Milling & Baking News - May 22, 2018 - 51

Ingredient Week

Soy Products
Bookings of soy flour were routine
last week. Prices were lowered with a
weaker tone in soybean meal futures a
consideration.
Most soy flour users, including bakers, have covered their requirements
through June. Inquiry has picked up for
the third quarter, although in most cases,
the discussions have yet to result in additional coverage. Users who typically
purchase month-to-month were pleased
to see the recent decline in soybean meal
futures. Their buying was steady.
Soybean meal futures declined in
sympathy with the recent lower trend
in soybean futures. Excellent progress in
seeding the 2018 crop exerted weight.
The U.S. Department of Agriculture
indicated the nation's soybean crop was
35% planted by May 13 compared with
29% a year ago and 26% as the recent
five-year average for the date.
The National Oilseed Processors Association (NOPA) indicated 161,016,000 bus
of soybeans were crushed in April 2018,
down from an all-time high of 171,858,000
bus in March but up 16% from 139,134,000
bus in April 2017. The April 2018 soybean
crush was the largest on record for an
April. The previous record April crush
was 150,363,000 bus in 2015. Pre-report
trade estimates for the April crush averaged about 160,966,000 bus.
NOPA indicated soybean meal exports in April 2018 totaled 946,291 tons,
up from 878,582 tons in March and compared with 595,468 tons in April 2017.
The U.S.D.A. indicated net export
sales of soybean meal during the week
ended May 10 at 376,000 tonnes, up
noticeably from the previous week and
from the prior four-week average.

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

Rice
U.S. milled rice and rice byproduct
prices were unchanged last week, according to the U.S. Department of Agriculture. World milled rice prices posted
by the U.S.D.A. also were steady.
In its initial forecasts for 2018-19, the
U.S.D.A. projected the carryover of rice
on Aug. 1, 2019, at 40.5 million cwts, up
6.2 million cwts, or 18%, from 34.3 million cwts forecast for the current year and
compared with 46 million cwts in 2017.
Rice production in 2018 was forecast at
203.2 million cwts, up 25 million cwts, or
14%, from 178.2 million cwts in 2017. MBN

Corn Products
Prices of cornmeal and other corn
products were raised last week. Corn
futures traded both sides of unchanged
until advancing at the week's end.
Demand from salted snack and breakfast cereal manufacturers remained
strong. Corn flour and corn meal mix
sales were seasonally sluggish.
The U.S. Department of Agriculture
indicated the corn crop was 62% planted
by May 13 compared with 68% a year

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
May 18
May 11
May 4
Soy ﬂour
Bulk
27.50 @ 28.50 -1.00@-1.00 -2.00 @-2.00
Sacked
29.50 @ 30.50
0@-1.00 -1.00 @-2.00

+6
+6
+5¾
+5
+4¾
+5¼

-3¾
-2¾
-¾
-¼
-¼
+-¼

3.72½
3.79¾
3.90¼
4.00
4.05½
4.10¼

-4¾
-4¾
-5½
-6
-6¾
-11

-38¼
-37½
-33¾
-29
-28¾
-30

9.53
9.54¼
9.52½
9.51¾
9.59
9.62½

May 18
Chicago, bulk
16.17@ 16.47
Chicago, sacked 17.94@ 18.24
New York, bulk 17.84@ 18.14
New York, sacked 20.26@ 20.56

-2.30
-2.30
-3.30
-3.50
-3.70
-5.10

-17.40
-15.90
-15.60
-15.10
-14.00
-13.30

307.00
308.20
309.20
309.00
310.40
310.70

Midwest
May 18
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
26.25@27
Milling quality oats, No. 2 heavy,
$ per bu
2.82
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

Oats
Bookings of food-grade oat flakes were
steady last week. Pricing was steady.
The U.S. Department of Agriculture on
May 10 forecast U.S. oats production in
2018 at 66 million bus, up 17 million bus,
or 35%, from 49 million bus in 2017. The
initial forecast for the current year was
based on a harvested area forecast at 1
million acres compared with 0.8 million
in 2017 and an average yield of 66 bus per
acre based on 1990-2017 trends compared
with 61.7 bus in 2017. In comparison, the
United States was forecast to import 95
million bus of oats in 2018-19 compared
with 87 million bus in 2017-18. MBN

Soy products

- Change from - Year
May 18 May 11 May 4
ago
4.02½
4.11
4.20¼
4.28¼
4.32¾
4.37¼
$ per bu
9.98½
10.02½
10.04½
10.08¼
10.12¼
9.97¾
$ per ton
376.30
374.50
372.10
369.50
368.00
364.20

ago and 63% as the five-year average for
the date. As corn planting accelerated,
corn futures weakened, declining from
recent highs posted May 3.
The U.S.D.A. indicated net export
sales of corn during the week ended
May 10 for delivery in 2017-18 totaled
985,700 tonnes, up 79% from the previous week but down 50% from the prior
four-week average. MBN

The U.S.D.A. on May 10 raised its
forecast for the 2017-18 soybean crush by
30 million bus, to a record 1,990 million
bus, because of strong export demand
for soybean meal. The U.S.D.A. raised
its forecast for 2017-18 soybean meal
production by 550,000 tons, to 47,099,000
tons. The department raised its forecast
for soybean meal exports in 2017-18 by
200,000 tons, to 12,700,000 tons. Exports
for this year were forecast to comprise
the nation's second-largest outgo after
13,150,000 tons in 2014-15.
The U.S.D.A. on May 10 also issued its
initial forecast for the carryover of soybean
meal on Oct. 1, 2019, at 300,000 tons, which
would be equal to the carryover forecast
for the current year and would compare
with the 2017 carryover at 401,000 tons.
The soybean crush in 2018-19 was projected at a record 1,995 million bus, up
5 million from the current year forecast.
Soybean meal production was projected
at 47,250,000 tons, up 151,000 tons from
2017-18. U.S. soybean meal exports in
2018-19 were projected at 12,400,000
tons, down 300,000 tons from the current
year as some export markets are forfeited back to reinvigorated Argentine suppliers, the U.S.D.A. said. MBN

Corn meal
$ per cwt
- Change from -
May 11
May 4
.12@.12 -.08@-.10
.12@.12 -.08@-.10
.12@.12 -.08@-.10
.12@.12 -.08@-.10

Oats
- Change from -
May 11 May 4
-

+8c
-

+7c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
May 18
May 11 May 4 ago
Long grain
25.50@27.50
-
- 19.50
Medium grain 29.00@31.50
-
- 21.50
Parboiled
26.50@28.00
-
- 21.50
Second
heads, bulk 16.50@19.00
-
-
15
Brewers
14.00@15.50
-
- 13.50
f.o.b. mills, $ per ton
Rice millfeed
40
-
-
40
Rice bran
80@105
-
-
55
Rice hulls
5@10
-
-
10
U.S.D.A. world price milled - $ per cwt
Long grain
17.52
- +0.41 14.36
Medium/short
grain
17.11
-
+0.4 13.86
Broken
10.57
- +0.25
8.66
C.B.O.T. rough rice futures - $ per cwt
July
12.11½
-0.54 -0.81½ 10.83
September
12.11½
+0.06
-0.09 11.08½
November
12.11½
-0.02½
-0.12 11.31
January
12.32½ +0.03½
-0.06 11.43
Milling & Baking News

May 22, 2018 / 51

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

Milling & Baking News - May 22, 2018

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