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 U.S. April Grain, Soybean Stockpiles Estimates — Survey
CHICAGO–The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2017-18, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Tuesday at noon ET.
U.S. 2017-18 Stockpiles (millions)
Average Range USDA March USDA 2016-2017
Corn 2,192 2,050-2,265 2,127 2,293
Soybeans 570 520-609 555 302
Wheat 1,040 1,010-1,080 1,034 1181
2017-18
Corn Soybeans Wheat
Advanced Market 2,187 575 1,050
AgriSource 2,200 575 1,034
Agrivisor 2,202 560 1,034
Allendale 2,184 575 1,060
DC Analysis 2,177 520 1,034
Doane 2,222 550 1,063
EDFMan Capital 2,177 580 1,059
Farm Futures 2,119 582 1,033
Futures INTL 2,167 560 1,051
Hueber Report 2,175 570 1,025
INTL FCStone 2,265 609 1,060
North Star 2,167 580 1,025
Sid Love Consulting 2,227 565 1,034
MaxYield 2,240 585 1,010
Price Group 2,177 555 1,034
Prime Ag 2,227 605 1,034
RJ O’Brien 2,247 573 1,080
RMC 2,200 575 1,030
Turner’s Take Ag Ma 2,050 525 1,020
US Commodities 2,197 550 1,039
Vantage RM 2,250 570 1,039
Western Milling 2,203 587 1,040
Zaner Ag Hedge 2,152 588 1,021

DJ April World Grain, Soybean Stockpiles Estimates — Survey
CHICAGO–The following are analysts’ estimates in millions of metric tons for world grain and soybean ending stockpiles for 2017-18, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Tuesday at noon ET.
World 2017-18 Stockpiles (million metric tons)
Average Range USDA March USDA 2016-17
Corn 197.0 191.5-202.0 199.2 231.9
Soybeans 92.9 91.0-96.0 94.4 96.7
Wheat 268.4 266.5-270.0 268.9 252.6
2017-18
Corn Soybeans Wheat
Advanced Market 202.0 92.5 268.0
Agrivisor 198.5 93.5 268.5
Allendale 199.9 92.4 269.1
Doane 195.0 94.0 270.0
EDFMan Capital 201.0 92.0 270.0
Farm Futures 199.0 93.0 269.2
Futures INTL 195.7 92.0 269.2
Hueber Report 195.0 93.4 267.5
INTL FCStone 191.5 91.5 266.8
MaxYield 194.0 91.4 266.5
Northstar 194.0 91.0 268.0
Prime-Ag 202.0 96.0 269.0
RMC 198.8 94.1 267.6
Turner’s Take A 195.0 91.0 268.0
US Commodities 198.0 93.0 268.5
Western Milling 193.0 93.0 270.0
Zaner Ag Hedge 197.4 95.3 266.7

DJ April Brazil, Argentina Corn, Soybean Production Estimates – Survey
CHICAGO–The following are analysts’ estimates in millions of metric tons for Brazil and Argentina corn and soybean production for 2017-18, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release its monthly estimates on Tuesday at noon ET.
Brazil Corn, Soybean Production (million metric tons)
Average Range USDA March USDA 2016-17
Corn 92.2 86.5-96.0 94.5 98.5
Soybeans 115.6 113.3-118.0 113.0 114.1
Corn Soybeans
Advanced Market 94.5 114.5
Agrivisor 94.5 115.0
Allendale 93.0 116.0
DC Analysis 89.0 118.0
Doane 90.0 117.0
EDF Man Capital 93.0 115.0
Farm Futures 94.0 117.0
Futures INTL 92.5 115.0
Hueber Report 92.5 114.0
INTL FCStone 86.5 115.9
MaxYield 92.0 116.0
North Star 93.0 116.0
Price Group 90.0 116.0
Prime Ag 96.0 115.0
RMC 94.5 113.3
Sid Love Consulti 95.0 114.0
Turner’s Take Ag 92.0 115.0
US Commodities 91.0 116.0
Western Milling 89.0 117.0
Zaner Ag Hedge 92.0 116.0
Argentina Corn, Soybean Production (million metric tons)
Average Range USDA March USDA 2016-17
Corn 33.5 31.0-36.0 36.0 41.0
Soybeans 42.3 39.0-45.0 47.0 57.8
Corn Soybeans
Advanced Market 33.0 43.0
Agrivisor 33.0 43.0
Allendale 36.0 42.5
DC Analysis 32.0 39.0
Doane 34.0 41.0
EDF Man Capital 35.0 45.0
Farm Futures 33.9 42.2
Futures INTL 32.0 42.0
Hueber Report 34.0 44.0
INTL FCStone 33.0 42.0
MaxYield 34.0 43.0
North Star 33.0 42.0
Price Group 32.0 41.0
Prime Ag 33.0 45.0
RMC 35.0 40.5
Sid Love Consulti 34.0 42.0
Turner’s Take Ag 34.0 42.0
US Commodities 34.0 43.0
Western Milling 31.0 39.0
Zaner Ag Hedge 35.0 44.0

DJ Trade Negotiators Want To Reach Nafta Agreement In Early May – Mexico’s Guajardo
By Santiago Pérez
MEXICO CITY — Trade negotiators from the U.S., Canada and Mexico are looking to agree on a revamp of the North American Free Trade Agreement in early May, Mexico’s Economy Minister Ildefonso Guajardo said Monday.
“There’s a very high probability of reaching an agreement in principle, an 80% chance,” Mr. Guajardo said in an interview on the televised network.
U.S. negotiators have accelerated negotiations and want to reach a deal in principle that they can present to the U.S. Congress under the existing trade promotion authority.
Mr. Guajardo, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Minister Chrystia Freeland met in Washington last week seeking to step up negotiations and clear roadblocks on the most controversial issues, such as rules of origin for cars and light trucks manufactured in North America.
Mr. Guajardo said there were no conditions to reach an agreement in principle at that meeting, but that trade teams agreed to be in “permanent talks” instead of having a formal eighth round of negotiations. “The teams are in Washington,” he said.
The official confirmed that negotiators are discussing a proposal from the U.S. that calls for certain vehicle parts to be made in zones where wages average at least $15 an hour, which excludes Mexico, as part of the content calculation.
“The proposal would be aspirational, unreachable for Mexico in the short-term,” because the country doesn’t have such wage levels, he said. But the U.S. government first needs to reach an agreement with its own car manufacturers on such a plan.
“The devil is in the details,” Mr. Guajardo added. With U.S. eagerness to reach a deal soon, “when there’s urgency, there must be flexibility,” he said.
The Nafta countries originally set January 2018 as the goal for concluding Nafta talks, then pushed the deadline to March 31.

WHEAT
General Comments Wheat markets were higher as weather returned as a dominant factor in the market. Forecasts still call for dry weather in Texas and Oklahoma and it is dry again in Kansas. There is no real relief in sight as temperatures finally turn warmer in the eastern two-thirds of the US. USDA showed generally poor crop ratings in its initial crop progress and condition reports last week, and the crop seems to be regressing. New crop ratings will be released by USDA on Monday afternoon and no improvement is expected. The weekly export sales report was poor, and cumulative sales and shipments remain behind the pace needed to make USDA targets. USDA will issue its monthly supply and demand reports on Tuesday, and an uptick in ending stocks estimates is possible due to the poor export demand until now. The daily charts for all three markets show stability in prices, and the charts for HRW are showing potential for up trends. The weekly charts still show weakness, but the markets seem to be cheap enough due to the ongoing weather problems in the Great Plains. Minneapolis is also starting to turn to at least sideways trends as the weather remains very cold in Canada and the northern Great Plains. Farmers want to start on fieldwork, but the cold temperatures have made that an impossible task. The Canadian Prairies and northern Great Plains look to stay cold this week and snow is possible early in the week.
Overnight News: The southern Great Plains should get mostly dry weather. Temperatures should be above normal. Northern areas should see Snow and rain early and late this week. 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 up with objectives of 482, 487, and 503 May. Support is at 464, 461, and 452 May, with resistance at 479, 483, and 485 May. Trends in Kansas City are up with objectives of 534 and 587 May. Support is at 499, 495, and 493 May, with resistance at 513, 517, and 530 May. Trends in Minneapolis are up with objectives of 610 May. Support is at 595, 591, and 583 May, and resistance is at 608, 613, and 618 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 03, 2018
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-SRW – CHICAGO BOARD OF TRADE
CFTC Code #001602 Open Interest is 629,801
: Positions :
: 88,949 163,496 209,573 114,153 161,154 180,359 50,357 593,035 584,580: 36,766 45,221
: Changes from: March 27, 2018 (Change in open interest: 6,162) :
: -1,401 -2,044 5,607 5,164 1,344 -5,563 1,087 3,807 5,994: 2,355 168
: Percent of Open Interest Represented by Each Category of Trader :
: 14.1 26.0 33.3 18.1 25.6 28.6 8.0 94.2 92.8: 5.8 7.2
: Total Traders: 443 Number of Traders in Each Category :
: 116 137 157 107 116 31 21 351 356:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 03, 2018
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-HRW – CHICAGO BOARD OF TRADE
CFTC Code #001612 Open Interest is 315,769
: Positions :
: 58,721 42,574 79,096 76,857 142,641 76,584 25,129 291,257 289,440: 24,512 26,328
: Changes from: March 27, 2018 (Change in open interest: 11,562) :
: 514 3,134 5,832 4,783 2,288 -444 1,136 10,685 12,389: 877 -827
: Percent of Open Interest Represented by Each Category of Trader :
: 18.6 13.5 25.0 24.3 45.2 24.3 8.0 92.2 91.7: 7.8 8.3
: Total Traders: 276 Number of Traders in Each Category :
: 90 52 84 70 86 23 12 224 205:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 3, 2018
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
WHEAT-HRSpring – MINNEAPOLIS GRAIN EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 66,360 :
: Positions :
: 31,034 33,336 3,249 0 1,323 6,697 9,466 643 7,764 3,598 2,833 :
: Changes from: March 27, 2018 :
: 2,216 273 -254 0 39 -15 952 -523 809 273 357 :
: Percent of Open Interest Represented by Each Category of Trader :
: 46.8 50.2 4.9 0.0 2.0 10.1 14.3 1.0 11.7 5.4 4.3 :
: Number of Traders in Each Category Total Traders: 93 :
: 43 33 4 0 . 10 7 4 11 10 11 :
—————————————————————————————————————-

RICE:
General Comments: Rice was higher and closed near the highs for the week. Prices continue to push against important resistance areas on the weekly charts near 1250 May, but a move above this level is expected sooner or later. Ideas are that Little old crop Rice is available in the cash market, and the situation is not likely to improve before the new crop becomes available late this Summer. The situation might not get much better next year. On farm stocks are now very low as most farmers have already sold. Farmers will plant more Rice this year, but the increase in planted area is not considered burdensome. Planting progress has been ahead of average so far, but has stalled recently due to cool and wet weather in Gulf coastal areas. It has been very wet and cold in the northern Delta states as well, but warmer temperatures are likely to appear later this week. Indications are that producers are more willing to plant other crops instead of Rice, and early ideas of a significant increase in planted Rice area have gone away. Farmers and bankers are worried about profitability, and planting other crops such as Soybeans or Cotton could mean better returns for some producers.
Overnight News: The Delta should get chances for precipitation every couple of days. Temperatures should be variable.
Chart Analysis: Trends are mixed. Support is at 1225, 1223, and 1219 May, with resistance at 1252, 1254, and 1260 May.

Disaggregated Commitments of Traders Options and Futures Combined Positions as of April 3, 2018
: 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 8,595 :
: Positions :
: 4,504 4,738 166 26 56 240 1,289 46 551 110 745 :
: Changes from: March 27, 2018 :
: -49 16 -11 0 0 -12 -100 0 2 -15 142 :
: Percent of Open Interest Represented by Each Category of Trader :
: 52.4 55.1 1.9 0.3 0.7 2.8 15.0 0.5 6.4 1.3 8.7 :
: Number of Traders in Each Category Total Traders: 52 :
: 17 12 . . . . 7 . 11 . 14 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn closed little changed for the week after a wild week of trading. Futures found support early in the week from follow through buying related to the Perspective Plantings report issued the previous week. The market tried to sell off in reaction to the Trump decision to impose tariffs on Chinese imports and potentially create a trade war. The US does not really sell much Corn to China, but futures traded much lower initially in reaction to the news. The US government will not be able to start tariffs for a while under law, and this relieved some of the selling pressure. Strong domestic and export demand finally allowed futures to recover by the end of the week. The trade is now waiting for the monthly USDA supply and demand updates that will be released on Tuesday morning, and increased export demand and lower ending stocks are very possible. Weather in the Midwest remains too cold, and it has been very wet in southern production areas. Fieldwork has been stalled in almost all areas. It will finally turn warmer in the Midwest over the second half of this week, and some initial fieldwork might finally be possible. The market focus will move more from old crop to new crop from now on as traders start to monitor new crop progress and condition along with the old crop demand.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 386, 381, and 378 May, and resistance is at 393, 395, and 400 May. Trends in Oats are mixed. Support is at 230, 227, and 225 May, and resistance is at 235, 238, and 242 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 03, 2018
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
CORN – CHICAGO BOARD OF TRADE
CFTC Code #002602 Open Interest is 2,403,876
: Positions :
: 416,580 238,145 649,053 629,089 1,104,157 479,592 120,124 2,174,314 2,111,479: 229,562 292,397
: Changes from: March 27, 2018 (Change in open interest: 88,419) :
: 40,791 -14,198 49,944 -11,214 56,705 -6,582 -10,690 72,940 81,762: 15,479 6,657
: Percent of Open Interest Represented by Each Category of Trader :
: 17.3 9.9 27.0 26.2 45.9 20.0 5.0 90.5 87.8: 9.5 12.2
: Total Traders: 936 Number of Traders in Each Category :
: 255 157 280 366 407 32 23 788 754:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 3, 2018
: 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 7,078 :
: Positions :
: 1,078 3,409 303 0 1 0 954 0 1,643 365 386 :
: Changes from: March 27, 2018 :
: 177 59 90 0 1 -132 176 -5 268 0 -8 :
: Percent of Open Interest Represented by Each Category of Trader :
: 15.2 48.2 4.3 0.0 0.0 0.0 13.5 0.0 23.2 5.2 5.5 :
: Number of Traders in Each Category Total Traders: 32 :
: 8 8 . 0 . 0 6 0 6 7 6 :
—————————————————————————————————————-

SOYBEANS AND PRODUCTS
General Comments: Soybeans were lower after dealing with some follow through buying related to lower than expected plantings intentions seen late in the previous week, then the threat by the US to impose tariffs on Chinese exports to the US. China said it would retaliate in part by taxing US Soybeans by 25% above the normal tax rate. China accounts for about one-third of US Soybeans demand, so the threat sent prices sharply lower in US futures markets. News that Chinese buyers were leaving the US market and increasing purchases in Brazil sent Brazil premiums soaring to cover a big amount of the potential percentage increase in taxes. The tariff threats by the US and China have turned into a financial boon for the Brazilian producer, and they have taken advantage of the great prices by selling. Brazil premiums did settle back a bit at the end of the week on news that some European crusher had cancelled Brazil purchases to take advantage of the far cheaper US prices. All these cash market trends can continue this week. USDA will issue its latest supply and demand estimates, and there is doubt over how USDA will handle the trade threats and changes. Chances are that USDA will wait and see what actually happens to US demand before making many changes. USDA will likely cut Argentine production due to the continuing drought there, but increase production in Brazil due to reports of good yields there. Prices will likely remain volatile until the tariff threat is clarified. This might take at least a couple of months due top US laws and the desire expressed by the US and China to find a negotiated solution.
Overnight News: Unknown destinations bought 232,500 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1021, 1009, and 1006 May, and resistance is at 1040, 1050, and 1060 May. Trends in Soybean Meal are mixed. Support is at 376.00, 369.00, and 368.00 May, and resistance is at 387.00, 390.00, and 400.00 May. Trends in Soybean Oil are mixed. Support is at 3130, 3100, and 3070 May, with resistance at 3200, 3250, and 3280 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 03, 2018
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEANS – CHICAGO BOARD OF TRADE
CFTC Code #005602 Open Interest is 1,101,433
: Positions :
: 217,357 73,406 247,098 367,839 602,198 213,060 39,722 1,045,354 962,425: 56,080 139,008
: Changes from: March 27, 2018 (Change in open interest: 44,426) :
: 11,595 -5,032 15,987 5,792 33,236 7,837 -1,979 41,212 42,213: 3,214 2,213
: Percent of Open Interest Represented by Each Category of Trader :
: 19.7 6.7 22.4 33.4 54.7 19.3 3.6 94.9 87.4: 5.1 12.6
: Total Traders: 707 Number of Traders in Each Category :
: 202 147 242 204 275 30 17 546 591:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 03, 2018
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN OIL – CHICAGO BOARD OF TRADE
CFTC Code #007601 Open Interest is 545,053
: Positions :
: 109,574 108,412 130,595 136,777 257,642 129,611 17,566 506,557 514,215: 38,496 30,838
: Changes from: March 27, 2018 (Change in open interest: -2,046) :
: 3,347 -12,061 6,531 -6,721 3,191 -2,943 825 215 -1,515: -2,260 -531
: Percent of Open Interest Represented by Each Category of Trader :
: 20.1 19.9 24.0 25.1 47.3 23.8 3.2 92.9 94.3: 7.1 5.7
: Total Traders: 366 Number of Traders in Each Category :
: 103 97 119 80 87 26 14 285 274:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 03, 2018
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN MEAL – CHICAGO BOARD OF TRADE
CFTC Code #026603 Open Interest is 534,398
: Positions :
: 125,229 21,438 110,414 128,890 344,733 118,739 23,334 483,272 499,918: 51,126 34,480
: Changes from: March 27, 2018 (Change in open interest: 16,417) :
: 1,943 316 14,139 3,379 3,504 -3,464 -3,224 15,998 14,736: 419 1,682
: Percent of Open Interest Represented by Each Category of Trader :
: 23.4 4.0 20.7 24.1 64.5 22.2 4.4 90.4 93.5: 9.6 6.5
: Total Traders: 324 Number of Traders in Each Category :
: 107 49 108 93 110 26 13 282 244:
——————————————————————————————————————-

CANOLA AND PALM OIL
General Comments: Canola was a little higher ion buying related to the cold weather in the Prairies that has made initial fieldwork impossible. Some buying was related to the US-China trade fight that could result in increased Chinese demand for Canola. Charts show that trends are mixed, but with a firm tone, and speculators are said to be the best buyers. The market is watching Brazil and Argentina and vegetable oils markets worldwide. Farmers are selling in moderate amounts. Palm Oil was a little lower on price action in Chicago and on what appeared to be speculative long liquidation. 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 lowered 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 527.00, 522.00, and 517.00 May, with resistance at 532.00, 533.00, and 540.00 May. Trends in Palm Oil are mixed to up with objectives of 2530 and 2600 June. Support is at 2460, 2430, and 2410 June, with resistance at 2520, 2540, and 2560 June.

Trade Estimates for the Monthly MPOB Supply and Demand Reports:
Observation period : March
Frequency : Monthly
Release date : Tuesday, 10 Apr
Forecast as follows:
Production – 1.49 mil tonnes, Up 11.3%
Exports – 1.57 mil tonnes, Up 19.3%
Ending Stocks – 2.27 mil tonnes, Down 8.6%
Prior reading as follows:
Production – 1.34 mil tonnes, Down 15.4%
Exports – 1.31 mil tonnes, Down 13.3%
Ending Stocks – 2.48 mil tonnes, Down 2.8%

DJ Canadian Grain Handling Summary – Apr 6
WINNIPEG–The following are Canadian grain handling summary statistics
for the week ended April 1, 2018. Figures in thousands of metric tons.
Source: Canadian Grain Commission.
Durum
Wheat Oats Barley Flax Canola Peas Corn Total*
COMMERCIAL STOCKS
This week 2896.2 594.8 207.7 339.8 62.7 1414.4 348.9 223.7 6775.0
Week ago 2986.2 638.2 221.5 451.5 70.9 1551.9 327.0 216.6 7102.5
Year ago 2952.1 757.0 189.1 287.3 66.5 1318.2 369.0 158.1 6529.5
PRODUCER DELIVERIES
This Week 310.1 74.6 25.4 68.7 4.1 316.0 50.3 14.7 897.7
Week Ago 374.1 60.4 29.7 58.9 6.8 386.5 67.1 12.3 1045.2
To Date 12301.8 2718.4 1544.3 2271.1 289.2 13350.1 1902.8 342.2 37767.0
Year Ago 12019.6 3377.6 1439.0 1779.6 284.6 13918.5 3356.6 277.5 39825.4
TERMINAL RECEIPTS
This Week 349.8 61.3 0.1 38.5 0.0 164.0 42.3 10.2 722.3
Week Ago 316.3 26.6 0.1 53.8 0.1 177.6 8.3 8.2 626.1
To Date 11392.7 2905.3 123.0 1278.9 144.7 7342.5 1171.7 614.0 29894.0
Year Ago 11292.6 3548.7 141.1 769.1 203.8 8098.3 2571.3 565.6 32462.1
EXPORTS
This Week 331.8 50.7 32.1 79.2 8.7 135.9 1.0 0.1 724.1
Week Ago 426.0 31.6 25.5 20.8 2.5 205.5 0.4 0.4 725.6
To Date 10424.9 2668.5 1095.8 1380.3 211.7 6941.2 1207.4 419.9 27862.2
Year Ago 9033.3 2806.6 894.3 765.7 225.3 7355.6 2644.6 372.9 28324.5
DOMESTIC DISAPPEARANCE
This Week 69.4 15.3 4.3 22.8 0.7 197.7 4.9 13.6 349.1
Week Ago 100.2 4.1 4.3 25.1 0.9 192.8 8.2 12.0 370.9
To Date 3074.2 468.0 171.8 808.7 35.3 6213.2 160.6 419.1 13172.8
Year Ago 2001.5 227.9 173.5 883.5 36.8 6294.1 112.1 334.2 10977.7
*Totals include data from other crops not shown including rye soybeans
canary seed mustard seed beans lentils and chickpeas.
**Year Ago values for domestic disappearance and exports do not include
producer car volumes.
Source: Commodity News Service Canada (cnscanada@shaw.ca, or 204-414-9084)

Midwest Weather Forecast: Chances for more precipitation early and late this week, Temperatures mostly below normal early in the week and over the weekend and above normal late in the week.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
April 56 May 160 May 60 May 66 May 15-May
May 56 May 65 May 65 May
June 50 July 48 July 56 July
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paraguay Paraguay Paraguay Paraguay
April
May 180 July 6-May
June 170 July 2-May
All basis levels are positive unless noted as negative

DJ ICE Canada Cash Grain Close – Apr 6
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 517.00 up 0.60
Basis: Thunder Bay
1 Can 546.80 up 2.80
2 Can 533.80 up 2.80
Basis: Vancouver
1 Can 569.80 up 2.80
2 Can 556.80 up 2.80
FEED WHEAT
Lethbridge N/A
WESTERN BARLEY
Lethbridge N/A
All prices in Canadian dollars per metric ton.
*Quote for previous day
Source: Commodity News Service Canada (cnscanada@shaw.ca, 204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – April 9
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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 667.50 -05.00 Unquoted – –
May/Jun 667.50 -07.50 Unquoted – –
Jul/Aug/Sep 667.50 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Apr 667.50 -05.00 Unquoted – –
May/Jun 667.50 -07.50 Unquoted – –
Jul/Aug/Sep 667.50 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 670.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 590.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 2,480 -20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 242 00.00 Unquoted – –
($1=MYR 3.8660)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 09
Soybean No. 1
Turnover: 379,892 lots, or 15.17 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-18 4,000 4,019 3,880 3,913 3,828 3,924 96 162,412 116,608
Jul-18 3,857 4,025 3,857 3,970 3,839 3,967 128 8 6
Sep-18 4,122 4,122 3,995 4,031 3,933 4,041 108 206,310 168,606
Nov-18 4,044 4,103 4,022 4,075 3,939 4,065 126 16 0
Jan-19 4,120 4,177 4,060 4,084 3,979 4,122 143 10,874 7,384
Mar-19 – – – 4,140 3,997 4,140 143 0 2
May-19 4,099 4,228 4,090 4,110 4,043 4,113 70 214 312
Jul-19 – – – 4,017 3,949 4,017 68 0 2
Sep-19 4,270 4,270 4,140 4,140 4,090 4,172 82 58 52
Corn
Turnover: 1,240,846 lots, or 21.92 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-18 1,776 1,792 1,763 1,777 1,786 1,775 -11 155,440 165,198
Jul-18 1,751 1,769 1,751 1,758 1,757 1,762 5 463,988 479,074
Sep-18 1,764 1,779 1,755 1,758 1,755 1,766 11 585,470 1,018,564
Nov-18 1,783 1,793 1,777 1,777 1,773 1,785 12 98 794
Jan-19 1,801 1,810 1,787 1,789 1,790 1,798 8 35,280 117,392
Mar-19 1,806 1,814 1,797 1,801 1,795 1,807 12 570 1,856
Soymeal
Turnover: 5,210,092 lots, or 17.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-18 3,369 3,369 3,222 3,293 3,149 3,292 143 405,142 295,640
Jul-18 3,350 3,388 3,260 3,317 3,167 3,312 145 298,664 263,204
Aug-18 3,341 3,370 3,287 3,308 3,187 3,331 144 94 586
Sep-18 3,397 3,400 3,285 3,327 3,193 3,340 147 3,875,988 2,923,706
Nov-18 3,301 3,434 3,300 3,333 3,210 3,350 140 1,218 1,904
Dec-18 3,423 3,423 3,335 3,346 3,212 3,361 149 228 354
Jan-19 3,437 3,437 3,324 3,348 3,213 3,368 155 627,254 549,686
Mar-19 3,300 3,394 3,300 3,319 3,177 3,335 158 1,504 1,780
Palm Oil
Turnover: 456,550 lots, or 23.82 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-18 – – – 5,034 5,034 5,034 0 0 0
May-18 5,174 5,316 5,118 5,124 5,108 5,182 74 79,708 115,546
Jun-18 – – – 5,242 5,168 5,242 74 0 4
Jul-18 – – – 5,224 5,150 5,224 74 0 0
Aug-18 – – – 5,194 5,194 5,194 0 0 10
Sep-18 5,280 5,350 5,162 5,170 5,128 5,222 94 361,396 402,718
Oct-18 5,282 5,282 5,282 5,282 5,178 5,282 104 2 4
Nov-18 – – – 5,270 5,168 5,270 102 0 20
Dec-18 – – – 5,390 5,284 5,390 106 0 0
Jan-19 5,220 5,342 5,170 5,178 5,142 5,230 88 15,442 48,420
Feb-19 5,200 5,200 5,200 5,200 5,168 5,200 32 2 2
Mar-19 – – – 5,146 5,146 5,146 0 0 0
Soybean Oil
Turnover: 873,660 lots, or 52.72 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-18 5,900 6,010 5,802 5,802 5,758 5,880 122 110,776 164,224
Jul-18 – – – 5,856 5,856 5,856 0 0 98
Aug-18 6,052 6,052 5,998 5,998 5,838 6,024 186 12 10
Sep-18 6,176 6,198 5,972 5,976 5,936 6,050 114 729,918 808,230
Nov-18 6,150 6,160 6,100 6,100 6,016 6,142 126 8 22
Dec-18 – – – 6,114 6,114 6,114 0 0 2
Jan-19 6,380 6,380 6,118 6,126 6,082 6,200 118 32,932 64,530
Mar-19 6,472 6,472 6,200 6,282 5,996 6,292 296 14 6
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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