Milling & Baking News - May 8, 2018 - 44
Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
Apr. 27 Apr. 20
Paciﬁc beet* 40.00 @ 41.00
37.00 @ 38.00
*Delivered **Spot raw plus 7% plus 10.5c with 2% cash discount.
Delivered reﬁner, cents per lb
- Change from -
May 4 Apr. 27 Apr. 20
I.C.E. No. 11 raw sugar futures
cents per lb
Bulk refined sugar sales for 2018-19
were slow last week and well behind last
year. Offers were unchanged and firm.
Sugar beet planting was underway but
behind average in most states.
Sugar beets in the four largest producing states were 24% planted as of April
29, well behind 46% at the same time last
year and 49% as the 2013-17 average for
the date, the U.S. Department of Agriculture said in its weekly Crop Progress
report. Beets were 10% planted in Minnesota (44% as the average for the date),
10% in North Dakota (38%), 13% in
Michigan (35%) and 85% in Idaho (83%).
With planting underway in the Red
River Valley and expected to make
strong progress, the impact of delayed
planting on the potential for an early
harvest that will provide new crop sugar
in this marketing year will be borne out
during the summer months.
Beet sugar for 2018-19 remained
priced mostly at 34c a lb f.o.b. Midwest
with lower prices available to large buyers. Some beet processors in other regions continued to offer sugar for next
year at 36c a lb f.o.b. when there were
freight advantages over the Midwest.
Delivered basis, cents per lb
42% HFCS spot price1
55% HFCS spot price1
37.50 Midwest email@example.com
1-Variations in prices often tied to tank car versus truck deliveries. 2-Prices are the lowest available to the publication. 3-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks
Processors' offer prices remained firm.
Refined cane sugar for 2018-19 continued to be offered mostly at 36c a lb
f.o.b. Louisiana Gulf and 36c to 37c a lb
f.o.b. in the Southeast and the Northeast.
There also was no indication of wavering in cane sugar offers.
Louisiana sugar cane on April 29 was
rated 43% good to excellent (45% a week
earlier), 52% fair (50%) and 5% poor (5%),
compared with 75% good to excellent,
19% fair and 6% poor to very poor a year
ago, the U.S.D.A. said. Current ratings
suggested that Louisiana will not repeat
last year's record sugar production.
New sales for 2018-19 continued at a
slow pace and often were to smaller accounts. Buyers continued to resist offers at
current levels. Bookings for 2018-19 moved
above 30% of the potential for the year.
Beet sugar prices spot through Sept.
30, 2018, held at 36c a lb f.o.b. Midwest
with higher values in other regions depending on freight and competition
from cane sugar. Spot prices mostly were
nominal with most coverage completed
and most beet processors sold out.
Bulk refined cane sugar for 2017-18 was
at 36c to 37c a lb f.o.b. Gulf and Southeast,
at 37c to 38c a lb f.o.b. Northeast and at
41c to 42c a lb delivered on the West coast.
Cane refiners continued to have adequate supplies of raw sugar from Mexico,
which was needed to see them through
the last half of the year amid very limited
supplies of beet sugar. New offers of refined sugar from Mexico were lacking.
Corn sweetener markets were quiet.
Corn planting also was behind average
in most key states, which may trim yields
from a crop that already is expected to
see lower planted area from last year. MBN
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44 / May 8, 2018
Milling & Baking
bakingbusiness.com / world-grain.com