46¢ a lb f.o.b. at most locations.
Most beet processors, cane refiners and
distributers noted strong deliveries in March
and April. Retail deliveries eased in some
cases, but nearly all reported increasing
industrial and foodservice deliveries. Also,
some noted requests for additional sugar
beyond contracted supplies for both spot and
in some cases through calendar year 2021.
Beet sugar supplies were available on the

REFINED SUGAR

- Change from - Year
Apr. 23 Apr. 16
ago

2020-21
Apr. 30
Midwest beet 36.50
-
Pacific beet
37.00 @ 40.00 -
Northeast cane* 44.00
+1.00

-
-
+2.00

44.00
NA
46.00

f.o.b. plant, cents per lb
**Spot raw plus 7% plus 10¢ with 2% cash discount. N = Nominal

spot market but were tightening. Cane sugar
was available but tighter than before the
Baltimore fire.
Inquiries for 2021-22 continued at an active pace with an uptick in bookings noted
after the Domino fire, as was expected. Beet
processors appeared to have contracted
about 40% of potential 2021-22 production,
which for most was near average for the date.
Contracting still wasn't at last year's pace and
was expected to drag later into the summer.
Prices for 2021-22 were unchanged but
also had a firm tone with the Northeast and
West Coast at 42¢ a lb, Michigan at 38¢, Midwest at 36.50¢, Southeast at 38.50¢ to 39.50¢
and Gulf at 38¢ to 39.50¢. Sellers appeared
less willing to agree to deep discounts, but
sales about 0.50¢ to 0.75¢ below list were
available for large buyers.

Apr. 30

- Change from - Year
Apr. 23 Apr. 16
ago

ICE No. 16
July
September
November
January
March
May

31.00 -.45 -.60 25.80
31.10 -.30 -.30 25.90
29.50 +.20 +.30 26.15
28.00 +.02 - 26.30
28.21 +.06 -.01 26.30
28.20 +.05 -.07 26.55

Apr. 30

- Change from - Year
Apr. 23 Apr. 16
ago

ICE No. 11
May
July
October
March

17.08
16.93
16.85
16.86

+.17 +.36 10.39
+.05 +.36 10.37
+.05 +.42 10.63
-.04 +.34 11.32

Cents per lb

Sugar beet planting was making good
progress and was ahead of the average pace
in most states. Beets were 44% planted as of
April 25 in the four largest-producing states,
well ahead of 34% at the same time last year
and 35% as the 2016-20 average for the date,
the USDA said in its Crop Progress report.
The Louisiana sugarcane crop was rated
51% good to excellent as of April 25, up from
47% a week earlier but below 63% at the same
time last year, the USDA state office said.
Corn sweetener markets were quiet. Buyers anticipated higher prices in 2022 due in
part to eight-year highs in corn futures. MBN

CORN SWEETENERS
42% HFCS spot price1

Apr. 30

Year ago

Midwest 25½ @ 26
25½ @ 26
Northeast 27 @ 27½
27 @ 27½
Southeast 27¼ @ 27¾ 27¼ @ 27¾
Southwest 26¾ @ 27¼ 26¾ @ 27¼
West 27½ @ 28¾ 27½ @ 28¾

55% HFCS spot price1

Apr. 30

Year ago

Midwest 32¾ @ 33¾ 32¾ @ 33¾
Northeast 34¼ @ 35¼ 34¼ @ 35¼
Southeast 34¼ @ 35¼ 34¼ @ 35¼
Southwest
34 @ 35
34 @ 35
West 34¾ @ 35¾ 34¾ @ 35¾

Corn syrup3

Dextrose

37.25
39.50
39.50
40.50
41.50

East 42.00@42.50
Midwest 41.00@41.50
West 44.00@44.50
South 43.00@43.50

Delivered basis, cents per lb
1-Variations in prices often tied to tank car versus truck deliveries. 2-Prices are the lowest available to the publication. 3-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks

100% Pure & Natural Honey
Amber, Light Amber, Extra Light Amber & Organic
Sweetener Supply is proud to participate in SMETA and
is committed to ethical and responsible sourcing.

888-SUGAR-99
Sweetenersupply.com

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Milling & Baking News - May 4, 2021

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