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 Survey: 2018 U.S. Grain, Soybean Planting
CHICAGO–The following are analysts’ estimates, in millions of acres, for U.S. grain and soybean planting, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated tables at noon ET on Thursday.
U.S. Grain, Soybean Planting (million acres)
Average Range USDA 2017
Corn 89.348 88.4-91.0 90.167
Soybeans 90.919 89.9-92.1 90.142
All Wheat 46.481 45.7-47.2 46.012
Winter Wheat 32.563 32.2-32.7 32.696
Spring Wheat 11.550 10.9-12.0 11.009
Durum Wheat 2.413 2.2-2.7 2.307
Winter Spring Durum
Corn Soybeans Wheat Wheat Wheat Wheat
Advanced Market 89.2 91.0 46.7 32.6 11.6 2.5
Agrisource 89.1 91.8 45.7
Agrivisor 88.7 90.5 46.4 32.7 11.4 2.3
Allendale 88.5 92.1 46.9 32.6 11.9 2.4
DC Analysis 89.8 89.9 46.4 32.6 11.5 2.3
Doane 88.4 90.9 46.5 32.5 11.8 2.2
EDFMan Capital 89.0 91.5 46.0 32.7 10.9 2.4
Farm Futures 90.0 91.5 46.2 32.3 11.7 2.3
Futures INTL 90.0 90.3 46.4 32.6 11.4 2.4
Hueber Report 89.5 91.2 46.4
INTL FCStone 88.9 92.0 46.1 32.4 11.3 2.4
Sid Love Consulting 89.2 91.0 46.3 32.7 11.3 2.4
MaxYield 90.0 90.0 46.5
Northstar 89.3 89.9 47.2 32.7 11.5 2.7
Prime-Ag 89.0 91.0 46.5
Price Group 88.6 91.1 46.7 32.6 11.7 2.5
RJ O’Brien 89.0 91.5 46.6 32.7 11.5 2.4
US Commodities 89.8 90.7 46.6
Vantage RM 89.8 90.7 46.3 32.2 11.6 2.5
Western Milling 89.5 90.5 47.0 32.5 12.0 2.5
Zaner Ag Hedge 91.0 90.2 46.7 32.6 11.7 2.4

DJ Survey: Mar. 1 Quarterly Grain, Soybean Stockpiles Estimates
CHICAGO–The following are analysts’ estimates in millions of bushels for March 1 quarterly U.S. grain and soybean stockpiles, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated tables at noon ET on Thursday.
U.S. Stockpiles on March 1, 2018 (million bushels)
USDA USDA
Average Range 17-Mar Dec. 2017
Corn 8,713 8,500-8,881 8,622 12,516
Soybeans 2,042 1,870-2,110 1,739 3,157
Wheat 1,486 1,450-1,620 1,659 1,874
Corn Soybeans Wheat
Advanced Market 8,725 2,042 1,473
Agrivisor 8,695 2,095 1,485
Allendale 8,743 2,099 1,488
DC Analysis 8,744 2,063 1,480
Doane 8,790 2,062 1,465
EDFMan Capital 8,600 1,875 1,550
Farm Futures 8,787 2,057 1,476
Futures INTL 8,701 2,070 1,457
INTL FCStone 8,612 2,087 1,469
Sid Love Consulti 8,664 2,016 1,465
MaxYield 8,500 1,870 1,450
Northstar 8,780 2,040 1,465
Prime-Ag 8,800 2,050 1,500
Price Group 8,755 2,110 1,510
RJ O’Brien 8,681 2,064 1,472
US Commodities 8,722 2,032 1,620
Vantage RM 8,625 1,995 1,474
Western Milling 8,737 2,106 1,485
Zaner Ag Hedge 8,881 2,061 1,450

WHEAT
General Comments Wheat markets were lower again yesterday on new forecasts for at least some precipitation in the driest areas of the Great Plains. Some precipitation was seen in the western Great Plains yesterday. Some Winter Wheat states issued crop progress and condition reports Monday, and the crop condition remains generally very bad in the Great Plains and generally good in the Midwest. Demand is still a problem for this market as the weekly export sales reports have been bad for many weeks. The export sales report was stronger last week and there are hopes for improved sales for now as the US Dollar and lower futures have made US Wheat more competitive in the world market. The demand needed to justify the ending stocks estimates from USDA is just not appearing, and there is some talk now that USDA will be forced to increase ending stocks estimates for the current crop in the next couple of monthly reports.
Overnight News: The southern Great Plains should get mostly dry weather. Temperatures should be above normal. Northern areas should see light precipitation on Friday and early next week, otherwise mostly dry weather. Temperatures should be near to below normal. The Canadian Prairies should see mostly dry weather or some light precipitation. Temperatures should average mostly above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 447, 446, and 440 May, with resistance at 461, 464, and 465 May. Trends in Kansas City are mixed. Support is at 463, 458, and 456 May, with resistance at 481, 483, and 485 May. Trends in Minneapolis are mixed. Support is at 587, 583, and 576 May, and resistance is at 605, 608, and 613 May.

RICE:
General Comments: Rice was a little lower in quiet trading. Indications are that producers are more willing to plant other crops instead of Rice, and early ideas of a significant increase in planted Rice área have gone away. The market now expects no more than an increase of 15% in planted área.. Traders are hoping for strong export demand to continue, but the limited supplies alone should beenough to keep the market supported. Any move lower might not last long and go very deep as the fundamental situation still remains bullish in the eyes of most analysts. The US cash market bids remain generally strong amid tight supplies Reports indicate that there is a limited amount of Rice still owned by farmers, so commercials are raising bids to try to buy what is left. USDA will issue its latest quarterly stocks and planted área reports on Thursday. Price Group expects planted área of 2.63 million acres and stocks near 80 million hundredweight.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be variable.
Chart Analysis: Trends are mixed. Support is at 1238, 1233, and 1219 May, with resistance at 1250, 1254, and 1260 May.

CORN AND OATS
General Comments: Corn closed lower yesterday in quiet trading. The market is looking for demand and has not seen any in the daily sales announcements for at least a week. Corn is a demand market with reasons to move higher over time, but the market is also working through big supplies still located in the US. Ethanol and export demand remain very strong. Brazil is not offering Corn and appears to be sold out, while Argentina is struggling with dry weather problems of its own that are being caused by La Nina. Brazil has been too wet in central and northern areas to get the Safrinha Corn planted well. The marklet focus is on Thursday and the planting intentions reports along with the quarterly stocks reports. Traders expect planted área to be reduced for Corn due to costs of production and the lower prices that were seen until recently. The quarterly stocks will show the domestic demand and expecially the feed demand that has been a big question for the trade as no one knows for sure how strong feed demand has been in recent months. Price Group expects planted área near 88.55 million acres for Corn and 3.15 million acres for Oats. Barley área could be about 2.81 million acres, and Sorghum área should be near 6.15 million acres. Corn stocks should be about 8.755 billion bushels.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 372, 370, and 367 May, and resistance is at 378, 381, and 382 May. Trends in Oats are down with no objectives. Support is at 223, 220, and 217 May, and resistance is at 232, 234, and 238 May.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal were a little lower again yesterday and Soybean Oil was a Little higher. It is still a weather market that is making for improved demand. Argentina is dry again. and forecasts no see the country staying dry. Some demand is shifting to the US as Argentine cash market offers are very high priced and Brazil ports are operating at or near capacity already. Strong domestic demand has helped support Soybeans and Soybean Meal. USDA will issue its prospective plantings and quarterly stocks reports on Thursday. Price Group expects Soybeans planted área near 91.05 million acres and stocks near 2.110 billion bushels.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1016, 1013, and 1009 May, and resistance is at 1034, 1037, and 1041 May. Trends in Soybean Meal are mixed to up with objectives of 409.00 and 419.00 May. Support is at 369.00, 363.00, and 361.00 May, and resistance is at 380.00, 386.00, and 387.00 May. Trends in Soybean Oil are mixed to down with objectives of 3120 and 3020 May. Support is at 3130, 3100, and 3070 May, with resistance at 3200, 3250, and 3300 May.

CANOLA AND PALM OIL
General Comments: Canola was higher on speculative buying, but futures could not penetrate recent highs. Weakness in world vegetable oils markets hurt Canola. The Canadian Dollar has turned firmer, but export sales have been active in the last couple of weeks on the move down in the Canadian Dollar. Charts show that trends are mixed. The market is watching Brazil and Argentina and vegetable oils markets worldwide. It is also watching the US-China trade dispute and the trade is wondering if Canola demand might improve as a result of any problems between the US and China. Farmers are selling in moderate amounts. Palm Oil was a little lower. The market thinks it has plenty of Palm Oil for any demand. China reported solid Palm Oil imports for February in data released overnight. Production is seasonally lower to help ending stocks ideas. The market tested support and the support held for now.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 521.00, 517.00, and 515.00 May, with resistance at 525.00, 526.00, and 531.00 May. Trends in Palm Oil are mixed. Support is at 2410, 2400, and 2370 June, with resistance at 2460, 2470, and 2490 June.

Midwest Weather Forecast: Drier weather likely, but still chances for more precipitation late this week or over the weekend, Temnperatures mostly below normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
March 42 May 160 May 70 May 29-May 15-May
April 46 May 60 May 32 May
May 50 May 65 May 45 May
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paranagua Paranagua Paranagua Paranagua
April 105 May minus 4 May
May 105 May minus 4 May
June 108 July minus 8 July
All basis levels are positive unless noted as negative

DJ ICE Canada Cash Grain Close – Mar 27
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 505.70 up 2.10
Basis: Thunder Bay
1 Can 537.90 up 0.20
2 Can 524.90 up 0.20
Basis: Vancouver
1 Can 557.90 up 0.20
2 Can 544.90 up 0.20
FEED WHEAT
Lethbridge 240.00 unchanged
WESTERN BARLEY
Lethbridge 240.00 242.00 up 2.00
All prices in Canadian dollars per metric ton.
*Quote for previous day
Source: Commodity News Service Canada (cnscanda@shaw.ca, 204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – March 28
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, 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
Apr 655.00 00.00 Unquoted – –
May/Jun 655.00 00.00 Unquoted – –
Jul/Aug/Sep 652.50 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Apr 655.00 00.00 Unquoted – –
May/Jun 655.00 00.00 Unquoted – –
Jul/Aug/Sep 652.50 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 660.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 592.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 2,440 -05.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 236 -3.00 Unquoted – –
($1=MYR 3.8600)

DJ China Dalian Grain Futures Closing Prices, Volume – Mar 28
Soybean No. 1
Turnover: 161,122 lots, or 6.05 billion yuan

Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-18 3,755 3,759 3,723 3,738 3,745 3,738 -7 117,304 134,888
Jul-18 – – – 3,787 3,787 3,787 0 0 4
Sep-18 3,818 3,818 3,770 3,805 3,818 3,798 -20 43,126 86,068
Nov-18 3,791 3,862 3,791 3,797 3,798 3,816 18 6 4
Jan-19 3,863 3,872 3,833 3,866 3,884 3,855 -29 658 3,610
Mar-19 – – – 3,865 3,865 3,865 0 0 4
May-19 3,903 3,945 3,903 3,917 3,942 3,925 -17 22 148
Jul-19 – – – 3,923 3,923 3,923 0 0 2
Sep-19 3,996 3,996 3,980 3,980 3,968 3,990 22 6 26
Corn
Turnover: 584,598 lots, or 10.26 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-18 1,782 1,794 1,782 1,792 1,789 1,789 0 106,312 325,652
Jul-18 1,745 1,755 1,727 1,749 1,752 1,748 -4 238,480 482,558
Sep-18 1,745 1,751 1,740 1,746 1,750 1,745 -5 229,114 892,542
Nov-18 1,757 1,765 1,757 1,764 1,764 1,762 -2 408 784
Jan-19 1,768 1,777 1,766 1,775 1,774 1,771 -3 9,974 103,090
Mar-19 1,781 1,785 1,779 1,785 1,782 1,782 0 310 1,466
Soymeal
Turnover: 2,074,366 lots, or 63.42 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-18 3,072 3,085 3,048 3,052 3,071 3,063 -8 332,226 788,760
Jul-18 3,067 3,088 3,057 3,060 3,080 3,073 -7 224,780 274,978
Aug-18 3,057 3,082 3,054 3,054 3,077 3,066 -11 30 412
Sep-18 3,061 3,077 3,035 3,044 3,061 3,055 -6 1,460,166 2,422,690
Nov-18 3,035 3,053 3,022 3,029 3,040 3,039 -1 414 1,136
Dec-18 3,022 3,022 3,005 3,005 3,025 3,008 -17 16 102
Jan-19 3,003 3,020 2,978 2,987 3,003 2,998 -5 56,012 314,252
Mar-19 2,985 3,006 2,965 2,966 2,995 2,981 -14 722 1,070
Palm Oil
Turnover: 277,442 lots, or 14.08 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-18 5,000 5,008 4,998 5,008 5,110 5,002 -108 10 4
May-18 5,090 5,090 5,052 5,072 5,092 5,070 -22 68,432 196,200
Jun-18 5,100 5,100 5,100 5,100 5,208 5,100 -108 2 4
Jul-18 – – – 5,190 5,190 5,190 0 0 0
Aug-18 5,130 5,130 5,072 5,072 5,146 5,100 -46 4 2
Sep-18 5,086 5,094 5,054 5,078 5,090 5,078 -12 206,032 393,680
Oct-18 – – – 5,102 5,102 5,102 0 0 4
Nov-18 5,164 5,166 5,164 5,166 5,200 5,164 -36 6 18
Dec-18 – – – 5,200 5,236 5,200 -36 0 0
Jan-19 5,090 5,100 5,068 5,090 5,090 5,086 -4 2,950 45,008
Feb-19 5,236 5,236 5,160 5,162 5,082 5,186 104 6 4
Mar-19 – – – 5,158 5,158 5,158 0 0 0
Soybean Oil
Turnover: 388,784 lots, or 22.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-18 5,640 5,646 5,606 5,628 5,664 5,628 -36 91,950 331,300
Jul-18 5,712 5,744 5,712 5,744 5,766 5,732 -34 6 66
Aug-18 – – – 5,782 5,782 5,782 0 0 12
Sep-18 5,800 5,816 5,772 5,792 5,840 5,796 -44 290,836 609,578
Nov-18 – – – 5,920 5,964 5,920 -44 0 26
Dec-18 – – – 6,058 6,058 6,058 0 0 4
Jan-19 5,940 5,962 5,922 5,936 5,986 5,940 -46 5,992 46,834
Mar-19 – – – 5,996 5,998 5,996 -2 0 0
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.

Thanks,

Jack Scoville

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

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A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA

Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.

The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2018

Questions? Ask Jack Scoville today at 312-264-4322         A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2018