Milling & Baking News - November 15, 2022 - 50

MARKET trends
per bu
TUES | 1 1 15 2022
Wheat Futures
Wheat futures declined last week with
Chicago wheat futures leading the way
lower. Solid gains on Friday attributed to
bargain buying and weakness in the value
of the US dollar pulled futures off the prior
day's two-month lows.
Overall market signals were mixed, but
price pressure overshadowed limited supportive
news. Adding pressure was apparent
progress in extending, or even expanding,
the agreement allowing safe exports of
grain from Ukraine's Black Sea ports as the
Nov. 19 deadline for renewal approached. A
continuation or expansion of the deal could
limit US export sales opportunities.
Futures also declined after the US Department
of Agriculture in its Nov. 9 World
Agricultural Supply and Demand Estimates
(WASDE) report forecast higher 2022-23
global wheat stocks while the trade had
expected a slight decline. The global increase
more than offset a 5-million-bu decline in
the carryover of US wheat on June 1, 2023,
forecast at 571 million bus. The USDA forecast
2022-23 US wheat used for food at 977 million
bus, up 7 million bus from October, with
other categories mostly unchanged.
- Change from -
Kansas City
December
March
May
July
Chicago
December
March
May
July
Minneapolis
December
March
May
July
9.39 -11¾c
9.35¾ -11¾c
9.28½ -11¼c
8.13¾ -34c
8.35¼ -31½c
8.46½ -30¾c
8.52½ -28c
9.45¾ -8¾c
9.58¼ -8¼c
9.64¼ -8¾c
9.62½ -8¾c
$ 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
BULK MIDDLINGS
- Change from -
Nov.
Nov. 4
230 @ 240 230 @ 240 +5 @ +5
270 @ 280 270 @ 280 +10 @ +10
214 @ 224
Upper Midwest, f.o.b. truck 210 @ 220
Chicago West
227 @ 237
210 @ 220
200 @ 210
200 @ 210
225 @ 240
221 @ 236
160 @ 170
320
...
$ per ton, delivered rail unless noted
50 MILLING & BAKING NEWS
-
-
-
Oct. 28
-
-
Year
ago
+18½c
+14¼c
-15½c
-13¾c
-13½c
-9c
+¾c
+5¾c
The USDA in its
weekly Export Sales
report said sales of US
wheat during the week
ended Nov. 3 for delivery
in 2022-23 were 322,500
tonnes, near the low end
of trade expectations.
Argentina's 2022-23
wheat production forecasts
were lowered again
by both the Rosario and
Buenos Aires grains
exchanges and by the
USDA in its WASDE
report.
The USDA in its weekly
CHICAGO NEARBY WHEAT FUTURES
$6.30
$7.30
$8.30
$9.30
$10.30
$11.30
$12.30
NF MA
Wheat futures were volatile last week but trended
lower in part on pressure from increased global
stocks and indications the Russia-Ukraine export
deal will be extended.
Crop Progress report rated US winter wheat
30% good to excellent as of Nov. 6, up from
28% a week earlier but below 45% at the same
time last year. Some expected the ratings will
improve again this week after rain fell in
parts of the southern Plains last week.
The USDA said winter wheat in the 18
major growing states was 92% planted as of
Nov. 6, slightly ahead of the five-year average,
and was 73% emerged, slightly behind
the average. MBN
WHEAT FUTURES
Week's
Nov. 11 Nov. 4 Oct. 28 High
9.43½ -9¾c
Low
9.71¾ 9.17
9.68
Year
ago
8.33
9.13½ 8.35½
+12c 9.64¼ 9.10¼ 8.34¼
+9½c 9.55½ 9.04½ 8.18
8.63¾ 7.95½ 8.17
8.80¾ 8.17 8.28½
8.90¼ 8.29 8.32¼
8.93¼ 8.35¼ 8.18
9.73¼ 9.29
10.50
+5¼c 9.84½ 9.41¼ 10.46½
9.90 9.46½ 10.29
+4¼c 9.88½ 9.46 9.85½
Season's
High
Low
13.76¾ (05-17-22) 4.72¼ (08-07-20)
13.62½ (05-17-22) 4.86½ (08-12-20)
13.26¼ (05-17-22) 4.88¼ (08-12-20)
12.10
12.82
12.94
12.82
(05-19-22) 5.21¾ (10-30-20)
(05-17-22)
14.25¼ (03-07-22)
(03-07-22)
(05-17-22)
14.00
5.14
5.27
5.27
5.84
(06-26-20)
(08-13-19)
(08-13-19)
(12-08-20)
(05-17-22) 5.61½ (08-13-20)
13.90¼ (05-17-22) 5.74½ (09-09-20)
13.58¾ (05-17-22) 5.74½ (09-18-20)
14.00
(05-17-22)
6.39¾ (04-01-21)
Millfeed
Millfeed prices were mixed last week.
Waning supply coupled with periodic flour
mill run time issues pushed midds values
in Kansas City $5 to $10 a ton higher. California
midds also were $10 a ton higher. But
heavy supplies and consistent flour grind
in the Upper Midwest pulled the market in
that region $10 a ton lower.
Activity in most markets stalled as buyers
seemed to be postponing purchase decisions
till after the Thanksgiving holiday.
Mills were less willing to offer " cheap "
prices with the holiday period approaching.
Traders worked to create innovative
options for buyers to move midds, but
demand had dissipated. Much colder
weather over parts of the country was
expected to give demand a boost as November
progressed.
Focus was on logistics and securing
Dec.
Jan.-Mar.
Apr.-June
168 @ 178 230 @ 240 220 @ 230 170 @ 180
200 @ 210 270 @ 280 255 @ 265 190 @ 200
214 @ 224 -10 @ -10 -10 @ -10 144 @ 154 214 @ 224 204 @ 214 164 @ 174
210 @ 220 -10 @ -10 -10 @ -10 140 @ 150 210 @ 220 200 @ 210 160 @ 170
227 @ 237 -10 @ -10 -10 @ -10 157 @ 167 227 @ 237 217 @ 227 177 @ 187
210 @ 220
200 @ 210
200 @ 210
-
-
-
120 @ 130 160 @ 170 180 @ 190
...
+10 @ +10 160 @ 170 220 @ 230 210 @ 220 190 @ 200
-10 @ -10 110 @ 120 210 @ 220 215 @ 225 190 @ 200
150 @ 160 200 @ 210 200 @ 210 180 @ 190
225 @ 240 +10 @ +10 +10 @ +10 184 @ 199 225 @ 240 225 @ 240 220 @ 235
221 @ 236 +10 @ +10 +10 @ +10 180 @ 195 221 @ 236 221 @ 236 216 @ 231
160 @ 170
trucks for distributing loads already sold
to buyers wanting to stock up inventories
before mills shut down for the holiday. But
getting loads delivered remained a challenge
due to ongoing truck freight tightness
in some regions, especially in the Upper
Midwest where millfeed supplies were on
the heavy side and the fall crop harvest
commanded both drivers and available
trucks.
In Central states concern about localized
vomitoxin contamination in corn persisted,
boosting demand for alternative feed ingredients
such as millfeed.
Millfeed was $230 a ton in Kansas City
and $214 in Minneapolis, on a rail basis,
compared to corn at $251 a ton and sorghum
at $246 a ton, both KC. Corn gluten was
unchanged at $295 a ton KC. Dried distillers'
grain was also unchanged at $285 a ton
KC. Dehydrated alfalfa continued to have
no offer in KC. MBN
bakingbusiness.com
http://www.bakingbusiness.com
Milling & Baking News - November 15, 2022

Table of Contents for the Digital Edition of Milling & Baking News - November 15, 2022
