Grains Report 05/07/2024

DJ CBOT Delivery Intentions: Totals – May 7
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL May May 08, 2024 16 May 01, 2024
ROUGH RICE May May 08, 2024 10 Apr 30, 2024
CORN May May 08, 2024 177 Apr 26, 2024
OATS May May 08, 2024 9 Apr 29, 2024
WHEAT May May 08, 2024 111 May 06, 2024

DJ Canadian Grain, Oilseed Stocks as of Mar. 31, 2024 – StatsCan
WINNIPEG–The following is the Statistics Canada grain and
oilseed stocks in all positions report.
Figures are as of Mar. 31, 2024, in thousand metric tons.
Source: Statistics Canada.
On Farms Commercial Total
Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31
2024 2023 2024 2023 2024 2023
Barley 2,608 2,210 450 559 3,058 2,768
Canaryseed 75 94 12 15 87 109
Canola 6,689 5,750 1,574 1,283 8,263 7,033
Chickpeas 13 102 23 24 36 126
Corn 5,307 5,699 2,960 3,376 8,267 9,075
Flaxseed 259 300 61 55 320 355
Lentils 367 738 193 212 560 950
Mustard 120 75 16 19 136 94
Oats 954 2,266 339 368 1,292 2,634
Peas 487 1,117 229 354 716 1,471
Rye 133 233 18 28 151 261
Soybeans 1,153 1,163 893 901 2,046 2,064
Sunflower 198 162 1 8 199 170
All wheat 8,403 9,992 3,353 3,910 11,756 13,901
Durum 1,071 1,466 580 697 1,651 2,163
By MarketsFarm (news@marketsfarm.com, or 204-414-9084)

DJ USDA Grain Inspections for Export in Metric Tons – May 6
WA_GR101
Washington, DC Mon May 06, 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 MAY 02, 2024
— METRIC TONS —
————————————————————————
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 05/02/2024 04/25/2024 05/04/2023 TO DATE TO DATE
BARLEY 0 0 0 2,180 2,154
CORN 1,285,986 1,298,351 974,450 32,982,910 24,877,828
FLAXSEED 24 0 0 48 200
MIXED 0 0 0 572 0
OATS 0 0 200 3,994 6,686
RYE 0 0 0 72 0
SORGHUM 137,094 72,212 49,588 4,580,291 1,467,756
SOYBEANS 348,654 276,092 397,791 39,122,085 47,855,242
SUNFLOWER 288 576 100 5,525 2,508
WHEAT 321,124 502,769 216,035 17,264,375 18,472,325
Total 2,093,170 2,150,000 1,638,164 93,962,052 92,684,699

This Week Last Qeek Last Year Average
Cotton Planted 24 15 20 20
Corn Planted 36 27 42 39
Corn Emerged 12 7 10 9
Soybeans Planted 25 18 30 21
Soybeans Emerged 9 7 4
Sorghum Planted 22 9 14 18
Rice Planted 78 72 69 60
Rice Emerged 60 48 50 39
Peanuts Planted 9 3 7 8
Sugarbeets Planted 80 66 36 46
Oats Planted 70 63 57 61
Oats Emerged 49 42 39 42
Winter Wheat Headed 41 30 34 32
Spring Wheat Planted 47 34 21 31
Spring Whewat Emerged 12 5 4 9
Barley Planted 47 35 33 44
Barley Emerged 14 6 9 15

Very Poor Poor Fair Good Excellent
Winter Wheat This Week 5 11 34 44 6
Winter Wheat Last Week 5 11 35 43 6
Winter Wheat Last Year 20 24 27 25 4

Rice This Week 0 1 18 68 13
Rice Last Week
Rice Last Year 0 3 26 56 15

Pastures and Ranges This Week 10 15 29 38 8
Pastures and Ranges Last Week
Pastures and Ranges Last Year 15 22 30 27 6

WHEAT
General Comments: Wheat was higher yesterday on fund buying fueled by part patterns and the dry weather in Russia. Trends are up in Minneapolis. The weather is still a 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 and sales are not likely to improve anytime soon with the Dollar strength. 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 mixed. Support is at 610, 596, and 593 July, with resistance at 661, 667, and 673 July. Trends in Kansas City are up with no objectives. Support is at 664, 637, and 630 July, with resistance at 682, 688, and 604 July. Trends in Minneapolis are up with objectives of 747 July. Support is at 709, 705, and 696 July, and resistance is at 733, 738, and 746 July.

RICE
General Comments: Rice closed lower in old crop months yesterday, but higher in new crop months as spreads got adjusted. The futures market overall remained in a short term trading range. Support comes from adverse weather in South American growing areas while new selling is noted from the potential for a big crop in the US. The big US crops are now in doubt from reports of extreme rains in southern growing areas and especially near Houston. Supply tightness is expected to give way to increased production this year and greatly increased supplies this Fall. These ideas are reflected in the prices seen in the cold crop and the new crop.
Overnight News:
Chart Analysis: Trends are down with no objectives. Support is at 1827, 1785, and 1750 July and resistance is at 1915, 1955, and 1972 July.

CORN AND OATS
General Comments: Corn and Oats closed higher yesterday on fund buying tied to reports of adverse production conditions in South America. The Argentine crop has been hit by stunting disease that robs yields and the Brazil Winter crop is suffering from hot and dry weather. Demand has been the driving force behind the rally but now South American weather is the driving force. Increased demand was noted in most domestic categories along with rising basis levels, and export demand has been strong. Ethanol demand has turned less due to weaker petroleum prices seen lately. There is very dry weather for the Winter crops in central and northern Brazil
Overnight News:
Chart Analysis: Trends in Corn are up with objectives of 470 July. Support is at 460, 454, and 450 July, and resistance is at 470, 477, and 483 July. Trends in Oats are up with no objectives. Support is at 383, 378, and 362 July, and resistance is at 402, 408, and 414 July.

SOYBEANS
General Comments: Soybeans and the products closed higher yesterday, with Soybean Meal higher and Soybean Oil lower. Support for Soybeans came from reports of excessive rains falling on unharvested crops in southern Brazil. Rains up to 400 mm were reported by newswires. Ideas of less bio fuels demand have hurt Soybean Oil prices. 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. 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 but has suffered as crushers were crushing for oil. Oil demand has suffered as cheaper alternatives for feedstocks hit the bio fuels market. Funds remain short in the market.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 1248 July. Support is at 1221, 1216, and 1204 July, and resistance is at 1248, 1260, and 1267 July. Trends in Soybean Meal are up with no objectives. Support is at 375.00, 370.00, and 361.00 July, and resistance is at 385.00, 393.00, and 397.00 July. Trends in Soybean Oil are mixed. Support is at 4260, 4200, and 4140 July, with resistance at 4410, 4460, and 4530 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower last week on weaker bio fuels demand but found some support late in the week on reports of strong demand from India and reports of reduced production. Trends are down on the daily and weekly charts. Canola was higher despite weaker prices in world vegetable oils markets. Farmers concentrate on fieldwork and not selling.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 639.00, 616.00, and 603.00 July, with resistance at 651.00, 52.00, and 560.00 July. Trends in Palm Oil are mixed to down with objectives of 3790 and 3650 July. Support is at 3780, 3740, and 3700 July, with resistance at 3930, 4020, and 4040 July.

Midwest Weather Forecast Mostly dry. Temperatures should average near to below 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 – May 7
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 ports
Offer Change Bid Change Traded
May 867.50 +10.00 Unquoted – –
Jun 862.50 +12.50 Unquoted – –
Jul/Aug/Sep 857.50 +10.00 Unquoted – –
Oct/Nov/Dec 862.50 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 872.50 +10.00 Unquoted – –
Jun 867.50 +12.50 Unquoted – –
Jul/Aug/Sep 862.50 +10.00 Unquoted – –
Oct/Nov/Dec 867.50 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 895.00 +12.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 802.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 3,980.00 +40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 293.00 +02.00 Unquoted – –
($1=MYR4.7365)

DJ China Dalian Grain Futures Closing Prices, Volume – May 07
Soybean No. 1
Turnover: 143,612 lots, or 6.73 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 4,660 4,688 4,660 4,687 4,673 4,668 -5 93 826
Jul-24 4,655 4,722 4,651 4,714 4,679 4,688 9 106,486 102,976
Sep-24 4,657 4,713 4,648 4,706 4,670 4,678 8 31,846 37,023
Nov-24 4,606 4,655 4,600 4,648 4,614 4,631 17 1,601 5,148
Jan-25 4,594 4,645 4,588 4,632 4,600 4,619 19 3,245 6,956
Mar-25 4,584 4,634 4,582 4,623 4,592 4,609 17 341 458
Corn
Turnover: 900,324 lots, or 21.86 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 2,380 2,405 2,372 2,405 2,372 2,395 23 8,041 53,585
Jul-24 2,414 2,441 2,409 2,438 2,400 2,427 27 639,753 716,418
Sep-24 2,426 2,460 2,426 2,458 2,420 2,447 27 169,520 395,056
Nov-24 2,382 2,410 2,381 2,407 2,375 2,399 24 35,053 87,607
Jan-25 2,361 2,396 2,361 2,391 2,360 2,382 22 40,333 107,178
Mar-25 2,377 2,401 2,373 2,394 2,369 2,391 22 7,624 8,005
Soymeal
Turnover: 2,789,678 lots, or 98.85 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 3,381 3,490 3,378 3,471 3,381 3,451 70 3,863 10,180
Jul-24 3,411 3,512 3,404 3,506 3,403 3,478 75 108,678 148,483
Aug-24 3,483 3,589 3,483 3,586 3,478 3,559 81 20,912 65,621
Sep-24 3,486 3,595 3,485 3,591 3,478 3,556 78 2,296,508 2,240,282
Nov-24 3,472 3,573 3,469 3,572 3,463 3,539 76 56,208 104,051
Dec-24 3,470 3,564 3,470 3,562 3,475 3,534 59 10,090 17,115
Jan-25 3,428 3,505 3,428 3,503 3,428 3,479 51 276,188 335,328
Mar-25 3,281 3,344 3,278 3,339 3,281 3,322 41 17,231 16,513
Palm Oil
Turnover: 783,914 lots, or 58.88 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 7,728 7,798 7,724 7,798 7,732 7,754 22 950 1,687
Jun-24 7,518 7,662 7,518 7,644 7,518 7,618 100 8,065 10,168
Jul-24 7,454 7,612 7,454 7,594 7,442 7,562 120 4,023 6,038
Aug-24 7,430 7,582 7,430 7,574 7,416 7,518 102 229 1,092
Sep-24 7,426 7,564 7,412 7,560 7,396 7,510 114 724,085 527,998
Oct-24 7,416 7,550 7,416 7,542 7,372 7,488 116 220 466
Nov-24 7,418 7,540 7,406 7,530 7,358 7,486 128 115 758
Dec-24 7,412 7,532 7,406 7,530 7,348 7,474 126 51 530
Jan-25 7,386 7,530 7,380 7,524 7,370 7,480 110 45,904 94,067
Feb-25 7,420 7,510 7,420 7,506 7,358 7,480 122 55 276
Mar-25 7,408 7,500 7,408 7,488 7,374 7,468 94 199 1,783
Apr-25 7,442 7,508 7,442 7,506 7,372 7,482 110 18 38
Soybean Oil
Turnover: 599,730 lots, or 46.75 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 7,596 7,730 7,596 7,730 7,596 7,688 92 446 2,093
Jul-24 7,658 7,800 7,658 7,756 7,646 7,746 100 6,026 21,391
Aug-24 7,678 7,814 7,678 7,784 7,666 7,770 104 943 15,428
Sep-24 7,700 7,842 7,700 7,810 7,694 7,790 96 539,635 750,254
Nov-24 7,718 7,852 7,718 7,830 7,706 7,808 102 1,553 8,554
Dec-24 7,784 7,900 7,782 7,874 7,768 7,874 106 227 1,908
Jan-25 7,740 7,884 7,722 7,880 7,730 7,836 106 50,294 119,708
Mar-25 7,668 7,772 7,652 7,764 7,630 7,726 96 606 2,306
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