Milling & Baking News - October 15, 2024 - 42

MARKET insights
TUES | 1 0 15 2024
Sweeteners
Cash refined sugar prices were mixed last
week. The sugar industry watched as recent
hurricanes (Helene and Milton) mostly
missed major Southeast sugar cane growing
areas and refineries in Florida and Georgia
but snarled transportation and left destruction
in their wakes.
Bulk refined cane sugar prices for 2025
were lowered 1¢ a lb. Spot prices through
Dec. 31, 2024, were steady.
Beet sugar prices for 2024-25 were firmer,
with the low side of the Midwest price range
moving up 1¢ a lb a week earlier and the high
side raised 2¢ a lb in the latest week. Beet processors
have taken a firmer stance amid concerns
about late-season dry weather on sugar
beet crops and above-normal temperatures that
have delayed full harvest in some key regions.
Michigan remained extremely dry and too
warm to pile beets outdoors, with full harvest
delayed until late October. Little if any rain has
fallen for several weeks, and the dry conditions
are increasing disease problems. Sugar content
has held up well in Michigan beets harvested
to date, but beet tonnage was declining.
Sugar beets in the four major states were
an aggregate 23% harvested as of Oct. 6, up
from 19% a year ago but behind the 2019-23
average of 28%, the US Department of Agriculture
said in its Crop Progress report.
By mid-October full beet harvest should be
underway in all areas (except Michigan) as
growers hope to get the large crop out of the
ground before the chance of freezing temperatures
threatens plants still in the fields.
After a brush with Hurricane Francine
a few weeks ago, sugar cane in Louisiana
2024-25
Northeast cane*
REFINED SUGAR
Oct. 11
Midwest beet 45.00 @ 50.00
Pacific beet
48.00 @ 52.00
56.00
-
-
-1.00
- Change from - Year
Oct. 4 Sept. 27
NA
ago
NA
NA
f.o.b. plant, cents per lb
*Spot raw plus 7% plus +16¢ with 2% cash discount. Calendar 2025.
Oct. 11
was 11% harvested as of Oct. 6, up from 4%
a year ago and 8% as the five-year average,
the USDA said. The harvest had just begun
in Florida but was likely to stall due to rain
from Hurricane Milton.
Sales for 2025 continued at a slow pace
with mostly small and mid-size users still
having needs to cover. All beet processors
remain in the market, but one was not
aggressively pursuing new sales. Some
noted it has been difficult to find buyers for
the remaining sugar they have to sell.
Sugar deliveries contracted for 2024 continued
at a mixed pace. One processor reported
the best September on record, but others noted
shipments to some sectors were below expectations.
The fourth quarter typically is a strong
delivery period for both retail and bulk sugar.
New York world (No. 11 contract) raw
sugar futures prices dropped to three-week
42% HFCS spot price1
Oct. 11
Midwest
Northeast
Southeast
Southwest
West
28 @ 33
30 @ 35
30 @ 35
29 @ 34
31 @ 36
ICE No. 11
March
May
July
October
cents per lb
lows because of rain in parched Brazil and
weaker crude oil prices after values had
surged amid tensions in the Middle East.
The USDA in its Oct. 11 World Agricultural
Supply and Demand Estimates report
forecast 2024-25 US sugar ending stocks
at 1,788,000 tons, up 11,000 tons from September
as higher domestic production and
imports more than offset lower beginning
stocks. Projected deliveries were unchanged
from September.
Corn sweetener markets were quiet as
2025 negotiations were off to a slow start
amid lower corn prices and indications of
weaker demand for some products. MBN
2023
30 @ 35
32 @ 37
32 @ 37
31 @ 36
33 @ 38
Midwest
CORN SWEETENERS
55% HFCS spot price1
38 @ 41
Oct. 11
Northeast
Southeast
Southwest
West
40 @ 43
40 @ 43
40 @ 43
41 @ 44
2023
38 @ 43
40 @ 45
40 @ 45
40 @ 45
41 @ 46
Delivered basis, cents per lb
1-Variations in prices often tied to tank car versus truck deliveries. 2-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks
Corn syrup2
2024
47@50
49@52
49@52
50@53
51@54
East
Dextrose
2024
65.00@70.00
Midwest 64.00@69.00
West
66.00@71.00
South 67.00@72.00
22.24
20.59
19.62
19.36
59.00
62.00
68.00
ICE No. 16
January
March
May
July
September
November
RAW SUGAR FUTURES
Oct. 11
38.25
38.49
38.60
37.95
37.85
36.85
-
-
-
-.02
-
-
- Change from -
Oct. 4 Sept. 27
-
-
-
-.10
Year
ago
44.50
44.45
+.10 44.05
43.95
43.88
- Change from -
Oct. 4 Sept. 27
-.77
-.68
-.56
-.51
+.34 42.45
Year
ago
-.40 27.03
-.61
-.66
-.69
25.74
24.73
24.15
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Milling & Baking News - October 15, 2024

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