• Commodities: Crude hits fresh 2012 low
  LONDON (SHARECAST) – Unease about Greece and rising inventory levels sent oil prices to a fresh 2012 low on Wednesday. Greece's main political parties have been unable to agree on forming a coalition government and the country is now expected hold …
  See all stories on this topic »
• GRAINS-Wheat at 2-week top on dry weather; corn, soy rise
  "We saw strong gains largely on short covering, which appears to be continuing this morning, led by wheat," said Luke Mathews, commodities strategist at Commonwealth Bank of Australia. "There are some stories of less than ideal weather around the world …
  See all stories on this topic »
• Grains futures, livestock prices rise
  CHICAGO Grains futures rose Tuesday on the Chicago Board of Trade. Wheat for July delivery jumped 30.25 cents to $6.3875 a bushel July corn rose 22.75 cents to $6.20 a bushel July oats rose 7.25 cents to $3.3750 a bushel while July soybeans rose 9 …
  See all stories on this topic »
• Growers derail tax hike in Argentine farm province
  A TAX HIKE COULD BROADEN FARM STRIKE Industry insiders do not expect the planned five-day suspension of grains sales by Buenos Aires farmers to slow exports from Argentina, the world's third-biggest soybean supplier. But if the tax hike goes through, …
  See all stories on this topic »
• GRAINS-US wheat futures extend rally on dry weather threat
  1 grains province on Wednesday, while farmers went on strike to fight the proposal. Industry insiders do not expect the planned five-day suspension of grains sales by Buenos Aires farmers to slow exports from Argentina, the world's third-biggest …
  See all stories on this topic »
• Closing Grains Commentary
  However, a turn more positive in outside market forces plus a strong rally in the other grains helped to support higher trade on the day. Bull spreads were also active and November soybeans rallied 20 cents from the overnight lows but still closed …
  See all stories on this topic »
• NY cotton slides with other commodities and euro
  Cotton falls with other commodities, equities as investors seek cash * Dollar climbs to 4-mo high on euro, spurring more risk asset selling NEW YORK, May 16 (Reuters) – Cotton futures closed sharply lower on Wednesday, and set a 20-month low, …
  See all stories on this topic »
• Commodities markets summary
  The euro hit a four-month low against the dollar as investors sought a haven from risk, pressuring demand for dollar-priced oil and other commodities. Brent North Sea crude for June settled at $111.71 a barrel, down 53 cents from Tuesday in London …
  See all stories on this topic »
• Gold Eclipsed by Dollar Haven as Goldman Sees Rally: Commodities
  "Gold is just another risk asset," said Michael Aronstein, the president of Marketfield Asset Management in New York, who predicted the 2008 slump that drove commodities down 66 percent in seven months and then the rebound in 2009.
  See all stories on this topic »
• Commodities In A Free Fall: Are There Opportunities And Will El Nino Form?
  While worries about the recent European elections and renewed global financial worries have pressured many commodities (crude oil, grains and precious metals), weather has been a major negative market factor in the grain market the last 4-6 weeks.
  See all stories on this topic »
• Stocks, Euro, Commodities Decline on Greek Government Deadlock
  May 16 (Bloomberg) — Stocks fell, the euro dropped to a four-month low and commodities slumped as talks to form a new Greek government failed and before data that may show UK unemployment rose to match a 16-year high. The MSCI All-Country World Index …
  See all stories on this topic »
• Commodities Sold on Greece Woes, May Extend Losses on Fed Minutes
  by Ilya Spivak of DailyFX Commodity prices fell in Europe as Greece-linked risk aversion gripped markets. Minutes from the Fed's April meeting may compound losses as QE3 bets fade. Commodity prices are trading broadly lower in European hours as risk …
  See all stories on this topic »
• StanChart sees double-digit growth for commodities unit in 2012
  By Florence Tan and Manash Goswami | SINGAPORE (Reuters) – Standard Chartered Bank Plc's commodities trading unit may post a double-digit growth in 2012, as it boosts its share in the Asian market while the global financial crisis forces rivals to pare …
  See all stories on this topic »
• Commodities Drop Near Five-Month Low
  By Chanyaporn Chanjaroen on May 16, 2012 Commodities fell as talks to form a Greek government failed, boosting speculation that the country may quit the euro, and data from the US and Japan added to concern an economic slowdown may reduce demand.
  See all stories on this topic »

Grains: Over night July Corn traded 2’6 lower at 594’6, July Beans 16’0 lower at 1397’0 and July Wheat fractionally lower at 608’2. If you remain long July Corn form the 583’0 area, either take profits or raise your protective sell stop to the 589’0 level.

Cattle: Aug. LC is currently unchanged at 118.72 and Aug. FC 20 higher at 157.87. Late last week we took a profit on long Jne LC positions and remain on the sidelines.

Silver: July Silver is currently 60 cents lower at 27.48 and June Gold 17.00 lower at 1541.00. Silver is now nearly 45.0% off the highs made above 49.00 in May 2011. If you consider Silver as part of your overall portfolio strategy, I recommend buying futures or options which have a contract value of 6-10% of your portfolio. As for Gold I recommend trading from the long side on breaks.

S&P’s: June S&P’s are currently 6.00 higher at 1334.25. Uncertainty in Europe looms large in this market in spite of favorable Housing and Production stats. Treat as a trading affair between 1320.00 and 1350.00.

Currencies: As of this writing the June Euro is currently 6 lower at 1.2730, the Swiss 10 lower at 1.0597, the Yen26 lower at 1.2433 and the Pound 60 lower at 1.5940. I have covered all short biased positions in the Euro at somewhat higher prices. To be honest, I do not have a feel as to what may happen in the near future given the Greek situation. It seems like a “slam dunk” that the Euro is headed lower which makes me wonder where the chink is in conventional wisdom. I am on the sidelines.

Regards,
Marc

Questions? Ask Marc Nemenoff today at 312-264-4310

RICE
General Comments: Prices were lower after trading both sides of unchanged. Traders were worried about bigger offers from India and overall world production prospects here in the US which seem to be improving. However, farmers say that the recent cool weather retarded growth and that crop progress is now within a week of normal in some parts of the Delta. Crops in the Delta also need rain and there is none in the forecast. Ideas of smaller production potential in the US this year due to reduced plated area continue to battle reports of price weakness and strong production in other Asian countries such as Philippines. Chart patterns turned up with the price action last week, and remain generally up after the price action so far this week. Warmer and drier weather is in the forecast for this week for the Delta. Demand remains solid but not real strong.
Overnight News: Dry and warm conditions for the Delta. CNGO estimates Chinese 2012 Rice production at 205 million tons, up 2.1% from 2011. An Indian panel said that Rice production there could be 103 million tons in 2012. It has suggested raising the minimum price paid to farmers for Rice, Soybeans, and Groundnnuts.
Chart Analysis: Trends are mixed short term. Support is at 1536, 1522, and 1512 July, with resistance at 1564, 1590, and 1603 July.

CORN AND OATS
General Comments: Corn was mixed and Oats were higher on speculative buying seen in most commodities markets. July Corn gained slightly on spreads and on flat price as it tries to move to the May final price.. May Corn closed at 608 and that price could become a target for July Corn bulls if there are any out there. There was some buying associated with talk that conditions are a little too dry for early Corn development. However, overall price ideas are negative as the crop potential still looks to be very big and as USDA said that plenty of Corn is available in its reports last week. USDA showed higher than expected ending stocks estimates for this year. However, some traders question the USDA stocks estimates for this year because of the spread action in May. This implies that down side pressure on Corn might be limited despite the USDA estimates. Demand has been very good, especially in the export market, and farmers have been tight holders of remaining stocks. Weather conditions in the US are good right now for farmers with a little more Corn to plant, with dry and warm weather in the forecast.
Overnight News: China bought 900,000 tons of Corn overnight, mostly for next year. Much of the business had been previously reported as going to unknown destinations. Indonesia has tendered to buy 200,000 tons of Indian Corn.
Chart Analysis: Trends in Corn are mixed to down with objectives of 546 July. Support is at 587, 572, and 562 July, and resistance is at 599, 604, and 619 July. Trends in Oats are mixed to down with objectives of 319 and 298 July. Support is at 326, 322, and 316 July, and resistance is at 334, 337, and 340 July.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and products closed higher, with buying seen by speculators on ideas that the price action the last few sessions had been too much too soon to the down side. Very good weather in the forecast for this week hurt the bulls as planting progress should be very rapid. However, some say it is too dry for the crops to get off to a fast start. The bull spreads were working in the Soy complex which could imply some strong demand after the big break in prices. The USDA reports from last week provided a bullish backdrop, with less than expected ending stocks estimates for this year and next year. The estimates from USDA implied that Soybeans prices could stay strong through the end of the year and perhaps beyond if South America has any problems again. Talk of increased double crop planting after the Wheat harvest remains negative to new crop months of Soybeans. US conditions for planting and development conditions in general are very good in the Midwest right now, but are not as good in the Delta or Great Plains.
Overnight News:
Chart Analysis: Trends in Soybeans are down with objectives of 1330 and 1230 July. Support is at 1406, 1376, and 1356 July, and resistance is at 1432, 1442, and 1453 July. Trends in Soybean Meal are mixed to down with no objectives. Support is at 410.00, 404.00, and 399.00 July, and resistance is at 419.00, 425.00, and 433.00 July. Trends in Soybean Oil are down with no objectives. Support is at 5090, 5010, and 4940 July, with resistance at 5170, 5260, and 5330 July.

05/15 10:20p CST DJ China 2011-12 Soybean Imports Likely 58 Mln Tons -CNGOIC
BEIJING (Dow Jones)–China is likely to import 58 million metric tons of
soybeans in the current marketing year that began Oct. 1, up 11% from last
marketing year’s 52.34 million tons, the state-backed China National Grain and
Oils Information Center said Wednesday.
The estimate was revised up by 3 million tons from April’s forecast of 55
million tons.
Soybean imports for 2012-13 are likely to total 60 million tons, it said in
a report.
The U.S. Department of Agriculture last week put China’s 2011-12 soybean
imports at 56 million tons and imports for 2012-13 at 61 million tons.
Imports forecast for major agricultural commodities in 2011-12 and 2012-13
marketing year (unit in tons)
2011-12 (Oct-Sep) 2012-13
Soybeans 58,000,000 60,000,000
Soyoil 1,300,000 1,320,000
2011-12 (June-May) 2012-13
Rapeseed 2,100,000 2,500,000
Rapeseed Oil 600,000 700,000
Rapeseed Meal 850,000 300,000

CANOLA AND PALM OIL
General Comments: Canola was higher along with Chicago and on reports that a heavy frost had damaged crops in Alberta. There wwere also reports of damaged crops in southern Manitoba. Much of the buying seemed chart based as futures had moved sharply lower in recent sessions and needed a correction to the up side. Cash markets were dull with the price weakness and with farmers planting. Commercial buying continued, but at light volume. Traders expect record planted area for Canola this year. Palm Oil was sharply lower today as traders turned pessimistic on world economics again. There was also a lot of people buying after the big wshout in prices the previous session. Export demand is not too strong for the first half of the month and will continue to drag on futures. Outside markets are not strong as well, and overall trends are still down on the charts.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with no objectives. Support is at 588.00, 586.00, and 584.00 July, with resistance at 607.00, 615.00, and 619.00 July. Trends in Palm Oil are down with no objectives. Support is at 3140, 3110, and 3080 August, with resistance at 3230, 3255, and 3295 August.

DAIRY
General Comments: Dairy markets were higher yesterday in consolidation trading. Trends are still trying to turn up on the charts for the entire complex for the longer term, although many say this is due only t speculative short covering rally and not really one for fundamental reasons. However, prices continue to find good support on selloffs, so the downside might be limited even though production continues to be big. Demand has been very good to provide some underlying support. However, bulls still are having a tough time completing a bottom for a sustained rally and price trends in all markets are mixed with a bullish feel. World supplies are reported to be high to keep prices from being able to move much higher.
Overnight News:
Chart Analysis: Trends in Milk are mixed to up with objectives of 1535 June. Support is at 1440, 1420, and 1395 June, and resistance is at 1500, 1520, and 1550 June. Trends in Cheese are mixed to up with objectives of 152.00 and 155.00 June. Support is at 146.00, 142.00, and 140.00 June, with resistance at 151.50, 153.50, and 156.00 June. Trends in Butter are up with no objectives. Support is at 137.00, 136.00, and 134.00 June, and resistance is at 141.00, 143.00, and 145.00 June. Trends in Whey are mixed to up with no objectives. Support is at 4850, 4750, and 4600 June, with resistance at 5200, 5300 and 5400 June.

Daily Cash Nonfat Dry Milk Trading on Tuesday, May 15, 2012
(Carload Unit = 42,000-45,000 lbs)
——————————————————————
NONFAT DRY MILK : CLOSE : CHANGE
——————————————————————
EXTRA GRADE : $1.0825 : N.C.
GRADE A : $1.1225 : N.C.
——————————————————————
SALES: NONE
LAST BID UNFILLED: NONE
LAST OFFER UNCOVERED: 1 CAR GRADE A @ $1.1225
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1117C (608) 278-4200

Daily Cash Cheese Trading on Tuesday, May 15, 2012
(Carload Unit = 40,000-44,000 lbs.)
——————————————————————
CHEESE : CLOSE : CHANGE
——————————————————————
BARRELS : $1.4500 : N.C.
40# BLOCKS : $1.5000 : N.C.
——————————————————————
SALES: 1 CAR BARRELS @ $1.4500
LAST BID UNFILLED: NONE
LAST OFFER UNCOVERED: 1 CAR 40# BLOCKS @ $1.5000
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1105C (608) 278-4200

Daily Cash Butter Trading on Tuesday, May 15, 2012
(Carload Unit = 40,000-42,000 lbs)
——————————————————————
BUTTER : CLOSE : CHANGE
——————————————————————
GRADE AA : $1.3525 : .0125
——————————————————————
SALES: NONE
LAST BID UNFILLED: 1 CAR GRADE AA @ $1.3525
LAST OFFER UNCOVERED: NONE
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1117C (608) 278-4200

Midwest Weather: Mostly dry and warm through the weekend, but showers could move into the west on Sunday.

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

FCOJ
General Comments: Futures closed lower on weak demand ideas tied in part to the stronger US Dollar and worries about Europe. FCOJ has a weak demand profile anyway, so loss of export markets for the product would hurt US demand and could increase supplies if Brazil increases its sales here. The upside might be limited for now, or until some sort of weather threat emerges in the US. Demand for domestically produced Juice is down from last year, and trader worry about European demand due to all of the economic problems there. Weather in Florida remains mostly good, although it is too dry, especially in northern and western areas. This week should see dry conditions and warm temperatures. There is drought in production areas and irrigation is being used. Fruit is forming and is visible. Brazil is seeing warm temperatures, but showers are expected for the first half of the week. Prices trends are down for the short term.
Overnight News: Florida weather forecasts call for scattered showers through the weekend. Temperatures will average near normal.
Chart Trends: Trends in FCOJ are down with no objectives. Support is at 112.00, 108.00, and 102.00 July, with resistance at 119.00, 124.00, and 129.00 July.

COFFEE
General Comments: Futures were higher in all three markets in light volume trading. Speculators were noted on both sides of the market. Charts suggest that futures are in mixed trends in New York and Sao Paulo, but in up trends in London. London continues to be the stronger market overall as Robusta supplies are relatively tight and demand remains relatively strong. Traders still anticipate big offers of Coffee from producers, and offers seem to be increasing in Central America. However, Brazil is not really pressing the market with lots of sales at this time. Demand remains poor on ideas that coffee is in origin countries. Most traders continue looking for big production and increased offers in Brazil to keep futures under pressure. Speculators remain short. Brazil coffee areas appear to be in good condition under generally good weather. Flowering is very good so far in Central America, but more rains are needed. Differentials in all of Latin America remain strong, but have been working lower.
Overnight News: Certified stocks are higher today and are about 1.525 million bags. The ICO composite price is now 161.22 ct/lb. Brazil should get mostly dry weather. Temperatures will average near to below normal. Colombia should get showers, but Central America and Mexico should be mostly dry, although there have been some showers. Temperatures should average near to above normal. GCA stocks were 4.521 million bags at the end of April, from 4.372 million at the end of March.
Chart Trends: Trends in New York are mixed. Support is at 174.00, 171.00, and 168.00 July, and resistance is at 186.00, 187.00, and 190.00 July. Trends in London are up with objectives of 2170 and 2290 July. Support is at 2070, 2060, and 2020 July, and resistance is at 2140, 2160, and 2205 July. Trends in Sao Paulo are mixed. Support is at 222.00, 219.00, and 216.00 September, and resistance is at 229.00, 237.00, and 239.00 September.

SUGAR
General Comments: Futures closed a little higher in recovery trading. Ideas are that the market is trying to complete a short term low at this time. Traders anticipate the Brazil crop is becoming available. However, talk of increasing demand on price breaks keeps providing support. The harvest progress until now has been slow, but should start to pick up under better weather conditions. Markets trends are down longer term, and price action in New York last week suggests that more selling and down side pressure on prices is coming down the road. However, near term price action suggests that the market could try for a low around current levels, possibly due to increased demand near 20.00 July NY futures. There are still many concerns about how much Brazil will produce this year because of dry weather earlier in the season. However, indications are that Brazil production will be a little bigger than last year. Supplies in northern countries remain big, especially in Thailand and India. The market has been weak overall on ideas of ample supplies from northern producers such as India and Europe keeping a lid on prices, but worries about the next Brazil production coming soon adding now to the pressure. Tunisia and Malaysia have bought Sugar so far this week.
Overnight News: Mostly dry conditions are expected in Brazil. Temperatures should be near normal. India has decided to tighten export quality standards for Sugar to help prevent price volatility.
Chart Trends: Trends in New York are mixed. Support is at 2030, 2010, and 2000 July, and resistance is at 2070, 2120, and 2145 July. Trends in London are mixed. Support is at 560.00, 553.00, and 552.00 August, and resistance is at 570.00, 575.00, and 582.00 August.

COCOA
General Comments: Futures closed a little higher in consolidation trading. Charts show that futures remains in a longer term trading range. All West Africa countries are harvsting the midcrop now, and yields have been dropping off after a strong start. Rain is forecast for many areas now, and overall weather is called good. Showers have been reported in other parts of West Africa this week. Rain would still be beneficial, but right now the rains will mostly support development for the next crop. Traders note that Ivory Coast crops seem to be available and arrivals are reported. Flowers are reported on trees there due to regular rains. Wire reports indicate that Nigeria offers have dried up as the Midcrop production has come in short. Ghana production is said to be short as well. Rains have been reported in Ghana overnight.
Overnight News: Scattered to isolate showers and storms are expected in West Africa. Temperatures will average near to above normal. Malaysia and Indonesia should see episodes of scattered showers. Temperatures should average near normal. Brazil will be mostly dry and warm. ICE certified stocks are lower today at 5.305 million bags.
Chart Trends: Trends in New York are mixed to down with objectives of 2180, 2160, and 2070 July. Support is at 2220, 2200, and 2150 July, with resistance at 2280, 2360, and 2410 July. Trends in London are mixed to down with objectives of 1475 and 1430 July. Support is at 1485, 1460, and 1450 July, with resistance at 1520, 1550, and 1565 July.

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

• Commodities Drop Near Five-Month Low on Greek Euro Exit Concern

  Commodities fell as talks to a form a Greek government failed, boosting speculation that the country may quit the euro, and data from the US and Japan added to concern an economic slowdown may reduce demand for raw materials. The Standard & Poor's GSCI … See all stories on this topic »

  Bloomberg

• GRAINS-Soy, corn dip on economic concerns; wheat firm on weather
  Commodities and Asian shares fell after Greece failed to form a government, setting the stage for a June election that could raise the risk of Athens abandoning the euro and deepening the euro zone's debt crisis. "The US dollar is a little bit higher …
  See all stories on this topic »
• BHP warns commodities markets to cool further
  CRB, a closely followed indicator for commodities, has slid more than 11 percent since hitting a five-month peak in late February amid a broader sell-off in financial markets. "The tail winds of high commodity prices have contributed to record growth …
  See all stories on this topic »
• Commodities Sink Stocks as Jobs, Housing Boom: Corporate Canada
  The S&P/TSX was led higher in 2010 by raw-material producers, which surged 36 percent as copper, gold and agricultural commodities advanced. Mining companies gained as gold and copper each increased at least 29 percent in 2010. The benchmark gauge fell …
  See all stories on this topic »
• Commodities Set for Worst Run Since '98 on Europe, China Concern
  Commodities declined for a tenth day, set for the longest losing streak since 1998, on concern that Europe's debt crisis will worsen as Greece remains without a government while economic growth in China may slow further. The Standard & Poor's GSCI Spot …
  See all stories on this topic »
• COMMODITIES-Markets mixed; crop prices up strongly
  German growth offers some respite to euro/global worries * Natgas tops gains; corn, soy, wheat and robusta rise strongly * Oil prices mixed; copper and gold still weak By Barani Krishnan NEW YORK, May 15 (Reuters) – Commodities were mixed on T uesday …
  See all stories on this topic »
• Wheat prices climb as dry weather hits Kansas crop; other commodities mixed on …
  Other commodities were mixed as worries about what may be next for Greece overshadowed some positive US economic news. Greek leaders failed to reach an agreement to build a coalition government, setting the stage for another election next month.
  See all stories on this topic »
• Grains Closing Commentary
  Soybean – Closing Report: Soybean futures finished high-range with old-crop futures 21 to 26 cents higher and new-crop contracts 5 to 13 1/4 cents higher. An easing of euro-zone concerns thanks to flat GDP for the region (most had expected a decline) …
  See all stories on this topic »
• Firm to Buy Stake in Felda

  In a statement, Netherlands-based Louis Dreyfus Commodities, a major global trader of cotton, grains, sugar, coffee and oilseeds, said the "investment is fully consistent with the growth strategy." A farmer carries palm-oil fruit in eastern Malaysia. See all stories on this topic »

  Wall Street Journal

• Grains futures, livestock prices rise
  CHICAGO — Grains futures rose Tuesday on the Chicago Board of Trade. Wheat for July delivery rose 10.25 cents to $6.0850 a bushel; July corn rose 14.25 cents to $5.9725 a bushel; July oats rose 1.75 cent to $3.3025 a bushel; while July soybeans jumped …
  See all stories on this topic »
• TSX Extends Losses On Greece Impasse, Commodities – Canadian Commentary
  (RTTNews.com) – Canadian stocks were extending losses for a third session Tuesday morning as commodities continued to reel under selling pressure on worries over Greece after the nation announced a new election in June. Meanwhile, data from the euro …
  See all stories on this topic »
• Butamax Granted Core Patent for Making Biobutanol and Distillers Grains …
  The '328 patent also protects extraction and distillation of the isobutanol, as well as steps for recovering the solids (distillers grains) produced during isobutanol fermentation. Protection of biobutanol processes that produce these grains is key in …
  See all stories on this topic »
• Closing Grains Commentary
  Soybean – Closing Report: Soybean futures finished 19 to 26 3/4 cents lower in the July through March 2013 contracts. Far-deferred futures finished with slightly lesser losses. May soybean futures expired 14 cents lower at $13.90.
  See all stories on this topic »
• Commodities Super-Cycle Rides Into Trouble
  By ANDREW PEAPLE The commodities super-cycle was expected to last at least two decades. But has it already run its course? Commodity bulls argue that prices have historically tended to rise and fall in 20-year waves. After a long period of stagnation …
  See all stories on this topic »

LT: May Cocoa-LIFFE
LT: May Electronic Sector-TAIFEX
LT: May Finance Sector-TAIFEX
LT: May Mini Gold-KRX
LT: May GreTai-TAIFEX
LT: May NonFinance NonElectronics-TAIFEX
LT: May Single Stocks-TAIFEX
LT: May 2-Yr Swaps-MexDer
LT: May TAIEX-TAIFEX
LT: May Mini TAIEX-TAIFEX
LT: May TIIE28-MexDer
LT: May VIX-CBOE
LT: May Mini VSTOXX®-EUREX
LT: Jun Brent Crude-ICEEUR
LT: Jun Brent Crude Last Day-CME®-G

OE: Jun Palladium-CME®-G
OE: Jun Platinum-CME®-G

FN: May Lumber-CME®-G

FD: May Lumber-CME®-G

LD: May Corn-CME®-G
LD: May Mini-Sized Corn-CME®-G
LD: May Oats-CME®-G
LD: May Soybeans-CME®-G
LD: May Soybean Meal-CME®-G
LD: May Mini-Sized Soybeans-CME®-G
LD: May Wheat-CME®-G
LD: May Mini-Sized Wheat-CME®-G

__________________________________

Legend
EH: Exchange Holidays | LT: Futures Last Trading Day | OE: Option Expiration Day
FN: Futures First Notice Day | LN: Futures Last Notice Day | FD: Futures First Delivery Date
LD: Futures Last Delivery Date

WHEAT – CHICAGO BOARD OF TRADE Code-001602
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 5,000 BUSHELS) OPEN INTEREST: 524,875
COMMITMENTS
110,100 138,047 119,996 265,033 213,032 495,128 471,075 29,747 53,800
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -27,829)
5,241 -11,011 -4,871 -24,523 -8,584 -24,153 -24,465 -3,676 -3,364
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
21.0 26.3 22.9 50.5 40.6 94.3 89.7 5.7 10.3
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 392)
103 162 141 82 112 275 335

WHEAT – KANSAS CITY BOARD OF TRADE Code-001612
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 5,000 BUSHELS) OPEN INTEREST: 141,800
COMMITMENTS
37,404 34,404 16,034 73,584 64,483 127,021 114,921 14,779 26,879
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -7,247)
2,868 123 -4,252 -3,664 -2,119 -5,048 -6,248 -2,198 -999
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
26.4 24.3 11.3 51.9 45.5 89.6 81.0 10.4 19.0
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 162)
46 44 36 57 59 121 122

WHEAT – MINNEAPOLIS GRAIN EXCHANGE Code-001626
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 5,000 BUSHELS) OPEN INTEREST: 37,513
COMMITMENTS
10,353 2,128 1,828 19,225 24,301 31,406 28,257 6,107 9,256
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -2,908)
-1,008 -145 -21 -638 -2,610 -1,667 -2,776 -1,240 -132
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
27.6 5.7 4.9 51.2 64.8 83.7 75.3 16.3 24.7
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 57)
10 9 7 30 24 44 38

RICE
General Comments: Prices were lower along with most other commodities markets on Friday. However, the USDA reports from Thursday have been considered positive for prices and provided some support. Ideas of smaller production potential in the US this year due to reduced plated area continue to battle reports of price weakness in some Asian countries. The lower US production potential showed the potential for a very tight market and this trumped any overseas concerns. Chart patterns turned up with the price action last week. Farmers concentrated on fieldwork and are concerned about production due to some less then good weather in the Delta. Warmer and drier weather is in the forecast for this week. Warmer temperatures will be welcome, but the Delta could use more rain. They say there is less area planted to Rice, but the early and rapid planting gives them hopes for very high quality and yields. Demand remains solid but not real strong.
Overnight News: Dry and warm conditions for the Delta. Philippines said that Rice production for the first quarter of this year was 3.99 million tons and expects total year production near 18.546 million tons. Vietnam said it exported 146,451 tons of Rice in the first 10 days of May, and has exported 1.9 million tons so far this calendar year.
Chart Analysis: Trends are mixed to up with objectives of 1602 July. Support is at 1551, 1522, and 1512 July, with resistance at 1603, 1616, and 1634 July.

ROUGH RICE – CHICAGO BOARD OF TRADE Code-039601
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 200,000 POUNDS) OPEN INTEREST: 14,900
COMMITMENTS
3,795 4,585 1,415 6,655 7,388 11,865 13,389 3,035 1,511
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -1,055)
-348 627 -0 -85 -1,604 -433 -978 -622 -77
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
25.5 30.8 9.5 44.7 49.6 79.6 89.9 20.4 10.1
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 71)
21 20 15 24 15 56 41

CORN AND OATS
General Comments: Corn and Oats were lower on speculative selling seen in most commodities markets. May Corn continued to lose on spreads as longs get out before the contract stops trading today USDA showed higher than expected ending stocks estimates for this year on Thursday, and also the potential for record production next year due to increased planted area and very high yields. The reports were bearish as demand was cut as well. Ending stocks for next year could be very ample. However, some traders question the USDA stocks estimates for this year. May has gotten very strong on spreads and this usually implies that the market is short of Corn. The spread has corrected back down this week, but traders appear willing to use the weakness to buy July and sell new crop months on spreads again. This implies that down side pressure on Corn might be limited despite the USDA estimates. Demand has been very good, especially in the export market, and farmers have been tight holders of remaining stocks. Weather conditions in the US are good right now for initial development, with dry and warm weather in the forecast.
Overnight News:
Chart Analysis: Trends in Corn are down with objectives of 546 July. Support is at 572, 562, and 556 July, and resistance is at 592, 599, and 604 July. Trends in Oats are mixed to down with objectives of 319 and 298 July. Support is at 329, 322, and 316 July, and resistance is at 338, 340, and 345 July.

CORN – CHICAGO BOARD OF TRADE Code-002602
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 5,000 BUSHELS) OPEN INTEREST: 1,684,519
COMMITMENTS
327,985 167,474 478,992 720,759 749,359 1527736 1395825 156,783 288,694
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -55,107)
8,346 -6,020 -17,759 -36,139 -8,736 -45,552 -32,515 -9,556 -22,592
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
19.5 9.9 28.4 42.8 44.5 90.7 82.9 9.3 17.1
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 740)
201 169 255 242 329 561 646

OATS – CHICAGO BOARD OF TRADE Code-004603
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 5,000 BUSHELS) OPEN INTEREST: 11,292
COMMITMENTS
2,842 598 404 5,857 8,810 9,103 9,812 2,189 1,480
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -286)
362 73 1 -532 -213 -169 -138 -117 -148
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
25.2 5.3 3.6 51.9 78.0 80.6 86.9 19.4 13.1
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 36)
11 8 5 15 11 30 20

CBT ETHANOL – CHICAGO BOARD OF TRADE Code-025601
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 29,000 U.S. GALLONS) OPEN INTEREST: 11,815
COMMITMENTS
2,004 258 1,128 7,813 9,687 10,945 11,073 870 742
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: 436)
302 69 -61 167 376 408 384 28 52
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
17.0 2.2 9.5 66.1 82.0 92.6 93.7 7.4 6.3
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 38)
10 1 4 22 23 32 28

SOYBEANS AND PRODUCTS
General Comments: Soybeans and products closed lower, with selling seen by speculators of all types as they tried to liquidate long positions. The USDA reports from last week provided a bullish backdrop, but ideas that the market has seen some estimates that areas bullish as they will be for a while hurt the buyers. USDA showed less than expected ending stocks estimates for this year and next year, and also showed less than expected production here in the US for the coming year due to a smaller planted area. The estimates from USDA implied that Soybeans prices could stay strong through the end of the year and perhaps beyond if South America has any problems again. Talk of increased double crop planting after the Wheat harvest remains negative to new crop months of Soybeans. Speculators continue to hold a record long position in this market, but chart patterns are still showing longer term up trends in Soybeans and Soybean Meal despite the price weakness overall last week. The market needs US Soybeans after the drought in South America last year, and there was some talk that farmers are now switching some areas to Soybeans and away from Corn due to the recent price rally in the complex. US conditions are good for planting and development conditions in general are very good right now.
Overnight News: China will most likely import between 5.6 and 5.7 million tons of Soybeans this month according to government sources there.
Chart Analysis: Trends in Soybeans are down with objectives of 1330 and 1230 July. Support is at 1393, 1381, and 1350 July, and resistance is at 1413, 1432, and 1442 July. Trends in Soybean Meal are down with no objectives. Support is at 404.00, 399.00, and 390.00 July, and resistance is at 415.00, 419.00, and 425.00 July. Trends in Soybean Oil are down with objectives of 5210 and 5120 July. Support is at 5170, 5110, and 5090 July, with resistance at 5290, 5360, and 5400 July.

DJ NOPA Apr Soybean Crush Breakdown-May 14
NOPA says soybean crush was 131.708 million bushels for April,
down 8.826 million bushels from the previous month.
Soybeans in thousand bushels, soymeal in short tons, soyoil
in thousand pounds, yield in pounds per bushel. Cumulative crush
figures which began October 1, 2011, are estimated due to rounding
calculated by Dow Jones. r-revised. (a)-capacity figures are
updated quarterly. Source: National Oilseed Processors Association.
———————TOTAL——————–
Apr 12 Mar 12 Apr 11
Soybeans crushed 131,708 140,534 121,330
Soymeal produced 3,166,012 3,368,823 2,922,874
Soymeal yield 48.08 47.94 48.18
Soymeal exports 607,598 681,533 580,010
Soyoil produced 1,519,882 1,622,998 1,421,502
Soyoil yield 11.54 11.55 11.72
Soyoil stocks 2,384,942 2,363,202 2,694,432

SOYBEANS – CHICAGO BOARD OF TRADE Code-005602
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 5,000 BUSHELS) OPEN INTEREST: 1,112,165
COMMITMENTS
306,557 46,794 355,603 376,775 597,598 1038935 999,995 73,230 112,170
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: 34,850)
13,647 1,816 31,441 -8,113 5,952 36,975 39,209 -2,125 -4,359
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
27.6 4.2 32.0 33.9 53.7 93.4 89.9 6.6 10.1
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 641)
247 138 250 170 223 536 514

SOYBEAN MEAL – CHICAGO BOARD OF TRADE Code-026603
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 100 TONS) OPEN INTEREST: 295,598
COMMITMENTS
109,500 9,014 46,702 93,825 216,574 250,027 272,289 45,571 23,309
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -7,156)
-6,797 -59 765 -532 -6,374 -6,564 -5,667 -592 -1,489
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
37.0 3.0 15.8 31.7 73.3 84.6 92.1 15.4 7.9
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 234)
103 28 59 74 72 207 140

SOYBEAN OIL – CHICAGO BOARD OF TRADE Code-007601
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 60,000 POUNDS) OPEN INTEREST: 408,130
COMMITMENTS
97,633 67,351 75,040 197,152 239,987 369,824 382,378 38,306 25,752
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -9,308)
-8,754 9,940 -4,274 8,308 -14,928 -4,720 -9,262 -4,588 -46
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
23.9 16.5 18.4 48.3 58.8 90.6 93.7 9.4 6.3
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 285)
87 89 99 74 76 230 211

CANOLA AND PALM OIL
General Comments: Canola was lower along with Chicago and on a lot of speculative selling. Stop loss orders were hit on the way down and magnified the losses. New crop prices were also lower on forecasts for warm and dry conditions in most growing areas this week. Cash markets were dull with the price weakness and with farmers planting. Commercial buying continued, but at light volume. Reports of processor buying interest continued, but not much was seen on Friday. Traders expect record planted area for Canola this year, but are still watching flooded areas in southern areas near the Saskatchewan-Manitoba border. Palm Oil was sharply lower again today on what was called speculative selling tied to demand concerns and Europe. Outside markets are not strong and traders fear demand loss.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 608.00 and 599.00 July. Support is at 605.00, 600.00, and 597.00 July, with resistance at 614.00, 617.00, and 626.00 July. Trends in Palm Oil are down with objectives of 3245 and 3160 July. Support is at 3260, 3220, and 3200 July, with resistance at 3330, 3395, and 3405 July.

DJ Canadian Oilseed Processors Association Weekly Crush – May 11
WINNIPEG – The Canadian Oilseed Processors Association
reported the Canadian oilseed crush for the week ended May 9,
2012, as follows:
Figures are in metric tons. R-denotes revision.
Week ended Cumulative Cumulative
2011/12 2010/11 2011/12
2010/11
Canola (Aug/Jul) Sybns (Aug/Jul)
May 09 117,032 5,292,904 4,705,257 28,808 1,083,183 1,069,647
May 02 140,849 5,175,872 4,589,150 24,534 1,053,375 1,040,240
Apr 25 149,089 5,035,023 4,480,347 25,455 1,028,841 1,015,030
Apr 18 141,773 4,885,934 4,357,344 24,464 1,003,386 990,277
Apr 11 148,732 4,744,161 4,235,091 28,707 978,922 960,591
Crush Capacity Utilization
This Week Year-to-Date Year Ago
Canola 70.4% 90.1% 84.6%
Soybeans 43.8% 54.4% 62.3%

DJ Canadian Grain Handling Summary – May 11
Winnipeg–The following are Canadian grain handling summary
statistics for the week ended May 6, 2012. Figures in thousands of metric
tons.
Source: Canadian Grain Commission.
Durum
Wheat Wheat Oats Barley Flax Canola Peas Corn Total
VISIBLE STOCKS
This week 2597.2 727.7 186.3 284.2 62.3 1010.4 162.0 115.9 5159.1
Week ago 2873.7 840.2 189.9 284.3 60.6 1065.2 181.6 131.8 5645.6
Year ago 3049.4 623.1 255.9 425.2 38.1 1196.5 212.7 165.5 5995.5
PRODUCER DELIVERIES
This week 248.4 60.8 25.4 40.4 3.4 202.5 12.8 4.1 599.0
Week ago 282.0 73.7 19.9 45.3 6.5 266.0 29.5 5.7 730.1
To date 13333.9 3125.0 1541.1 2334.2 233.4 12675.1 1333.8 402.1 35081.0
Year ago 11004.5 2923.9 1320.4 2424.2 235.2 9992.8 2063.4 1470.5 31567.5
EXPORTS
This week 420.4 167.3 13.3 14.3 0.3 152.9 33.3 2.8 810.3
Week ago 314.3 114.7 10.0 6.8 9.6 78.5 32.5 2.0 568.8
To date 10768.6 2963.3 953.8 989.6 191.6 7145.6 1336.9 43.3 24484.4
Year ago 8913.3 2576.0 834.0 1176.0 262.1 5439.2 2067.1 1042.8 22413.6
DOMESTIC DISAPPEARANCE
This week 122.2 28.0 10.0 30.7 0.7 123.3 0.3 7.0 322.8
Week ago 103.0 32.0 10.0 33.0 1.3 207.8 1.3 6.7 396.1
To date 3339.3 359.0 601.6 1336.2 32.3 5573.2 43.8 339.4 11644.4
Year ago 2875.2 422.5 429.3 1336.6 24.4 4346.7 57.9 375.5 9878.3
Source: Commodity News Service Canada (cnscanada@shaw.ca, or 204-414-9084)

DAIRY
General Comments: Dairy markets were higher again Friday and finished a positive week on a positive note. Trends are trying to turn up on the charts for the entire complex, although many say this is due only t speculative short covering and not really for fundamental reasons. Milk and Cheese once again held some important support areas on the charts yesterday and might have put bears on notice that prices are cheap enough for now, even in the face of big supply ideas. Big supply ideas continue in response to the mild US Winter and for seasonal considerations. The domestic seasonal increase in raw Milk should be almost done passing through the market now, then domestic traders should start to see less volume in cash markets. World supplies are reported to be high. However, demand reports remain strong in export markets.
Overnight News:
Chart Analysis: Trends in Milk are mixed to up with objectives of 1535 June. Support is at 1440, 1420, and 1395 June, and resistance is at 1500, 1520, and 1550 June. Trends in Cheese are mixed to up with objectives of 152.00 and 155.00 June. Support is at 148.50, 146.00, and 143.00 June, with resistance at 151.50, 153.50, and 156.00 June. Trends in Butter are mixed. Support is at 135.00, 129.00, and 126.00 June, and resistance is at 140.00, 143.00, and 145.00 June. Trends in Whey are up with no objectives. Support is at 4850, 4750, and 4600 June, with resistance at 5300, 5400 and 5600 June.

BUTTER (CASH SETTLED) – CHICAGO MERCANTILE EXCHANGE Code-050642
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 20,000 POUNDS) OPEN INTEREST: 6,464
COMMITMENTS
323 126 134 5,366 5,406 5,824 5,667 640 796
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: 52)
-26 14 3 59 -27 36 -10 16 61
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
5.0 2.0 2.1 83.0 83.6 90.1 87.7 9.9 12.3
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 23)
2 2 2 14 12 18 14

MILK, Class III – CHICAGO MERCANTILE EXCHANGE Code-052641
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 200,000 POUNDS) OPEN INTEREST: 53,100
COMMITMENTS
7,048 4,415 12,259 28,502 24,736 47,809 41,410 5,291 11,691
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: 359)
225 420 94 47 215 366 729 -7 -370
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
13.3 8.3 23.1 53.7 46.6 90.0 78.0 10.0 22.0
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 82)
14 20 23 38 35 64 66

CHEESE (CASH-SETTLED) – CHICAGO MERCANTILE EXCHANGE Code-063642
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 20,000 POUNDS) OPEN INTEREST: 11,104
COMMITMENTS
417 5,249 156 9,604 3,797 10,177 9,203 928 1,901
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: 493)
26 380 -22 396 77 400 435 93 58
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
3.8 47.3 1.4 86.5 34.2 91.6 82.9 8.4 17.1
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 34)
2 11 7 16 13 24 25

Daily Cash Nonfat Dry Milk Trading on Friday, May 11, 2012
(Carload Unit = 42,000-45,000 lbs)
——————————————————————
NONFAT DRY MILK : CLOSE : CHANGE
——————————————————————
EXTRA GRADE : $1.0825 : N.C.
GRADE A : $1.1225 : N.C.
——————————————————————
SALES: 2 CARS GRADE A @ $1.1225
LAST BID UNFILLED: NONE
LAST OFFER UNCOVERED: 1 CAR GRADE A @ $1.1250
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1113C (608) 278-4200

Daily Cash Cheese Trading on Friday, May 11, 2012
(Carload Unit = 40,000-44,000 lbs.)
——————————————————————
CHEESE : CLOSE : CHANGE
——————————————————————
BARRELS : $1.4500 : .0025
40# BLOCKS : $1.5000 : .0075
——————————————————————
SALES: 1 CAR BARRELS @ $1.4475
2 CARS 40# BLOCKS @ $1.5000
LAST BID UNFILLED: 1 CAR BARRELS @ $1.4500
1 CAR 40# BLOCKS @ $1.5000

LAST OFFER UNCOVERED: NONE
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1113C (608) 278-4200

Daily Cash Butter Trading on Friday, May 11, 2012
(Carload Unit = 40,000-42,000 lbs)
——————————————————————
BUTTER : CLOSE : CHANGE
——————————————————————
GRADE AA : $1.3200 : .0175
——————————————————————
SALES: 1 CAR GRADE AA @ $1.3200
LAST BID UNFILLED: 1 CAR GRADE AA @ $1.3150
LAST OFFER UNCOVERED: 1 CAR GRADE AA @ $1.3200
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1125C (608) 278-4200

Midwest Weather: Mostly dry and warm through the week.

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

COTTON NO. 2 – ICE FUTURES U.S. Code-033661
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 50,000 POUNDS) OPEN INTEREST: 248,228
COMMITMENTS
63,433 38,260 55,325 113,821 138,399 232,578 231,984 15,649 16,243
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: 755)
2,342 1,490 317 283 -1,837 2,942 -30 -2,187 785
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
25.6 15.4 22.3 45.9 55.8 93.7 93.5 6.3 6.5
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 281)
120 78 96 65 69 225 206

FCOJ
General Comments: Futures closed higher as some short covering was seen once again. The upside might be limited for now, or until some sort of weather threat emerges in the US. Demand for domestically produced Juice is down from last year, and trader worry about European demand due to all of the economic problems there. Weather in Florida remains mostly good, although it is too dry, especially in northern and western areas. This week should see dry conditions and warm temperatures. There is drought in production areas and irrigation is being used. Fruit is forming and is visible. Brazil is seeing warm temperatures, but showers are expected for the first half of the week. Prices trends are down for the short term.
Overnight News: Florida weather forecasts call for mostly dry weather. Temperatures will average near normal.
Chart Trends: Trends in FCOJ are down with no objectives. Support is at 112.00, 108.00, and 102.00 July, with resistance at 129.00, 132.00, and 138.00 July.

FRZN CONCENTRATED ORANGE JUICE – ICE FUTURES U.S. Code-040701
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 15,000 POUNDS) OPEN INTEREST: 25,967
COMMITMENTS
9,242 2,751 4,777 9,388 16,149 23,406 23,677 2,561 2,290
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -26)
89 210 584 -650 -1,054 22 -260 -49 234
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
35.6 10.6 18.4 36.2 62.2 90.1 91.2 9.9 8.8
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 81)
28 25 16 22 16 57 51

COFFEE
General Comments: Futures were lower in New York and Sao Paulo, but higher in London. Speculators were sellers and commercials were net buyers. Charts suggest that futures are in mixed trends in New York and Sao Paulo, but in up trends in London. London continues to be the stronger market overall as Robusta supplies are relatively tight and demand remains relatively strong. Traders still anticipate big offers of Coffee from producers, but offers remain generally low due to what are called poor prices. Demand remains poor on ideas that coffee is in origin countries. Most traders continue looking for big production and increased offers in Brazil to keep futures under pressure. Speculators remain short. Brazil coffee areas appear to be in good condition under generally good weather. Flowering is very good so far in Central America, but more rains are needed. Differentials in all of Latin America remain strong, but have been working lower.
Overnight News: Certified stocks are higher today and are about 1.515 million bags. The ICO composite price is now 159.80 ct/lb. Brazil should get some showers and rains over most of the region on Sunday and Monday. Temperatures will average near to above normal this weekend, but below normal next week. Colombia should also get showers, but Central America and Mexico should be mostly dry, although there have been some showers. Temperatures should average near to above normal.
Chart Trends: Trends in New York are mixed. Support is at 174.00, 171.00, and 168.00 July, and resistance is at 186.00, 187.00, and 190.00 July. Trends in London are up with objectives of 2170 and 2290 July. Support is at 2070, 2060, and 2020 July, and resistance is at 2140, 2160, and 2205 July. Trends in Sao Paulo are mixed. Support is at 222.00, 219.00, and 216.00 September, and resistance is at 229.00, 237.00, and 239.00 September.

COFFEE C – ICE FUTURES U.S. Code-083731
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 37,500 POUNDS) OPEN INTEREST: 210,953
COMMITMENTS
31,528 39,802 70,387 101,414 92,942 203,329 203,131 7,624 7,823
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: 1,414)
-61 -494 2,316 -1,196 -523 1,059 1,299 355 115
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
14.9 18.9 33.4 48.1 44.1 96.4 96.3 3.6 3.7
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 375)
110 110 117 131 128 293 307

SUGAR
General Comments: Futures closed lower as traders anticipate the Brazil crop becoming available. The harvest progress until now has been slow, but should start to pick p under better weather conditions. Markets trends are down longer term, and price action in New York last week suggests that more selling and down side pressure on prices is coming down the road. However, near term price action suggests that the market could try for a low around current levels. There are still many concerns about how much Brazil will produce this year because of dry weather earlier in the season. However, indications are that Brazil production will be a little bigger than last year. Supplies in northern countries remain big, especially in Thailand and India. The market has been weak overall on ideas of ample supplies from northern producers such as India and Europe keeping a lid on prices, but worries about the next Brazil production coming soon adding now to the pressure.
Overnight News: Scattered showers or dry conditions are expected in Brazil. Temperatures should be near normal. The ISO now estimates the world 2011-12 Sugar surplus at 6.48 million tons, from 5.17 million in February. India has lifted Sugar export restrictions for the 2011-12 crop year. A Vietnamese government report estimated Sugar production there at 1.31 million tons, from 1.15 million tons last year.
Chart Trends: Trends in New York are mixed to down with objectives of 2010 and 1950 July. Support is at 2015, 2000, and 1955 July, and resistance is at 2070, 2120, and 2145 July. Trends in London are mixed to down with objectives of 550.00, 544.00, and 531.00 August. Support is at 554.00, 552.00, and 550.00 August, and resistance is at 570.00, 575.00, and 582.00 August.

SUGAR NO. 11 – ICE FUTURES U.S. Code-080732
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 112,000 POUNDS) OPEN INTEREST: 860,705
COMMITMENTS
179,389 103,600 159,548 457,417 523,911 796,354 787,059 64,351 73,646
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: -2,433)
-3,147 8,079 10,037 4,461 -14,605 11,351 3,510 -13,784 -5,943
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
20.8 12.0 18.5 53.1 60.9 92.5 91.4 7.5 8.6
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 246)
72 68 85 87 93 208 200

COCOA
General Comments: Futures closed a little lower in consolidation trading. Charts show that futures remains in a longer term trading range. All West Africa countries are harvsting the midcrop now, and yields have been dropping off after a strong start. Rain is forecast for many areas now, and overall weather does not seem too bad. Showers have been reported in other parts of West Africa this week. Rain would still be beneficial, but right now the rains will mostly support development for the next crop. Traders note that Ivory Coast crops seem to be available and arrivals are reported. Flowers are reported on trees there due to regular rains. Wire reports indicate that Nigeria offers have dried up as the Midcrop production has come in short. Ghana production is said to be short as well.
Overnight News: Scattered to isolate showers and storms are expected in West Africa. Temperatures will average near to above normal. Malaysia and Indonesia should see episodes of scattered showers. Temperatures should average near normal. Brazil will be mostly dry and warm. ICE certified stocks are lower today at 5.335 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2280, 2250, and 2200 July, with resistance at 2360, 2410, and 2440 July. Trends in London are mixed. Support is at 1520, 1485, and 1460 July, with resistance at 1550, 1565, and 1585 July.

COCOA – ICE FUTURES U.S. Code-073732
OPTION AND FUTURES COMBINED POSITIONS AS OF 05/01/12 |
————————————————————–| NONREPORTABLE
NON-COMMERCIAL | COMMERCIAL | TOTAL | POSITIONS
————————–|—————–|—————–|—————–
Long | Short |Spreads | Long | Short | Long | Short | Long | Short
——————————————————————————–
(CONTRACTS OF 10 METRIC TONS) OPEN INTEREST: 195,076
COMMITMENTS
28,105 39,984 37,693 118,944 107,272 184,743 184,949 10,333 10,126
CHANGES FROM 04/24/12 (CHANGE IN OPEN INTEREST: 5,116)
1,253 -1,440 2,811 1,066 4,209 5,129 5,580 -13 -464
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
14.4 20.5 19.3 61.0 55.0 94.7 94.8 5.3 5.2
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 187)
48 75 51 55 47 142 136

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

• GRAINS-US soybean futures hit 6-wk low as funds sell long positions
  Grains prices at 0510 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 599.75 2.75 +0.46% -0.25% 629.31 30 CBOT corn 582.50 1.50 +0.26% -0.85% 617.18 36 CBOT soy 1391.50 -14.50 -1.03% -4.38% 1446.37 26 CBOT rice $15.71 $0.00 +0.00% …
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• Commodities: Bearish news pressures crude oil
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• Commodities look for support after onslaught

  India's industrial production shrank and Chinas weakened sharply in April as investments slowed to the lowest level in nearly a decade, once again raising the question whether this will signal an end to the rapid demand growth for commodities witnessed … See all stories on this topic »

  FXstreet.com

• Carol Fenster's Tips for Eating Whole Grains on a Gluten-Free Diet: May is …

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  PR Web (press release)

• Commodities, Euro Decline on Greek Concern; China Stocks Advance
  May 14 (Bloomberg) — The euro weakened to a three-month low and commodities fell to their cheapest this year on concern that Greece would exit the single European currency and after German Chancellor Angela Merkel's party lost a state election.
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• Asian Stocks, Commodities, Euro Decline on Greek Crisis Concern
  May 14 (Bloomberg) — Asian stocks fell for the fourth day, the euro weakened and commodities dropped to their lowest this year as German Chancellor Angela Merkel's party lost a state election and concern grew that Greece would exit the single European …
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• GRAINS-US soybean futures drop on fund sales, China worries
  DATA/EVENTS (GMT) 0900 EZ Industrial production yy Mar 1500 US Export wheat inspections Weekly 1500 US Export corn inspections Weekly 1500 US Export soybean inspections Weekly 1500 US NOPA-Soy crush Apr China FDI (ytd) May Grains prices at 0006 GMT …
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• One Of The Largest Commodities Players In The World Plans To Access The …

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  Business Insider

• Dreyfus to tap capital markets

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  Financial Times

• A Rare Speed Bump in Commodities' Long Run
  By LIAM PLEVEN Commodities fell to nearly two-year lows last week, measured by a widely used benchmark, prompting investors to ponder whether the massive rally that began in 1999 may be faltering. China is cooling down at the same time the US is …
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• Weekly Funadamentals – Commodities Slumped on Weak Sentiment
  Financial markets were gloomy last week. Driven by the highly political uncertain situation in Greece, disappointing economic data in China and reports of JP Morgan's $2B trading loss linked to synthetic credit securities, market sentiment was dampened …
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• Industrial metals fall on slower growth in China
  China is a huge importer of industrial metals like copper and other commodities. Its economy expanded 8.1 percent in the first quarter, which was the slowest pace since 2009. Many investors worry that slower growth in China will cause a slump in global …
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• Grains Week Ahead-Record US harvest could herald $4 new-crop corn
  "New crop corn will be about $4 probably after mid-July," said grains analyst Robert Bresnahan of Trilateral Inc. in Chicago. "A large portion of the crop was planted early and they received timely rains. I see a downtrend (in prices).
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• Scam watch: Amazon emails, foreign travel, commodities fraud
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OE: May EURIBOR-LIFFE
OE: May EURIBOR Mid-Curve-LIFFE
OE: May Lean Hogs-CME®-G

__________________________________

Legend
EH: Exchange Holidays | LT: Futures Last Trading Day | OE: Option Expiration Day
FN: Futures First Notice Day | LN: Futures Last Notice Day | FD: Futures First Delivery Date
LD: Futures Last Delivery Date

Grains: Yesterday Corn closed 19 cents lower and Beans 25 cents higher in response to yesterday’s supply/demand report. Over night July Corn traded 2’0 lower at 585’4, July Beans 16’0 lower at 1439’2 and July Wheat 4’4 lower at 596’6. I’m looking to be a buyer on breaks in July corn with an initial 20 cent risk.

Cattle: Over night June Cattle traded 60 lower at 115.25 and May FC 37 lower at 150.00. My upside objective of the 117.00 level in June Cattle was met early in the session yesterday putting me once again on the sidelines. Starting Monday we will be looking at Aug. LC and Aug. FC.

Silver: July Silver is currently 63 cents lower at 28.55 and June Gold 15.00 lower at 1580.50. I am cautiously looking to the long side of these markets on breaks.

S&P’s: S&P’s are currently 11.00 lower at 1346.50 as a result of the losses at J.P. Morgan. If the market holds these levels I would expect a bounce back to the 1360.00 area. If the market trades below 1338.00 I would expect a break to the mid 1320’s.

Currencies: As of this writing the June Euro is trading 27 lower at 1.2926, the Swiss 22 lower at 1.0764, the Yen unchanged at 1.2518 and the Pound 77 lower at 1.6072. I am covering all short biased positions in the Euro and standing aside until next week.

Regards,
Marc

Questions? Ask Marc Nemenoff today at 312-264-4310

RICE
General Comments: Prices were higher in reaction to the USDA reports that showed less than expected ending stocks estimates for old crop and new crop and less than expected production for new crop as well. Ideas of smaller production potential in the US this year due to reduced plated area continue to battle reports of price weakness in some Asian countries, but yesterday the lower US production potential showed the potential for a very tight market and this trumped any overseas concerns. Chart patterns turned up with the price action yesterday. Farmers concentrated on fieldwork and are concerned about production due to some less then good weather in the Delta. They say there is less area planted to Rice, but the early and rapid planting gives them hopes for very high quality and yields. Demand remains solid but not real strong.
Overnight News: Dry and warm, although there will be a few showers around starting Sunday. Philippines said that Rice production for the first quarter of this year was 3.99 million tons and expects total year production near 18.546 million tons.
Chart Analysis: Trends are up with objectives of 1602 July. Support is at 1522, 1512, and 1484 July, with resistance at 1550, 1580, and 1603 July.

CORN AND OATS
General Comments: Corn was lower and Oats were about unchanged in reaction to the USDA reports. USDA showed higher than expected ending stocks estimates for this year, and also the potential for record production next year due to increased planted area and very high yields. The reports were bearish as demand was cut as well. Ending stocks for next year could be very ample. Trade3rs had no real reason to buy yesterday. However, some traders question the USDA stocks estimates for this year, and cite the price action in May 12 Corn futures as one reason why. May has gotten very strong on spreads and this usually implies that the market is short of Corn. The spread has corrected back down this week, but traders appear willing to use the weakness to buy July and sell new crop months on spreads again. This implies that down side pressure on Corn might be limited despite the USDA estimates. Demand has been very good, especially in the export market, and farmers have been tight holders of remaining stocks. Weather conditions in the US are good right now for initial development, with dry and cool weather in the forecast. However, the planting pace has been slower with the rains see over last weekend. Farmers should be back in the fields in rain affected areas now, and dry weather in the forecast should allow for rapid progress.
Overnight News: USDA said that 300,000 tons of US Corn was sold to unknown destinations.
Chart Analysis: Trends in Corn are down with objectives of 576 and 546 July. Support is at 562, 556, and 544 July, and resistance is at 592, 599, and 604 July. Trends in Oats are mixed to down with objectives of 319 and 298 July. Support is at 334, 329, and 322 July, and resistance is at 340, 345, and 350 July.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and products closed higher in reaction to the USDA reports. USDA showed less than expected ending stocks estimates for this year and next year, and also showed less than expected production here in the US for the coming year due to a smaller planted area. The estimates from USDA implied that Soybeans prices could stay strong through the end of the year and perhaps beyond if South America has any problems again. Talk of increased double crop planting after the Wheat harvest remains negative to new crop months of Soybeans. There is talk of more Chinese demand after big purchases last week, but no new dales have been confirmed in the last few days, and wire reports are showing that they have been buying Corn. Speculators continue to hold a record long position in this market, but chart patterns are still showing longer term up trends in Soybeans and Soybean Meal despite the price weakness overall this week. The market needs US Soybeans after the drought in South America last year, and there was some talk that farmers are now switching some areas to Soybeans and away from Corn due to the recent price rally in the complex. US conditions are good for planting and development conditions in general are very good right now.
Overnight News: USDA said that 139,500 tons of US Soybeans were sold to unknown destinations.
Chart Analysis: Trends in Soybeans are mixed to down with no objectives. Support is at 1442, 1432, and 1413 July, and resistance is at 1460, 1483, and 1492 July. Trends in Soybean Meal are mixed to down with no objectives. Support is at 419.00, 415.00, and 409.00 July, and resistance is at 425.00, 433.00, and 437.00 July. Trends in Soybean Oil are mixed to down with no objectives. Support is at 5285, 5260, and 5215 July, with resistance at 5400, 5460, and 5535 July.

CANOLA AND PALM OIL
General Comments: Canola was higher along with Chicago and in reaction to the USDA reports. New crop prices were a little higher as too much rain has hit some production areas and delayed planting progress, but fell near the close to close lower. Cash markets were dull with the price weakness and with farmers planting. Commercial buying continued, but at light volume. Reports of processor buying interest continued, but only on the late price weakness. Traders expect record planted area for Canola this year, but are still watching flooded areas in southern areas near the Saskatchewan-Manitoba border. Palm Oil was lower again today on what was called speculative selling tied to demand concerns and Europe. Outside markets are not strong. Traders hope that tight supplies for other vegetable oils will increase demand for Palm Oil, but fears about Chinese buying is forcing prices lower as is price weakness in competing oils. Overall ideas are that Palm Oil demand for export will be strong this month. Traders will find out the demand trends for the first part of the month in the morning. MPOB issues monthly data tomorrow as well.
Overnight News: SGS said that exports so far this month are 419,364 tons, down 14% from last month. ITS stimated exports at 450,269 tons, down 6% from last month.
Chart Analysis: Trends in Canola are mixed. Support is at 617.00, 614.00, and 605.00 July, with resistance at 626.00, 633.00, and 640.00 July. Trends in Palm Oil are mixed. Support is at 3330, 3310, and 3295 July, with resistance at 3395, 3405, and 3440 July.

PERFORMANCE OF THE MALAYSIAN PALM OIL INDUSTRY, APRIL 2012
MARCH(r) APRIL(p) DIFFERENCE
QUANTITY (%)
PRODUCTION (Tonnes)
CRUDE PALM OIL
P. Malaysia 659,168 703,812 44,644 6.77
Sabah 371,567 373,205 1,638 0.44
Sarawak 180,522 195,609 15,087 8.36
Total 1,211,257 1,272,626 61,369 5.07
PALM KERNEL 313,936 324,401 10,465 3.33
CRUDE PALM KERNEL OIL 152,038 139,338 (12,700) (8.35)
PALM KERNEL CAKE 167,842 154,616 (13,226) (7.88)
STOCK (Tonnes)(s)
CRUDE PALM OIL
P. Malaysia 414,982 453,752 38,770 9.34
Sabah 412,157 375,614 (36,543) (8.87)
Sarawak 149,160 160,788 11,628 7.80
Total 976,299 990,154 13,855 1.42
PROCESSED PALM OIL
P. Malaysia 625,138 545,253 (79,885) (12.78)
Sabah 249,554 241,236 (8,318) (3.33)
Sarawak 103,154 71,725 (31,429) (30.47)
Total 977,846 858,214 (119,632) (12.23)
TOTAL PALM OIL
P. Malaysia 1,040,120 999,005 (41,115) (3.95)
Sabah 661,711 616,850 (44,861) (6.78)
Sarawak 252,314 232,513 (19,801) (7.85)
Total 1,954,145 1,848,368 (105,777) (5.41)
PALM KERNEL 91,054 118,563 27,509 30.21
CRUDE PALM KERNEL OIL 182,602 162,666 (19,936) (10.92)
PROCESSED PALM KERNEL OIL 164,067 150,735 (13,332) (8.13)
TOTAL PALM KERNEL OIL 346,669 313,401 (33,268) (9.60)
PALM KERNEL CAKE 231,818 242,316 10,498 4.53
EXPORT
PALM OIL 1,329,640 1,331,490 1,849 0.14
PALM KERNEL OIL 88,187 91,341 3,154 3.58
PALM KERNEL CAKE 211,391 178,873 (32,518) (15.38)
OLEOCHEMICAL 238,947 205,518 (33,429) (13.99)
BIODIESEL 369 276 (93) (25.22)
IMPORT (TONNES)(q) Import
CRUDE PALM OIL 27,908 40,616 12,708 45.53
PROCESSED PALM OIL 103,673 83,459 (20,214) (19.50)
PALM OIL 131,581 124,075 (7,506) (5.70)
TOTAL PALM KERNEL OIL 33,968 25,891 (8,076) (23.78)
PRICE (1% OER) (Local Ex-Mill)
FFB (AVERAGE RM/TONNE) 35.75 37.83 2.08 5.82

Explanatory Notes:

(p) Preliminary

(q) The import and export figures are based on information extracted from Customs No. 1 and 2 (Rev. 8/89) received up to 10.00 a.m., 10 May 2012. The export date refers to that as authorised by the Customs Department.

(r) The figures for the month of March 2012 are revised by taking into account corrections made by the licensees and from late receipt of Customs No. 1 and 2 (Rev. 8/89) after 10 April 2012.

(s) It refers to the total physical amount of crude and processed palm oil kept at the premises of mills, refineries, bulking installations, and oleochemical plants as at 30 April 2012.

DAIRY
General Comments: Dairy markets were a little higher again yesterday. Butter and Whey were able to work higher on what appeared to be some short covering, but Milk and Cheese were weaker on weaker cash markets. Milk and Cheese once again held some important support areas on the charts yesterday and might have put bears on notice that prices are cheap enough for now. Trading interest was seen in the Milk, Butter, and Cheese spot auctions at somewhat lower levels, but no trades were made. Chart trends are turning up in Whey, but are still more mixed in the other markets. Big supply ideas continue in response to the mild US Winter and for seasonal considerations. The domestic seasonal increase in raw Milk should be passing through the market now, then domestic traders should start to see less volume in cash markets. World supplies are reported to be high. However, demand reports are also strong in export markets.
Overnight News:
Chart Analysis: Trends in Milk are mixed. Support is at 1440, 1420, and 1395 June, and resistance is at 1470, 1485, and 1500 June. Trends in Cheese are mixed. Support is at 146.00, 143.00, and 140.00 June, with resistance at 149.50, 151.50, and 153.50 June. Trends in Butter are mixed. Support is at 129.00, 126.00, and 123.00 June, and resistance is at 135.00, 140.00, and 143.00 June. Trends in Whey are up with no objectives. Support is at 4750, 4600, and 4400 June, with resistance at 4850, 5100 and 5300 June.

Midwest Weather: Mostly dry and cool through the weekend, dry and warm next week.

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

FCOJ
General Comments: Futures closed higher as some short covering was seen after the USDA production reports for mostly unchanged production that were released by USDA yesterday. The upside might be limited for now, or until some sort of weather threat emerges in the US. Demand for domestically produced Juice is down from last year, and trader worry about European demand due to all of the economic problems there. Weather in Florida remains mostly good, although it is too dry, especially in northern and western areas. This week should see dry conditions and warm temperatures. There is drought in production areas and irrigation is being used. Fruit is forming and is visible. Brazil is seeing warm temperatures and mostly dry weather, but showers are expected on Sunday and Monday. Prices trends are down for the short term.
Overnight News: Florida weather forecasts call for mostly dry weather. Temperatures will average near to below normal.
Chart Trends: Trends in FCOJ are down with no objectives. Support is at 112.00, 108.00, and 102.00 July, with resistance at 129.00, 132.00, and 138.00 July.

COFFEE
General Comments: Futures were higher yesterday in all three markets. Speculators and commercials were net buyers. Charts suggest that futures are in mixed trends in New York and Sao Paulo, but in up trends in London. London continues to be the stronger market overall as Robusta supplies are relatively tight and demand remains relatively strong. Traders still anticipate big offers of Coffee from producers, but offers remain generally low due to what are called poor prices. Demand remains poor on ideas that coffee is in origin countries. Most traders continue looking for big production and increased offers in Brazil to keep futures under pressure. Speculators remain short. Brazil coffee areas appear to be in good condition under generally good weather. Flowering is very good so far in Central America, but more rains are needed. Differentials in all of Latin America remain strong, but have been working lower.
Overnight News: Certified stocks are near unchanged today and are about 1.511 million bags. The ICO composite price is now 160.21 ct/lb. Brazil should get some showers and rains over most of the region on Sunday and Monday. Temperatures will average near to above normal this weekend, but below normal next week. Colombia should also get showers, but Central America and Mexico should be mostly dry, although there have been some showers. Temperatures should average near to above normal.
Chart Trends: Trends in New York are mixed. Support is at 171.00, 168.00, and 162.00 July, and resistance is at 178.00, 186.00, and 187.00 July. Trends in London are up with objectives of 2170 and 2290 July. Support is at 2070, 2060, and 2020 July, and resistance is at 2125, 2140, and 2160 July. Trends in Sao Paulo are mixed. Support is at 222.00, 219.00, and 216.00 September, and resistance is at 229.00, 237.00, and 239.00 September.

SUGAR
General Comments: Futures closed mixed as traders start to anticipate the Brazil crop becoming available, but as the harvest progress until now has been slow. July managed to close with a small gain on some short covering after once again testing some support levels on the charts. Markets trends are down longer term, and price action in New York yesterday suggests that more selling and down side pressure on prices is coming down the road. However, near term price action suggests that the market could fight for a low around current levels. There are still many concerns about how much Brazil will produce this year because of dry weather earlier in the season. Supplies in northern countries have been big, especially in Thailand and India. The market has been weak overall on ideas of ample supplies from northern producers such as India and Europe keeping a lid on prices, but worries about the next Brazil production coming soon adding now to the pressure.
Overnight News: Scattered showers or dry conditions are expected in Brazil. Temperatures should be near normal. China produced 737,000 tons of Sugar in April, up 26% from last year.
Chart Trends: Trends in New York are down with objectives of 2010 and 1950 July. Support is at 2015, 2000, and 1955 July, and resistance is at 2070, 2120, and 2145 July. Trends in London are mixed to down with objectives of 550.00 August. Support is at 554.00, 552.00, and 550.00 August, and resistance is at 570.00, 575.00, and 582.00 August.

COCOA
General Comments: Futures closed a little higher in range trading. Charts show that futures remains in a longer term trading range. All West Africa countries are harvsting the midcrop now, and yields have been dropping off after a strong start. Rain is forecast for many areas now, and overall weather does not seem too bad. Showers have been reported in other parts of West Africa this week. Rain would still be beneficial, but right now the rains will mostly support development for the next crop. Traders note that Ivory Coast crops seem to be available and arrivals are reported. Flowers are reported on trees there due to regular rains. Wire reports indicate that Nigeria offers have dried up as the Midcrop production has come in short. Ghana production is said to be short as well, and Cocobod has said it will revise its production estimates down in the next report.
Overnight News: Scattered to isolate showers and storms are expected in West Africa. Temperatures will average near to above normal. Malaysia and Indonesia should see episodes of scattered showers. Temperatures should average near normal. Brazil will be mostly dry and warm. ICE certified stocks are lower today at 5.344 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2280, 2250, and 2200 July, with resistance at 2360, 2410, and 2440 July. Trends in London are mixed. Support is at 1520, 1485, and 1460 July, with resistance at 1550, 1565, and 1585 July.

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

• Global shares, commodities slide on Greek impasse, growth worries
  LONDON (Reuters) – European shares and commodities fell on Friday as Greece appeared unable to form a government and Chinese data came in unexpectedly weak, fuelling fears of a global economic slowdown and keeping safe-haven German bond yields close to …
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• Stocks, Commodities Drop on JPMorgan Loss; Dollar Climbs
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• Commodities Erase Gain for Year in Worst Run Since 2008
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• USDA Report Recap (Grains, Meats, Cotton, Livestock and Dairy)
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• Commodities Erase Gain for Year in Worst Run Since 2008
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• Commodities scam cost victims up to $2.5 million
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• Rebel union workers strike at Argentine grains port
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• Grains futures mixed, livestock prices rose
  Wheat for July delivery fell 1 cent to $5.99 a bushel; July corn fell 5.25 cents to $6.02 a bushel; July oats were unchanged at $3.36 a bushel; while July soybeans jumped 22.25 cents to $14.5250 a bushel. Beef and pork futures rose on the Chicago …
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• U.S. Equity Futures, Commodities Drop as JPMorgan Announces Loss

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  Bloomberg

• COMMODITIES-Most markets up, corn down; CRB flat
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• Rebel union calls strike at Argentine grains port
  In any case, it prevented grains vessels from being moored and loaded, although operations were normal for ships already tied up at the ports that account for 80 percent of grain shipments from global food supplier Argentina. "The protest is affecting …
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• Commods investors, fund managers grow less patient
  "Funds are getting shut down once they reach a certain deterioration in asset size, which managers find unexciting," said Marcus Storr, who helps manage some 16 billion euros ($20 billion), including in commodities, for Bad Homburg, Germany-based Feri.
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• Natixis plans to shut commodities brokerage unit
  NEW YORK/PARIS (Reuters) – French bank Natixis said it plans to close its commodities brokerage division, as one of the oldest ring-dealing members of the London Metal Exchange becomes the latest victim of the European debt crisis.
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• Grains futures mixed, livestock prices mostly fall
  CHICAGO Grains futures traded mixed Thursday on the Chicago Board of Trade. Wheat for July delivery rose 1.25 cent to $6.0125 a bushel July corn fell 19.75 cents to $5.8750 a bushel July oats were unchanged at $3.36 a bushel while July soybeans jumped …
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