Milling & Baking News - June 19, 2018 - 36

Ingredient Week

Sweeteners

Beet and cane sugar
f.o.b. plant, cents per lb
- Change from -
June 15
June 8 June 1
Midwest beet
36.00
-
-
Paciﬁc beet* 40.00 @ 41.00
-
-
N.E. cane**
37.00 @ 38.00
-
-

Year
ago
31.00
36.00
36.00

*Delivered **Spot raw plus 7% plus 9.45c with 2% cash discount.

Raw cane
Delivered reﬁner, cents per lb
- Change from -
Contract
June 15 June 8 June 1
Nearby
25.55
-.70
+.60
July-September
25.55
-.35
+.15
October-December 25.95
+.10
+.10
January-March
26.05
-.05
+.10
April-June
26.10
-
+.10
July-September
26.20
-
+.05

Year
ago
27.75
27.75
27.55
26.85
26.80
26.75

I.C.E. No. 11 raw sugar futures
cents per lb

17
15
13
11
J

Inquiries from buyers seeking bulk refined sugar for 2018-19 took a sharp upturn last week, but new sales failed to see
the same surge and continued to trail yearago and average volume for the date.
Beet sugar offers for 2018-19 held mostly at 34c a lb f.o.b. Midwest, but sales occurred between 33c and 34c and mostly
around 33.5c. Bookings to date for 201819 ranged from around 35% to more than
50% of potential but remained well behind last year's earlier-than-normal pace.
Increased inquiries indicated buyers
were concerned about beet processors' intention to raise prices when sales volume
surpassed specific internal thresholds. At
the same time, beet sellers appeared willing to trade below official offering prices
to get lagging sales on the books. But beet
sellers also were far from aggressive in
their pricing for next year, expecting supplies to tighten going forward.
Those ideas were supported by the
U.S. Department of Agriculture's June 12
World Agricultural Supply and Demand
Estimates report, which was construed
as bullish amid both lower ending
stocks and stocks-to-use ratios from May
for this year and next year. The closely-

Sweeteners
Delivered basis, cents per lb
42% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

June 15
24¾@ 25¾
26¼@ 27¼
26½@ 27½
26@ 27
26¾@ 28¾

Year ago
23⅞@ 24⅞
25¼@ 26¼
25⅜@ 26⅜
25@ 26
25⅞@ 27⅞

55% HFCS spot price1
Midwest
Northeast
Southeast
Southwest
West

June 15
30¼@ 31¾
31¾@ 33¼
31¾@ 33¾
31½@ 33
32¼@ 34¾

Year ago
29¼@ 30¼
30¾@ 31¾
30¾@ 31¾
30½@ 31½
31¼@ 33¼

Regular
corn
syrup3
Dextrose
35.25 East
39.50@41.00
37.50 Midwest 38.50@40.00
37.50 West
41.50@43.00
38.50
39.50

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 19, 2018

Milling & Baking News

watched ending stocks-to-use ratio for
2018-19 was forecast by the U.S.D.A. at
11.5%, down from 12.1% forecast in May,
while the 2017-18 ratio was forecast at
14.9%, down slightly from 15% in May.
Large imports of sugar from Mexico
will be needed next year to meet U.S.
demand. Further, this year's beet crop
is seen as about average, certainly below
last year's record, with the potential for
beet sugar outturn in 2018-19 to fall below 5 million tons compared with the
U.S.D.A.'s forecast of 5.036 million tons.
Louisiana's sugar cane crop, meanwhile,
deteriorated in the week ended June 10
with ratings of 41% good to excellent (47%
a week earlier), 52% fair (44%) and 7% poor
to very poor (9%), compared with 77%
good to excellent, 18% fair and 5% poor to
very poor a year earlier, the U.S.D.A. said.
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 unchanged
from a week earlier.
Beet and cane sugar prices for spot
through Sept. 30 were unchanged and
nominal with most buyers well covered
and most beet processors sold out, although some traders noted some continued buying interest for the current
year. Tight supplies were expected in
the July-September quarter, especially if
this year's beet crop matures later than
normal and there is less new-crop sugar
available in September than expected.
Nearby Midwest beet sugar was 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.
Corn sweetener markets were quiet. MBN

bakingbusiness.com / world-grain.com

http://www.sweetenersupply.com

Milling & Baking News - June 19, 2018

Table of Contents for the Digital Edition of Milling & Baking News - June 19, 2018