Milling & Baking News - October 19, 2021 - 43

CHICAGO CORN AND SOY FUTURES
- Change from -
Oct. 15
Corn Futures $ per bu
December
March
May
July
September
December
January
March
May
July
August
January
March
May
July
August
Oct. 8
Oct. 1
5.25¾ -4¾ -15¾
5.34¼ -5¼ -15½
5.38¾
5.39½
-6
-6
Soybeans $ per bu
November
5.25½ -3½ -11¾
5.23
-28
-28
-27
Year
ago
4.02
4.07
-15¾ 4.08½
-15½ 4.08¾
3.95
-2¾ -8½ 3.95¾
12.17¾ -25¼ -28¾ 10.50
12.26¼
-30¼ 10.50¼
12.35¼ -28½ -29¼ 10.37¾
12.44½
12.50½
12.46½ -27¼
Soybean Meal $ per ton
December
316.60
317.40
319.60
322.60
326.20
326.70
-2.10
-3.60
-4.20
-5.20
-5.70
-6.20
-28 10.33¼
-26 10.35¼
-25 10.26½
-10.30
-11.70
-12.40
-13.60
-14.10
-14.50
Soy Products
Bookings of soy flour were brisk last
week. Prices declined and were about the
same as they were a year ago.
Soybean meal futures traded at the lowest
levels since September 2020. Soybean
futures dropped as the US Department of
Agriculture forecast the largest US soybean
crop ever.
Additional soy flour buyers, including
bakers, took advantage of the relatively
low pricing to extend coverage through the
second quarter of 2022 or even through the
entire year. Those not booking supply were
inquiring about forward pricing and may
move to contract soon since harvest lows
may be set early this year.
The USDA in its weekly Crop Progress
report said 49% of soybeans in the 18 reporting
states was harvested by Oct. 10 compared
with 34% a week earlier and 40% as the
recent five-year average for the date.
The USDA in its October Crop Production
report forecast soybean production in 2021 at
a record 4,448 million bus, up 74 million bus
from the September projection and up 232 million
bus, or 6%, from 4,216 million bus in 2020.
In its October World Agricultural Supply
and Demand Estimates report, the USDA forecast
the carryover of soybean meal on Oct. 1,
2022, at 400,000 tons, down 100,000 tons from
the September outlook and equal to the carryover
for 2021. Carry-in stocks for the current
year were estimated at 400,000 tonnes, down
50,000 from September. The USDA forecast
the soybean crush in 2021-22 at 2,190 million
bus, up 10 million bus from September. This
resulted in a 250,000-ton hike in forecast
soybean meal production in the current year
to 51,650,000 tons. Total soybean meal use in
2021-22 was projected at 52,100,000 tons, up
300,000 tons from September. MBN
bakingbusiness.com
367.50
362.10
354.30
348.40
347.00
342.50
Chicago, bulk
SOY PRODUCTS
Oct. 15
Oct. 8
Soy flour
Bulk
Sacked
Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Oct. 1
35.10 @ 36.10 -.05 @ -.05 -.40 @ -.40
37.10 @ 38.10 -.05 @ -.05 -.40 @ -.40
CORN MEAL
- Change from -
Oct. 15
Oct. 8
Oct. 1
20.80 @ 21.05 -.10 @ -.10 -.32 @ -.32
Chicago, sacked 22.57 @ 22.82 -.10 @ -.10 -.32 @ -.32
New York, bulk
New York, sacked 24.89 @ 25.18
$ per cwt
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
22.47 @ 22.72 -.10 @ -.10 -.32 @ -.32
-.10 @ -.10 -.32 @ -.32
OATS
- Change from -
Oct. 15
44.50@45.50
Milling quality oats, No. 2 heavy,
$ per bu
Oct. 8
-
7.00¼ +6½c
25@35
-
Corn Products
Bookings and sales of corn meal and other dry
corn mill products remained brisk last week.
Prices declined as corn futures moved lower.
Futures weakened as the USDA raised its forecast
for 2021-22 corn supply and ending stocks.
While prices were well above those a year
ago, there has been relatively little resistance
among buyers who have watched the current
supply-and-demand situation for corn unfold.
Millers indicated manufacturers of
extruded snacks, baking mixes and breakfast
cereals continued to push coverage
forward into the first and second quarters
of 2022. Recent orders against contract have
been particularly strong from snack food
and baking mix manufacturers.
The USDA in its Crop Progress report said
41% of corn in the 18 reporting states was
harvested by Oct. 10 compared with 29% a
week earlier and 31% as the 2016-20 average
for the date.
The USDA on Oct. 12 raised its forecast for
the carryover of corn on Sept. 1, 2021, to 1,500
million bus, up 92 million from the September
outlook and up 21% from 1,236 million bus
in 2021. The USDA projected corn production
in 2021 at a near-record 15,019 million bus, up
23 million bus from the September projection
and up 6% from 14,111 million bus in 2020.
Total use in 2021-22 was forecast at 14,780
million bus, down 20 million from September
and down 39 million bus from 14,819 million
bus in 2020-21. MBN
Oats
Bookings of food-grade oat flakes and other
oat mill products were limited last week.
Prices steadied following the recent runup.
New contracting was constrained by
the well-covered status of most major buyers,
most of which were covered through
CBOT rough rice futures
November
January
March
May
$ per cwt
MILLING & BAKING NEWS 43
14.11½
14.28
13.85½ +0.12
+0.10
+0.11
14.35½ +0.05
+0.24
+0.25
12.37½
12.57½
+0.25½ 12.78½
+0.25
12.82
Oct. 1
+2.50
+69¼c
-
December with some having contract balances
extending into or through March.
Coverage beyond March was light with
millers wary of offering supply that far
forward in view of uncomfortably tight
supplies forecast through 2021-22.
Oat mill running times were seasonally
strong with demand for oat flakes on the rise
because of increasing consumer demand for
hot breakfast cereals. High oat prices have
not had much impact on the beverage sector
as yet as oat milk manufacturers weeks earlier
had taken extensive forward coverage.
The USDA on Oct. 12 projected the US carryover
of oats on June 1, 2022, at 25 million
bus, down 2 million from September and
down 13 million bus from 38 million in 2021.
It would be the lowest oat carryover since
2014 also at 25 million bus. MBN
Rice
Bookings and sales of milled rice, industrial
rice, extruded products and rice flour
were limited last week. Market prices
remained firm.
Individual major industrial users of
milled rice with supply to book for November-December
were in negotiations to do
so, but most buyers already were covered
through the end of the year.
The USDA in its weekly Crop Progress
report said 81% of the nation's rice was harvested
by Oct. 10 compared with 73% a week
earlier and 85% as the recent five-year average
for the date. MBN
RICE
Oct. 15
Cash
Long grain
Second
heads, bulk
Brewers
Rice bran
Rice hulls
27.00@28.50
Medium grain 32.50@35.00
Parboiled
21.00@23.00
19.75@21.00
f.o.b. mills, $ per ton
Rice millfeed
$ per cwt bagged
USDA world price milled
Long grain
15.07
Medium/short
grain
Broken
$ per cwt
15.04
9.56
+0.11
+0.1
+0.07
+0.11
+0.1
+0.07
16.98
16.67
10.77
45.00
30.00@32.50
- Change from -
Oct. 8
-
-
-
-
-
-
120.00@150.00 -
5.00
-
-
-
-
-
-
-
-
-
Oct. 1
Year
ago
28.50
32.00
30.50
19.00
15.50
40.00
60.00
5.00
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Milling & Baking News - October 19, 2021

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