Grains Report 04/30/2024

This Week Last Week Last Year Average
Cotton Planted 15 11 14 14
Corn Planted 27 12 23 22
Corn Emerged 7 3 5 4
Soybeans Planted 18 8 18 10
Sorghum Planted 19 17 20 20
Rice Planted 72 59 60 48
Rice Emerged 48 33 36 28
Peanuts Planted 9 3 7 8
Sugarbeets Planted 66 26 22 32
Oats Planted 63 51 47 51
Oats Emerged 42 35 32 34
Winter Wheat Headed 30 17 23 21
Spring Wheat Planted 34 15 10 19
Spring Whewat Emerged 5 2 2 5
Barley Planted 35 24 16 29
Barley Emerged 6 2 2 8

Very Poor Poor Fair Good Excellent
Winter Wheat This Week 5 11 35 43 6
Winter Wheat Last Week 5 11 34 43 7
Winter Wheat Last Year 19 23 30 25 3

DJ CBOT Delivery Intentions: Totals – Apr 30
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL May May 01, 2024 222 Apr 16, 2024
SOYBEAN OIL May May 01, 2024 2,101 Apr 29, 2024
ROUGH RICE May May 01, 2024 328 Apr 24, 2024
SOYBEAN May May 01, 2024 533 Feb 28, 2024
WHEAT May May 01, 2024 1,151 Apr 29, 2024

DJ USDA Grain Inspections for Export in Metric Tons – Apr 29
WA_GR101
Washington, DC Mon Apr 29, 2024 USDA Market News
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED AND WEIGHED
THROUGH THE AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT. NO ADDITIONAL ANALYSIS,
COMPILATIONS OR DATA IS AVAILABLE
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING APR 25, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 04/25/2024 04/18/2024 04/27/2023 TO DATE TO DATE
BARLEY 0 122 0 2,180 2,154
CORN 1,225,952 1,661,444 1,518,569 31,624,525 23,903,378
FLAXSEED 0 0 0 24 200
MIXED 0 0 0 572 0
OATS 0 0 0 3,994 6,486
RYE 0 0 0 72 0
SORGHUM 72,212 183,152 112,824 4,443,197 1,418,168
SOYBEANS 250,332 443,508 407,973 38,747,671 47,457,451
SUNFLOWER 576 240 0 5,237 2,408
WHEAT 481,183 450,323 365,543 16,921,665 18,256,290
Total 2,030,255 2,738,789 2,404,909 91,749,137 91,046,535
————————————————————————-
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA

WHEAT
General Comments: Wheat was lower yesterday ion correction trading, but trends are up in all three markets. The weather is the key, with extreme dryness reported in Russia and parts of the US and too wet conditions reported in Europe. The weekly export sales report showed poor sales once again. The problems with Russian Wheat exporters continue but are apparently getting resolved in the governments favor. The reports indicate that the government is seeking more control of the exports and has made life very difficult on the private exporters in an effort to extract more sales and powers to the government. Russia is the world’s largest exporter and sets the world price and prices remain low. Big world supplies and low world prices are still around. Export sales remain weak on competition from Russia, Ukraine, and the EU as those countries look to export a lot of Wheat in the coming period. Black Sea offers are still plentiful, but Russia has been bombing Ukraine again and shipments might be hurt from that origin.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will average above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are up with no objectives. Support is at 602, 593, and 586 July, with resistance at 633, 639, and 655 July. Trends in Kansas City are up with no objectives. Support is at 636, 625, and 613 July, with resistance at 664, 669, and 675 July. Trends in Minneapolis are up with no objectives. Support is at 697, 686, and 682 July, and resistance is at 717, 721, and 732 July.

RICE
General Comments: Rice closed higher yesterday and maintained the current trading range. Supply tightness is expected to give way to increased production this year and greatly increased supplies this Fall. Trends are up in this market on the daily charts. The market noted good planting and emergence progress in the weekly USDA reports.
Overnight News:
Chart Analysis: Trends are up with no objectives. Support is at 1850, 1826, and 1785 July and resistance is at 1978, 1993, and 2004 July.

CORN AND OATS
General Comments: Corn and Oats closed slightly lower yesterday on reports of rapid planting progress in the Midwest as traders think that good Spring weather here will greatly increase planted Corn area. Demand has been the driving force behind the rally. Increased demand was noted in all domestic categories along with rising basis levels, and export demand has been strong. There are mixed ideas about how many acres of Corn will be planted in the US this year. It is very expensive to plant Corn and Corn is considered unprofitable to plant right now, so planted are might not increase that much if at all. USDA issued its crop progress report for Corn and Corn planting is proceeding at an average pace. Demand for Corn has been strong at lower prices. Big supplies and reports of better demand are still around, but futures have been very oversold. Funds remain very large shorts in the market.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 446, 440, and 436 July, and resistance is at 454, 460, and 467 July. Trends in Oats are up with objectives of 382 July. Support is at 360, 354, and 349 July, and resistance is at 383, 386, and 389 July.

SOYBEANS
General Comments: Soybeans closed a little higher and the products closed mixed yesterday, with Soybean Meal higher and Soybean Oil lower and making new lows for the move. Some selling from Brazil and Argentina was noted on the early rally attempt last week. Reports of great export demand in Brazil provide some support, but increased availability of Soy products from Argentina kept prices down. Reports indicate that China has been a very active buyer of Brazil Soybeans this season. Ideas that South American production is taking demand from the US have pressured futures lower. Domestic demand has been strong in the US. Funds remain large shorts in the market.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1164, 1146, and 1141 July, and resistance is at 1191, 1204, and 1216 July. Trends in Soybean Meal are mixed. Support is at 342.00, 340.00, and 336.00 July, and resistance is at 355.00, 360.00, and 363.00 July. Trends in Soybean Oil are mixed. Support is at 4410, 4350, and 4300 July, with resistance at 4610, 4690, and 4780 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower last week on ideas of seasonally increasing production and weaker demand from India and China. Trends are down on the daily and weekly charts. Canola was a little higher as farmers concentrate of=n fieldwork and not selling.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 631.00, 627.00, and 618.00 July, with resistance at 641.00, 650.00, and 653.00 July. Trends in Palm Oil are down with objectives of 3790 and 3650 July. Support is at 3820, 3780, and 3740 July, with resistance at 3930, 4020, and 4040 July.

DJ Malaysia April 1-30 Palm Oil Exports Fell 11.5% on Month to 1,144,100 Tons, AmSpec Says
By Ying Xian Wong
Malaysia’s palm oil exports during the April 1-30 period are estimated down 11.5% on month at 1,144,100 metric tons, cargo surveyor AmSpec Agri Malaysia said Tuesday.
The following are the major items in the AmSpec estimate:
(All figures in metric tons)
April 1-30 March 1-31
RBD Palm Olein 369,668 413,601
RBD Palm Oil 143,935 139,780
RBD Palm Stearin 90,601 85,758
Crude Palm Oil 242,474 246,927
Total* 1,144,100 1,292,130
*Palm oil product volumes don’t add up to total as some products aren’t included.

Midwest Weather Forecast Scattered showers. Temperatures should average near to above normal.

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
May 55 May 150 May
50 May
60 May

June 48 July 135 July 40 July 54 July

July 50 July 135 July 40 July 60 July

DJ Malaysian PM Cash Market Prices for Palm Oil – April 30
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, 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 pworts
Offer Change Bid Change Traded
May 860.00 -22.50 Unquoted – –
Jun 845.00 -25.00 Unquoted – –
Jul/Aug/Sep 830.00 -22.50 Unquoted – –
Oct/Nov/Dec 825.00 -30.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 865.00 -22.50 Unquoted – –
Jun 850.00 -25.00 Unquoted – –
Jul/Aug/Sep 835.00 -22.50 Unquoted – –
Oct/Nov/Dec 830.00 -30.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 875.00 -25.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 780.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 3920.00 -120.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 291.00 -06.00 Unquoted – –
($1=MYR4.769)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 30
Soybean No. 1
Turnover: 90,079 lots, or 4.19 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 4,649 4,680 4,649 4,655 4,654 4,664 10 1,570 1,385
Jul-24 4,656 4,679 4,642 4,646 4,641 4,661 20 70,851 88,330
Sep-24 4,646 4,663 4,626 4,635 4,630 4,646 16 14,740 33,817
Nov-24 4,600 4,612 4,579 4,588 4,585 4,596 11 941 4,231
Jan-25 4,588 4,600 4,561 4,574 4,575 4,582 7 1,899 5,781
Mar-25 4,579 4,587 4,553 4,558 4,565 4,570 5 78 393
Corn
Turnover: 383,538 lots, or 9.16 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 2,387 2,394 2,370 2,372 2,387 2,384 -3 19,134 78,810
Jul-24 2,389 2,394 2,381 2,388 2,387 2,386 -1 276,059 760,220
Sep-24 2,411 2,413 2,403 2,409 2,409 2,408 -1 65,451 388,850
Nov-24 2,374 2,375 2,365 2,368 2,370 2,368 -2 9,827 58,804
Jan-25 2,365 2,366 2,356 2,357 2,365 2,359 -6 12,801 98,921
Mar-25 2,374 2,374 2,364 2,365 2,372 2,368 -4 266 1,844
Soymeal
Turnover: 1,463,607 lots, or 49.41 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 3,281 3,297 3,258 3,293 3,260 3,277 17 45,183 24,100
Jul-24 3,304 3,322 3,287 3,319 3,291 3,307 16 57,097 148,783
Aug-24 3,387 3,397 3,365 3,396 3,374 3,381 7 6,099 59,065
Sep-24 3,380 3,399 3,364 3,399 3,376 3,384 8 1,271,767 2,095,592
Nov-24 3,377 3,389 3,357 3,386 3,365 3,375 10 11,061 66,954
Dec-24 3,397 3,408 3,378 3,405 3,385 3,396 11 943 7,764
Jan-25 3,359 3,374 3,340 3,370 3,352 3,358 6 69,373 335,498
Mar-25 3,240 3,245 3,223 3,240 3,235 3,236 1 2,084 9,564
Palm Oil
Turnover: 745,479 lots, or 55.14 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 7,830 7,898 7,700 7,710 7,826 7,772 -54 10,064 2,934
Jun-24 7,620 7,712 7,480 7,500 7,660 7,558 -102 7,770 10,663
Jul-24 7,500 7,582 7,394 7,428 7,524 7,458 -66 2,240 5,273
Aug-24 7,456 7,528 7,348 7,390 7,474 7,408 -66 308 1,012
Sep-24 7,446 7,504 7,312 7,360 7,440 7,390 -50 693,887 481,434
Oct-24 7,438 7,482 7,308 7,318 7,422 7,378 -44 137 485
Nov-24 7,428 7,474 7,306 7,312 7,404 7,402 -2 39 773
Dec-24 7,442 7,442 7,302 7,336 7,396 7,338 -58 53 537
Jan-25 7,408 7,468 7,290 7,338 7,392 7,362 -30 30,832 83,328
Feb-25 7,430 7,454 7,290 7,320 7,384 7,360 -24 39 274
Mar-25 7,398 7,448 7,300 7,330 7,386 7,374 -12 100 1,837
Apr-25 7,440 7,462 7,346 7,352 7,408 7,398 -10 10 37
Soybean Oil
Turnover: 587,866 lots, or 44.93 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 7,640 7,708 7,548 7,572 7,618 7,610 -8 6,195 1,861
Jul-24 7,608 7,684 7,528 7,578 7,594 7,590 -4 4,385 21,624
Aug-24 7,628 7,706 7,546 7,592 7,610 7,612 2 826 15,378
Sep-24 7,662 7,732 7,566 7,628 7,638 7,638 0 524,891 689,462
Nov-24 7,666 7,744 7,582 7,644 7,652 7,660 8 1,491 8,283
Dec-24 7,724 7,796 7,632 7,692 7,698 7,704 6 164 1,726
Jan-25 7,698 7,776 7,604 7,664 7,678 7,674 -4 49,711 112,612
Mar-25 7,618 7,664 7,546 7,562 7,596 7,592 -4 203 2,290
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