Milling & Baking News - November 28, 2023 - 46

MARKET trends
TUES | 1 1 28 2023
Sweeteners
Cash sugar prices were unchanged last
week amid typically slow trading during a
holiday week. Most traders were out of their
offices from Thursday forward, with some
out all week.
US bulk refined beet sugar offers for spot
delivery were 59¢ to 62¢ a lb f.o.b. and for
2024 were 57¢ to 59¢ a lb f.o.b. Midwest, all
unchanged. Traders indicated beet sugar
could be purchased for 2024 below list in
the mid-50s depending on volume and other
factors.
All beet processors were in the market,
while also maintaining they were in well-sold
positions. Beet sugar production has been
forecast by the US Department of Agriculture
to be record high in 2023-24, for which
there is little disagreement. The large beet
supplies will help offset lower cane sugar
production in Louisiana and potentially
lower imports from Mexico, along with possible
increased exports to Mexico due to a
second year of drought in that country.
Spot refined cane sugar was offered at
68¢ a lb nationwide through Dec. 31 and was
offered for calendar 2024 at 63¢ a lb f.o.b.
Northeast and West Coast and at 59¢ to 61¢ a
lb f.o.b. Gulf and Southeast, all unchanged.
Some sugar sellers continued to express
concerns about slow contracted deliveries
of bulk sugar to large food manufacturers
and of 50-lb bags to foodservice, while shipments
to small and mid-size buyers were on
track. Shipments to the retail sector were as
expected or even stronger.
Inquiries about 2024-25 continued with
beet sugar pricing said to be in the low- to
spot
Northeast cane*
Midwest beet 59.00 @ 62.00
Pacific beet
68.00
REFINED SUGAR
Nov. 24
62.00
-
-
f.o.b. plant, cents per lb
*Spot raw plus 7% plus +19.7c with 2% cash discount.
Nov. 24
mid-50¢-a-lb range f.o.b. Midwest, flat to
modestly below current 2024 price levels.
While contracting for 2024-25 has taken
place and will continue as some buyers want
at least some coverage on the books before
the end of 2023 or early in 2024, most expect
contracting will move slower than it did for
2023-24 when sales mostly were wrapped
up in March 2023. With forward raw sugar
futures prices at discounts to nearby values
and forecasts of easing global sugar tightness
later in 2024, some buyers are willing
to wait.
The sugar beet harvest was complete
with only Michigan at 96% and Montana at
95% still with beets in the field as of Nov. 19,
according to USDA state office reports. The
sugar cane harvest in Louisiana was more
than a week behind average at 41% complete
compared with 52% as the 2018-22 average
42% HFCS spot price1
Nov. 24
Midwest
Northeast
Southeast
Southwest
West
30 @ 35
32 @ 37
32 @ 37
31 @ 36
33 @ 38
ICE No. 11
March
May
July
October
cents per lb
amid exceptional drought conditions.
Corn sweetener contracting for 2024
advanced as buyers and sellers were intent
to wrap up business ahead of Thanksgiving
and avoid the year-end holiday period,
although some business remained. Most
contracting appeared to be getting done
about flat with 2023, when prices were up
sharply from 2022. Buyers cited record-high
corn production and sharply lower corn
prices from last year as reasons for lower
corn sweetener values, while sellers noted
higher labor costs, high sugar prices and
good demand from Mexico due to recordhigh
sugar prices there. MBN
CORN SWEETENERS
55% HFCS spot price1
2022
30 @ 35
32 @ 37
32 @ 37
31 @ 36
33 @ 38
Midwest
Northeast
Southeast
Southwest
West
Nov. 24
38 @ 43
40 @ 45
40 @ 45
40 @ 45
41 @ 46
2022
38 @ 43
40 @ 45
40 @ 45
40 @ 45
41 @ 46
Delivered basis, cents per lb
1-Variations in prices often tied to tank car versus truck deliveries. 2-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks
Corn syrup2
2023
47@52
49@54
49@54
50@55
51@56
East
South
Dextrose
2023
70.00@75.00
Midwest 69.00@74.00
West
71.00@76.00
72.00@77.00
26.98
25.75
24.77
24.32
- Change from -
Nov. 17 Nov. 10
-
-
-
-
Year
ago
59.00
59.00
68.00
ICE No. 16
January
March
May
July
September
November
RAW SUGAR FUTURES
Nov. 24
44.00
44.01
43.99
43.16
43.41
42.34
-.01
-.14
-.14
-.07
+.25
+.33
- Change from -
Nov. 17 Nov. 10
Year
ago
-1.28 36.89
-1.26 36.99
36.99
36.90
-1.14
-.97
-.46 36.80
36.10
-.14
- Change from -
Nov. 17 Nov. 10
-.20
-.12
-.04
+.02
-.31
-.18
-.05
+.01
Year
ago
19.33
18.36
17.77
17.64
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Milling & Baking News - November 28, 2023

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