Milling & Baking News - July 3, 2018 - 51

Ingredient Week

Soy Products
Spot soy flour prices were lowered,
with a decrease in soybean meal futures
the primary consideration. Bakers remained the top buyers with additional
purchases from industrial manufacturers and pet food processors.
Soybean and soybean meal futures
tumbled last week as traders focused
on trade tension spurred to prodding
between Washington and Beijing in the
week before new tariffs on U.S. soybeans take effect. China dropped import tariffs on soybeans and soybean
meal from five Asian countries, a move
intended to reduce dependence on U.S.
supplies.
The U.S. Department of Agriculture,
in its June 29 Acreage report, estimated
soybean planted area at 89.6 million
acres, down slightly from 90.1 acres last
year and nearly even with trade expectations of 89.8 million acres. Harvested
area was estimated at 88.9 million bus,
down 0.7% from 89.5 million acres in
2017. The estimated area planted to soybeans exceeds the area planted to corn
for the first time since 1983.
The U.S.D.A. in its June 29 Grain
Stocks report said soybean stocks in all
positions were at an all-time high of
1,222 million bus on June 1, up 26% from
a year earlier and near trade expectations after a bumper harvest last season.
The U.S.D.A.'s good-to-excellent rating for the U.S. soybean crop in the 18
major states as of June 24 at 73% (steady
from a week earlier and up from 66% a
year ago) was the highest rating for the
date in records dating to the mid-1980s.
The crop was rated 22% fair (26% last
year) and 5% poor to very poor (5% last
year), the U.S.D.A. said. The crop was

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

-7
-7
-6¾
-6¼
-6½
-6

-11
-11¼
-11½
-11¼
-11
-11

3.70½
3.81
3.92
4.01¼
4.07
4.12½

-36
-36½
-36¾
-36¼
-36¼
-34

-47
-48
-49
-50½
-50¼
-49¼

9.42¼
9.47
9.50½
9.42¼
9.47
9.50½

-6.30
-9.00
-9.40
-10.10
-11.10
-10.50

-6.10
-9.90
-11.80
-13.30
-15.20
-14.90

304.40
306.20
307.90
309.30
311.20
312.20

bakingbusiness.com / world-grain.com

Corn Products
Prices of cornmeal and other corn
products were lowered last week. Corn
futures prices declined.
The U.S.D.A. Acreage report released
June 29 estimated corn planted area at
89.1 million acres, down 1.2% from 90.2
million acres in 2017, but higher than the
average trade expectation of 88.4 million
acres. Area for harvest was estimated at
81.8 million acres, down 1.1% from 82.7
million acres last year.
The U.S.D.A. in its June 29 Grain
Stocks report said stocks of corn in all
positions on June 1 totaled 5,306 million bus, up 1% from June 1, 2017, and
slightly above the average of trade expectations.
The condition of the corn crop worsened slightly from a week earlier but
remained well above a year ago. In
its weekly Crop Progress report, the
U.S.D.A. rated the crop in the 18 major

corn production states at 77% good to
excellent (78% a week earlier and 67% a
year ago), 18% fair (25% last year) and
5% poor to very poor (8% last year). Corn
silking in the 18 states was 5%, slightly
ahead of last year and the average.
Export sales of corn in the week ended
June 21 were 849,900 tonnes for 2017-18,
up significantly from the previous week
and up 16% from the prior four-week average, the U.S.D.A. said. Sales for 201819 were 636,800 tonnes. Combined sales
topped trade expectations that ranged
from 750,000 to 1.4 million tonnes. MBN

Oats
Oats flakes prices were unchanged.
The U.S.D.A. in its Acreage report
estimated 2018 oats planted area at
2,889,000 acres, up 11.6% from 2,588,000
acres in 2017. Harvested area in 2018 was
forecast at 1,009,000 acres, up 26% from
801,000 acres in 2017.
Oats in the nine major states was 67%
headed as of June 24, slightly behind
68% as the 2013-17 average, the U.S.D.A.
said. The crop was rated 72% good to excellent compared with 70% a week earlier and 54% at the same time last year. MBN

Rice
U.S. milled rice prices were steady last
week, the U.S.D.A. said. Rice millfeed
and hulls were steady while rice bran
was $20 a ton higher. World milled rice
prices posted by the U.S.D.A. were
18@31c a cwt lower.
Rice in the six key states on June 24 was
rated 70% good to excellent (74% a week
earlier and 73% a year ago), 25% fair and
5% poor, the U.S.D.A. said. Rice was 7%
headed, down slightly from 8% both a
year ago and as the five-year average. MBN

Soy products

- Change from - Year
June 29 June 22 June 15 ago
3.50¼
3.59½
3.71¼
3.81¼
3.88
3.94¼
$ per bu
8.58½
8.63½
8.69¼
8.80
8.89
8.94
$ per ton
332.80
331.00
330.90
330.30
329.90
328.00

95% emerged (89% as the 2013-17 average) and 12% blooming (5% as average).
The U.S.D.A. reported net export sales
of soybean meal in the week ended June
21 were 146,300 tonnes for 2017-18, up
27% both from a week earlier and from
the prior four-week average. Sales for
2018-19 were 75,500 tonnes. Combined
sales fell with trade estimates that
ranged from 50,000 to 300,000 tonnes.
Net export sales of U.S. soybeans in
the latest week were 358,500 tonnes for
2017-18, up 19% from a week earlier and
up 14% from the prior four-week average, the U.S.D.A. said. Sales of 642,300
tonnes were reported for 2018-19. The
total was just over analysts' top expectations that ranged from 450,000 to 1 million tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
June 29
June 22
June 15
Soy ﬂour
Bulk
25.70 @ 26.25 -.30@ -.30 -.30 @ -.35
Sacked
27.70 @ 28.25 -.30@ -.30 -.30 @ -.35

Rice
Oﬀers f.o.b. mills, $ per cwt, bagged

- Change from - Year
Cash
June 29
June 22 June 15 ago
Long grain
25.50@27.50
-
- 20.50
Medium grain 29.00@31.50
-
- 23.00
Parboiled
26.50@28.00
-
- 23.00
Second
Corn meal
heads, bulk 16.50@19.00
-
- 15.25
$ per cwt
14.00@15.50
-
- 14.50
- Change from - Brewers
June 29
June 22 June 15 f.o.b. mills, $ per ton
40.00
-
- 40.00
Chicago, bulk
15.18@ 15.43 -.14@-.14 -.22@-.22 Rice millfeed
100.00@110.00 +20
+20 70.00
Chicago, sacked 16.95@ 17.20 -.14@-.14 -.22@-.22 Rice bran
5.00@10.00
-
- 10.00
New York, bulk 16.85@ 17.10 -.14@-.14 -.22@-.22 Rice hulls
New York, sacked 19.27@ 19.52 -.14@-.14 -.22@-.22 U.S.D.A. world price milled - $ per cwt
Long grain
16.77
-0.31
-0.66 16.02
Oats
Medium/short
- Change from - grain
16.39
-0.29
-0.65 15.47
Midwest
June 29 June 22 June 15 Broken
10.12
-0.18
-0.39
9.66
Food grade ﬂakes, f.o.b.,
C.B.O.T. rough rice futures - $ per cwt
bagged, $ per cwt
27@27.50
-
-
July
11.61
-0.99
-0.75 11.50½
Milling quality oats, No. 2 heavy,
September
11.22½
+0.65 +0.93 11.81½
$ per bu
2.95
+½c
+11½c November
11.20½ +0.67½ +0.88½ 12.00½
Oat hulls, $ per ton
25@35
-
-
January
11.38½ +0.64½ +0.86 12.20
Milling & Baking News

July 3, 2018 / 51

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

Milling & Baking News - July 3, 2018

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