Milling & Baking News - June 14, 2022 - 44

MARKET trends
TUES | 06 14 2022
RAW SUGAR FUTURES
June 10
Sweeteners
Trading of bulk refined sugar remained
slow last week with still no beet sugar
offered for this or next year. Cane sugar
was available at steady but lofty prices. Beet
planting was wrapping up.
Beet processors remained out of the market
for the rest of 2021-22 and for 2022-23. It was
expected some may reenter for 2022-23 in late
July or early August as they know more about
their 2022 beet crops. There remains concern
that beet sugar available in the current crop
year from new-crop beets (during August and
September) may be limited due to late planting
of beets in some areas. Much depends on the
growing season, with ample heating degree
days and timely rainfall needed.
Two grower cooperatives in the Upper
Midwest planted 10% to 12% more beet acres
in an effort to make up for the potential loss
of tonnage from the later planted crop. At
the same time, beet planted area in Michigan
was about 10,000 to 12,000 acres below that
state's five-year average (150,000 acres).
Sugar beet planting as of June 5 was completed
in all states except Montana, Minnesota
and North Dakota, with planting since
then completed in the latter two states.
The Louisiana sugar cane crop remained
in sound condition with good-to-excellent
ratings at 74% as of June 5, unchanged from a
week earlier and up from 63% year ago.
Refined cane sugar still was being
offered. Bulk refined cane sugar was available
from one refiner at 62¢ a lb f.o.b. nationwide
through Dec. 31, unchanged, and was
offered for 2023 at 50.50¢ a lb f.o.b. in the
Northeast and West Coast and at 49.50¢ a lb
2021-22
Midwest beet
Pacific beet
Northeast cane*
REFINED SUGAR
June 10
. . .
. . .
62.00
. . .
. . .
-
- Change from -
June 3 May 27
. . .
. . .
-
Year
ago
36.50
37.00
45.00
f.o.b. plant, cents per lb
*Spot raw plus 7% plus 21.75¢ with 2% cash discount, effective through Dec. 31, 2022.
f.o.b. Southeast and Gulf, also steady.
Craig Ruffolo, vice president and partner
at McKeany-Flavell Co., speaking at the recent
Sosland Purchasing Seminar, suggested buyers
seeking beet sugar for next year wait to see
when and if processors reenter the market. He
expects beet sugar prices will be offered about
4¢ under 2022-23 cane sugar offers.
Some sales for 2023-24 continued with
one beet processor out of the market for that
period.
Processors indicated sugar deliveries
remained active as they have been for several
months.
The US Department of Agriculture on June
7 announced the reassignment of 187,177 tons
of beet sugar from processors with excess
allotments to those with excess sugar and
reassigned 600,000 tons of domestic raw cane
sugar to tariff-rate quota already anticipated.
The actions don't increase the total sugar supply
but may make more sugar available.
The USDA in its June 10 World Agricultural
Supply and Demand Estimates report
cut from May its forecasts for US sugar
production, sharply reducing carryover
and ending stocks-to-use forecasts. The
USDA forecast 2021-22 total domestic sugar
production at 9,120,000 tons, down 109,000
tons from its May forecast, with beet sugar at
No. 11
July
October
March
May
cents per lb
5,154,000 tons, down 100,000 tons, and cane
sugar at 3,967,000 tons, down 9,000 tons. For
2022-23 the USDA forecast sugar production
at 8,822,000 tons, down 218,000 tons from
May, with beet sugar at 4,809,000 tons, down
191,000 tons, and cane sugar at 4,013,000 tons,
down 27,000 tons. Only minor changes were
made to import forecasts, and delivery forecasts
for both years were unchanged from
May. Carryover on Oct. 1, 2022, was forecast
at 1,717,000 tons, down 96,000 tons from May,
and on Oct. 1, 2023, was projected at 963,000
tons, down 303,000 tons from May. The ending
stocks-to-use ratio was forecast at 13.6% in
2021-22, down from 14.4% in May, and at 7.6%
in 2022-23, down from 10.1% in May.
Corn sweetener markets continued to be
highly disrupted by production and shipping
issues at several refineries, with one
refiner recently informing customers it
would deliver only 90% of contracted dextrose
at least through August. Mr. Ruffolo
forecast annual corn sweetener prices in
2023 will be up from $3 to $5 a cwt depending
on corn prices and other factors. MBN
No. 16
September
November
January
March
May
July
36.45
37.00
37.10
37.00
37.00
37.00
June 10
18.87
19.07
19.46
18.90
+.03
+.33
+.25
+.10
+.10
+.10
- Change from -
June 3 May 27
Year
ago
-.06 33.00
+.26
+.10
-
-.01
-.01
- Change from -
June 3 May 27
-.42
-.40
-.33
-.28
-.74
-.68
-.54
-.42
31.25
30.35
30.17
30.35
30.35
Year
ago
17.54
17.67
17.89
17.03
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Milling & Baking News - June 14, 2022

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