Milling & Baking News - October 18, 2022 - 35

CHICAGO CORN AND SOY FUTURES
- Change from -
Oct. 14
Corn Futures $ per bu
December
March
May
July
September
December
January
March
May
July
August
December
January
March
May
July
Oct. 7
Sept. 30
Year
ago
6.89¾ +6½ +12¼ 5.25¾
6.96¼ +5¼ +12¼ 5.34¼
6.97¼ +4¾ +12¾ 5.38¾
6.90¾ +3¾ +12½ 5.39½
6.43
6.29
+3¾ +13¾ 5.25½
+4½ +12¼
Soybeans $ per bu
November
13.83¾ +16¾
+12
+19
SOY PRODUCTS
Oct. 14
Oct. 7
Soy flour
Bulk
Sacked
37.01 @ 39.01 +.68 @ +.68
41.01 @ 43.01 +.68 @ +.68
Defatted, f.o.b. Midwest plant, $ per cwt
5.23
12.17¾
13.92¾ +13½ +17¼ 12.26¼
14.01
14.09
14.13
+17¾ 12.35¼
+11¾ +18½ 12.44½
+10¾
+20 12.50½
13.99½ +9¼ +20¼ 12.46½
Soybean Meal $ per ton
October
418.50
411.10
406.80
400.70
397.50
397.50
+13.60
+10.40
+8.70
+6.60
+4.90
+3.90
+15.30
+8.10
+5.50
+3.50
+2.50
+2.50
Soy Products
Bookings of soy flour were steady last
week. Prices advanced.
Major soy flour users, including bakers
and pet food manufacturers, continued
to extend coverage into 2023.
Both soybean and soybean meal futures
shot higher after the US Department of
Agriculture in its Oct. 12 Crop Production
report forecast lower-than-expected 2022
soybean production and average yield.
A round of profit-taking and a recordbreaking
soybean production forecast for
Brazil pared gains by week's end.
The USDA forecast 2022 soybean production
at 4,313 million bus, down 1.5%
from the September projection and down
152,433,000 bus, or 3.4%, from 2021's
record crop of 4,465 million bus.
In the October World Agricultural
Supply and Demand Estimates report,
the USDA forecast the carryover of
soybean meal on Oct. 1, 2023, at 450,000
tons, unchanged from September but
50,000 tons higher than the carryover
in 2022. Carry-in stocks for the current
year were estimated at 400,000 tons,
unchanged from September. The USDA
forecast the soybean crush in 2022-23
at 2,235 million bus, up 10 million bus
from September. This resulted in a
250,000-ton increase in forecast soybean
meal production in the current year to
52,600,000 tons. Total soybean meal use
in 2022-23 was projected at 53,150,000
tons, up 250,000 tons from September.
In its weekly Crop Progress report,
the USDA said 44% of soybeans in the 18
reporting states was harvested by Oct.
9, compared with 22% a week earlier
and 38% as the recent five-year average
for the date. During the same week, the
bakingbusiness.com
316.60
317.40
319.60
322.60
326.20
326.70
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
Chicago, bulk
CORN MEAL
Oct. 14
27.25 @ 27.50
Chicago, sacked 29.02 @ 29.27
New York, bulk
28.92 @ 29.17
New York, sacked 31.34 @ 31.59
$ per cwt
OATS
- Change from -
Oct. 14
45.50@46.25
Milling quality oats, No. 2 heavy,
$ per bu
Oct. 7
-
4.67¾ +18¾c
25@35
-
Sept. 30
-
+7¾c
-
crop was rated 57% good to excellent, up
slightly from 55% the prior week.
The USDA in its weekly Export Sales
report said net export sales of soybean
cake and meal in the week ended Oct. 6
for delivery in 2022-23 totaled 491,900
tonnes. In the same week, net export
sales of soybeans for delivery 2022-23
totaled 724,400 tonnes.
The USDA's 24-hour Foreign Agricultural
Service reporting system indicated
sales of 230,000 tonnes of soybean cake
and meal for delivery to the Philippines
during the 2022-23 marketing year along
with two soybean sales of 392,000 tonnes
and 526,000 for delivery to China also in
2022-23. These sales will be reflected in
this week's Export Sales report. MBN
Corn Products
Bookings and sales of corn meal and
other dry corn mill products were steady
last week. Prices ticked higher.
Corn futures rose to multi-month
highs in the opening session with mostly
moderate changes the rest of the week.
Prices were supported by lower production
and yield forecasts for the 2022
corn crop by the USDA and also by news
that Russian president Vladimir Putin
was threatening to not renew the UNbrokered
humanitarian grain corridor
agreement, which is set to expire in late
November.
The USDA on Oct. 12 lowered its forecast
for the carryover of corn on Sept. 1, 2023,
to 1,172 million bus, down 47 million bus
from the September outlook and down 205
million bus, or 15%, from 1,377 million bus
in 2022. The USDA forecast corn production
in 2022 at 13,895 million bus, down 49
million bus from the September projection
Oct. 14
Cash
Long grain
33.00@35.50
Medium grain 40.00@43.00
Parboiled
36.50@39.50
Second
heads, bulk 23.50@25.50
Brewers
Rice bran
Rice hulls
21.50@24.00
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
16.59
Medium/short
grain
Broken
$ per cwt
January
March
May
$ per cwt
MILLING & BAKING NEWS 35
16.24
9.65
CBOT rough rice futures
November
-
-
-
+0.16
+0.15
+0.1
16.73½ -0.09
15.07
15.04
9.56
-0.43½ 13.85½
17.07½ -0.08½ -0.41½ 14.11½
17.36
17.41
-0.06½ -0.39
14.28
-0.06½ -0.39 14.35½
50.00
- Change from -
Oct. 7
.13 @ .13
.13 @ .13
.13 @ .13
.13 @ .13
Sept. 30
.25 @ .25
.25 @ .25
.25 @ .25
.25 @ .25
- Change from -
Sept. 30
-.06 @ -.06
-.06 @ -.06
and down 1,179 million bus, or 8%, from
15,074 million bus in 2021.
The USDA in its weekly Crop Progress
report said 30% of the crop in the 18 major
growing states had been harvested by
Oct. 9 compared with 20% a week earlier
and 30% as the five-year average. In the
same week, the crop was rated 54% good
to excellent, an improvement from 52%
a week earlier but down from 60% at the
same time year.
The USDA in its Export Sales report
said net export sales of corn in the week
ended Oct. 6 for delivery in 2022-23
totaled 200,200 tonnes. MBN
Oats
Bookings of food-grade oat flakes and
other oat mill products were steady last
week. Prices were unchanged.
The USDA on Oct. 12 projected the US
carryover of oats on June 1, 2023, at 30
million bus, down two million bus from
September and down one million bus from
2022. MBN
Rice
Bookings and sales of milled and industrial
rice, extruded products and rice
flour were steady last week. Prices were
unchanged.
The USDA in its weekly Export Sales
report said in the week ended Oct. 6 net
export sales of rice for delivery in 2022-23
totaled 12,800 tonnes. MBN
RICE
Oct. 7
-
-
-
-
-
-
160.00@210.00 -
10.00
-
- Change from -
Sept. 30
-
-
-
-
-
-
-
-
Year
ago
27.00
32.50
30.00
21.00
19.75
45.00
120.00
5.00
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Milling & Baking News - October 18, 2022

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