Milling & Baking News - November 17, 2020 - 43

Ingredient Week

Soy Products
Bookings of soy flour were limited last
week. Prices continued to rise as soybean meal futures continued to advance.
Individual users bit the bullet to take
at least limited additional coverage into
2021. Others held back in the hope prices
might soften in the weeks ahead. That
hope has been longstanding and led to
frustration in recent weeks with soybean
meal futures advancing about $100 a ton
since early August.
Soybean meal futures continued their
trek higher in the wake of unexpectedly
bullish 2020-21 soybean supply-and-demand forecasts issued by the US Department of Agriculture on Nov. 10.
The USDA lowered its forecast for the
carryover of soybeans on Sept. 1, 2021,
to 190 million bus, down 100 million bus
from the October projection and down
333 million bus, or 64%, from 523 million
bus in 2020. The soybean production estimate for 2020 at 4,170 million bus was
lowered 98 million bus from October because of a lower estimated average yield.
The USDA forecast the carryover of
soybean meal on Oct. 1, 2021, at 350,000
tons, down 50,000 tons from the October
outlook but up 9,000 tons from 2020.
The USDA, in its most recent Crop
Progress report, said the soybean harvest
by Nov. 8 was 92% completed compared
with 87% a week earlier and 90% as the
recent five-year average for the date.
The USDA said net export sales of soybean meal during the week ended Nov.
5 for delivery in 2020-21 totaled 145,300
tonnes. Net export sales of soybeans
for delivery in 2020-21 during the same
week totaled 1,468,500 tonnes, a marketing year low, down 4% from the previous week and down 26% from the prior

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

+3Â¾
+5Â¾
+6Â¼
+6
+9Â½
+9

+12
+16Â¼
+18
+19
+18Â½
+17Â¼

3.71Â¼
3.80Â¾
3.86Â½
3.92Â½
3.91
3.95Â¾

+43
+85
+46Â½ +91Â¾
+48Â¾ +100
+48Â¾ +101
+47Â¼ +98Â¾
+42Â¾ +91Â¾

9.18Â¼
9.30Â¾
9.42Â¼
9.52Â½
9.55Â¾
9.52

+5.70
+7.50
+11.00
+13.00
+13.60
+13.80

307.10
309.20
312.10
314.80
317.50
318.40

bakingbusiness.com / world-grain.com

+9.50
+16.20
+24.00
+28.20
+28.30
+27.10

Corn Products
Sales and shipments of corn products
were seasonally brisk last week. Prices
were higher with stronger corn futures a
consideration. At the same time, the cash
basis on corn was declining toward more
normal post-harvest levels.
Corn mills operated six days-plus,
which was viewed as good but slightly
below average for the time of year.
New bookings of corn meal and other
corn mill products were limited in view
of the strong corn market, but some
breakfast cereal manufacturers held extensive forward coverage in flaking grits.
Corn mill products most in demand
were those that see a boost in interest
during the fall and winter, including corn
flour, muffin mixes and grits for use as hot
side dishes at breakfast or other meals.
The USDA lowered its forecast for the
carryover of corn on Sept. 1, 2021, to 1,702
million bus, down 465 million bus from
the October projection and down 293 million bus, or 15%, from 1,995 million bus in
2020. The USDA trimmed its production
estimate to 14,507 million bus, down 215
million bus from October, as it lowered its
average yield estimate. The USDA raised
its 2020-21 export forecast by 325 million
bus, to a record 2,650 million bus.
The USDA said the nation's corn harvest was 91% completed by Nov. 8 compared with 82% a week earlier and 80%
as the recent five-year average.
The USDA said net export sales of corn
during the week ended Nov. 5 for delivery in 2020-21 totaled 978,300 tonnes,
down 63% from the previous week and
down 47% from the prior four-week

average. China purchased no US corn. MBN

Oats
Bookings and shipments of foodgrade oat flakes were limited last week.
Prices were firm after having been raised
the previous week.
Mill operations and shipments remained seasonally brisk but fell short of
the frenetic pace seen earlier in the pandemic when consumers were stockpiling
supplies.
Major buyers of oat flakes and other
oat mill products have covered about
75% of their prospective needs through
the first quarter of 2021, and a few held
even more extensive coverage.
The USDA, in its November WASDE,
made no changes in US 2020-21 supplyand-demand forecasts for oats. The carryover of oats on June 1, 2021, remained
at 40 million bus. Oat imports from Canada in 2020-21 were forecast unchanged
at 94 million bus compared with 92 million bus in 2019-20. MBN

Rice
Business in milled and industrial rice
as well as in extruded rice products and
rice flour expanded last week. Market
prices remained steady.
Individual large industrial buyers of
milled rice extended contract balances
into or even through the first quarter of
2021. Most other buyers remained on the
sidelines having earlier covered all their
needs through December and hopeful of
lower pricing in the next several weeks.
The USDA said net export sales of rice
during the week ended Nov. 5 and for delivery in 2020-21 totaled 31,900 tonnes, up
12% from the previous week but down
42% from the prior four-week average. MBN

Rice

Soy products

- Change from - Year
Nov. 13 Nov. 6 Oct. 30
ago
4.10Â½
4.19Â½
4.24
4.26Â¼
4.05Â¾
4.04Â½
$ per bu
11.41Â½
11.48
11.48
11.45Â¾
11.42
11.24Â¼
$ per ton
388.10
387.80
384.20
379.90
378.10
372.00

four-week average. China purchased
745,600 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Nov. 13
Nov. 6
Oct. 30
Soy ï¬our
Bulk
36.85 @ 37.85 +.30@ +.30 +.50 @+.50
Sacked
38.85 @ 39.85 +.30@ +.30 +.50 @+.50

Corn meal
$ per cwt
Nov. 13
Chicago, bulk
15.60@ 15.85
Chicago, sacked 17.37@ 17.62
New York, bulk 17.27@ 17.52
New York, sacked 19.69@ 19.94

- Change from -
Nov. 6
Oct. 30
.08@.08 .24@.24
.08@.08 .24@.24
.08@.08 .24@.24
.08@.08 .24@.24

Oats
- Change from -
Midwest
Nov. 13
Nov. 6 Oct. 30
Food grade ï¬akes, f.o.b.,
bagged, $ per cwt
29.25@29.75
-
+1.25
Milling quality oats, No. 2 heavy,
$ per bu
3.45Â½
-5c
-1Â¾c
Oat hulls, $ per ton
25@35
-
-

Oï¬ers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Nov. 13
Nov. 6 Oct. 30 ago
Long grain
27.50@29.25
-
- 25.00
Medium grain 32.00@32.50
-
- 30.50
Parboiled
29.50@30.50
-
- 27.75
Second
heads, bulk 19.00@22.50
-
- 18.00
Brewers
17.00@20.50
-
- 15.50
f.o.b. mills, $ per ton
Rice millfeed
40.00
-
- 40.00
Rice bran
90.00@120.00
-
- 85.00
Rice hulls
5.00
-
- 10.00
USDA world price milled - $ per cwt
Long grain
16.98
-
- 14.39
Medium/short
grain
16.67
-
- 14.05
Broken
10.77
-
-
8.68
CBOT rough rice futures - $ per cwt
November
12.05
-0.36Â½ -0.47Â½ 11.90Â½
January
12.33Â¾
-0.07Â¾ -0.02Â¾ 11.89
March
12.56
-0.04Â½ +0.03 12.09Â½
May
12.64Â½
-0.04Â½ +0.01 12.27Â½
Milling & Baking News

November 17, 2020 / 43

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

Milling & Baking News - November 17, 2020

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