About The Author

Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

DJ U.S. April Grain, Soybean Stockpiles Estimates – Survey
CHICAGO–The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2018-19, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Tuesday at noon ET.
U.S. 2018-19 Stockpiles (millions)
Average Range USDA March USDA 2017-2018
Corn 2,013 1,940-2,211 1,835 2,140
Soybeans 913 847-1,062 900 438
Wheat 1,076 1,045-1,103 1,055 1099
2018-19
Corn Soybeans Wheat
Advanced Market 2,035 910 1,065
Allendale 2,055 904 1,074
Citizens Elevator 1,940 925 1,060
DC Analysis 2,010 900 1,080
Doane 2,000 865 1,095
EDFMan Capital 1,950 900 1,080
Farm Futures 2,009 904 1,045
Hueber Report 1,950 885 1,059
INTL FCStone 2,211 1,062 1,103
North Star 1,965 900 1,070
Sid Love Consulting 1,985 920 1,075
Price Group 2,035 887 1,097
Prime Ag 1,985 900 1,075
RJ O’Brien 2,110 965 1,090
RMC 1,985 905 1,055
US Commodities 2,020 847 1,095
Vantage RM 1,995 865 1,085
Western Milling 1,985 964 1,078
Zaner Ag Hedge 2,015 930 1,070

DJ April World Grain, Soybean Stockpiles Estimates — Survey
CHICAGO–The following are analysts’ estimates in millions of metric tons for world grain and soybean ending stockpiles for 2018-19, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Tuesday at noon ET.
World 2018-19 Stockpiles (million metric tons)
2018-19
Average Range USDA March USDA 2017-18
Corn 312.4 308.9-315.1 308.5 341.2
Soybeans 108.4 106.5-114.6 107.2 98.6
Wheat 271.1 268.5-274.2 270.5 279.6
2018-19
Corn Soybeans Wheat
Advanced Market 315.0 108.0 271.5
Allendale 312.5 106.9 274.2
Citizens Elevator 310.0 108.0 272.0
Doane 309.5 108.0 271.0
EDFMan Capital 312.0 107.0 271.0
Farm Futures 310.0 108.0 269.8
Hueber Report 312.5 106.5 270.5
INTL FCStone 315.1 114.6 268.5
Northstar 311.0 108.0 271.0
Prime-Ag 314.0 108.0 271.0
RMC 308.9 107.3 270.5
US Commodities 314.5 108.7 271.0
Western Milling 314.0 108.0 272.0
Zaner Ag Hedge 314.9 110.4 271.7

DJ April Brazil, Argentina Corn, Soybean Production Estimates – Survey
CHICAGO–The following are analysts’ estimates in millions of metric tons for Brazil and Argentina corn and soybean production for 2018-19, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release its monthly estimates on Tuesday at noon ET.
Brazil Corn, Soybean Production (million metric tons)
Average Range USDA March USDA 2017-18
Corn 94.7 94.4-95.0 94.5 82.0
Soybeans 116.1 115.0-117.0 116.5 120.8
Corn Soybeans
Advanced Market 94.5 115.5
Allendale 94.5 115.5
Citizens Elevator 95.0 117.0
DC Analysis 94.5 116.5
Doane 94.5 116.0
EDF Man Capital 94.5 116.5
Farm Futures 95.0 115.0
Hueber Report 94.5 115.5
INTL FCStone 94.4 115.7
North Star 95.0 116.5
Price Group 94.5 115.0
Prime Ag 95.0 116.5
RMC 94.5 116.5
US Commodities 95.0 116.5
Western Milling 95.0 116.5
Zaner Ag Hedge 95.0 117.0

DJ USDA Grain Inspections for Export in Metric Tons – Apr 8
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED AND
WEIGHED THROUGH THE AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT.
NO ADDITIONAL ANALYSIS, COMPILATIONS OR DATA IS AVAILABLE.
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING APR 04, 2019
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 04/04/2019 03/28/2019 04/05/2018 TO DATE TO DATE
BARLEY 0 1,200 0 9,010 21,071
CORN 1,035,423 1,259,267 1,940,094 30,714,750 26,509,043
FLAXSEED 24 0 0 390 4,745
MIXED 0 0 0 0 24
OATS 0 0 399 2,093 12,579
RYE 0 0 0 0 0
SORGHUM 16,636 58,354 247,369 1,052,926 4,169,788
SOYBEANS 888,160 731,590 381,191 30,187,372 41,905,536
SUNFLOWER 0 0 0 0 0
WHEAT 538,808 454,287 431,876 19,389,025 20,357,155
Total 2,479,051 2,504,698 3,000,929 81,355,566 92,979,941
————————————————————————-
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA.

WHEAT
General Comments Winter Wheat markets were higher last week, with SRW higher and HRW just slightly higher. Minneapolis was lower. Minneapolis moved to new recent lows on fears of a dramatic increase in planted area to Spring Wheat in Canada. Canada is in a political struggle with China over the arrest of the Huawei executive, and up to three Canadian exporters of Canola to China have had their permits to send to China suspended by Beijing. There is a chance that the loss of market could last for a while as the dispute has been going on for a while now and no resolution seems to be in sight. Spring Wheat prices have lost a lot and could go lower in the short-term to price in the potential increase in planted area. On the other hand, some reports from Canada indicate that producers there would rather stick with the normal rotation rather than make any big changes in order to maximize yield potential now and over time. That implies that any switching of crops planted area might be minor. The US Spring Wheat planted area was projected to be significantly down in the coming year, but not enough to offset the potential increased area in Canada. Winter Wheat prices are already low and producers who also run cattle in the Great Plains are reported to be grazing Wheat area instead of growing it for grain. Wheat export sales have been improved over the last month for the US as competing countries such as Russia run low on supplies and prices in general increase in world markets. It seems difficult to be very bearish at current prices in the Chicago markets. Minneapolis prices could move below $5.00 per bushel for a short time if the planted area in Canada does increase dramatically.
Overnight News: The southern Great Plains should get rains on Wednesday and this weekend. Temperatures should be near to above normal. Northern areas should see light showers today and Thursday. Temperatures should be near to above normal. The Canadian Prairies should see mostly dry conditions this week and light precipitation this weekend. Temperatures should be near to above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 465, 456, and 453 May, with resistance at 478, 480, and 490 May. Trends in Kansas City are mixed. Support is at 427, 423, and 418 May, with resistance at 443, 447, and 451 May. Trends in Minneapolis are down with objectives of 494 May. Support is at 521, 518, and 515 May, and resistance is at 540, 544, and 548 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 02, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-SRW – CHICAGO BOARD OF TRADE
CFTC Code #001602 Open Interest is 621,938
: Positions :
: 60,781 147,453 220,741 116,691 129,086 175,393 71,530 573,605 568,810: 48,333 53,128
: Changes from: March 26, 2019 (Change in open interest: 3,373) :
: 434 -9,844 3,867 -2,302 3,204 1,199 3,650 3,198 878: 174 2,495
: Percent of Open Interest Represented by Each Category of Trader :
: 9.8 23.7 35.5 18.8 20.8 28.2 11.5 92.2 91.5: 7.8 8.5
: Total Traders: 428 Number of Traders in Each Category :
: 117 130 161 101 94 43 23 350 334:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 02, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-HRW – CHICAGO BOARD OF TRADE
CFTC Code #001612 Open Interest is 363,549
: Positions :
: 58,473 107,214 100,834 98,217 104,908 68,209 28,359 325,732 341,314: 37,817 22,235
: Changes from: March 26, 2019 (Change in open interest: 6,834) :
: -2,716 1,706 9,163 -5,016 -6,697 3,738 1,610 5,169 5,781: 1,665 1,052
: Percent of Open Interest Represented by Each Category of Trader :
: 16.1 29.5 27.7 27.0 28.9 18.8 7.8 89.6 93.9: 10.4 6.1
: Total Traders: 271 Number of Traders in Each Category :
: 64 57 86 83 78 32 14 222 205:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 2, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
WHEAT-HRSpring – MINNEAPOLIS GRAIN EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 63,462 :
: Positions :
: 30,547 32,897 2,768 0 94 8,207 10,385 1,484 5,305 4,579 4,239 :
: Changes from: March 26, 2019 :
: 1,561 903 17 0 -14 -103 600 151 61 573 1,032 :
: Percent of Open Interest Represented by Each Category of Trader :
: 48.1 51.8 4.4 0.0 0.1 12.9 16.4 2.3 8.4 7.2 6.7 :
: Number of Traders in Each Category Total Traders: 96 :
: 51 35 5 0 . 12 7 4 6 10 8 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 2, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
BLACK SEA WHEAT FINANCIAL – CHICAGO BOARD OF TRADE 50 Metric Tons :
CFTC Code #00160F Open Interest is 18,613 :
: Positions :
: 6,851 14,853 1,698 0 567 5,260 746 882 1,964 220 1,055 :
: Changes from: March 26, 2019 :
: 60 495 -224 0 177 987 217 15 -103 6 30 :
: Percent of Open Interest Represented by Each Category of Trader :
: 36.8 79.8 9.1 0.0 3.0 28.3 4.0 4.7 10.6 1.2 5.7 :
: Number of Traders in Each Category Total Traders: 30 :
: 13 12 4 0 . . . . . . 4 :
—————————————————————————————————————-

RICE
General Comments: Rice was lower for the week on follow through speculative selling. The selling came amid reports of weaker basis levels near the Mississippi River and high river levels making transportation down the river more difficult and expensive. Futures are now at about the midpoint of the trading range and should start to find increased buying interest. Demand remains generally good. Export sales have held together well, although USDA cancelled a major sale to Mexico in the reports last week. No one in the trade thought that the reports were true, anyway, as there had been no announcements in the daily system and no activity that large reported in cash markets. Iraq bought 60,000 tons of Rice from Brazil last week in an international tender. The US had hoped to be competitive for this business, but it looks like the recent weakness in the Real against the US Dollar was the bigger factor in causing the Brazil sale. Iraq has planned a tender for US Rice for the next couple of weeks. Domestic demand is about average as mills continue to buy. Reports indicate that they are moving now for full coverage until the next harvest. Weather conditions have improved in Texas and near the Gulf Coast and planting and initial growth are reported. The big rains earlier in the Spring made for good soil conditions for planting, but some areas are already turning dry. Some producers have had to flush the crops to get them germinated and growing. Planting and field preparation are being reported into Arkansas now as the weather has improved. USDA showed last week that planting progress was about on par with the five-year average, and producers are hopeful for good crops. Some storms moved through almost all of the growing areas over the weekend and field work will be halted for at least a few days now.
Overnight News: The Delta should get drier weather, but showers are possible later this week. Temperatures should be near normal.
Chart Analysis Trends are down with no objectives. Support is at 1045, 1043, and 1034 May, with resistance at 1060, 1074, and 1078 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 2, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 8,763 :
: Positions :
: 5,662 4,713 144 0 0 289 1,689 0 435 577 705 :
: Changes from: March 26, 2019 :
: -540 -59 -4 0 0 -12 -453 -4 -94 -14 -206 :
: Percent of Open Interest Represented by Each Category of Trader :
: 64.6 53.8 1.6 0.0 0.0 3.3 19.3 0.0 5.0 6.6 8.0 :
: Number of Traders in Each Category Total Traders: 51 :
: 16 16 . 0 0 . 7 0 9 9 10 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was a little higher last week and remains in a trading range overall. The USDA quarterly stocks reports and prospective plantings reports and the bearish implications on supplies from both reports continued to overhang the markets. There are some ideas that the bearish news is now in the market and that bullish news could be coming. The actual supply of Corn and feed grains in general might be a little less than indicated in the reports as a result of the massive flooding seen in the western Midwest and Great Plains this Spring. The floods inundated many silos and elevators holding a lot of Corn among other grains and oilseeds. There are still no overall loss estimates, but the losses could be rather significant. The weather in the Midwest this Spring has been cold and wet and there has been little, if any, fieldwork down. This could become a problem as there was very little fieldwork done last Fall. Farmers need all the time they can get to prepare the land for planting this year and so far they are not getting much time at all. Demand has held well, and hopes are that demand can increase with a new trade deal with China. The new deal will apparently happen, but a formal agreement appears to be at least a month away. In the meantime, President Trump threatened to close the border with Mexico, but backed away from this position late last week. The US Corn market needs that business with Mexico, our largest buyer. The US will have to leave the border open to promote this business. Corn is normally trending higher at this time of year, and could start to rally as most of the bead news for the market seems to be known. Speculators are very short, so it should not take too much bullish news to create the potential for a strong rally. USDA will issue its monthly supply and demand updates tomorrow, and US and world ending stocks of Corn are expected to increase to partially reflect the higher than expected stocks levels seen in the quarterly stocks in all positions reports.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 360, 356, and 354 May, and resistance is at 365, 367, and 370 May. Trends in Oats are up with no objectives. Support is at 284, 280, and 279 May, and resistance is at 291, 294, and 295 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 02, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
CORN – CHICAGO BOARD OF TRADE
CFTC Code #002602 Open Interest is 2,217,004
: Positions :
: 182,531 452,358 625,285 675,130 709,926 436,203 214,214 1,919,149 2,001,783: 297,855 215,221
: Changes from: March 26, 2019 (Change in open interest: 14,564) :
: -43,331 21,819 11,914 15,567 -31,485 24,725 14,062 8,875 16,311: 5,689 -1,747
: Percent of Open Interest Represented by Each Category of Trader :
: 8.2 20.4 28.2 30.5 32.0 19.7 9.7 86.6 90.3: 13.4 9.7
: Total Traders: 877 Number of Traders in Each Category :
: 198 161 255 387 354 48 29 760 701:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 2, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
OATS – CHICAGO BOARD OF TRADE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #004603 Open Interest is 5,596 :
: Positions :
: 2,019 3,163 162 0 0 230 256 0 1,287 710 348 :
: Changes from: March 26, 2019 :
: 146 156 5 0 0 44 -9 0 13 117 -15 :
: Percent of Open Interest Represented by Each Category of Trader :
: 36.1 56.5 2.9 0.0 0.0 4.1 4.6 0.0 23.0 12.7 6.2 :
: Number of Traders in Each Category Total Traders: 24 :
: 10 10 . 0 0 . . 0 4 . 4 :
—————————————————————————————————————-

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal were higher last week. USDA showed a strong weekly export sales report as recent sales of 1.7 million tons of Soybeans to China were included in the data. The latest round of bilateral meeting between the US and China concluded last week, and an agreement is still at least a month away. However, both sides appear satisfied with the progress on the talks and plan video conference calls to push forward on the agreement in the coming weeks. Meanwhile, the Brazil harvest is at least 75% complete, and export competition from that country and Argentina is increasing. There are still bit supplies in the US as well, so the world will have plenty of offer to choose from. That makes it hard to look for major rallies in futures anytime soon unless the US weather remains bad. It has been wet and cool in the Midwest so far this Spring, and any fieldwork has been next to impossible to do. For now, that implies that some projected Corn area could get planted to Soybeans, but it is also very possible that some ground will be allowed to go fallow this year, especially in the flooded areas where more work will be need to bring soils into condition for production. A large part of the projected increase in planted area for Soybeans came from the Dakotas, and Soybeans in this area mostly flow wet to the Pacific Northwest and to ports for loading to China. Not all of the area in these states will go to Soybeans if there is no agreement, although the positive outlook on an agreement from both China and the US will help keep much of the area from getting planted to other crops. Demand from China in the coming year might be less due in large part to the Swine Fever epidemic in the hog herd in China. The country is already importing less Soybeans due to less feed demand, and the trend should continue. The country will need to import pork for sale to the public and also hogs once the epidemic is under control to rebuild herds.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 892, 883, and 882 May, and resistance is at 908, 913, and 924 May. Trends in Soybean Meal are mixed. Support is at 307.00, 304.00, and 301.00 May, and resistance is at 312.00, 314.00, and 316.00 May. Trends in Soybean Oil are up with objectives of 2960 May. Support is at 2880, 2860, and 2840 May, with resistance at 2950, 2970, and 3010 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 02, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEANS – CHICAGO BOARD OF TRADE
CFTC Code #005602 Open Interest is 862,409
: Positions :
: 82,484 174,212 217,215 339,067 312,766 165,262 62,952 804,028 767,145: 58,381 95,264
: Changes from: March 26, 2019 (Change in open interest: 33,319) :
: 7,246 21,334 7,178 12,780 -5,179 3,729 11,593 30,934 34,926: 2,385 -1,606
: Percent of Open Interest Represented by Each Category of Trader :
: 9.6 20.2 25.2 39.3 36.3 19.2 7.3 93.2 89.0: 6.8 11.0
: Total Traders: 653 Number of Traders in Each Category :
: 138 170 211 200 231 47 30 507 545:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 02, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN OIL – CHICAGO BOARD OF TRADE
CFTC Code #007601 Open Interest is 511,357
: Positions :
: 67,285 110,428 134,158 145,622 212,619 129,599 23,578 476,664 480,783: 34,693 30,573
: Changes from: March 26, 2019 (Change in open interest: -686) :
: -2,930 10,513 -5,332 12,229 -10,234 -4,089 3,268 -122 -1,785: -564 1,098
: Percent of Open Interest Represented by Each Category of Trader :
: 13.2 21.6 26.2 28.5 41.6 25.3 4.6 93.2 94.0: 6.8 6.0
: Total Traders: 335 Number of Traders in Each Category :
: 79 94 125 76 75 37 23 267 265:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 02, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN MEAL – CHICAGO BOARD OF TRADE
CFTC Code #026603 Open Interest is 486,026
: Positions :
: 48,431 73,184 106,057 170,289 222,560 110,675 46,550 435,452 448,351: 50,574 37,675
: Changes from: March 26, 2019 (Change in open interest: -2,238) :
: -7,972 2,191 2,630 157 -11,547 3,111 1,993 -2,074 -4,733: -164 2,495
: Percent of Open Interest Represented by Each Category of Trader :
: 10.0 15.1 21.8 35.0 45.8 22.8 9.6 89.6 92.2: 10.4 7.8
: Total Traders: 299 Number of Traders in Each Category :
: 56 77 87 98 90 34 18 244 225:
——————————————————————————————————————-

CANOLA AND PALM OIL
General Comments: Canola was mixed, with nearby months a little lower due to the trade dispute Canada is having with China. Traders are worried about demand and hope that the Canadian government finds a way to cut a deal to get Canola sales and shipments to China flowing again. New crop months were a little higher on ideas that the current low prices could cause producers to look for other crops to plant instead of Canola this year. Canola traders are still worried about big supplies in the Prairies and the lack of demand from China and expect stocks data to show higher supplies in the coming months. Palm Oil was a little lower on ideas that prices were getting too high for the demand. Futures had rallied after better than expected March data from the private sources.. Demand could remain strong as prices are cheaper on a relative basis. Short term trends remain are still turning up, but futures are pushing hard against support areas.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 453.00, 449.00, and 446.00 March, with resistance at 462.00, 467.00, and 469.00 May. Trends in Palm Oil are up with objectives of 2280 June. Support is at 2180, 2150, and 2120 May, with resistance at 2250, 2270, and 2290 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 2, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
CANOLA – ICE FUTURES U.S. (20 Metric Tonnes) :
CFTC Code #135731 Open Interest is 199,274 :
: Positions :
: 124,131 67,226 6,648 2,100 923 22,582 71,988 17,245 9,683 21,263 16,687 :
: Changes from: March 26, 2019 :
: 715 2,449 -37 284 -140 -809 -3,034 864 -201 167 1,081 :
: Percent of Open Interest Represented by Each Category of Trader :
: 62.3 33.7 3.3 1.1 0.5 11.3 36.1 8.7 4.9 10.7 8.4 :
: Number of Traders in Each Category Total Traders: 252 :
: 25 35 . . . 6 53 15 51 86 33 :
—————————————————————————————————————-

DJ Canadian Grain Handling Summary – Apr 5
WINNIPEG–The following are Canadian grain handling summary statistics
for the week ended March 31, 2019. Figures in thousands of metric tons.
Source: Canadian Grain Commission.
Durum
Wheat Oats Barley Flax Canola Peas Corn Total*
COMMERCIAL STOCKS
This Week 3046.5 934.2 238.0 305.4 59.3 1125.2 388.7 457.0 7313.4
Week Ago 3091.4 939.5 271.3 320.3 60.9 1245.1 401.1 450.1 7543.7
Year Ago 2896.2 594.8 207.7 339.8 62.7 1414.4 348.9 223.7 6775.0
PRODUCER DELIVERIES
This Week 392.1 113.2 27.0 65.0 12.5 285.5 61.6 14.4 1009.2
Week Ago 349.9 98.8 36.8 53.8 6.0 303.6 51.1 10.2 954.0
To Date 14792.0 2943.6 1568.3 2616.6 254.9 12493.9 2383.9 387.4 40317.8
Year Ago 12301.8 2718.4 1544.3 2271.1 289.2 13350.1 1902.8 342.2 37767.0
TERMINAL RECEIPTS
This Week 288.9 134.1 0.0 31.0 4.6 192.6 34.1 13.3 718.6
Week Ago 247.8 123.9 0.6 80.1 3.1 153.3 33.6 10.2 702.7
To Date 13399.5 2719.9 302.1 1623.3 80.6 6788.8 1294.7 886.2 32470.7
Year Ago 11392.7 2905.3 123.0 1278.9 144.7 7342.5 1171.7 614.0 29894.0
EXPORTS
This Week 387.4 109.7 18.1 44.4 10.6 163.8 59.1 0.0 797.7
Week Ago 272.8 179.1 39.7 66.7 2.3 199.1 0.9 0.0 777.9
To Date 12080.6 2499.1 1069.4 1747.9 161.0 6398.9 1337.2 936.2 30100.0
Year Ago 10424.9 2668.5 1095.8 1380.3 211.7 6941.2 1207.4 419.9 27862.2
DOMESTIC DISAPPEARANCE
This Week 44.1 3.3 5.5 24.2 2.2 216.4 5.2 19.1 346.2
Week Ago 50.4 5.9 7.3 21.6 1.5 176.6 2.8 15.8 308.2
To Date 2666.7 224.0 201.7 754.7 39.8 6188.1 143.2 788.8 12728.6
Year Ago 3074.2 468.0 171.8 808.7 35.3 6213.2 160.6 419.1 13172.8
*Totals include data from other crops not shown including rye, soybeans,
canary seed, mustard seed, beans, lentils and chickpeas.
Source: Commodity News Service Canada (cnscanada@shaw.ca, or 204-414-9084)

Midwest Weather Forecast: Significant precipitation is likely late this weekend. Temperatures should be near to below normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
April 52 May 162 May 85 May 23 May +3 May
May 51 May 85 May 31 July
June 44 July 65 July 26 July
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paraguay Paraguay Paraguay Santos
April
May 40 May -21.5 May
June 40 July -21.5 July 52 July

DJ ICE Canada Cash Grain Close – Apr 5
WINNIPEG — The following are the closing cash
canola prices from ICE Futures.
Source: ICE Futures
Price Change
CANOLA
*Par Region 449.00 dn 1.40
Basis: Thunder Bay
1 Can 469.40 dn 0.60
Basis: Vancouver
1 Can 487.40 dn 0.60
All prices in Canadian dollars per metric tonne.
*Quote for previous day
Source: Commodity News Service Canada
(cnscanada@shaw.ca, or 204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – April 8
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday applied by commodity broker Matthes & Porton Bhd.
Prices are quoted in U.S. dollars a metric ton, except for crude palm oil and palm kernel oil, which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul, a Malaysian measurement equivalent to 60 kilograms.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 545.00 -02.50 Unquoted – –
May 550.00 -02.50 Unquoted – –
Jun 560.00 -02.50 Unquoted – –
July/Aug/Sep 567.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Apr 550.00 -02.50 Unquoted – –
May 555.00 -02.50 Unquoted – –
Jun 565.00 -02.50 Unquoted – –
July/Aug/Sep 572.50 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 520.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 472.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 2,130 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 150 +03.00 Unquoted – –
($1=MYR 4.0955)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 08
Soybean No. 1
Turnover: 86,848 lots, or 2.92 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-19 3,324 3,350 3,324 3,336 3,336 3,339 3 61,106 133,442
Jul-19 3,418 3,418 3,395 3,395 3,397 3,403 6 6 264
Sep-19 3,428 3,439 3,421 3,431 3,425 3,430 5 23,444 73,052
Nov-19 – – – 3,420 3,420 3,420 0 0 38
Jan-20 3,394 3,410 3,394 3,404 3,390 3,404 14 2,274 32,024
Mar-20 3,402 3,423 3,402 3,413 3,400 3,411 11 18 14
Corn
Turnover: 901,928 lots, or 16.92 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-19 1,853 1,854 1,835 1,839 1,842 1,844 2 190,034 682,954
Jul-19 1,874 1,874 1,862 1,863 1,865 1,867 2 56,132 245,816
Sep-19 1,886 1,888 1,876 1,879 1,877 1,882 5 617,012 1,222,006
Nov-19 1,911 1,915 1,902 1,904 1,907 1,908 1 446 1,698
Jan-20 1,943 1,943 1,926 1,928 1,932 1,934 2 37,948 171,066
Mar-20 1,947 1,950 1,936 1,938 1,948 1,940 -8 356 534
Soymeal
Turnover: 1,735,182 lots, or 45.47 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-19 2,530 2,558 2,527 2,540 2,539 2,545 6 386,202 804,116
Jul-19 2,570 2,594 2,563 2,572 2,571 2,576 5 109,432 199,766
Aug-19 2,624 2,647 2,624 2,628 2,619 2,636 17 1,294 972
Sep-19 2,633 2,661 2,625 2,639 2,633 2,645 12 1,211,372 1,791,770
Nov-19 2,653 2,681 2,653 2,662 2,656 2,669 13 268 3,388
Dec-19 2,715 2,715 2,705 2,705 2,703 2,710 7 4 216
Jan-20 2,703 2,728 2,698 2,709 2,701 2,713 12 26,556 118,258
Mar-20 2,689 2,722 2,689 2,702 2,698 2,709 11 54 422
Palm Oil
Turnover: 293,602 lots, or 13.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-19 – – – 4,330 4,330 4,330 0 0 0
May-19 4,478 4,516 4,446 4,452 4,432 4,476 44 172,856 328,852
Jun-19 – – – 4,608 4,564 4,608 44 0 36
Jul-19 4,798 4,798 4,798 4,798 4,734 4,798 64 2 46
Aug-19 – – – 4,682 4,682 4,682 0 0 2
Sep-19 4,730 4,746 4,706 4,710 4,694 4,722 28 117,550 319,444
Oct-19 – – – 4,740 4,740 4,740 0 0 6
Nov-19 – – – 4,840 4,840 4,840 0 0 16
Dec-19 – – – 4,878 4,878 4,878 0 0 20
Jan-20 4,792 4,804 4,770 4,772 4,758 4,784 26 3,192 55,294
Feb-20 4,910 4,910 4,910 4,910 4,782 4,910 128 2 2
Mar-20 – – – 4,808 4,808 4,808 0 0 0
Soybean Oil
Turnover: 216,686 lots, or 12.05 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-19 5,468 5,474 5,432 5,446 5,438 5,450 12 63,716 348,196
Jul-19 – – – 5,512 5,512 5,512 0 0 12
Aug-19 – – – 5,670 5,670 5,670 0 0 34
Sep-19 5,624 5,628 5,594 5,602 5,590 5,608 18 150,584 546,338
Nov-19 – – – 5,658 5,640 5,658 18 0 2
Dec-19 – – – 5,808 5,790 5,808 18 0 10
Jan-20 5,738 5,738 5,712 5,720 5,706 5,724 18 2,384 49,386
Mar-20 5,900 5,900 5,900 5,900 5,830 5,900 70 2
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