Milling & Baking News - April 2, 2024 - 69

CHICAGO CORN AND SOY FUTURES
- Change from -
Mar. 28
Corn Futures $ per bu
May
July
September
December
March
May
August
September
November
January
August
September
October
December
4.42
Mar. 22
Mar. 15
4.54½ +2½ +5½
4.95¾
Soybeans $ per bu
May
July
11.91½
12.05¼
12.03¾
11.86¾
11.86¼
11.96¾
Soybean Meal $ per ton
May
July
337.70
341.00
341.80
342.90
343.00
346.30
+1
-
+6½
Year
ago
+2¾ +5¼ 6.60½
6.36
4.64½ +2¾ +6½ 5.77¼
4.77¾ +2½
4.90
+7
-1
+1
-½
+5¾ 5.78½
-6¾ 15.05½
-¼ -7¼ 14.75½
-5¾ 14.21¾
13.47¾
-7
-¾ -4½ 13.19¾
+¼ -3½ 13.25¼
-1.40
-2.10
-2.60
-2.80
-3.00
-3.00
+3.00 466.00
+1.90
+2.10
+2.40
+2.70
+2.60
Soy Products
Bookings of soy flour were limited last
week. Prices were lower.
Following the release of US Department
of Agriculture reports on March 28, soybean
meal futures dropped while soybean
futures were narrowly mixed at the end of
the holiday-shortened trading week.
The USDA in its Prospective Plantings
report said farmers intend to plant
86,510,000 acres to soybeans this spring,
up 3.5% from 2023 but 1.1% below the recent
USDA Agricultural Outlook Forum forecast
and slightly below the average of pre-report
trade estimates. The USDA said planted
acreage intentions were up or unchanged in
24 of the 29 soybean-growing states while
other states reported a decrease in acres.
Increases of 100,000 acres or more are
anticipated in Arkansas, Illinois, Indiana,
Iowa, Kentucky, Louisiana, Michigan, Minnesota,
Missouri, North Dakota, Ohio and
South Dakota. A decrease of 180,000 acres is
expected in Kansas.
The USDA in its quarterly Grain Stocks
report said March 1 soybean stocks in all
positions were 1,850 million bus, up 9% from
March 2023. Soybean stocks stored on farms
were estimated at 933 million bus, up 24%
from a year ago.
The USDA said net sales of soybean cake
and meal in the week ended March 21 for
delivery in 2023-24 were 127,300 tonnes,
down 48% from a week earlier, down 52%
from the prior four-week average and
below trade expectations that ranged
from 150,000 to 350,000 tonnes. In the
same week, net export sales of soybeans
for delivery in 2023-24 were 263,900
tonnes, down 47% from a week earlier,
down 26% from the four-week average
and below trade expectations ranging
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461.30
450.20
435.70
423.20
419.80
Chicago, bulk
5.66½
5.74
SOY PRODUCTS
Mar. 28
Mar. 22
Soy flour
Bulk
Sacked
32.53 @ 34.53 -.59 @ -.59
35.53 @ 37.53 -.59 @ -.59
Defatted, f.o.b. Midwest plant, $ per cwt
CORN MEAL
Mar. 28
- Change from -
Mar. 22
23.65 @ 23.90 .06 @ .06
Chicago, sacked 25.42 @ 25.67 .06 @ .06
New York, bulk
25.32 @ 25.57 .06 @ .06
New York, sacked 27.74 @ 27.99 .06 @ .06
$ per cwt
Midwest
Food grade flakes, f.o.b.,
bagged, $ per cwt
Oat hulls, $ per ton
OATS
Mar. 28
39.00@40.00
Milling quality oats, No. 2 heavy,
$ per bu
4.17
25@35
Mar. 22
-
-1¼c
-
from 300,000 to 700,000 tonnes. MBN
Corn Products
Sales and shipments of corn meal and
other dry corn mill products were steady
last week. Prices edged higher.
Corn futures rallied after the release of
bullish-for-corn USDA reports on March 28,
with the nearby contract jumping 3.6% from
the prior session's close. But for the week,
corn futures posted mostly small gains,
pressured by abundant domestic supplies
and concerns recent detections of highly
pathogenic avian influenza in dairy cows
may reduce feed demand.
The USDA in its annual Prospective Plantings
report said farmers intend to plant
90,036,000 acres to corn this year, down 4.9%
from 2023, slightly below the 91,000,000
acres projected at the recent USDA Outlook
Forum and near the low end of the range of
pre-report trade estimates. Of the 48 corngrowing
states, 33 indicated an intention
to plant fewer acres in 2024 than in 2023,
with Arkansas showing the largest decrease
of 230,000 from 850,000 acres planted in
2023. Planted area in top producer Iowa at
12,800,000 acres would be the lowest since
2006, down 2.3% from 13,100,000 acres
in 2023. Illinois, the second highest cornproducing
state, also indicated a decrease
in corn-planted area this year at 10,900,000
acres, down 2.7% from 11,200,000 acres in
2023. But planted acreage in Montana would
be the highest since 1958.
The USDA in its Export Sales report
said net sales of corn in the week ended
March 21 for delivery in 2023-24 totaled
1,206,500 tonnes, up 2% from the previous
week, up 4% from the prior four-week
average and near the high side of the
range of trade expectations. MBN
Mar. 15
.11 @ .11
.11 @ .11
.11 @ .11
.11 @ .11
- Change from -
Mar. 15
-
-8¾c
-
trial rice, extruded products and rice
flour were steady last week. Prices were
unchanged.
Second-quarter contracts for users of
both whole kernel and broken rice were
wrapped up. Most buyers held back on
adding further coverage, waiting for
planting data.
In its annual Prospective Plantings
report, the USDA said farmers intend to
plant 2,932,000 acres to rice in 2024, up 1.3%
from 2023 and up 32% from 2022. Arkansas,
the largest long-grain rice-producing state,
is expected to increase long-grain acres by
11% from 2023.
The USDA in its weekly Export Sales
report said net sales of rice in the week
ended March 21 for delivery in 2023-24
totaled 62,100 tonnes, down 56% from a week
earlier and down 25% from the prior fourweek
average. MBN
RICE
Mar. 28
Cash
Long grain
34.50@37.00
Medium grain 46.00@49.00
Parboiled
43.50
Second
heads, bulk 22.50@23.00
Brewers
Rice bran
Rice hulls
$ per cwt bagged
USDA world price milled
Long grain
24.55
Medium/short
grain
Broken
$ per cwt
24.05
14.85
CBOT rough rice futures
May
July
16.36
16.69
September
November
$ per cwt
MILLING & BAKING NEWS 69
-
-
-
-
-
-
18.45
18.22
10.73
-0.98½ -1.46
17.41½
-0.91½ -1.37½ 17.66
14.54½ -0.02½ -0.03½ 15.62½
14.61½ -0.06 -0.05½ 15.84½
18.50@22.00
f.o.b. mills, $ per ton
Rice millfeed
50.00
- Change from -
Mar. 22
-
-
-
-
-
-
80.00@150.00 -
5.00
-
-
-
-
-
-
-
-
-
Mar. 15
Year
ago
37.00
50.00
43.00
26.00
24.00
65.00
170.00
5.00
- Change from -
Mar. 15
Oats
-.37 @ -.37
-.37 @ -.37
Bookings of food-grade oat flakes and
other milled oat products were limited last
week. Prices were unchanged.
The USDA in its Prospective Plantings
report said producers intend to plant
2,318,000 acres to oats this spring, down 9%
from 2023 and down 10% from 2022. If realized,
US planted area will be the sixth lowest
on record with record low planted acreage
expected in Ohio and Oregon. MBN
Rice
Bookings and sales of milled rice, indus
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Milling & Baking News - April 2, 2024

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