Food Business News - January 4, 2022 - 36

INGREDIENT MARKETS
Wheat futures
Wheat futures tumbled last week,
beating a retreat from wide gains scored
ahead of the Christmas holiday.
After reaching one-month highs
early last Monday, winter wheat futures
turned sharply lower in subsequent
trading. Minneapolis spring wheat
futures also slumped in later trading
and moved below $10 a bu for the first
time since Nov. 9. The downward moves
in futures were viewed as corrections
after recent advances, but most analysts
suggested the outlook for strong or even
higher futures in the new year remained
in place.
The US Department of Agriculture
in its weekly Export Sales report said in
the week ended Dec. 23 net export sales
of US wheat for delivery in 2021-22 were
199,500 tonnes, down 53% from the previous
week and down 43% from the prior
four-week average. The total fell just
below pre-report trade estimates that
ranged from 200,000 to 500,000 tonnes.
US wheat exports and undelivered sales
for 2021-22 lagged the year-earlier pace
by 23%.
Egypt purchased 300,000 tonnes of
milling wheat from Ukraine, France and
Romania. US wheat was not competitive.
Russia's wheat export tax for Dec.
March contract, per bu
Kansas City wheat futures
$3.50
$4.50
$5.50
$6.50
$7.50
$8.50
$9.50
JA JO
Previous Year
$ per bu; change in cents per bu
Wheat futures
- Change from - Week's
Kansas City
March
May
July
Chicago
March
May
July
May
July
36
-60c -8½c
8.02 -57¾c -8¼c
September 7.99¼ -46¾c
7.70¾
September 7.66½
Minneapolis
March
-44c -4¼c
Year
Dec. 31 Dec. 23 Dec. 17 High Low ago
8.01½
Spot
8.71 7.98½ 6.03½
8.69 7.99½ 6.06¼
7.97¾ -48¾c -3¾c 8.54¾ 7.94½ 6.07¼
-3c 8.53½ 7.97¼ 6.11½
8.24 7.69½ 6.40½
7.74¼ -44¼c -4¼c 8.27¼ 7.72½ 6.39½
7.64½ -41¼c -5¼c 8.13¾ 7.63½ 6.28¼
-38c -4¾c
9.82 -50½c -40½c 10.36¾
9.76¼ -48½c -35¾c
9.60½
-47c
-22c
8.13 7.65½ 6.30¼
9.79 5.99¼
10.29
10.11 9.57¾
9.74 6.07¼
6.12
September 9.08½ -39½c -16¾c 9.50½ 9.06¾ 6.16¼
Food Business News
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
170 @ 185
200 @ 210
149 @ 159
Upper Midwest, f.o.b. truck 145 @ 155
Chicago West
162 @ 172
140 @ 150
160 @ 170
160 @ 175
187 @ 202
183 @ 198
120 @ 130
320
210 @ 230
January 4, 2022
Jan.
168 @ 178
200 @ 210
Current Year
29-Jan. 11 was set at $94.90 per tonne,
up from $94 for the Dec. 22-28 period.
Indications were the export tax may
reach $100 per tonne in February. It was
thought Ukraine also may move to limit
exports until the 2022 harvest.
Traders welcomed precipitation that
fell across some of the driest parts othe
the southern Plains.
At the same time, Thursday's
updated US Drought Monitor displayed
another week of worsening drought
conditions in the southwestern Plains,
except for areas of increased moisture in
eastern Oklahoma. There also was some
damage done to the Kansas crop from
recent strong winds that swept across
the state.
The biggest question facing traders
in the new year may be how the hard
red winter wheat crop will look when it
emerges in the spring. While winter conditions
haven't been favorable, veteran
crop analysts affirmed it was spring and
not winter weather that will determine
the crop's fate. FBN
Millfeed
Prices were mixed in light trading.
Well-stocked buyers and well-sold
merchandisers had little business that
March contract, per bu
Chicago wheat futures
$4.40
$5.00
$5.60
$6.20
$6.80
$7.40
$8.00
$8.60
JA JO
Previous Year
$ per ton, delivered rail unless noted
Bulk middlings
- Change from - Year
Dec. 23 Dec. 17
ago
-2 @ -7
-5 @ -10
144 @ 154 +2 @ -3
140 @ 150 +2 @ -3
157 @ 167 +2 @ -3
140 @ 150 -35 @ -35
150 @ 160 -10 @ -10
+2 @ -3
+2 @ -3
+2 @ -3
-12 @ -32 138 @ 148 160 @ 170
0 @ -10 185 @ 195 195 @ 205
149 @ 159 139 @ 149
145 @ 155 135 @ 145
162 @ 172 152 @ 162
-45 @ -45 150 @ 160 140 @ 150
-20 @ -20 155 @ 165 130 @ 140
160 @ 175 - -10 @ -10 150 @ 160 155 @ 165
190 @ 205 +7 @ +7 +7 @ +7 140 @ 155 188 @ 203
194 @ 209 +7 @ +7 +7 @ +7 144 @ 159 192 @ 207
120 @ 130 - - 120 @ 135 130 @ 140
Feb.-Mar. Apr.-June July-Sept.
135 @ 145 135 @ 145
145 @ 155 145 @ 155
127 @ 137 127 @ 137
123 @ 133 123 @ 133
140 @ 150 140 @ 150
135 @ 145 120 @ 130
110 @ 120 110 @ 120
140 @ 150 130 @ 140
160 @ 175 160 @ 175
164 @ 179 164 @ 179
120 @ 130 120 @ 130
Current Year
couldn't wait until January.
Trading was quiet, a marked
departure from the frenzied search
for millfeed typical after Christmas.
Values shuffled higher in the East but
were steady to lower in some western
areas. Millfeed demand was good in
the East, fair to lackluster in the West,
and spread across most sectors. Light
farm-direct business was the only
noted exception.
Most buyers previously had laid in
sufficient supplies to see them through
to January or even farther out. Much
of that millfeed was traded on the spot
market, including deeply discounted
weekend loads during a period of
particularly strong flour mill runtimes.
Few saw the need to pay up for deferred
periods. But as spot and first-quarter
spreads narrowed, traders noted there
was a flurry of first-quarter coverage
added. One trader said up to 60% of
that quarter had been sold.
Millfeed was $170 a ton in Kansas
City and $149 in Minneapolis, on a rail
basis, compared with corn at $218 a ton
and sorghum at $222 a ton, both KC. Corn
gluten feed was $10 higher at $220 a ton,
dried distillers' grain was steady at $210
a ton, and dehydrated alfalfa was steady
at $300 a ton, all KC. FBN
March contract, per bu
Minneapolis wheat futures
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
$11.00
JA JO
Previous Year
Current Year
Food Business News - January 4, 2022

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