Milling & Baking News - October 15, 2024 - 40

MARKET insights
per ton
TUES | 1 0 15 2024
SPOT KC RAIL, MINNEAPOLIS RAIL AND CENTRAL
STATES MILLFEED PRICES
Wheat Futures
Wheat futures advanced last week.
Escalating war activity fueled market
strength as did dry weather concerns in the
Black Sea region, Australia and Argentina,
and a recent uptick in global export activity,
exhibited by tenders from Saudi Arabia,
Jordan, Algeria and Bangladesh.
Recent gains in crude oil prices, supported
by the threat of a widening war in
the Middle East, offered some broader support.
Firming Russian wheat export values
helped strengthen wheat futures relative
to corn and soybean prices. A smaller Russian
crop and that country's strong export
pace through the first quarter of the season
may culminate in a slower exports later in
the year, potentially expanding demand for
US wheat exports if the sharp US price premium
to Black Sea wheat narrows.
Continued strength in the value of the
US dollar offered some resistance, as did
weakness in corn and soybean futures
attributed to favorable US harvest weather,
improving rain prospects in Brazil and
crude oil prices that took a temporary
downturn early in the week.
The US Department of Agriculture said
- Change from -
Oct. 11
Kansas City
December
March
May
July
Chicago
December
March
May
July
Minneapolis
December
March
May
July
6.04½ +6½c +27¾c
6.21¼ +6¾c +29½c
6.31½ +6½c +30¼c
6.39 +7¼c
+32c
5.99 +9¼c
6.21¾ +9c
+19c
+21½c
6.33½ +7½c +22¼c
6.39½ +6¾c +23¼c
6.43¾ +5¼c +35½c
6.64½ +4½c +34¼c
6.76 +4¼c +34½c
+33c
6.82¼ +5½c
$ per bu; change in cents per bu
Spot
Kansas City
Southwest, f.o.b. truck
Minneapolis
Central states, f.o.b truck
Buffalo
Southeast
N. & S. California
Los Angeles, f.o.b. truck
Pacific Northwest
Upper Midwest, sacked
Wheat germ
110 @ 125
120 @ 135
104 @ 124
Upper Midwest, f.o.b. truck 100 @ 120
Chicago West
104 @ 124
105 @ 120
95 @ 105
120 @ 140
130 @ 145
126 @ 141
130 @ 140
...
...
$ per ton, delivered rail unless noted
40 MILLING & BAKING NEWS
BULK MIDDLINGS
- Change from -
Oct.
Oct. 4
Sept. 27
Year
ago
US winter wheat was
81% planted as of Oct. 6,
ahead of 74% a year ago
and 75% as the 2019-23
average for the date. The
crop was 51% emerged,
ahead of 46% last year
and 43% as the average.
Dry conditions prevailed
in the hard winter states.
Topsoil moisture in Kansas
was 72% short or very
short as of Oct. 6.
The USDA forecast
$40
$80
$120
$160
$200
OJ AJ
Kansas City rail
Minneapolis rail
Source: Milling & Baking News
Low millfeed prices discouraged flour buyers
from adding millfeed credits and slowed forward
flour coverage from the usual levels.
the US wheat carryout
below the average of trade expectations
and world wheat ending stocks above the
average expectation. The June 1, 2025, carryover
of US wheat was pegged at 812 million
bus, down 16 million from September,
based on lower supplies, higher domestic
use and steady exports. The USDA forecast
world wheat ending stocks at 258 million
tonnes, up slightly from September.
The USDA said net export sales of wheat
in the week ended Oct. 3 for delivery during
2024-25 totaled 433,600 tonnes, down
2% from the prior week but up 31% from the
WHEAT FUTURES
Week's
Oct. 4 Sept. 27 High
6.19
Low
5.92
Year
ago
6.69
6.34¾ 6.08¾ 6.78½
6.44½ 6.19½ 6.84¾
6.50¾ 6.26¼ 6.88¼
6.11¼ 5.84 5.79¾
6.33¼ 6.07½ 6.06¼
6.44½ 6.20½ 6.22½
6.49¾ 6.27½ 6.36¾
6.55
6.31¾ 7.22
6.76¼ 6.53½ 7.46
6.87¾ 6.66
6.91¼ 6.72
7.60
7.71¼
Season's
High
Low
8.58½ (07-25-23) 5.27¼ (08-26-24)
8.48¾ (07-25-23)
5.41
(06-21-22)
8.55
(08-26-24)
8.30½ (07-25-23) 5.49¼ (08-26-24)
9.55
8.46¼ (11-01-22)
8.32
9.71
8.60
8.32
9.19
(11-01-22) 5.20¾ (08-27-24)
5.42 (08-27-24)
(11-01-22) 5.53¾ (08-27-24)
(06-21-22) 5.59½ 827/24
(07-25-23)
8.31¼ (09-06-23)
(07-25-23)
5.63 (08-26-24)
(08-14-23) 5.85½ (08-26-24)
6.00 (08-26-24)
6.14¼ (08-26-24)
5.55 (08-26-24)
four-week average. Net sales for 2025-26
totaled 5,500 tonnes.
Inter-market spreads were steady. In
the December contracts, the Minneapolis
premium to Kansas City narrowed to 39¼¢ a
bu from 40½¢ a week earlier, while KC's premium
to Chicago narrowed to 5½¢ from 8¼¢
the prior week. MBN
Millfeed
Nearby millfeed values were mixed
to start the first full week of October and
beginning of the fourth quarter, as downtimes
at flour mills throughout the country
limited supply and trading remained relatively
slow. The most activity continued to be
in the spot market.
Spot prices in Kansas City, Minneapolis
and Chicago West were down $5 per ton
on the week as supply in those regions
outpaced other markets. The Central states
and Buffalo, meanwhile, saw increased
values as spot buyers jockeyed for available
feed. Prices also were higher on the West
Coast, with markets up $10 per ton because
of run disruptions at flour mills and some
limited truck availability. Prices for threemonth
and six-month contracts were mostly
unchanged to start the quarter, with little
action buying forward.
The relatively low price of corn against
Nov.-Dec.
Jan.-Mar.
Apr.-June
105 @ 120 -5 @ -5 -10 @ -5 160 @ 175 105 @ 120 100 @ 120 95 @ 105
120 @ 135 0 @ +5 -10 @ -10 190 @ 205 110 @ 130 110 @ 140 100 @ 130
104 @ 124 -5 @ 0 -10 @ -5 164 @ 184 104 @ 124 104 @ 124
100 @ 120 -5 @ 0 -10 @ -5 160 @ 180 100 @ 120 100 @ 120
104 @ 124 -5 @ 0 -10 @ -5 177 @ 197 104 @ 124 100 @ 110
105 @ 120 +10 @ +10 -15 @ -15 155 @ 165 110 @ 120 100 @ 110
95 @ 105 +5 @ +5 +5 @ +5 95 @ 105 100 @ 115 100 @ 115
131 @ 146 136 @ 151
131 @ 156
130 @ 140 +10 @ +10 +10 @ +10 170 @ 180 130 @ 140 140 @ 150 130 @ 140
95 @ 105
91 @ 101
95 @ 105
90 @ 100
85 @ 95
110 @ 130 -10 @ 0 -10 @ 0 150 @ 165 90 @ 110 90 @ 100 90 @ 100
135 @ 150 +10 @ +10 +10 @ +10 170 @ 185 135 @ 150 140 @ 155 135 @ 150
131 @ 146 +10 @ +10 +10 @ +10 166 @ 181
the backdrop of massive corn and soybean
crops was encouraging end users to consider
alternatives to millfeed, even with
millfeed values well below year-ago levels.
" I would tell you from a demand perspective,
at these values midds are getting replaced
and kicked out of rations, " a trader said.
Millfeed was $115 a ton in Kansas City and
$109 a ton in Minneapolis, on a rail basis, compared
with corn at $135 a ton and sorghum
at $174 a ton, both KC. Corn gluten feed was
steady at $190 a ton, KC. Dried distillers' grain
was unchanged at $175 a ton, KC. Dehydrated
alfalfa also was steady at $285 a ton, KC. MBN
bakingbusiness.com
Central states
http://www.bakingbusiness.com
Milling & Baking News - October 15, 2024

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