Milling & Baking News - August 14, 2018 - 43

Ingredient Week

Soy Products
Spot soy flour prices were lowered last
week with a decline in the nearby soybean meal future a primary consideration.
Bookings were steady with shipments
about six weeks forward. Bakers, manufacturers of industrial products and pet
food makers comprised most business.
Soybean and soybean meal futures traded sharply lower last week on bearish U.S.
Department of Agriculture data released
Friday. Already pressured by China's reduced imports of U.S. soybeans following
the implementation of extra tariffs, prices
tumbled dramatically when investors saw
U.S.D.A. reports on higher U.S. soybean
production and carryover.
In its Aug. 10 Crop Production report
the U.S.D.A. forecast 2018 U.S. soybean
production at 4,586 million bus, up 4.4%
from 4,392 million bus in 2017. If realized, soybean production would be record high, topping the previous record
of 4,392 million bus in 2017.
The average yield, based on Aug. 1
conditions, was forecast at 51.6 bus per
acre, up 2.5 bus from last year and the
second highest on record. Harvested
area was forecast at 88.9 million acres,
unchanged from the June Acreage report
but down 0.7% from 2017.
In its World Agricultural Supply and
Demand Estimates report, the U.S.D.A.
forecast the carryover of soybeans on Sept.
1, 2019, at 785 million bus, up 205 million
bus, or 35%, from the July forecast and up
355 million bus, or 83%, from 430 million
bus estimated for 2018. The higher carryover was based on higher production
more than offsetting lower beginning
stocks, higher crush and higher exports.
The U.S.D.A. rated the soybean crop
in the 18 major states as of Aug. 5 at 67%

Chicago corn and soy futures
Corn Futures
$ per bu
September
December
March
May
July
September
Soybeans
August
September
November
January
March
May
Soybean Meal
August
September
October
December
January
March

Corn Products

Food-grade oats flakes prices were
unchanged last week. The U.S. 2018
oats crop was estimated at 65,668,000
bus, down 1% from July but 33% higher than 2017. The oats crop in the nine
major states was 51% harvested as of
Aug. 5, ahead of 48% a year ago and
49% as the prior five years' average,
the U.S.D.A. said. The crop was rated
71% good to excellent. MBN

Rice
U.S. milled rice and rice byproduct prices were steady last week, the
U.S.D.A. said. World milled rice prices
posted by the U.S.D.A. were 27@42c a
cwt lower.
U.S. rice production in 2018 was forecast at 210,861,000 cwts, up 18% from
2017. Rice in the six major states was 82%
headed and 6% harvested as of Aug. 5,
with 69% of the unharvested crop rated
good to excellent, 23% fair and 8% poor
to very poor, the U.S.D.A. said. MBN

Rice

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Aug. 10
Aug. 3
July 27
Soy ﬂour
Bulk
24.65@ 25.55 -.45@ -.55
-.48 @ -.60
Sacked
26.65 @ 27.55 -.45@ -.55
-.48 @ -.60

-12
-12½
-12¼
-11¼
-11
-10½

-4¼
-4½
-3½
-2¼
-1¾
-1½

3.60¾
3.74¾
3.86½
3.92¾
3.98½
4.02¼

-40¼
-40¾
-40½
-40¼
-38¼
-36¼

-24½
-24½
-23½
-22
-19½
-16¾

9.35½
9.38¼
9.45
9.53¾
9.62
9.69¾

Aug. 10
Chicago, bulk
15.15@ 15.40
Chicago, sacked 16.92@ 17.17
New York, bulk 16.82@ 17.07
New York, sacked 19.24@ 19.49

-9.00
-8.90
-8.50
-8.50
-8.90
-7.70

-9.20
-10.10
-9.20
-7.80
-6.80
-4.10

298.10
299.50
301.20
304.20
305.30
308.10

Midwest
Aug. 10
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
27@27.50
Milling quality oats, No. 2 heavy,
$ per bu
3.06½
Oat hulls, $ per ton
25@35

bakingbusiness.com / world-grain.com

Oats

Prices of cornmeal and other corn
products were adjusted lower last week
as corn futures declined.
Corn futures eased last week, but losses were tempered by good demand and
tightening global supply until prices fell
sharply Friday on bearish U.S.D.A. reports.
The U.S.D.A. forecast 2018 U.S. corn
production at 14,586 million bus, down
fractionally from 2017. If realized, corn
production would be the third highest
on record after last year's 14,604 million
bus and 15,148 million bus in 2016.
Average yield was forecast at a record
178.4 bus an acre, up 1% from 2017. If
realized, that would be the highest yield
on record. Corn harvested area was forecast at 81.7 million acres, unchanged
from June but down 1% from last year.
The U.S.D.A. forecast the carryover
of corn on Sept. 1, 2019, at 1,684 million
bus, up 132 million bus, or 9%, from the
July forecast but down 343 million bus,
or 17%, from 2,027 million bus estimat-

Soy products

- Change from - Year
Aug. 10 Aug. 3 July 27
ago
3.57¾
3.71¾
3.83¼
3.90¼
3.96
3.97¼
$ per bu
8.46
8.50¾
8.61¾
8.73½
8.85
8.96½
$ per ton
323.50
321.70
322.10
323.30
322.10
320.50

ed for 2018. The higher carryover was
prompted by higher production more
than offsetting increases in domestic
feed and residual use and exports.
The corn crop in the 18 major states
was rated 71% in good-to-excellent condition, 19% fair and 10% poor to very
poor as of Aug. 5. Pollination was nearly
completed with 96% in the silking stage.
The crop was 57% in the dough stage
and 12% denting, both well ahead of average for the date.
Net export sales of corn in the week
ended Aug. 2 were 554,500 tonnes for
2017-18, up 90% from the previous week
and up 33% from the prior four-week average, the U.S.D.A. said. MBN

good to excellent, down from 70% a week
earlier but above 60% a year ago, with 23%
fair and 10% poor to very poor. The crop
continued to develop rapidly, with 75% in
the pod-setting stage compared with 58%
as the 2013-17 average for the date.
The U.S.D.A. said net export sales of
soybean meal in the week ended Aug. 2
were 109,600 tonnes for 2017-18, up 39%
from a week earlier. Net sales for 2018-19
were 19,900 tonnes. Net export sales of
U.S. soybeans in the latest week were
421,800 tonnes for 2017-18, up noticeably from a week earlier and from the
prior four-week average. Sales for
2018-19 were 532,500 tonnes. MBN

Corn meal
$ per cwt
- Change from -
Aug. 3
July 27
-.24@-.24 -.08@-.08
-.24@-.24 -.08@-.08
-.24@-.24 -.08@-.08
-.24@-.24 -.08@-.08

Oats
- Change from -
Aug. 3 July 27
-

-½c
-

+17c
-

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Aug. 10
Aug. 3 July 27 ago
Long grain
25.50@27.50
-
- 21.75
Medium grain 29.00@31.50
-
- 23.75
Parboiled
26.50@28.00
-
- 23.25
Second
heads, bulk 16.50@19.00
-
- 15.75
Brewers
14.00@15.50
-
- 14.50
f.o.b. mills, $ per ton
Rice millfeed
40
-
-
38
Rice bran
100@110
-
-
85
Rice hulls
5@10
-
-
5
U.S.D.A. world price milled - $ per cwt
Long grain
15.31
-0.44
-0.82 15.15
Medium/short
grain
14.98
-0.42
-0.79 14.77
Broken
9.23
-0.27
-0.5
9.14
C.B.O.T. rough rice futures - $ per cwt
September
10.55
-0.94½ -1.45½ 12.49½
November
10.68½
-0.75½
-1.20 12.76
January
10.89
-0.73½ -1.12½ 13
March
11.06
-0.71
-1.08 13.09
Milling & Baking News

August 14, 2018 / 43

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

Milling & Baking News - August 14, 2018

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