Jack Scoville
About The Author

Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

DJ USDA Report: Summary for U.S. Agriculture Supply, Demand Report
WASHINGTON–The following are key numbers from USDA’s crop report Wednesday
and how the government’s estimates compared to analysts’ forecasts in a
Wall Street Journal survey.
U.S. 2017 Production, Yield (million bushels, bushels per acre)
Wednesday’s
Estimate Average Range USDA June USDA 2016
Corn Production 14,255 14,074 13,595-14,253 14,065 15,148
Soybean Production 4,260 4,241 4,078-4,277 4,255 4,307
Wednesday’s
Estimate Average Range USDA June USDA 2016
Corn Yield 170.7 * 168.9 165.0-170.7 170.7 174.6
Soybean Yield 48.0 ** 47.8 46.0-48.0 48.0 52.1
***
U.S. Stockpiles (million bushels)
2016-17
Wednesday’s
Estimate Average Range USDA June
Corn 2,370 2,336 2,275-2,395 2,295
Soybeans 410 434 382-470 450
Wheat 1,184 1,176 1,142-1,184 1,161
2017-18
Wednesday’s
Estimate Average Range USDA June
Corn 2,325 2,131 1,823-2,444 2,110
Soybeans 460 483 300-588 495
Wheat 938 879 757-957 924
***
World Stockpiles (million metric tons)
2016-17
Wednesday’s
Estimate Average Range USDA June
Corn 227.5 225.7 223.0-228.0 224.6
Soybeans 94.8 93.2 92.5-94.0 93.2
Wheat 258.1 255.2 249.0-257.0 256.4
2017-18
Wednesday’s
Estimate Average Range USDA June
Corn 200.8 195.2 190.0-198.8 194.3
Soybeans 93.5 92.2 90.3-93.0 92.2
Wheat 260.6 256.6 250.0-262.0 261.2
***
2017-18 Wheat Production (million bushels)
Wednesday’s USDA
Estimate Average Range USDA June 2016-17
All Wheat 1,760 1,746 1,634-1,834 1,824 2,310
Winter Wheat 1,279 1,256 1,200-1,281 1,250 1,672
Hard Red Winter 758 747 693-775 743 1,082
Soft Red Winter 306 303 295-332 298 345
White Winter 216 211 199-222 209 245
Other Spring 423 414 305-490 N/A 534
Durum 58 76 64-90 N/A 104
2016-17 Brazil Corn, Soybean Production (million metric tons)
Wednesday’s
Estimate Average Range USDA June
Corn 97.0 97.5 97.0-99.0 97.0
Soybeans 114.0 114.0 113.3-115.0 114.0
2016-17 Argentina Corn, Soybean Production (million metric tons)
Wednesday’s
Estimate Average Range USDA June
Corn 41.0 40.0 39.0-41.0 40.0
Soybeans 57.8 57.7 57.0-58.0 57.8

DJ USDA Supply/Demand: Crop Summary – Jul 12
U.S. ending stocks in million bushels, except soy oil in million pounds,
cotton in million (480 pound) bales and rice in million cwt. Exports and
Production in million metric tons except cotton in million (480 pound)
bales.
Projections based on trends and analysts’ judgments, not survey
date. Source: USDA’s World Agricultural Outlook Board.
======US====== ================WORLD==============
Ending Stocks Exports Production
17-18 16-17 15-16 : 17-18 16-17 15-16 17-18 16-17 15-16
Soybeans 460 410 197 :149.66 145.17 132.39 345.09 351.78 312.87
Brazil na na : 64.00 61.50 54.38 107.00 114.00 96.50
Argentina na na : 8.50 8.00 9.92 57.00 57.80 56.80
China na na : 0.15 0.15 0.11 14.00 12.90 11.79
Soyoil 2,292 2,097 1,687 : 11.99 11.65 11.69 56.34 54.25 51.52
Corn 2,325 2,370 1,737 :152.46 159.74 119.62 1,036.90 1,068.79 968.81
China na na : 0.02 0.03 0.00 215.00 219.55 224.63
Argentina na na : 28.50 27.50 21.64 40.00 41.00 29.00
S. Africa na na : 1.70 2.20 0.84 12.50 16.40 8.21
Cotton(a) 5.30 3.20 3.80 : 36.81 36.56 35.28 115.36 106.54 96.76
All Wheat 938 1,184 976 :178.42 181.64 172.87 737.83 754.31 736.98
China na na : 0.80 0.80 0.73 130.00 128.85 130.19
EU 27 na na : 30.00 27.00 34.69 150.00 145.47 160.48
Canada na na : 22.00 20.00 22.13 28.35 31.70 27.59
Argentina na na : 11.50 11.20 9.60 17.50 17.00 11.30
Australia na na : 19.00 24.00 16.12 23.50 35.11 24.17
Russia na na : 30.50 27.80 25.54 72.00 72.53 61.04
Ukraine na na : 14.00 18.00 17.43 24.00 26.80 27.27
Sorghum 49 53 37 : na na na
Barley 73 108 102 : na na na
Oats 34 52 57 : na na na
Rice 32.6 46.1 46.5 : 43.21 42.63 40.45 483.66 483.81 471.87

DJ CBOT Delivery Intentions: Totals – Jul 13
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL July Jul. 14, 2017 52 Jul 10, 2017
SOYBEAN OIL July Jul. 14, 2017 43 Jun 30, 2017
ROUGH RICE July Jul. 14, 2017 50 Jul 12, 2017
CORN July Jul. 14, 2017 284 Jul 12, 2017
KC HRW WHEAT July Jul. 14, 2017 11 Jul 11, 2017
OATS July Jul. 14, 2017 1 Jun 28, 2017
SOYBEAN July Jul. 14, 2017 88 Jul 12, 2017
WHEAT July Jul. 14, 2017 69 Jul 10, 2017

DJ U.S. Export Sales: Weekly Sales Totals-Jul 13
For the week ended Jul 6, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soy meal and
soy oil Oct 1. Source: USDA
wk’s net chg total
in commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 357.7 0.0 8750.2 8778.5 5546.8 0.0
hrw 148.5 0.0 3040.7 3294.9 1659.2 0.0
srw 24.3 0.0 916.9 827.1 665.4 0.0
hrs 45.1 0.0 2347.4 3019.5 1529.1 0.0
white 138.7 0.0 2242.1 1508.8 1565.5 0.0
durum 1.1 0.0 203.1 128.4 127.5 0.0
corn 161.0 279.7 55763.5 47920.1 7471.6 3301.2
soybeans 228.0 455.0 59954.6 51662.4 6663.4 3970.8
soymeal 3.7 137.0 10006.9 10029.6 1891.6 862.0
soyoil 16.2 0.0 1005.7 1105.0 114.2 6.4
upland cotton 13.0 152.6 14572.9 8916.6 1734.7 4596.5
pima cotton 2.6 2.1 630.9 559.9 60.7 124.9
sorghum 59.6 0.0 4562.7 7849.5 393.7 0.0
barley 0.3 0.0 30.2 10.6 26.3 0.0
rice 4.5 0.0 3688.9 3474.5 463.6 25.0

DJ U.S. Farmers Have a Lot to Gain From China’s Flagging Production
By Lucy Craymer
A string of agricultural overhauls has set up China to import more grains and other commodities, with significant consequences for global markets.
Over the past three years, China has abolished guaranteed minimum prices for cotton, soybeans, corn and sugar, causing domestic production of those staples to drop. Grain production fell in 2016 for the first time in 13 years, and production of sugar and cotton has fallen by more than a quarter in the past three years.
The impact of those declines has been masked by sales from China’s strategic stockpiles. But those will eventually run out, triggering a rise in demand for imports from the world’s second-largest economy. That could be a boon to farmers from Brazil to the U.S. and Thailand.
Growth in domestic production is likely to lag behind demand, said Andrzej Kwiecinski, senior agricultural policy analyst at the Organisation for Economic Co-operation and Development. The country would import more feed grains, then more livestock and, eventually, more fruits and vegetables, as increasing labor costs make China less competitive, he said.
The price supports and stockpiling that China is rolling back were introduced starting in the early 2000s to improve the well-being of its farmers, ensure production of key commodities and provide a degree of food security. The floors were raised annually to stimulate production even when global prices fell. The government added to demand by building strategic stockpiles.
But by 2014, the government was facing challenges. Warehouses and silos were overflowing, and local prices were running well above those prevailing in global markets. Even so, China wasn’t able to meet its domestic needs.
With around a fifth of the world’s population and 10% of the world’s arable land, self-sufficiency in feeding China’s people remains a priority for Beijing, particularly for staples such as rice and wheat. But the country shifted course for other products with an agriculture-policy statement in 2014. It said China needed to make rational use of international agricultural markets and establish stable and reliable trade relations, welcoming more imports.
“‘Moderate imports’ officially forms part of the national food security strategy,” said Zhang Hongzhou, a research fellow at S. Rajaratnam School of International Studies in Singapore, in a 2016 report.
The first price supports to go were for soybeans and cotton on a trial basis in 2014. The impact was immediate. Local futures prices for cotton fell 30% in 2014, and production fell 8% in the 2014-15 planting season. Wholesale soybean prices fell 11%, and production dropped by 1.5% over the next two years as farmers shifted to corn, which still had a price floor.
China’s foreign purchases of soybeans have risen 29% since the country removed the price floor. Global prices for soybeans rose 5% in 2016, as demand remained strong amid a glut in other grains.
Government stockpiling of sugar disappeared in the same season. Domestic prices fell around 9%, causing production to drop by nearly a fifth in the following season. At the same time, the U.S. Department of Agriculture estimates, imports, both legal and illegal, rose 18% to fill the gap.
Last year, the government said it would stop guaranteeing the price of corn. Domestic prices plunged to 44% below their 2015 peak. China’s Ministry of Agriculture forecasts that corn production will fall more than 2.3% for the season ending Sept. 30 and expects it to fall a further 3.6% the following year.
“This cascaded through commodities–first cotton, soybeans and sugar; then rapeseed, now corn,” said Fred Gale, senior economist specializing in China and international trade at the USDA. “China’s efforts to stabilize their domestic markets have spilled over to contribute to volatility in the international market.”
The market effects could grow as China works through its stockpiles and turns to imports to fill the gap. China is sitting on 54% of the world’s cotton stocks, 45% of the world’s corn and 22% of the world’s sugar reserves, the U.S. Department of Agriculture estimates. Analysts think much of that product is deteriorating after years in storage.
Sugar reserves could be quickly depleted given the 4.2 million-ton total shortfall between the country’s production and imports and what China’s Ministry of Agriculture has forecast it will consume this year and next. Corn could take longer because the country’s production and consumption are largely in balance.
China still spends a lot to support its farmers. In 2016, the country plowed $246.9 billion into the agricultural sector, equivalent to 2.2% of gross domestic product, according to the most recent OECD data. That is down from 2.5% in 2015 but remains about four times the average in OECD countries. Much of that goes toward price supports for wheat and rice, but a growing share is going to land consolidation, mechanization, and research and development to improve productivity.
The country could also tap the brakes on imports, as it did with sugar and cotton, or roll back changes that prove too painful. Still, many China watchers think there has been a shift toward accepting more global supply.
“I don’t think it’s actually possible for China to be self-sufficient in the initial range of products they targeted. I think that’s what they’ve acknowledged,” said John Phelan, chief economist at agricultural news and analysis service Agrimoney. “They are just going to have to rely on overseas suppliers for some of these things.”

WHEAT
General Comments: US markets were lower as USDA showed higher than expected HRW and HTS production. USDA might adjust the Spring Wheat production lower in coming reports, but seems to be finding better production of HRW than the market expected after the terrible Spring in HTW areas. Spring Wheat crops continue to deteriorate as the weather in the northern Great Plains remains extreme. This will be a big problem here this year, and maybe in Canada as well as crop conditions there are less than perfect. The crop conditions should deteriorate more as the weather in the Great Plains should stay hot and dry. The hot and dry weather extends into Canada and could be hurting yield potential there as well. Canada has less area planted to Spring Wheat this year, and some of these crops have been hurt by warm and dry weather as well. The Winter Wheat harvest continues and there is talk of mixed yields and quality.
Overnight News: The southern Great Plains should get dry weather. Temperatures should be above normal. Northern areas should get mostly dry weather. Temperatures should be above normal. The Canadian Prairies should see mostly dry weather in the west and scattered showers in the east. Temperatures will average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 530, 526, and 520 September, with resistance at 541, 546, and 559 September. Trends in Kansas City are mixed. Support is at 537, 535, and 529 September, with resistance at 552, 565, and 569 September. Trends in Minneapolis are mixed. Support is at 774, 755, and 738 September, and resistance is at 801, 825, and 838 September.

RICE
General Comments: Rice closed lower in reaction to the USDA reports. The reports were most negative for long grain as USDA expects less demand. Both export and domestic demand are expected weaker this marketing year and next. World data was also negative as production in India and Thailand was increased in response to better rains in both countries. The reports were disappointing but USDA will begin field surveys of the crops soon and the production data is very subject to change as the yield estimate still appears to be too high. Planted and harvested area estimates also appear high. The condition report this week showed improved condition, and producers are hoping for further improvement this week. Futures remain supported overall by the prospect of much reduced production of Rice in the US this year. Demand remains strong as the weekly export sales report showed very good demand for rough and milled long grain Rice, primarily to Latin America. The US weather that remains very uneven. The southern and Delta growing areas should get somewhat better weather this week as forecasts call for warmer and drier weather.
Overnight News: The Delta should get dry weather this week and scattered showers this weekend. Temperatures should average near to below normal.
Chart Analysis: Trends are mixed. Support is at 1177, 1173, and 1168 September, with resistance at 1193, 1210, and 1217 September.

CORN AND OATS
General Comments: Corn was lower initially in reaction to the USDA exports that showed higher than expected ending stocks for this year and next year. USDA cut Feed demand for this year to account for the higher than expected stocks levels seen in the quarterly reports last month. It made no yield changes   for next year, but did adjust for the higher than expected planted area seen in the reports at the end of last month. Further selling was seen when longer range weather forecasts called for improved weather in ten to fourteen days. This weather forecast called for better rains in central and Eastern areas of the Midwest. There is more Corn to be moved before harvest of the next crop. The crop remains highly variable and in various stages of development. Pollination and maturation will be long and drawn out affairs. Crops are also suffering in the Great Plains, where it has been dry and very hot.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 385, 382, and 380 September, and resistance is at 391, 395, and 397 September. Trends in Oats are mixed to up with objectives of 301, 318, and 324 September. Support is at 277, 269, and 267 September, and resistance is at 284, 294, and 301 September.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and products were lower in reaction to the USDA reports and on forecasts for better weather in ten to fourteen days. USDA increased export demand for the current crop year after not doing anything last month. The move cut end in stocks. It made no yield adjustments for the coming year, but did cut demand ideas to show higher ending stocks estimates. Forcasts for rains in central and Eastern parts of the Corn Belt in ten to fourteen days added to selling. Overall, though, Soybeans held Support areas and closed off the lows. It was the best performer in the room yesterday. Some Brazil selling has been seen this week as producers and merchants have taken advantage of higher prices. More selling from South America should be seen on rallies.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1044 August. Support is at 1008, 1003, and 997 August, and resistance is at 1032, 1038, and 1042 August. Trends in Soybean Meal are mixed to up with no objectives. Support is at 332.00, 331.00, and 326.00 August, and resistance is at 341.00, 345.00, and 348.00 August. Trends in Soybean Oil are mixed. Support is at 3310, 3260, and 3240 August, with resistance at 3390, 3420, and 3510 August.

CANOLA AND PALM OIL
General Comments: Canola was lower yesterday on selling tied to strength in the Canadian Dollar and weakness in Chicago. The Canadian central bank said it would raise interest rates and this pushed the Canadian Dollar higher.. Current forecasts call for hot and dry weather to continue in the western Prairies this week, although some rains have been seen in western areas this week. Ideas are that crop conditions are mostly good, although the condition seems to vary by local regions, with some areas too dry and some areas too wet and not many areas in between. Reports of tight supplies and limited offers in the cash market provided the best reasons to buy. Commercials are good buyers and farmers are not really selling. Palm Oil was a little lower as the narrative of bigger production against less demand returned. Weakness in Chicago and Dalian was cited as a reason for some selling as well. Export demand is tailing off as Ramadan is ending. However, MPOB showed that production has not been as strong as expected. Futures are showing that a short term bottom might have been completed last week.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 506.00, 503.00, and 500.00 November, with resistance at 517.00, 522.00, and 535.00 November. Trends in Palm Oil are mixed to up with objectives of 2660 September. Support is at 2530, 2510, and 2500 September, with resistance at 2610, 2630, and 2650 September.

MPOB Report:
Observation period : Jun
Frequency : Monthly
Release date : Monday, 10 Jul
Forecast as follows:
Production – 1.62 mil tonnes, Down 2.1%
Exports – 1.38 mil tonnes, Down 8.2%
Ending Stocks – 1.56 mil tonnes, Up 0.2%
Actual as follows:
Production – 1.51 mil tonnes, Down 8.5%
Exports – 1.38 mil tonnes, Down 8.4%
Ending Stocks – 1.53 mil tonnes, Down 1.9%
Prior reading as follows:
Production – 1.66 mil tonnes, Up 6.9%
Exports – 1.51 mil tonnes, Up 17.3%
Ending Stocks – 1.56 mil tonnes, Down 2.6%

Midwest Weather Forecast: Mostly dry or isolated showers and storms in the west, frequent periods of precipitation in the east through the weekend. Temperatures should average near to above normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
June 17-Sep 150 Sep 37 Sep 24-Aug minus 2 Aug
July 20-Sep 42 Sep 32 Aug
August 21-Sep 50 Sep 27-Sep
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paraguay Paraguay Paraguay Paraguay
July
August minus 39 Aug 21-Sep
September minus 33 Sep 22-Sep
All basis levels are positive unless noted as negative

DJ ICE Canada Cash Grain Close – Jul 12
WINNIPEG–The following are the closing cash grain prices from
ICE Futures Canada.
Values are based on the commodity being delivered at Thunder
Bay, Ontario, unless otherwise noted.
Source: ICE Futures Canada
Price Change
CANOLA
*Par Region 537.20 dn 13.20
Basis: Thunder Bay
1 Can 519.00 dn 13.20
2 Can 506.00 dn 13.20
Basis: Vancouver
1 Can 539.00 dn 13.20
2 Can 526.00 dn 13.20
FEED WHEAT
Lethbridge 215.00 unchanged
Can Feed 220.00 unchanged
WESTERN BARLEY
Lethbridge 210.00 unchanged
All prices in Canadian dollars per metric ton.
*Quote for previous day
Source: Commodity News Service Canada (cnscanada@shaw.ca, or
204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – July 13
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, supplied by commodity broker Matthes & Porton Bhd.
Prices are quoted in U.S. dollars a metric ton, except for crude palm oil and palm kernel oil, which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul, a Malaysian measurement equivalent to 60 kilograms.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 667.50 -02.50 Unquoted – –
Aug 650.00 -02.50 Unquoted – –
Sep 630.00 -05.00 Unquoted – –
Oct/Nov/Dec 617.50 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Jul 672.50 -02.50 Unquoted – –
Aug 655.00 -02.50 Unquoted – –
Sep 635.00 -05.00 Unquoted – –
Oct/Nov/Dec 622.50 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 617.50 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 617.50 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 2,670 -20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 256.00 -02.00 Unquoted – –
($1=MYR 4.2900)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 13
Soybean No. 1
Turnover: 193,414 lots, or 7.55 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-17 – – – 3,778 3,778 3,778 0 0 4
Sep-17 3,912 3,924 3,882 3,892 3,909 3,900 -9 155,072 174,112
Nov-17 – – – 3,929 3,929 3,929 0 0 4
Jan-18 3,900 3,922 3,888 3,897 3,911 3,902 -9 37,616 82,368
Mar-18 3,954 3,954 3,908 3,908 3,916 3,933 17 10 12
May-18 3,936 3,955 3,929 3,931 3,945 3,935 -10 708 1,600
Jul-18 – – – 3,914 3,923 3,914 -9 0 0
Sep-18 3,988 3,988 3,956 3,959 3,975 3,964 -11 8 86
Nov-18 – – – 3,917 3,917 3,917 0 0 4
Corn
Turnover: 874,230 lots, or 14.69 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-17 – – – 1,630 1,630 1,630 0 0 0
Sep-17 1,678 1,678 1,660 1,664 1,682 1,668 -14 655,580 1,434,702
Nov-17 1,698 1,698 1,683 1,690 1,702 1,690 -12 126 1,482
Jan-18 1,720 1,722 1,710 1,712 1,728 1,715 -13 210,028 813,296
Mar-18 1,730 1,730 1,722 1,722 1,732 1,725 -7 20 1,278
May-18 1,770 1,773 1,763 1,764 1,777 1,767 -10 8,476 49,032
Soymeal
Turnover: 2,286,018 lots, or 65.83 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-17 2,820 2,855 2,820 2,850 2,822 2,842 20 844 248
Aug-17 2,948 2,967 2,898 2,900 2,949 2,913 -36 252 474
Sep-17 2,909 2,926 2,842 2,849 2,917 2,873 -44 1,543,238 1,608,410
Nov-17 2,915 2,915 2,854 2,854 2,911 2,872 -39 40 260
Dec-17 2,862 2,874 2,856 2,874 2,929 2,861 -68 18 662
Jan-18 2,940 2,955 2,862 2,876 2,948 2,898 -50 686,248 1,098,158
Mar-18 2,868 2,877 2,814 2,821 2,875 2,831 -44 54 416
May-18 2,865 2,880 2,796 2,808 2,870 2,826 -44 55,324 160,266
Palm Oil
Turnover: 482,102 lots, or 26.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-17 – – – 5,568 5,568 5,568 0 0 0
Aug-17 – – – 5,420 5,420 5,420 0 0 2
Sep-17 5,492 5,508 5,432 5,456 5,496 5,466 -30 328,806 368,656
Oct-17 – – – 5,368 5,396 5,368 -28 0 4
Nov-17 – – – 5,292 5,320 5,292 -28 0 30
Dec-17 – – – 5,314 5,342 5,314 -28 0 2
Jan-18 5,290 5,314 5,242 5,266 5,302 5,276 -26 149,450 461,800
Feb-18 5,292 5,292 5,292 5,292 5,396 5,292 -104 4 10
Mar-18 – – – 5,240 5,342 5,240 -102 0 4
Apr-18 – – – 5,456 5,456 5,456 0 0 14
May-18 5,436 5,444 5,378 5,402 5,436 5,406 -30 3,838 29,652
Jun-18 5,560 5,560 5,528 5,528 5,568 5,544 -24 4 16
Soybean Oil
Turnover: 484,128 lots, or 29.84 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-17 6,062 6,062 6,062 6,062 6,080 6,062 -18 2 4
Aug-17 6,050 6,050 6,050 6,050 6,068 6,050 -18 2 54
Sep-17 6,134 6,160 6,070 6,100 6,150 6,110 -40 319,246 607,766
Nov-17 – – – 6,200 6,200 6,200 0 0 14
Dec-17 – – – 6,152 6,192 6,152 -40 0 4
Jan-18 6,288 6,312 6,222 6,246 6,300 6,264 -36 159,480 429,784
Mar-18 6,250 6,264 6,178 6,264 6,312 6,230 -82 6 4
May-18 6,362 6,370 6,300 6,316 6,362 6,330 -32 5,392 19,116
Notes:
1) Unit is Chinese yuan a metric ton;
2) Ch. is day’s settlement minus previous settlement;
3) Volume and open interest are in lots;
4) One lot is equivalent to 10 metric tons.
Questions? Ask Jack Scoville today at 312-264-4322

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