Milling & Baking News - April 10, 2018 - 71

Ingredient Week

Soy Products
Spot soy flour prices were raised last
week, partly on the strength of soybean
meal futures. Soy flour sales were steady
with most business conducted on a contracted basis and many customers covered through the second quarter.
Soybean futures initially benefitted
from bullish attitudes following the prior week's Prospective Plantings report,
which showed U.S. farmers intend to
plant fewer acres to soybeans than industry analysts expected. Those sentiments
were wiped out by the appearance of soybeans on a list of 106 retaliatory import
tariffs China said it would levy on key
U.S. products. Soybean futures dropped
sharply Wednesday when the tariffs were
announced but partially recovered on
Thursday as investors appeared to bet on
China and the United States working out
disagreements at the negotiating table.
Soybean meal futures initially traded
lower after a U.S.D.A. report said U.S.
soybean processors crushed 165 million
bus of soybeans in February, down from
171 million bus in January but above the
year-ago level. Strong domestic soybean
meal demand helped ease some supply
pressure in recent months. After soybean
meal was left off China's list targeting
U.S. goods worth $50 billion, soybean
meal futures trended higher for the week.
Net export sales of U.S. soybeans in
the week ended March 29 were 1,133,000
tonnes for 2017-18, up noticeably from the
previous week but down 7% from the prior four-week average, the U.S.D.A. said.
Sales of 358,200 tonnes were reported
for 2018-19. Sales for the combined crop
years were above trade estimates that
ranged from 600,000 to 1,150,000 tonnes.
Private exporters reported export

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

+¾
+¾
+¾
+1
+1¾
+2¼

+11¼
+11¼
+12
+13¼
+13½
+13

3.59½
3.67¼
3.74¾
3.84½
3.93½
3.99½

-11
-10¾
-12
-13
-14½
-12¾

+5½
+5½
+4¾
+6¾
+6¾
+7

9.42
9.53¼
9.54¾
9.51¾
9.49½
9.55¾

+2.30 +8.40
+3.80 +10.10
+3.40 +9.70
+3.00 +9.20
+2.80 +9.50
+1.50 +8.10

bakingbusiness.com / world-grain.com

Corn Products
Prices of cornmeal and other corn
products edged higher last week in line
with small gains in corn futures. Sales of
corn flour were surprisingly strong despite the passing of the Lenten season,
a corn miller said. Bread bakers, batter
manufacturers and cereal makers were
strong buyers. Sales of brewers' grits and
snack meals were above average as breweries and extruded snack product makers
prepared for Memorial Day sales.
Corn futures traded within a 20c range
last week and ended slightly higher. Corn
had been supported in recent weeks by
strong exports and dryness in Argentine
growing areas. But corn futures turned
lower Wednesday on pressure from
plunging soybean futures and from China's announcement that it would put an
additional 25% import duty on both U.S.
soybeans and corn, with the impact much
less on soybeans due to trade volume.
But corn futures recovered along with
soybean futures as the week progressed.
The U.S.D.A. said corn in Texas was
55% planted as of April 1, (42% as the
prior five-year average). Louisiana was
84% planted (69%), Mississippi was 50%
(34%), and Arkansas was 24% (22%).
The U.S.D.A. reported net export sales

of 898,300 tonnes of U.S. corn for 2017-18
during the week ended March 29, down
34% from the previous week and down
50% from the prior four-week average.
The total was below trade expectations. MBN

Oats
Food-grade oat flakes prices were unchanged last week. After hitting contract
lows the previous week, oats futures
traded higher last week, but remained
significantly below the range where they
had traded for more than a year until
sharply declining in mid-March.
The U.S.D.A. said 26% of the oats crop
in the nine major states was planted as
of April 1, up from 24% a year ago but
below 29% as the average of the prior
five years. The crop was 25% emerged as
of April 1, up from 21% a year ago and
in line with the prior five-year average.
Little planting had occurred in major
producing states. MBN

Rice
U.S. milled rice prices were steady
last week, except for brewers rice, which
began trading in a wider range, the
U.S.D.A. said. Rice byproduct prices
were unchanged from the prior week.
World milled rice prices posted by the
U.S.D.A. were 20@34c a cwt higher.
In the six major producing states, 17%
of the rice crop was planted as of April 1
compared with 15% on the same date a
year ago and 13% as the prior five-year
average. The crop was 6% emerged as
of April 1, even with a year ago and up
from 4% as the five-year average.
Net export sales of U.S. rice in the
week ended March 29 were 66,100
tonnes for 2017-18, down 15% from the
previous week, the U.S.D.A. said. MBN

Soy products

- Change from - Year
Apr. 6 Mar. 29 Mar. 23 ago
3.88½
3.97
4.04
4.12½
4.20
4.24½
$ per bu
10.33¾
10.44¾
10.46
10.38¼
10.33¼
10.37
$ per ton
386.30
390.10
386.60
383.00
379.10
376.20

soybean sales of 129,000 tonnes to China for
2018-19 and 325,000 tonnes of soybeans to
unknown destinations, 130,000 tonnes for
2017-18 and 195,000 tonnes for 2018-19.
The U.S.D.A. said net export sales of
soybean meal in the week ended March
29 were 414,300 tonnes for 2017-18, up
noticeably from the previous week and
from the prior 4-week average, and
above trade estimates that ranged from
150,000 to 250,000 tonnes. MBN

307.40
311.40
312.10
312.10
310.30
310.90

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Apr. 6
Mar. 29
Mar. 23
Soy ﬂour
Bulk
29.00 @ 30.00 +.87@+1.25 +1.18 @+1.55
Sacked
30.00 @ 32.00 +.25@+1.87 +.55 @+2.18

Rice
Oﬀers f.o.b. mills, $ per cwt, bagged

- Change from - Year
Cash
Apr. 6
Mar. 29 Mar. 23 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
Corn meal
heads, bulk 16.50@19.00
-
- 15.00
$ per cwt
13.50@15.50
-
-1.50 13.50
- Change from - Brewers
Apr. 6
Mar. 29 Mar. 23 f.o.b. mills, $ per ton
40.00
-
- 40.00
Chicago, bulk
16.07@ 16.41 .02@.01 .22@.22 Rice millfeed
100@110
-
- 55.00
Chicago, sacked 17.84@ 18.18 .02@.01 .22@.22 Rice bran
5@10
-
- 10.00
New York, bulk 17.74@ 18.08 .02@.01 .22@.22 Rice hulls
New York, sacked 20.16@ 20.50 .02@.01 .22@.22 U.S.D.A. world price milled - $ per cwt
Long grain
16.58
+0.33 +0.64 13.57
Oats
Medium/short
- Change from - grain
16.21
+0.34 +0.64 13.06
Midwest
Apr. 6
Mar. 29 Mar. 23 Broken
10.00
+0.20 +0.38
8.19
Food grade ﬂakes, f.o.b.,
C.B.O.T. rough rice futures - $ per cwt
bagged, $ per cwt
26.25@27
-
-.25
May
12.49½
+0.14 +0.13½ 10.23
Milling quality oats, No. 2 heavy,
July
12.59½
+0.07 +0.08 10.49
$ per bu
2.73¼
+8¼c
+7c
September
11.95
+0.14½ +0.09½ 10.69
Oat hulls, $ per ton
25@35
-
-
November
11.97
+0.39 +0.27½ 10.83½
Milling & Baking News

April 10, 2018 / 71

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

Milling & Baking News - April 10, 2018

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