Milling & Baking News - March 27, 2018 - 51

Ingredient Week

Soy Products
Spot soy flour prices were raised last
week. Soybean meal futures rose. Flour
sales were steady with about 15% of customers purchasing on a month-to-month
basis and the remainder covered about
six weeks out, one soy processor said.
Bakers remained the largest purchasers
of soy flour. There was additional interest in texturized soy protein, which is
often used as a meat extender.
Soybean futures declined last week
on trade concerns, but soybean meal futures advanced as strong gains Friday
wiped out earlier losses. The market
was anticipating the U.S. Department
of Agriculture's Prospective Plantings
report due March 29. Private forecaster
Informa Economics on Thursday forecast soybean area at 91.5 million acres,
higher than U.S.D.A.'s 90 million acres
forecast at the Agricultural Outlook Forum in February. If realized, Informa's
projection would top last year's record
90.1 million acres.
The Trump administration last week
proposed investment restrictions and tariffs of up to $60 billion on Chinese goods.
The policy changes were intended to encourage Beijing to halt practices the United States believes violate U.S. intellectual property rights. In response, China's
commerce ministry said it would levy
tariffs on $3 billion worth of U.S. goods,
including agricultural products such
as pork and fruit. Soybeans weren't included, but Chinese buyers began to craft
contingency plans to ensure supply in the
case of a trade war, according to trade reports. China, one of the top importers of
U.S. agriculture commodities, is unlikely
to shun U.S. soybeans altogether, though,
analysts suggested. China imports about

Chicago corn and soy futures
Corn Futures
$ per bu
May
July
September
December
March
May
Soybeans
May
July
August
September
November
January
Soybean Meal
May
July
August
September
October
December

Corn Products
Prices of cornmeal and other corn
products were lowered last week. Corn
futures declined. Buying interest was
seasonally slow for extruded products
used in snacks and the end of hot cereal
season caused a slowdown in demand
for hot grits. Demand for corn flour and
finer grades of cornmeal, popular for use
as breading for fish, began to wane as the
Lenten season drew to a close.
Corn futures traded lower last week
amid mixed fundamental signals and
pressure from wheat and soybean futures.
Informa Economics cut its forecast for 2018
U.S. corn planted area by 279,000 acres to
88.9 million acres. The Buenos Aires Grain
Exchange estimated Argentine 2017-18
corn production at 32 million tonnes,
down 2 million tonnes from its prior outlook as drought cut crop prospects.

Rice
Prices of U.S. milled long- and medium-grain and parboiled rice were steady
last week, the U.S.D.A. said. Second
heads were $1 a cwt higher. Rice byproduct prices were unchanged. World
milled rice prices posted by the U.S.D.A.
were 12@21c a cwt lower.
Net export sales of U.S. rice in the
week ended March 15 were 106,300
tonnes for 2017-18, up noticeably from
the previous week and up 64% from the
prior four-week average, the U.S.D.A.
said. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Mar. 23
Mar. 16
Mar. 9
Soy ﬂour
Bulk
27.82 @ 28.45 +.25@ +.25 +.07 @+.20
Sacked
29.45 @ 29.82 +.25@ +.25 +.70 @+.07

-5½
-5¼
-4¾
-4½
-4
-3¼

-13¼
-12¼
-10½
-8
-7¼
-7

3.56¼
3.63¾
3.71½
3.79½
3.89
3.94

-21¼
-21
-20
-16¼
-14½
-13½

-11
-9
-8
-6
-3½
-3

9.75¾
9.86¼
9.88½
9.82
9.77
9.82½

Mar. 23
Chicago, bulk
15.85@ 16.19
Chicago, sacked 17.62@ 17.96
New York, bulk 17.52@ 17.86
New York, sacked 19.94@ 20.28

+5.00
+5.40
+5.60
+5.60
+4.60
+3.60

+4.30
+4.70
+4.50
+4.50
+4.10
+3.90

318.20
21.40
322.00
322.00
320.70
321.40

Midwest
Mar. 23
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
26.50@27
Milling quality oats, No. 2 heavy,
$ per bu
2.66¼
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

Oats
Food-grade oat flakes prices were steady
last week. Oats futures continued to decline. The Iowa cash basis was unchanged
at $27 a cwt with Minneapolis at $26.50 a
cwt. Most business was contracted through
the end of June. Oat flake sales continued to
be stronger than a year ago as the popularity of snack items and granola bars containing oats gained more shelf space in grocery
and convenience stores. MBN

Soy products

- Change from - Year
Mar. 23 Mar. 16 Mar. 9
ago
3.77¼
3.85¾
3.92
3.99¼
4.06½
4.11½
$ per bu
10.28¼
10.39¼
10.41¼
10.31½
10.26½
10.30
$ per ton
377.90
380.00
376.90
373.80
369.60
368.10

The U.S.D.A. reported net export sales
of 1,470,200 tonnes of U.S. corn for 201718 during the week ended March 15,
down 41% from the previous week and
down 23% from the prior four-week average. For 2018-19, net sales reductions
of 14,500 were reported. The week's total
for the combined marketing years was
below trade estimates that ranged from
1.5 million to 2.3 million tonnes.
Private exporters reported to the
U.S.D.A. two sales of corn for 2017-18 last
week: 110,000 tonnes to Peru and 115,000
tonnes to "unknown destinations." For
2018-19 delivery, sales of 206,000 tonnes
of corn to Japan were reported. MBN

a third of all soybeans produced in the
United States, and soybeans made up just
more than half of the $24 billion value
of all U.S. agriculture-related exports to
China in 2017.
Net export sales of U.S. soybeans in the
week ended March 15 were 759,000 tonnes
for 2017-18, down 40% from the previous
week and down 33% from the prior fourweek average, the U.S.D.A. said. Sales of
140,000 tonnes were reported for 2018-19.
Sales for the combined crop years were
within trade estimates that ranged from
750,000 to 1.5 million tonnes.
The U.S.D.A. said net export sales of
soybean meal in the week ended March
15 were 194,600 tonnes for 2017-18, up
12% from a week earlier and up 21%
from the prior four-week average. Sales
were within trade estimates that ranged
from 100,000 to 300,000 tonnes. MBN

Corn meal
$ per cwt
- Change from -
Mar. 16
Mar. 9
-.10@-.11 -.25@-.26
-.10@-.11 -.25@-.26
-.10@-.11 -.25@-.26
-.10@-.11 -.25@-.26

Oats
- Change from -
Mar. 16 Mar. 9
-

-16c
-

-36¼c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Mar. 23
Mar. 16 Mar. 9 ago
Long grain
25.50@27.50
-
- 19.50
Medium grain 27.00@31.50
-
- 21.50
Parboiled
26.50@27.50
-
- 21.50
Second
heads, bulk 16.50@19.00
-
- 15.00
Brewers
15.00@15.50
-
- 13.50
f.o.b. mills, $ per ton
Rice millfeed
40.00
-
- 40.00
Rice bran
100@110
-
- 55.00
Rice hulls
5@8
-
- 10.00
U.S.D.A. world price milled - $ per cwt
Long grain
15.94
-0.20
-0.02 13.57
Medium/short
grain
15.57
-0.21
-0.02 13.06
Broken
9.62
-0.12
-0.01
8.19
C.B.O.T. rough rice futures - $ per cwt
May
12.36
-0.10 +0.03
9.78
July
12.51½
-0.09½ +0.00½ 10.04
September
11.85½
0.00½ +0.08½ 10.24
November
11.69½
-0.02½ +0.06½ 10.38
Milling & Baking News

March 27, 2018 / 51

http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - March 27, 2018

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