Milling & Baking News - June 19, 2018 - 37

Ingredient Week

Edible Oils
Bookings of edible fats and oils were
limited last week. Prices were mixed.
Soybean oil prices dropped. Soybean
oil futures dropped in sympathy with
the rest of the soy complex, which continued to slump on a strong start to the
2018 soybean crop and worries over the
escalating trade dispute with China.
President Trump on June 15 announced
the imposition of an additional 25% tariff
on $50-billion-worth of selected Chinese
products, and the Chinese retaliated almost immediately, placing U.S. agricultural products, including soybeans, right
in the crosshairs. The cash basis on soybean oil remained firm.
Soybean oil users booked only what
supply was required to keep contract balances extended about 55 days. Soybean
oil basis coverage was 70% in the third
quarter and less than 25% in the fourth.
The National Oilseed Processors Association (NOPA) indicated 163.7 million
bus of soybeans were crushed in May 2018
compared with pre-report estimates averaging 165.1 million bus. Soybean oil stocks
at the end of May were estimated at 1,856
million lbs compared with 2,092 million

lbs in April and 2,120 million lbs as the average of pre-report trade estimates.
The U.S. Department of Agriculture on
June 12 forecast the carryover of soybean
oil on Oct. 1, 2018, at 2,176 million lbs, up
280 million lbs from the May projection
and up 27% from 1,711 million lbs in 2017.
The 2017-18 soybean crush was forecast
at 2,015 million bus, up 25 million bus
from the May projection. The higher forecast crush reflected increases in projected
soybean meal domestic disappearance
and exports. The higher crush resulted
in an increase in the U.S.D.A.'s forecast
for soybean oil production in 2017-18 to
23,150 million lbs, up 265 million lbs from
May and up 5% from 2016-17. Soybean oil
usage for biodiesel manufacturing was
forecast at 6,800 million lbs, unchanged
from May and up 10% from 6,200 million
lbs in 2016-17. Other domestic usage was
forecast down 100 million lbs from May
to 13,800 million lbs. U.S. soybean oil
exports in 2017-18 were forecast at 2,400
million lbs, up 100 million from the May
outlook but down 6% from 2016-17.
The premium to soybean oil futures
asked for refined canola oil in the Midwest
widened to 7½c from 7c a week earlier. MBN

Spot soybean oil

Chicago soybean oil futures
Bulk in tank cars, cents per lb
June 15
- Change from -
Delivery
close
June 8
June 1
July
29.50
-1.02
-1.69
August
29.62
-1.01
-1.69
September 29.79
-.96
-1.67
October
29.94
-.92
-1.67
December 30.29
-.87
-1.67
January
30.56
-.86
-1.64

Crude soybean oil
Bulk in tank cars, cents per lb
Delivery
June
July
August
September
October
November
December

44.00

36.00
34.00

39.00

32.00
30.00
28.00
J

D
Previous Year

M
Current Year

34.00
J

Western points
27.75 @28.00
28.25 @28.50
28.37 @28.62
28.54 @28.79
29.19 @29.44
29.37 @29.62
29.54 @29.79

Edible oils

Reﬁned, Midwest, bulk, cents per lb
38.00

Decatur, Ill.
28.25 @28.50
28.75 @29.00
28.87 @29.12
29.04 @29.29
29.69 @29.94
29.87 @30.12
30.04 @30.29

Bulk, cents per lb

Spot canola oil

Decatur, Ill., bulk, cents per lb

Year
ago
33.11
33.24
33.37
33.46
33.65
33.76

- Change from - Year
June 15 June 8 June 1 ago
Soybean oil,
Decatur
Loose lard, Chicago
Edible tallow,
Chicago
Cottonseed oil,
Miss. PBSY
Palm oil (R.B.D.), ports
Palm kernel oil
(R.B.D.), ports
Coconut oil
Peanut oil,
Southeast
Corn oil, Decatur
Sunﬂowerseed oil,
Midwest
Canola oil, Midwest

28.50
31.50

-1.00
+.25

-1.50
-

33.00
34.50

29.00

-.25

36.50

29.75
32.00

-1.25
-1.25

-2.00
-1.50

39.50
35.50

61.25
45.00

-1.50
-2.00

-.75
-4.00

39.00
82.00

68.00
32.75

+.50
-

+1.00 74.75
+.50 41.00

54.00
37.00

-
-.50

-
-1.75

50.00
39.00

www.s
www.shawneemilling.com

SHAWNEE FLOUR
Bakers, H & R
Food Service/Retail
Private Label
All Purpose
Self-Rising
Whole Wheat
Custom Mixes

SHAWNEE CORN MEAL
White/Yellow
Meal, Flour, Cones, Coarse
Self Rising

OKEENE FLOUR
Bakers, Pastry, Whole Wheat
bakingbusiness.com / world-grain.com

ͥ͜͢͝
Shawnee Milling Company
P.O. Box 1567, Shawnee, OK 74802-1567
405-273-7000
Okeene Milling Company
P.O. Box 1000, Okeene, OK 73763
580-822-4411

sgarlow@shawneemilling.com
Milling & Baking News

June 19, 2018 / 37

http://www.shawneemilling.com

Milling & Baking News - June 19, 2018

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