Milling & Baking News - October 9, 2018 - 43

Ingredient Week

Soy Products
Spot soy flour prices were adjusted
higher last week. Bookings expanded.
Individual soy flour buyers, including
bakers, added to their October-December coverage. Indications were coverage
for the fourth quarter was about 75%
completed. Some users earlier took coverage into or even through 2019. A relatively flat soybean meal futures board
encouraged some of the deep coverage.
At the same time, there remained many
buyers who continued to book supply
only a few weeks forward.
Demand for soy flour for use in manufacturing baked foods showed a seasonal
increase, and this segment was expected
to exhibit strength through the fall baking season. Demand from other food sectors remained steady.
Soybean meal futures advanced last
week in sympathy with rising soybean
futures. The trend has been higher since
contract lows were set in mid-September, but the advance lacked verve in
view of what was expected to be a record
soybean crop and lingering trade woes.
The U.S. Department of Agriculture
indicated the soybean harvest was 23%
completed in the 18 principal producing
states by Sept. 30 compared with 14% a
week earlier and 20% as the recent fiveyear average for the date.
The U.S.D.A. indicated net export sales
of soybean meal to be delivered in 201718 during the week ended Sept. 27 totaled
58,900 tonnes, down 60% from the previous week and down 24% from the prior
four-week average. Net export sales for
2018-19, which began on Oct. 1, totaled
411,700 tonnes. The U.S.D.A. indicated
net export sales of soybeans for delivery
in 2018-19 during the week ended Sept.

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

+12
+11
+12 +10¾
+11¼ +9¾
+11
+9
+10½
+8
+9¼ +6¾

3.50
3.63¼
3.72
3.79¾
3.86¾
3.96½

+23½
+23
+21½
+21¾
+23
+22¾

+21¾
+21¼
+20
+20
+21¼
+21¼

9.72¼
9.83
9.92¼
10.01¼
10.09
10.09¾

+10.20
+10.60
+10.20
+9.70
+9.40
+9.40

+9.70
+10.70
+9.80
+8.30
+6.80
+5.90

315.00
319.20
321.40
324.20
326.70
329.10

bakingbusiness.com / world-grain.com

Corn Products
Prices of cornmeal and other corn
products were little changed last week.
Sales and bookings were steady. Corn
futures have been on the rise from recent
contract lows set in mid-September. Futures were trading at about the same levels they were in early September.
Seasonal demand for corn meal for use
in manufacturing muffin and corn bread
mixes was strong. Sales of grits for use as a
hot breakfast food or as side dishes to other
meals were brisk, and sales of flaking grits
remained steady. Corn flour sales derived
seasonal strength from increased home and
restaurant preparation of stews and chilis
that used corn flour as a thickener.
The U.S. Department of Agriculture indicated the corn harvest in the 18 largest
producing states was 26% completed by
Sept. 30 compared with 16% a week earlier and 17% as the recent five-year average for the date. Corn millers noted a late
harvest in some areas accompanied by
wet and warm conditions raised concerns
about increased mycotoxin levels, but
this would be a manageable problem especially in view of another bumper crop.
The U.S.D.A. indicated net export
sales of corn for delivery in 2018-19
during the week ended Sept. 27 totaled
1,431,000 tonnes with Mexico the largest
buyer at 527,400 tonnes.
The National Corn Growers Association joined the chorus of farm organizations voicing relief that duty-free access
to the Mexican market under the North
American Free Trade Agreement will be
preserved under the new U.S.-MexicoCanada Agreement. The N.C.G.A. noted

the United States exported $3.2 billion of
corn and corn products to Mexico and
Canada in 2017, which supported 25,000
rural jobs in the United States. MBN

Oats
Bookings of food-grade oats flakes last
week were limited with the well-covered
status of most buyers a factor. Prices
were left unchanged. At the same time,
oats futures continued an impressive advance from recent lows set in mid-September, which may influence oats flakes
pricing in the next several weeks.
Demand for oats flakes remained
strong with the hot breakfast season giving the market an extra boost. MBN

Rice
U.S. milled rice and rice byproduct
prices were unchanged last week while
U.S.D.A.-posted world milled rice prices
declined 6@10c a cwt.
U.S.A. Rice, the marketing arm of the
U.S. rice industry, greeted the recent joint
statement by President Donald Trump
and Japanese Prime Minister Shinzo
Abe to the effect that their governments
intend to enter negotiations for a new
bilateral trade agreement. The U.S. rice
industry long has sought greater access
to the huge Japanese rice market.
The U.S. Department of Agriculture
indicated net export sales of rice for delivery in 2018-19 during the week ended
Sept. 27 totaled 39,800 tonnes, down 71%
from the previous week and down 34%
from the prior four-week average.
U.S.A. Rice also indicated it marked
the final week of National Rice Month
(September) with a national promotional
tour during which a team traveled 2,200
miles and conducted 16 events. MBN

Soy products

- Change from - Year
Oct. 5 Sept. 28 Sept. 21 ago
3.68¼
3.80
3.87
3.92¼
3.95½
4.00½
$ per bu
8.69
8.82½
8.94¼
9.07½
9.19
9.23¼
$ per ton
315.60
319.60
319.60
318.30
316.30
317.70

27 totaled 1,521,200 tonnes with Mexico
the largest buyer at 730,400 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Oct. 5
Sept. 28
Sept. 21
Soy ﬂour
Bulk
24.15 @ 25.15 +1.25@+1.25 +.22 @+.22
Sacked
26.15 @ 27.15 +1.25@+1.25 +.22 @+.22

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

- Change from - Year
Cash
Oct. 5
Sept. 28 Sept. 21 ago
Long grain
24.00@25.00
-
- 23.00
Medium grain 30.00@31.50
-
- 25.00
Parboiled
26.00@27.00
-
- 25.50
Second
Corn meal
heads, bulk 16.50@19.00
-
- 15.00
$ per cwt
14.00@15.50
-
- 15.00
- Change from - Brewers
Oct. 5
Sept. 28 Sept. 21 f.o.b. mills, $ per ton
40.00
-
- 35.00
Chicago, bulk
15.05@ 15.30 .24@.24 .22@.22 Rice millfeed
105.00@120.00
-
- 95.00
Chicago, sacked 16.82@ 17.07 .24@.24 .22@.22 Rice bran
5@10
-
-
4.00
New York, bulk 16.72@ 16.97 .24@.24 .22@.22 Rice hulls
New York, sacked 19.14@ 19.39 .24@.24 .22@.22 U.S.D.A. world price milled - $ per cwt
Long grain
14.54
+0.1
-0.04 15.12
Oats
Medium/short
14.22
+0.1
-0.05 14.74
- Change from - grain
Midwest
8.77
+0.06
-0.02
9.12
Oct. 5
Sept. 28 Sept. 21 Broken
C.B.O.T. rough rice futures - $ per cwt
Food grade ﬂakes, f.o.b.,
November
10.82
+1.04 +0.94 11.88½
bagged, $ per cwt
27.50@28.00
-
-
January
11.03
+1.05 +0.98 12.17½
Milling quality oats, No. 2 heavy,
March
11.15½
+1.01 +0.96½ 12.36½
$ per bu
3.27
+22¼c
+34c
May
11.30
+1.02½ +0.97½ 12.54
Oat hulls, $ per ton
25@35
-
-
Milling & Baking News

October 9, 2018 / 43

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

Milling & Baking News - October 9, 2018

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