Milling & Baking News - June 5, 2018 - 36
Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
May 25 May 18
Paciﬁc beet* 40.00 @ 41.00
37.00 @ 38.00
*Delivered **Spot raw plus 7% plus 10.1c with 2% cash discount.
Delivered reﬁner, cents per lb
- Change from -
June 1 May 25 May 18
I.C.E. No. 11 raw sugar futures
cents per lb
Bulk refined sugar sales for 2018-19 increased last week, more so for some processors than others, as bookings for some
extended to 50% of potential total sales.
Prices were steady to slightly softer, but
an advance appeared to be in the offing.
Beet sugar offers for 2018-19 remained
mostly at 34c a lb f.o.b. Midwest, although more sales, primarily still to
larger buyers, were noted at 33.5c a lb.
Prices had a steady to softer tone as sales
accelerated from the slow pace of recent
weeks. But the attitude of most beet processors remained firm overall, with at
least some indicating they planned to
boost offer prices in a month or so, once
sales hit a predetermined level.
Bookings for 2018-19 expanded to an
estimated 40% to 50% depending on individual processor, up from about 35%
early in May. Despite the early slow pace
of sales, beet processors were confident in
part due to expected lower domestic sugar production in 2018-19, meaning they
expect to have no trouble clearing stocks.
Refined cane sugar for 2018-19 was offered at 35c to 36c a lb f.o.b. Southeast,
33.50c to 34.50c a lb f.o.b. Gulf and 36c
to 37c a lb f.o.b. Northeast, all mostly
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
36 / June 5, 2018
Milling & Baking News
unchanged with the low end softer
based on sales to larger customers.
Sugar beet planting was completed
in the four major states, and emergence
was boosted by good moisture and warm
weather. In states still planting, progress
as of May 27 was reported at 95% in Montana and 98% in Wyoming. Emergence as
of May 27 was at 95% in Idaho, 90% in
Michigan, 50% in Montana, 61% in Wyoming, 84% in Colorado, 98% in Washington and 95% in Oregon. Good-to-excellent
ratings were 84% in Idaho, 92% in Michigan, 69% in Colorado, 70% in Washington
and 52% (all good) in Oregon.
The condition of Louisiana's sugar cane
crop improved with ratings as of May 27 at
48% good to excellent (41% a week earlier),
42% fair (48%) and 10% poor to very poor
(11%), compared with 70% good to excellent, 27% fair and 3% poor to very poor a
year ago, the state U.S. Department of Agriculture field office said.
Beet and cane sugar prices for the
current year through Sept. 30 were unchanged and nominal with most buyers
well covered and most beet processors
sold out. Tight supplies were expected
in July-September. Midwest beet sugar
prices were at 36c a lb f.o.b., Northeast
cane at 37c to 38c a lb f.o.b., Southeast
cane at 36c to 37c a lb f.o.b. and West
coast cane at 41c to 42c a lb and beet at
40c to 41c a lb, both delivered.
New York world raw sugar futures receded from two-month highs as disruptions from a truckers' strike in Brazil eased.
Corn sweetener markets were quiet.
Corn planting made strong progress in
the week ended May 27 and was near the
average pace for the date, with initial condition ratings above year-ago levels. MBN
bakingbusiness.com / world-grain.com