Morning Grains 3/4/13

DJ CBOT Delivery Intentions: Totals – Mar 4
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL March Mar. 05, 2013 504 Feb 27, 2013
ROUGH RICE March Mar. 05, 2013 143 Feb 25, 2013
SOYBEAN March Mar. 05, 2013 1 Jun 22, 2012
WHEAT March Mar. 05, 2013 401 Feb 25, 2013

WHEAT
General Comments: Futures closed higher Friday as Wheat traders talked about feed demand for Chicago Wheat and also noted that the market was oversold. World Wheat markets showed good demand last week, but it was not clear if any of the Wheat traded would be US origin. US prices are still considered very cheap and supplies of Wheat are available which is not always the case from other origins. Domestic demand is said to be improving as Corn has been hard to find. Demand overall has been disappointing even though sales amounts for export have been increasing in recent weeks and domestic demand now is said to be strong for feed needs. Chart patterns are mixed. Domestic and world demand could improve as the US SRW is still about the cheapest Wheat in the world and one of the cheapest feed grains. Corn prices are still high in the US and could work higher as traders try to ration domestic demand, so domestic use should remain strong. Ideas are that importers will continue to buy mostly from the US due to price and availability.
Overnight News: The southern Great Plains will see mostly dry weather. Temperatures should average near to below normal early in the week and near to above normal late in the week. Northern areas could see mostly dry weather after some snow today. Temperatures should average mostly below normal. The Canadian Prairies should see mostly dry conditions. Temperatures will average near to above normal. Informa estimated Argentina Wheat production at 9.5 million tons. Saudi Arabia bought 575,000 tons of World Wheat over the weekend.
Chart Analysis: Trends in Chicago are mixed. Support is at 712, 708, and 698 May, with resistance at 732, 741, and 752 May. Trends in Kansas City are mixed. Support is at 744, 733, and 716 May, with resistance at 774, 777, and 782 May. Trends in Minneapolis are mixed. Support is at 793, 789, and 785 May, and resistance is at 810, 824, and 834 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
WHEAT – CHICAGO BOARD OF TRADE (CONTRACTS OF 5,000 BUSHELS)
CFTC Code #001602 Open Interest is 543,875
: Positions
: 99,042 149,674 121,157 20,574 20,659 76,810 122,176 73,584 30,417 18,247 80,413
: Changes from: February 19, 2013
: -16,310 -17,381 -1,406 1,394 -5,401 1,904 -1,954 -7,859 -1,337 -257 -35,539
: Percent of Open Interest Represented by Each Category of Trader
: 18.2 27.5 22.3 3.8 3.8 14.1 22.5 13.5 5.6 3.4 14.8
: Number of Traders in Each Category Total Traders: 420
: 92 103 18 8 22 53 74 56 76 69 98
————————————————————————————————————–

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
WHEAT – KANSAS CITY BOARD OF TRADE (CONTRACTS OF 5,000 BUSHELS)
CFTC Code #001612 Open Interest is 177,848
: Positions
: 42,835 80,362 47,975 4,213 7,267 29,042 27,288 19,510 8,699 8,714 4,954
: Changes from: February 19, 2013
: -1,512 -5,574 -785 122 -760 257 2,684 -5,291 -761 -344 -4,089
: Percent of Open Interest Represented by Each Category of Trader
: 24.1 45.2 27.0 2.4 4.1 16.3 15.3 11.0 4.9 4.9 2.8
: Number of Traders in Each Category Total Traders: 186
: 50 66 12 6 7 31 26 24 15 20 22
————————————————————————————————————–

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
WHEAT – MINNEAPOLIS GRAIN EXCHANGE (CONTRACTS OF 5,000 BUSHELS)
CFTC Code #001626 Open Interest is 42,950
: Positions
: 19,691 24,939 2,999 471 500 2,771 1,756 1,408 2,422 987 1,167
: Changes from: February 19, 2013
: -2,937 -4,084 -224 471 -358 -241 343 -27 197 77 -1,247
: Percent of Open Interest Represented by Each Category of Trader
: 45.8 58.1 7.0 1.1 1.2 6.5 4.1 3.3 5.6 2.3 2.7
: Number of Traders in Each Category Total Traders: 58
: 32 26 . . . 5 4 . 4 . 5
————————————————————————————————————–

RICE
General Comments: Prices closed near unchanged to finish the week. The market still feels selling pressure from speculators who see the price weakness overseas, but not the tight markets here in the US. There is still little on offer in the US due to the low prices and as many producers have already sold quite a bit of Rice. Weather is starting to become a problem in some southern growing areas. Some areas in the Delta are now too wet and some producers say the region needs at least a couple of weeks of dry weather before any serious fieldwork can get done. The weather should turn drier for the next week or so, and Texas planting should continue while fields farther north dry out. It is still very early in the season, so there is time to recover, and it is still too early for farmers to switch from one crop to another, but the weather will need to turn a little warmer and drier soon. Asian prices are holding steady, and have shown little movement or have moved higher in recent weeks. Domestic cash markets are called slow, but with a firm tone.
Overnight News: Mostly dry. Temperatures will average near to below normal.
Chart Analysis: Trends are mixed. Support is at 1572, 1562, and 1554 May, with resistance at 1588, 1594, and 1598 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS)
CFTC Code #039601 Open Interest is 14,757
: Positions
: 6,052 9,058 1,527 0 0 2,623 985 583 691 2,304 748
: Changes from: February 19, 2013
: 54 -546 -112 0 -2 112 117 183 -24 -140 -230
: Percent of Open Interest Represented by Each Category of Trader
: 41.0 61.4 10.3 0.0 0.0 17.8 6.7 4.0 4.7 15.6 5.1
: Number of Traders in Each Category Total Traders: 68
: 23 16 6 0 0 8 6 . 12 8 9
————————————————————————————————————–

CORN AND OATS
General Comments: Corn and Oats were higher on Friday. Corn rallied on very tight domestic supplies and very strong domestic basis levels. Export demand remains weak, but basis levels remain very strong in the interior US as farmers are not selling. There was some more talk late last week that many producers have 15% or less of the crop left to sell, one reason why they are not offering despite the very high interior basis levels. Feed demand is called strong, and some say that ethanol demand will start to increase now, too, especially if futures prices continue to weaken. Howeveerr, trends are starting to turn up in Corn again. Current weather forecasts feature showers in northern sections of Brazil, but forecasts call for drier weather than has been seen in recent weeks. Beneficial rains have been reported in southern Brazil and Argentina and are expected to continue. Ideas of tight supplies and on reports of very strong basis level in the Midwest provided support. Basis remains high as producers are not selling and might not have that much left for selling in any event.
Overnight News: Informa estimated Brazil corn production at 71.6 million tons and Argentina Corn production at 25 million tons.
Chart Analysis: Trends in Corn are mixed to up with objectives of 719 and 739 May. Support is at 699, 688, and 681 May, and resistance is at 711, 717, and 720 May. Trends in Oats are mixed to up with objectives of 391 and 409 May. Support is at 373, 370, and 367 May, and resistance is at 384, 391, and 393 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
CORN – CHICAGO BOARD OF TRADE (CONTRACTS OF 5,000 BUSHELS)
CFTC Code #002602 Open Interest is 1,633,637
: Positions
: 353,043 636,865 271,861 17,105 52,829 218,350 166,275 223,693 106,959 47,795 220,292
: Changes from: February 19, 2013
: -58,892 -47,679 -2,203 -18,040 -11,198 -2,191 11,037 -16,813 -2,943 -4,715 -70,759
: Percent of Open Interest Represented by Each Category of Trader
: 21.6 39.0 16.6 1.0 3.2 13.4 10.2 13.7 6.5 2.9 13.5
: Number of Traders in Each Category Total Traders: 714
: 240 292 21 7 25 93 56 84 85 119 148
————————————————————————————————————–

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
OATS – CHICAGO BOARD OF TRADE (CONTRACTS OF 5,000 BUSHELS)
CFTC Code #004603 Open Interest is 11,082
: Positions
: 3,646 8,454 1,340 0 0 2,715 421 17 901 469 495
: Changes from: February 19, 2013
: -237 -90 -171 0 0 464 -25 -93 96 -329 -339
: Percent of Open Interest Represented by Each Category of Trader
: 32.9 76.3 12.1 0.0 0.0 24.5 3.8 0.2 8.1 4.2 4.5
: Number of Traders in Each Category Total Traders: 44
: 10 14 4 0 0 14 . . 4 5 .
————————————————————————————————————–

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
CBT ETHANOL – CHICAGO BOARD OF TRADE (CONTRACTS OF 29,000 U.S. GALLONS)
CFTC Code #025601 Open Interest is 10,847
: Positions
: 7,929 9,134 363 38 442 374 22 75 707 515 207
: Changes from: February 19, 2013
: 879 872 3 2 -22 70 13 3 72 0 -135
: Percent of Open Interest Represented by Each Category of Trader
: 73.1 84.2 3.3 0.4 4.1 3.4 0.2 0.7 6.5 4.7 1.9
: Number of Traders in Each Category Total Traders: 45
: 21 24 . . . 4 . . 4 4 5
————————————————————————————————————–

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
CHICAGO ETHANOL SWAP – NEW YORK MERCANTILE EXCHANGE (CONTRACTS OF 42,000 U.S. GALLONS)
CFTC Code #025651 Open Interest is 33,113
: Positions
: 28,099 27,184 159 2,490 823 890 66 291 1,038 561 1,451
: Changes from: February 19, 2013
: 2,789 2,789 122 67 20 0 10 -15 216 257 57
: Percent of Open Interest Represented by Each Category of Trader
: 84.9 82.1 0.5 7.5 2.5 2.7 0.2 0.9 3.1 1.7 4.4
: Number of Traders in Each Category Total Traders: 64
: 32 38 . . . . . . 7 . 7
————————————————————————————————————–

SOYBEANS AND PRODUCTS
General Comments: Soybeans were a little lower and the products were mixed, with Soybean Oil trading lower and Soybean Meal a little higher. The wait at the ports is estimated at 51 days or longer, a very long time and a lot of demurrage for those chartering ships to pay. Some of the demand for South American Soybeans has shifted to the US as a result. Ideas that some demand for South American Soybeans can switch to here for a few weeks due in part to the now abandoned port strike and other logistical problems in Brazil go against ideas of big production coming from South America in a matter of days. It is possible that many of these sales will be cancelled once the Soybeans start to flow from Brazil ports. Argentina forecasts call for chances for precipitation this week. Southern Brazil has about the same forecast as Argentina, but the precipitation could be more in that area. Bears continue to sell rallies in Chicago as they anticipate big offers very soon from South America that will hurt US export demand. Northern and central areas of Brazil are getting too much rain and the harvest progress is being affected. However, the harvest is progressing and sources in Brazil say that production will be ready to ship soon, which is about normal. That part of Brazil is drier this week. The overall Soybeans demand continues and there is still the threat that the US will sell all it has before too much longer, so the down side for prices could be limited. The down side for prices could also be limited due to the strong domestic demand. Soybean Meal has seen good demand as production of DDG has tailed off with less Ethanol production. Less Bio fuels demand has hurt Soybean Oil. Soybeans have been caught between the extremes in the products.
Overnight News: Informa estimated Brazil Soybeans production at 84.5 million tons and Argentina Soybeqans production at 51 million tons.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1433, 1421, and 1418 May, and resistance is at 1468, 1477, and 1489 May. Trends in Soybean Meal are mixed. Support is at 429.00, 420.00, and 411.00 May, and resistance is at 441.00, 444.00, and 445.00 May. Trends in Soybean Oil are mixed to down with objectives of 4730 May. Support is at 4900, 4840, and 4800 May, with resistance at 4990, 5030, and 5060 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
SOYBEANS – CHICAGO BOARD OF TRADE (CONTRACTS OF 5,000 BUSHELS)
CFTC Code #005602 Open Interest is 797,229
: Positions
: 175,312 369,643 81,883 21,469 29,170 145,649 22,651 109,447 48,800 24,460 144,780
: Changes from: February 19, 2013
: -26,400 -1,235 9,204 -14,926 -12,595 -9,038 -5,519 -16,757 3,605 -7,560 -53,763
: Percent of Open Interest Represented by Each Category of Trader
: 22.0 46.4 10.3 2.7 3.7 18.3 2.8 13.7 6.1 3.1 18.2
: Number of Traders in Each Category Total Traders: 472
: 106 130 14 7 20 84 30 73 89 93 141
————————————————————————————————————–

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
SOYBEAN MEAL – CHICAGO BOARD OF TRADE (CONTRACTS OF 100 TONS)
CFTC Code #026603 Open Interest is 316,590
: Positions
: 73,228 191,818 53,865 1,901 13,388 68,662 20,822 21,970 15,891 10,083 25,968
: Changes from: February 19, 2013
: -3,112 -3,574 -2,239 -48 -3,243 2,582 -4,279 -3,252 -2,523 648 -7,135
: Percent of Open Interest Represented by Each Category of Trader
: 23.1 60.6 17.0 0.6 4.2 21.7 6.6 6.9 5.0 3.2 8.2
: Number of Traders in Each Category Total Traders: 225
: 60 63 20 . 14 50 14 22 23 31 33
————————————————————————————————————–

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
SOYBEAN OIL – CHICAGO BOARD OF TRADE (CONTRACTS OF 60,000 POUNDS)
CFTC Code #007601 Open Interest is 355,022
: Positions
: 106,190 147,947 77,992 661 7,281 41,732 83,429 27,738 26,025 18,111 33,708
: Changes from: February 19, 2013
: 19,933 -17,193 -2,900 461 -6,077 -9,152 19,239 -3,250 3,930 620 -13,673
: Percent of Open Interest Represented by Each Category of Trader
: 29.9 41.7 22.0 0.2 2.1 11.8 23.5 7.8 7.3 5.1 9.5
: Number of Traders in Each Category Total Traders: 259
: 57 62 16 . 7 29 46 32 36 47 55
————————————————————————————————————–

CANOLA AND PALM OIL
General Comments: Canola was lower Friday on what was called speculative selling. Many speculators did not want to hold positions over the weekend with economic uncertainty seen in many parts of the world. Commercials were said to be the best buyers. Old crop months were stronger on ideas that farmers are not selling, although wire reports after the close noted scale up elevator offers. Chart patterns are mixed. Palm Oil was higher on talk of increased demand for refined products. A positive turn in the export pace was supportive, but traders were worried about world economic and political conditions in general. China is said to have big supplies on hand right now which could hurt demand in the short term, but ideas are that India could become a big buyer, and especially of refined producrs. However, India is said to have big supplies as well as traders there bought before a tax increase could be imposed. Ideas are that demand can improve and stocks can work lower for the next few months. Traders are watching the weather developments in South America, where conditions are better and the harvest is progressing in Brazil. Malaysia and Indonesia are looking at above normal rainfall which has been considered mostly good for production prospects. News of big supplies keeps sellers around, but supplies are decreasing in the MPOB reports at least a little bit from the record highs seen last month. Production is starting to drop on seasonally lower yields and on reports of big rains in Malaysian and Indonesian production areas.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 611.00, 604.00, and 603.00 May, with resistance at 629.00, 631.00, and 638.00 May. Trends in Palm Oil are down with objectives of 2295 May. Support is at 2370, 2340, and 2310 May, with resistance at 2400, 2450, and 2480 May.

DJ Canadian Grain Handling Summary – Mar 1
Winnipeg–The following are Canadian grain handling summary
statistics for the week ended February 24, 2013. Figures in thousands of
metric tons.
Source: Canadian Grain Commission.
Durum
Wheat Wheat Oats Barley Flax Canola Peas Corn Total
VISIBLE STOCKS
This week 3075.3 974.2 238.5 330.9 84.9 1241.7 362.0 171.9 6512.1
Week ago 3110.7 928.4 235.9 363.3 80.6 1294.6 295.8 168.9 6511.5
Year ago 3321.5 896.1 197.5 408.7 51.8 1331.5 156.7 144.6 6528.0
PRODUCER DELIVERIES
This week 241.1 52.4 18.9 55.4 6.0 252.6 59.5 10.6 696.9
Week ago 351.2 65.4 42.2 61.2 6.4 368.9 48.9 17.7 963.4
To date 10316.5 2509.9 1092.5 1799.3 222.3 9019.5 1342.2 494.7 26897.5
Year ago 10105.1 2296.0 1266.0 1890.5 154.7 9919.3 1072.1 253.6 27045.5
EXPORTS
This week 263.8 29.6 8.9 75.7 2.9 175.3 9.5 3.0 569.2
Week ago 175.7 84.9 11.9 5.8 2.1 94.2 40.3 1.1 417.2
To date 7699.8 2553.8 688.6 978.3 162.5 4594.4 1022.9 85.2 17842.0
Year ago 7686.4 2064.1 779.4 723.7 129.2 5519.8 1128.9 28.7 18139.4
DOMESTIC DISAPPEARANCE
This week 75.7 2.1 3.7 41.4 0.4 96.9 6.3 2.0 228.5
Week ago 106.8 4.4 8.0 41.3 1.7 122.3 0.3 9.6 294.4
To date 2688.3 168.6 298.7 893.0 31.1 3834.3 25.6 270.6 8229.2
Year ago 2752.9 350.5 383.7 1028.3 24.4 4069.8 38.0 261.7 8922.4
Source: Commodity News Service Canada (cnscanada@shaw.ca or 204-414-9084)

DJ Canadian Oilseed Processors Association Weekly Crush – Mar 1
Winnipeg–Canadian Oilseed Processors Association
reported the Canadian oilseed crush for the week ended
February 27, 2013, as follows:
Figures are in metric tons. R-denotes revision.
Week ended Cumulative Cumulative
2012/13 2011/12 2012/13 2011/12
Canola (Aug/Jul) Sybns (Aug/Jul)
Feb 27 138,234 4,106,838 3,857,872 29,150 920,534 808,031
Feb 20 130,645 3,968,604 3,731,708 30,209 891,384 768,878
Feb 13 139,832 3,837,959 3,585,314 37,455 861,175 738,909
Feb 06 121,995 3,698,127 3,431,089 38,223 823,720 710,316
Jan 30 115,348 3,576,132 3,271,437 38,555 785,497 683,674
Crush Capacity Utilization
This Week Year-to-Date Year Ago
Canola 83.1% 88.1% 92.6%
Soybeans 44.3% 49.9% 61.5%
Source: Commodity News Service Canada (cnscanada@shaw.ca or
204-414-9084)

DAIRY
General Comments: Dairy markets were lower and trends remained down again in Milk and Cheese. The rally came on news that Fonterra was forecasting higher world prices. Fonterra also told its members that a drought would mean that the payout on its stock would not change much despite higher prices. Futures are trying to complete lows and make more recovery rallies after the big moves lower seen in the last several weeks. Traders want to stay bearish the futures market for a while longer, especially in Cheese and Milk. Traders cite the seasonal increase in milk production coming soon. Export demand is also said to be poor right now.
Overnight News: Fonterra left its payout forecast unchanged between NZ$5.90 and NZ$6.00 as losses in production from dry weather in northern parts of New Zealand go against stronger world prices in general.
Chart Analysis: Trends in Milk are down with objectives of 1660 April. Support is at 1685, 1680, and 1650 April, and resistance is at 1725, 1740, and 1760 April. Trends in Cheese are down with objectives of 167.50 April. Support is at 168.00, 165.00, and 162.00 April, with resistance at 170.00, 172.00, and 173.50 April. Trends in Butter are mixed. Support is at 162.00, 161.00, and 160.00 April, and resistance is at 164.00, 165.00, and 166.00 April. Trends in Whey are mixed. Support is at 5400, 5300, and 5200 April, with resistance at 5650, 5700, and 5800 April.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
MILK, Class III – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 200,000 POUNDS)
CFTC Code #052641 Open Interest is 41,427
: Positions
: 21,921 15,414 66 2,625 276 1,646 297 98 3,407 2,620 10,067
: Changes from: February 19, 2013
: 783 978 -15 59 31 202 -66 14 655 -107 997
: Percent of Open Interest Represented by Each Category of Trader
: 52.9 37.2 0.2 6.3 0.7 4.0 0.7 0.2 8.2 6.3 24.3
: Number of Traders in Each Category Total Traders: 89
: 41 28 . . . 7 . . 18 14 24
————————————————————————————————————–

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
CHEESE (CASH-SETTLED) – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 20,000 POUNDS)
CFTC Code #063642 Open Interest is 7,334
: Positions
: 4,931 2,600 0 276 20 0 0 0 310 2,655 1,359
: Changes from: February 19, 2013
: 580 52 0 0 0 0 0 0 90 533 134
: Percent of Open Interest Represented by Each Category of Trader
: 67.2 35.4 0.0 3.8 0.3 0.0 0.0 0.0 4.2 36.2 18.5
: Number of Traders in Each Category Total Traders: 33
: 17 11 0 . . 0 0 0 4 8 9
————————————————————————————————————–

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 26, 2013
: Reportable Positions
:————————————————————————————————————-
: Producer/Merchant : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading
————————————————————————————————————–
BUTTER (CASH SETTLED) – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 20,000 POUNDS)
CFTC Code #050642 Open Interest is 4,675
: Positions
: 3,440 3,567 85 0 0 0 0 0 214 205 205
: Changes from: February 19, 2013
: 395 242 -7 0 0 0 0 0 -21 26 -12
: Percent of Open Interest Represented by Each Category of Trader
: 73.6 76.3 1.8 0.0 0.0 0.0 0.0 0.0 4.6 4.4 4.4
: Number of Traders in Each Category Total Traders: 23
: 15 10 . 0 0 0 0 0 . . 4
————————————————————————————————————–

Daily Cash Nonfat Dry Milk Trading on Friday, March 1, 2013
(Carload Unit = 42,000-45,000 lbs)
——————————————————————
NONFAT DRY MILK : CLOSE : CHANGE
——————————————————————
EXTRA GRADE : $1.5600 : N.C.
GRADE A : $1.4975 : N.C.
——————————————————————
SALES: NONE
LAST BID UNFILLED: 1 CAR GRADE A @ $1.4500
LAST OFFER UNCOVERED: NONE
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1147C (608) 278-4200

Daily Cash Cheese Trading on Friday, March 1, 2013
(Carload Unit = 40,000-44,000 lbs.)
——————————————————————
CHEESE : CLOSE : CHANGE
——————————————————————
BARRELS : $1.5600 : -.0100
40# BLOCKS : $1.5750 : -.0200
——————————————————————
SALES: 4 CARS BARRELS:
3 @ $1.5700, 1 @ $1.5600
3 CARS 40# BLOCKS:
2 @ $1.5800, 1 @ $1.5775
LAST BID UNFILLED: 2 CARS BARRELS @ $1.5500
LAST OFFER UNCOVERED: 1 CAR BARRELS @ $1.5800
1 CAR 40# BLOCKS @ $1.5750
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1143C (608) 278-4200

Daily Cash Butter Trading on Friday, March 1, 2013
(Carload Unit = 40,000-42,000 lbs)
——————————————————————
BUTTER : CLOSE : CHANGE
——————————————————————
GRADE AA : $1.5750 : .0250
——————————————————————
SALES: NONE
LAST BID UNFILLED: 1 CAR GRADE AA @ $1.5750
LAST OFFER UNCOVERED: NONE
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1150C (608) 278-4200

Midwest Weather Forecast: Moderate to heavy snow and rain for the next couple of days as another Winter storm passes through. Temperatures average near to below normal early in the week and near to above normal later in the week.

FOB Gulf of Mexico of Mexico Basis Levels:
FOB Gulf Basis Levels-Cents per Bushel
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
March 56 March 123 May 65 May 70 March 34 March 100 May
April 74 May 65 May 65 May
May 58 May 65 May 68 May
All basis levels are positive unless noted as negative

Questions? Ask Jack Scoville today at 312-264-4322

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Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented is from sources believed to be reliable and all information is subject to change without notice.