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
Following are key numbers from the USDA’s crop report Wednesday and how the government’s estimates compared to analysts’ forecasts in a Wall Street Journal survey.
U.S. 2018 Production, Yield (million bushels, bushels per acre)
Wednesday’s Average USDA
Estimates Forecast Range August
Corn Production 14,827.0 14,506 14,397-14,607 14,586
Soybean Production 4,693.0 4,659 4,528-4,781 4,586
Wednesday’s Average USDA
Estimates Forecast Range August
Corn Yield 181.3 177.4 176.0-178.6 178.4
Soybean Yield 52.8 52.5 51.0-53.8 51.6
****
U.S. Stockpiles (million bushels)
2017-18
Wednesday’s Average USDA
Estimates Forecast Range August
Corn 2,002 2,014 1,953-2,079 2,027
Soybeans 395 418 397-435 430
2018-19
Wednesday’s Average USDA
Estimates Forecast Range August
Corn 1,774 1,590 1,210-1,737 1,684
Soybeans 845 836 722-1,000 785
Wheat 935 938 828-1,001 935
****
World Stockpiles (million metric tons)
2017-18
Wednesday’s Average USDA
Estimates Forecast Range August
Corn 194.2 192.3 191.0-193.8 193.3
Soybeans 94.7 95.2 94.0-96.0 95.6
Wheat 274.4 272.7 270.0-274.0 273.1
2018-19
Wednesday’s Average USDA
Estimates Forecast Range August
Corn 157.0 154.4 152.0-159.0 155.5
Soybeans 108.3 107.5 105.0-111.1 105.9
Wheat 261.3 257.2 252.0-261.0 259.0

DJ USDA Supply/Demand: Crop Summary – Sep 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.
======U.S.====== ================WORLD====================
Ending Stocks Exports Production
18/19 17/18 16/17: 18/19 17/18 16/17: 18/19 17/18 16/17
Soybeans 845.0 395.0 302.0:156.90 153.62 147.36:369.32 336.82 348.12
Brazil na na: 75.00 76.70 63.14:120.50 119.50 114.60
Argentina na na: 8.00 2.10 7.03: 57.00 37.80 55.00
China na na: 0.10 0.14 0.11: 15.00 14.20 12.90
Soyoil 2,166 2,156 1,711: 11.14 10.08 11.24: 57.51 54.78 53.68
Corn 1,774 2,002 2,293:161.71 146.17 160.05:1,069.00 1,033.641,078.56
China na na: 0.05 0.05 0.08:225.00 215.89 219.55
Argentina na na: 27.00 23.00 25.99: 41.00 32.00 41.00
S.Africa na na: 1.90 2.30 2.29: 13.00 13.80 17.55
Cotton(a) 4.70 4.30 2.75: 41.80 40.71 37.65:121.97 123.48 106.63
All Wheat 935 1,100 1,181:181.39 181.40 183.34:733.00 758.27 752.08
China na na: 1.20 1.00 0.75:128.00 129.77 128.85
EU 27 na na: 23.00 23.28 27.43:137.50 151.68 145.37
Canada na na: 24.00 21.95 20.16: 31.50 29.98 32.14
Argentina na na: 14.20 12.00 13.83: 19.50 18.00 18.40
Australia na na: 14.00 14.50 22.64: 20.00 21.30 31.82
Russia na na: 35.00 41.42 27.81: 71.00 84.99 72.53
Ukraine na na: 16.50 17.78 18.11: 25.50 26.98 26.79
Sorghum 46.0 49.0 33.0: na na na
Barley 96.0 95.0 106.0: na na na
Oats 41.0 41.0 50.0: na na: na na na
Rice 44.9 29.4 46.0: 49.51 48.12 47.21:487.16 491.57 486.89

DJ U.S. Proposing New Round of Trade Talks With China–Update
By Lingling Wei in Beijing and Jacob M. Schlesinger in Washington
The Trump administration is giving Beijing another chance to try to stave off new tariffs on $200 billion in Chinese exports, asking top officials for a fresh round of trade talks later this month, people briefed on the matter said.
The invitation from Treasury Secretary Steven Mnuchin comes as some Trump officials said they sense a new vulnerability — and possibly more flexibility — among Chinese officials pressured by U.S. tariffs imposed earlier this year and threats for more.
It also follows a steady rise in political pressure on President Trump to ease up on trade fights — which have pinched consumers and prompted painful retaliation against U.S. exports — ahead of November elections in which his Republican Party risks losing congressional control.
Given the difficult nature of the trade talks between the two countries over the past year, there is no guarantee the invitation will yield a meeting.
Chinese officials said they’ve grown wary of the Trump administration’s unpredictable decision-making process and may be hesitant to accept without a clear sign U.S. negotiators have authority to speak for the president.
The U.S. administration sent the invitation this week to a group of Chinese officials headed by Vice Premier Liu He. That follows an inconclusive session held in Washington last month among midlevel trade officials. The proposed higher-level talks might take place in Washington or Beijing, the people said.
“Most of us believe it’s better to talk than not to talk, and I think the Chinese government is willing to talk,” Lawrence Kudlow, head of the White House National Economic Council, said Wednesday. “You could say that communication has picked up a notch.”
Mr. Kudlow said he couldn’t provide further details, saying Mr. Mnuchin “is the leader on this.”
A spokesman for Mr. Mnuchin declined to comment.
China has shown reluctance to address the issues raised by Washington, notably those concerning deeper structural changes to China’s economy such as removals of subsidies to state-owned firms to give U.S. companies a fair playing field in Chinese markets.
People who have followed the Trump administration’s China trade strategy closely cautioned against casting the invitation as a major breakthrough, saying the administration remained divided internally on its China strategy. They said talks would be unlikely to derail a planned round of tariffs on $200 billion in Chinese goods. That followed U.S. tariffs imposed on $50 billion earlier this year.
The new outreach to Beijing comes less than a week after Mr. Trump threatened not only to go forward with the planned tariffs but to add another $267 billion, effectively putting duties on all of China’s shipments into the U.S.
Beijing has pledged to retaliate by subjecting as much as 85% of U.S. imports — totaling $110 billion — to tariffs. But China’s leaders have begun to back off threats against U.S. businesses in China in a bid to get U.S. companies to lobby against the tariffs and keep foreign capital in China.
Mr. Trump has repeatedly mentioned in recent days the sharp drop in the Chinese stock market and new signs of fragility in the Chinese economy, contrasting them with more robust U.S. economic indicators.
Some of his aides believe that gives the U.S. more leverage to seek concessions from Beijing, especially as it rushes to strike new pacts with partners from the European Union to Canada and Mexico.
“Because the U.S. economy is so strong, because some of these other trade deals are in the bank or on the precipice, they feel they are going to be negotiating with China from a stronger position than if we’d done this three months ago,” said Steve Moore, a fellow at the Heritage Foundation, a conservative Washington think tank.
“It’s like dominoes,” said Mr. Moore, who worked on the Trump campaign and talks regularly with administration economic advisers. “It puts more pressure on the ones that don’t have a deal.”
At the same time, Mr. Trump — and Republican lawmakers seen as vulnerable in this fall’s elections — are facing growing pressure from business and agriculture groups opposed to the tariffs and urging a new truce with China.
On Wednesday, organizations representing thousands of companies in industries including retailing, toy manufacturing, farming and technology said they are cooperating on a lobbying campaign called Tariffs Hurt the Heartland to oppose Mr. Trump’s duties.
Retailers in particular have ramped up warnings that further tariffs, especially those aimed at consumer goods, are threatening to disrupt supplies for the year-end holiday shopping season.
“The tariffs are coming so fast and furiously, they’re giving retailers large and small whiplash,” said Christin Fernandez, vice president for communications for the Retail Industry Leaders Association.
Despite the efforts by Mr. Mnuchin, the administration remains divided over its China strategy, raising questions over what a new round of talks could accomplish — or whether Chinese officials would consider the session worth their effort.
“We’re still in the same position of a lack of agreed-upon strategy within the U.S. government,” said Naomi Wilson, director for China and greater Asia at the Information Technology Industry Council. “USTR, Treasury and Commerce have different objectives and different tactics,” she added. “I’m not optimistic about the negotiations succeeding, but talking is better than not talking.”
The offers China made during previous rounds of talks were largely limited to increased purchases of U.S. products and a gradual opening of financial-services sectors.
But the discussions did little more than reveal chasms between the two sides. The Chinese negotiators focused on their efforts to live up to World Trade Organization obligations and offered “conceptual” ideas for a deal, said people briefed on the talks. U.S. officials sought more concrete offers.
Structural changes are the toughest for China to meet. Beijing has denied that it pressures U.S. companies to hand over technology to Chinese firms, as Washington alleges. Chinese officials cite political and national-security reasons for resisting other U.S. demands, such as allowing U.S. cloud-computing companies to operate more freely.
At least one-fifth of the more than 100 U.S. demands, laid out in a U.S. proposal to the Chinese side in May, aren’t open to negotiation, Chinese officials have indicated.
Myron Brilliant, the top international official at the U.S. Chamber of Commerce, said his group was “encouraged that the administration wants to re-engage with the Chinese government.” But, he added, “there’s still a long road ahead. There’s still a gap between what China is willing to give and what the administration wants from these talks.”

DJ U.S. Export Sales: Weekly Sales Totals – Sep 13
For the week ended Sep 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 2017-18 marketing year for wheat and barley began Jun 1. The
2017-18 marketing year for rice and cotton began Aug 1. The 2017-18
marketing year for soy meal and soy oil will begin Oct 1.
For corn, soybeans and sorghum, “this year” is the 2018-2019
marketing year, which began Sep 1, while “last year” is 2017-2018.
Source: USDA
wk’s net change total
in commitments undlvd sales
this year next year this yr last yr this yr next yr
wheat 387.6 0.0 9738.8 12775.7 4354.4 0.0
hrw 195.3 0.0 2897.0 4833.4 1449.0 0.0
srw 22.5 0.0 1214.2 1258.6 541.1 0.0
hrs 92.3 0.0 2933.1 3409.1 1303.8 0.0
white 52.0 0.0 2429.1 3046.7 881.3 0.0
durum 25.4 0.0 265.5 227.9 179.3 0.0
corn 3700.4-a 0.0 15171.4 10503.0 14444.2 71.1
soybeans 3124.4-b 0.0 17014.8 16993.8 16119.0 0.0
soymeal 34.9 188.3 12534.0 10490.3 1177.2 1933.4
soyoil 4.7 5.2 1062.0 1129.2 93.0 47.0
upland cotton 81.7 17.7 8835.4 6819.4 7908.9 1388.0
pima cotton 5.8 0.0 264.1 217.3 230.5 24.9
sorghum 5.4-c 0.0 45.6 1085.6 44.6 0.0
barley 1.0 0.0 53.4 36.3 40.7 0.0
rice 27.0 0.0 595.5 626.6 314.2 0.0
-a: Includes new sales activity for Aug 31-Sep 6 which
resulted in a net increase of 774.2 thousand metric tons. Also includes
2926.2 thousand metric tons of undelivered sales carried over from
2017-2018.
-b: Includes new sales activity for Aug 31-Sep 6 which resulted in a
a net increase of 693.5 thousand metric tons. Also includes
2430.9 thousand metric tons of undelivered sales carried over from
2017-2018.
-c: Includes new sales activity for Aug 31-Sep 6 which resulted in
a net decrease of 0.0 thousand metric tons. Also includes
5.4 thousand metric tons of undelivered sales carried over from
2017-2018.

DJ CBOT Delivery Intentions: Totals – Sep 13
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep. 14, 2018 23 Sep 06, 2018
SOYBEAN OIL September Sep. 14, 2018 225 Sep 12, 2018
CORN September Sep. 14, 2018 146 Sep 06, 2018
SOYBEAN September Sep. 14, 2018 340 Sep 12, 2018
WHEAT September Sep. 14, 2018 53 Sep 05, 2018

WHEAT
General Comments Wheat markets were lower yesterday as USDA surprised the market and increased world production and ending stocks levels against trade ideas of reduced amounts. The funds were the best sellers. USDA released updated supply and demand estimates on Wednesday. US domestic supply and demand estimates were unchanged and as expected. USDA surprised the trade by showing very strong world production estimates at a time when almost all exporters have sharply reduced production ideas. For example, European Union production was unchanged at 137.50 million tons against EU estimates closer to 131 million tons. Canadian production was cut by 1.0 million tons and Australian production was cut 2 million tons, but the market had expected bigger cuts. Russian and FSU-12 production were increased by 3.0 million tons and 3.5 million tons respectively at a time when the trade was looking for lower production. USDA claims that the Spring Wheat production in Russia and the FSU-12 is much better than expected. This made ending stocks projections above 261 million tons, from almost 259 million tons last month and trade expectations of about 257 million tons. USDA did not release new production estimates as it will wait for the Small Grains report at the end of the month to offer updates. The US Spring Wheat harvest will be dine in the next week or so. Ideas are that Spring Wheat production will be less than original expectations in Canada due to some hot and dry conditions in growing areas earlier in the Summer. The weather in the US is improved for planting the next Winter Wheat crop as much of the Great Plains has seen rains in the last couple of weeks.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see mostly dry weather. Temperatures should be above normal. The Canadian Prairies should see dry conditions. Temperatures should average above normal. Egypt bought 235,000 tons of Russian Wheat.
Chart Analysis: Trends in Chicago are down with objectives of 500, 494, and 471 December. Support is at 500, 496, and 490 December, with resistance at 508, 514, and 518 December. Trends in Kansas City are down with objectives of 502 December. Support is at 502, 497, and 493 December, with resistance at 512, 519, and 526 December. Trends in Minneapolis are down with objectives of 554, 540, and 528 December. Support is at 562, 554, and 542 December, and resistance is at 567, 572, and 584 December.

RICE:
General Comments: Rice was near unchanged in reaction to the USDA reports. Production of All Rice was estimated at 219 million hundredweight, up from 210 million estimated last month. Domestic demand was increased, but export demand was unchanged. Ending stocks were increased to 231 million hundredweight, from 229 million in August. World data also held no real surprises. Ending stocks were increased to 144.4 million tons, from 143.5 million in August. Increased production was estimated for India, and it faced increased ending stocks in part from the increased production and in part from bigger carry in stocks. Philippines is also expected to have increased ending stocks. Excellent yields are still being reported in southern areas as the harvest starts to wind down. The harvest is progressing farther to the north and field yields are called good. We have not heard any milling test results yet. Recent rains in Arkansas have been big, but do not appear heavy enough to damage quality yet, only delay the harvest a bit. Demand is still reported to be strong on the domestic and on the export fronts,. Cash prices are stable in the interior and have held well. There is talk that cash values can start to erode once commercial space is filed, and cash values have been reported weaker amid light demand in Texas.
Overnight News: The Delta should see drier weather. Temperatures should be near normal. .
Chart Analysis: Trends are mixed. Support is at 1075, 1069, and 1062 November, with resistance at 1086, 1098, and 1100 November.

CORN AND OATS
General Comments: Corn was lower in response to the USD reports. Funds were the best sellers USDA surprised the market on Wednesday when it increased production and ending stocks estimates. USA increased yields to over 181 bushels per acre instead of a slight reduction as expected by the trade. That pushed production to 14.827 billion bushels, well above the highest trade guess. USDA increased demand for US Corn in all domestic and export categories, so ending stocks were increased to 1.774 billion bushels, a significant increase but less than implied by the big production. World ending stocks levels were also increased, mostly due to the bigger projections in the US. The trade is already questioning some of the yield projections made by USDA as the state comparisons show sharp increase in productivity in the eastern Corn Belt and increased productivity in the west. The trade will monitor reports from the field and will adjust their ideas according to that data and how it relates to the USDA projections. Initial yields from the southern Midwest indicate good crop potential, but it is extremely early in the harvest and too soon to develop any conclusions base don harvest reports. The market is keeping an eye on Hurricane Florence as it makes its way to the Carolinas. The amount that could be lost is not very much when compared to total US production.
Overnight News: Costa Rica bought 142,876 tons of US Corn.
Chart Analysis: Trends in Corn are down with no objectives. Support is at 350, 347, and 344 December, and resistance is at 355, 359, and 364 December. Trends in Oats are mixed. Support is at 245, 241, and 239 December, and resistance is at 249, 253, and 256 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal were higher on fund buying. Soybean Oil was lower. USDA estimated Soybeans production and ending stocks levels in the US within trade expectations at 4.693 billion bushels and 845 million bushels. There is a big crop coming, but perhaps not as big as feared by the trade, and a relief rally was seen on Wednesday after the report was released. USDA increased domestic and export demand for the year that is just concluding and increased domestic demand for the new crop year. Even so, 845 million bushels means that there will be a lot of Soybeans in the US and that means upside movement in prices should be limited. The Trump administration on Wednesday reached out to China and offered to start talks again, this time in China. That new created some buying interest. President Trump had previously announced that new tariffs are coming in the very near future and that the new tariffs could total about $200 million. He said he is prepared to bring another round of punitive tariffs against the Chinese that would cover another $267 billion in the near future. Domestic cash markets are called extremely weak with very bad basis levels in anticipation of the big harvest. Many traders think that the national yield potential is even higher than recent estimates given the good finishing weather. The crop is starting to turn color in many areas, so additional yield growth might not be coming. The market is also watching the path of Hurricane Florence as it makes its way to the Carolinas. Crops from Georgia to Virginia are threatened and most of these crops are not yet mature enough to be harvested.
Overnight News: Mexico bought 108,100 tons of US Soybeans. Unknown destinations bought 40,000 tons of US new crop Soybeans nd 80,000 tons of Soybeans from the next crop.
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 820 and 797 November. Support is at 835, 826, and 821 November, and resistance is at 841, 849, and 851 November. Trends in Soybean Meal are mixed. Support is at 310.00, 304.00, and 300.00 October, and resistance is at 320.00, 324.00, and 326.00 October. Trends in Soybean Oil are down with objectives of 2670 and 2530 October. Support is at 2770, 2740, and 2710 October, with resistance at 2810, 2840, and 2870 October.

CANOLA AND PALM OIL
General Comments: Canola was lower on speculative selling and as the Canola harvest got more active. The USDA data showed that plenty of oilseeds will be available to the world market, and Canola seems high-priced. The Canola harvest is showing the potential for crops to be bigger than the recent StatsCan estimates, but too much rain in the north is keeping farmers out of the fields. Yields in the south have been lower so far than in the north. Palm Oil was lower as futures responded to outside market weakness seen earlier this week. The MPOB reports were bearish, but demand news for this month is much improved. Futures are back testing into an important support area on the charts.
Overnight News: SGS said that Malaysian Palm Oil exports are 415,275 tons so far this month, from 287,501 tons last month.
Chart Analysis: Trends in Canola are mixed to down with objectives of 490.00 and 485.00 November. Support is at 490.00, 487.00, and 485.00 November, with resistance at 495.00, 499.00, and 501.00 November. Trends in Palm Oil are mixed. Support is at 2190, 2240, and 2170 November, with resistance at 2280, 2300, and 2310 November.

Monthly MPOB Supply and Demand Report:
Observation period : Aug
Frequency : Monthly
Release date : Wednesday, 12 Sep
Forecast as follows:
Production – 1.65 mil tonnes, Up 9.9%
Exports – 1.23 mil tonnes, Up 2.3%
Ending Stocks – 2.41 mil tonnes, Up 9.0%
Prior reading as follows:
Production – 1.50 mil tonnes, Up 12.8%
Exports – 1.21 mil tonnes, Up 6.8%
Ending Stocks – 2.21 mil tonnes, Up 1.3%

Midwest Weather Forecast: Mostly dry. Temperatures should be near normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
September 38 December 143 December 30 December 14 October
October 40 December 45 December Minus 10 Nov
November 46 December 55 December 7 November
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paraguay Paraguay Paraguay Santos
September
October 245 November 11 October 81 December
November 12 December 93 December

DJ ICE Canada Cash Grain Close – Sep 12
WINNIPEG–The following are the closing cash canola prices from
ICE Futures.
Source: ICE Futures
Price Change
CANOLA
*Par Region 467.60 dn 3.10
Basis: Thunder Bay
1 Can 501.70 up 1.90
2 Can 488.70 up 1.90
Basis: Vancouver
1 Can 516.70 up 1.90
2 Can 503.70 up 1.90
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 – Sept 13
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday applied 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
Sep 565.00 00.00 Unquoted – –
Oct 567.50 00.00 Unquoted – –
Nov/Dec 575.00 00.00 Unquoted – –
Jan/Feb/Mar 595.00 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Sep 567.50 00.00 Unquoted – –
Oct 570.00 00.00 Unquoted – –
Nov/Dec 577.50 00.00 Unquoted – –
Jan/Feb/Mar 597.50 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 545.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 482.50 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 2,230 05.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 224 -02.00 Unquoted – –
($1=MYR 4.1430)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 13
Soybean No. 1
Turnover: 337,884 lots, or 12.58 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-18 3,587 3,587 3,564 3,568 3,625 3,572 -53 50 2,428
Nov-18 3,681 3,681 3,681 3,681 3,697 3,681 -16 2 154
Jan-19 3,758 3,778 3,673 3,683 3,762 3,715 -47 312,938 251,406
Mar-19 3,746 3,746 3,659 3,659 3,744 3,673 -71 46 60
May-19 3,881 3,899 3,790 3,797 3,876 3,837 -39 24,580 20,936
Jul-19 – – – 3,797 3,846 3,797 -49 0 8
Sep-19 3,910 3,949 3,869 3,877 3,937 3,899 -38 232 790
Nov-19 3,833 3,833 3,833 3,833 3,922 3,833 -89 8 12
Jan-20 3,966 3,966 3,893 3,899 3,956 3,918 -38 28 58
Corn
Turnover: 859,850 lots, or 16.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-18 – – – 1,839 1,839 1,839 0 0 3,056
Nov-18 1,871 1,871 1,851 1,854 1,877 1,857 -20 15,322 34,680
Jan-19 1,898 1,900 1,881 1,882 1,908 1,888 -20 589,816 890,864
Mar-19 1,938 1,938 1,919 1,919 1,945 1,925 -20 5,428 7,600
May-19 1,999 1,999 1,982 1,987 2,006 1,987 -19 229,690 459,948
Jul-19 2,037 2,037 2,002 2,013 2,043 2,014 -29 19,594 14,656
Soymeal
Turnover: 2,985,392 lots, or 91.81 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-18 3,286 3,286 3,286 3,286 3,340 3,286 -54 10 3,300
Nov-18 3,341 3,355 3,237 3,252 3,350 3,306 -44 145,192 163,348
Dec-18 3,259 3,259 3,183 3,183 3,280 3,206 -74 120 762
Jan-19 3,180 3,194 3,077 3,099 3,185 3,123 -62 2,389,390 2,305,102
Mar-19 2,992 2,998 2,933 2,942 3,000 2,949 -51 3,086 5,114
May-19 2,754 2,759 2,726 2,740 2,770 2,745 -25 445,548 1,037,106
Jul-19 2,738 2,740 2,710 2,726 2,747 2,728 -19 1,990 9,854
Aug-19 2,805 2,805 2,760 2,761 2,789 2,785 -4 56 216
Palm Oil
Turnover: 434,628 lots, or 21.31 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-18 4,700 4,750 4,700 4,750 4,688 4,732 44 786 4,884
Oct-18 – – – 4,888 4,844 4,888 44 0 8
Nov-18 – – – 4,880 4,836 4,880 44 0 10
Dec-18 – – – 4,986 4,986 4,986 0 0 34
Jan-19 4,872 4,938 4,850 4,872 4,906 4,892 -14 404,134 502,050
Feb-19 – – – 4,930 4,930 4,930 0 0 2
Mar-19 – – – 4,968 4,982 4,968 -14 0 4
Apr-19 – – – 5,118 5,118 5,118 0 0 18
May-19 5,034 5,084 5,012 5,034 5,064 5,046 -18 29,702 80,048
Jun-19 – – – 5,098 5,098 5,098 0 0 58
Jul-19 4,996 5,094 4,996 5,094 5,134 5,060 -74 6 36
Aug-19 – – – 5,072 5,146 5,072 -74 0 12
Soybean Oil
Turnover: 627,026 lots, or 36.68 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-18 5,758 5,758 5,750 5,750 5,754 5,752 -2 16 1,982
Nov-18 – – – 5,898 5,900 5,898 -2 0 22
Dec-18 – – – 5,950 5,950 5,950 0 0 16
Jan-19 5,874 5,900 5,810 5,828 5,906 5,856 -50 526,584 890,274
Mar-19 – – – 5,978 5,978 5,978 0 0 116
May-19 5,830 5,848 5,786 5,808 5,856 5,820 -36 100,418 278,020
Jul-19 5,954 5,954 5,858 5,862 5,916 5,896 -20 8 42
Aug-19 – – – 5,848 5,848 5,848 0 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.

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