Milling & Baking News - July 17, 2018 - 51

Ingredient Week

Soy Products
Spot soy flour prices were lowered last
week. Lower soybean meal futures were a
key consideration, although those losses
were modest compared with the steep
declines that took soybean futures to contract and near decade lows in the week
following an increase of Chinese tariffs on
U.S. soybeans and after government data
slashed export forecasts and said soybean
stocks would ascend to historic highs.
Soy flour sales were steady, especially
to bakers making hot dog and hamburger buns with the summer cookout season
in full swing. Most buyers were covered
through September.
The U.S. Department of Agriculture
in its July 12 World Agricultural Supply
and Demand Estimates report projected
the U.S. soybean carryover on Sept. 1,
2019, at a record 580 million bus, up 195
million bus, or 51%, from 385 million bus
projected in June and up 115 million bus,
or 25%, from 465 million bus forecast for
Sept. 1, 2018. The forecast for 2019 carryover was well above the average of prereport trade expectations.
Projected 2018-19 soybean exports were
2,040 million bus, down 250 million bus,
or 11%, from 2,290 million bus as the June
forecast and down 45 million bus, or 2.2%,
from 2,085 million bus forecast for 201718. U.S. soybean exports for 2017-18 were
raised 20 million bus from June.
The sharp drop in forecast exports for
2018-19 more than offset slightly lower
total supply and a 45-million-bu increase
from June in soybean crush, forecast at a
record 2,045 million bus next year.
The soybean crop in the 18 major states
as of July 8 was rated by the U.S.D.A. at
71% good to excellent (unchanged from
a week earlier and compared with 62% a

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

Corn Products
Prices of corn products were lowered
last week. Corn futures declined for the
week despite trading modestly higher
after supply and use data were released.
In its July 12 WASDE report, the
U.S.D.A. projected the U.S. corn carryover
on Sept. 1, 2019, at 1,552 million bus, down
25 million bus from the June forecast and
down 475 million bus, or 23%, from 2,027
million bus forecast for Sept. 1, 2018. The
decrease from June resulted from higher
2018 corn production, forecast at 14,230
million bus, and lower food, seed and
industrial use being more than offset by
lower beginning stocks, increased feed
and residual use and higher exports, with
the latter forecast at 2,225 million bus in
2018-19, up 125 million bus from June but
down 175 million bus from 2,400 million
bus forecast in 2017-18. The U.S.D.A. forecasts for 2018-19 corn ending stocks were

Rice
U.S. milled rice and byproduct prices
were unchanged last week, the U.S.D.A.
said. World milled rice prices posted by
the U.S.D.A. were 7@12c a cwt higher.
Rice in the six major states was 21%
headed as of July 8 (21% a year ago) and
was rated 72% good to excellent (72%).
Net export sales of rice in the week
ended July 5 were 36,900 tonnes for
2017-18, up 36% from the previous week
and up 51% from the prior four-week average, the U.S.D.A. said. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
July 13
July 6
June 29
Soy ﬂour
Bulk
24.79@26.05 -1.26@-.55
-.91@-.20
Sacked
26.79 @ 28.05 -1.26@-.55
-.91@-.20

-21½
-19
-18¼
-16¾
-16¾
-17¼

-20
-18¼
-16½
-14¾
-14¾
-15

3.65¼
3.76¼
3.89½
4.00¼
4.05
4.09¾

-60
-58¾
-58¾
-60¼
-59¾
-57½

-44½
-44¾
-44¾
-45¾
-44¾
-40½

9.85¼
9.89
9.92¾
10.10½
10.10¼
10.14

July 13
Chicago, bulk
14.82@ 15.07
Chicago, sacked 16.59@ 16.84
New York, bulk 16.49@ 16.74
New York, sacked 18.91@ 19.16

-11.00
-12.10
-13.00
-13.40
-14.40
-14.90

-4.00
-5.00
-5.50
-5.80
-6.90
-7.80

322.30
323.70
325.70
327.80
331.20
332.90

Midwest
July 13
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
27@27.50
Milling quality oats, No. 2 heavy,
$ per bu
2.91¾
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

Oats
Food-grade oat flakes prices were
steady last week. Buying on a quarterly
basis was common with a majority of buyers covered through December and some
January-March business also on the books.
Rail performance has improved, a miller
said, with greater market concerns found
in tariffs and the rising cost of labor.
The U.S.D.A. on July 12 forecast U.S.
oats production at 66,384,000 bus, up 34%
from 2017. As of July 8, the oats crop in the
nine major states was 91% headed (89% as
the average) and 10% harvested (9%). MBN

Soy products

- Change from - Year
July 13 July 6 June 29 ago
3.30¼
3.41¼
3.54¾
3.66½
3.73¼
3.79¼
$ per bu
8.14
8.18¾
8.24½
8.34¼
8.44¼
8.53½
$ per ton
328.80
326.00
325.40
324.50
323.00
320.20

well below the trade average.
Corn in the 18 major states was 37% in
the silking stage (pollination) as of July
8, ahead of 18% both a year ago and as
the five-year average, the U.S.D.A. said.
The crop was rated 75% good to excellent (74% a week earlier and 65% a year
ago), 18% fair and 7% poor to very poor.
Net export sales of corn in the week
ended July 5 were 402,100 tonnes for
2017-18, down 9% from the previous
week and down 33% from the prior fourweek average, the U.S.D.A. said. Net
sales for 2018-19 were 128,000 tonnes. MBN

year ago), 22% fair and 7% poor to very
poor. The crop was 47% blooming, (27%
as the 2013-17 average for the date) and
was 11% setting pods (4% as average).
The U.S.D.A. said net export soybean
meal sales in the week ended July 5 were
37,500 tonnes for 2017-18, down 72%
from a week earlier, down 68% from the
prior four-week average and a marketing-year low. Net sales for 2018-19 were
40,700 tonnes.
Net export sales of U.S. soybeans in
the latest week were 158,600 tonnes for
2017-18, down 72% from a week earlier
and down 62% from the prior four-week
average. Net sales for 2018-19 were
270,800 tonnes. The U.S.D.A. report indicated sizable reductions in sales to
"unknown destinations," which in trade
vernacular typically refers to China. MBN

Corn meal
$ per cwt
- Change from -
July 6
June 29
-.38@-.38 -.36@-.36
-.38@-.38 -.36@-.36
-.38@-.38 -.36@-.36
-.38@-.38 -.36@-.36

Oats
- Change from -
July 6 June 29
-

-1c
-

-3¼c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
July 13
July 6 June 29 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
heads, bulk 16.50@19.00
-
- 15.25
Brewers
14.00@15.50
-
- 14.50
f.o.b. mills, $ per ton
Rice millfeed
40
-
-
40
Rice bran
100@110
-
-
70
Rice hulls
5@10
-
-
10
U.S.D.A. world price milled - $ per cwt
Long grain
16.61
+0.12
-0.16 16.02
Medium/short
grain
16.24
+0.12
-0.15 15.47
Broken
10.02
+0.07
-0.1
9.68
C.B.O.T. rough rice futures - $ per cwt
July
11.81½
-0.30 +0.20½ 11.41½
September
11.98½
- +0.76 11.67½
November
11.81
-0.04½ +0.60½ 11.89½
January
12.00½
-0.04½ +0.62 12.06
Milling & Baking News

July 17, 2018 / 51

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

Milling & Baking News - July 17, 2018

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