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

WHEAT
General Comments Winter Wheat markets were mixed last week, with Chicago SRW a little lower and HRW and Minneapolis Spring Wheat trading a little higher. Chicago SRW remains in a trading range developed over the last few weeks, but HRW acts weak while holding a support point on the weekly charts. Trends in Minneapolis remain down. Minneapolis remained just above the recent lows on fears of a dramatic increase in planted area to Spring Wheat in Canada. Canada and China continue to have weaker trade relations due to the political struggle over the Huawei executive that could be deported by Canada to the US to face fraud charges. 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. The US Spring Wheat area saw a major storm move through late last week and many areas go over one foot of snow. Heaviest snow came in eastern planting areas, but almost all areas got some significant precipitation. Planting progress will be slow now as producers wait for the snow to melt and for the ground to dry enough to permit work and equipment to be used. It is cold in the region now and snow will be slow to melt. Any major planting delays now could mean that some US Spring Wheat area lies fallow or is planted to Soybeans, especially with the current weaker prices.
Overnight News: The southern Great Plains should get rains by midweek. Temperatures should be near to above normal. Northern areas should see showers by midweek. Temperatures should be near to above normal. The Canadian Prairies should see light precipitation. Temperatures should be near to above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 456, 453, and 447 May, with resistance at 468, 471, and 478 May. Trends in Kansas City are mixed. Support is at 430, 425, and 422 May, with resistance at 443, 447, and 451 May. Trends in Minneapolis are mixed. Support is at 526, 521, and 518 May, and resistance is at 540, 544, and 548 May.

DJ Egypt Cools on Russian Grain — Market Talk
1057 GMT – U.S. wheat prices are down 0.5% at $4.62 a bushel and EU milling wheat is down 0.13% at EUR 189 a metric ton after Egypt’s GASC bought 240,000 tons of Romanian and Ukrainian wheat late Friday. The purchase didn’t include Russian wheat, which has been gradually disappearing in recent months after nearly two years of dominance in Egyptian tenders. With all cargoes weighing 60,000 tons, two were from trading house Ameropa and one was from CHS. The Ukrainian shipment came from Louis Dreyfus Company. The cargoes’ average price was $178.13 a ton, rising to $239.93 when including shipping fees, traders say. GASC says it will now accept a French wheat cargo from a previous tender following a fungus re-test, according to Reuters. (david.hodari@wsj.com; @davidhodari)

COT — Supplemental Report – Option and Futures Combined Positions as of April 09, 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 597,702
: Positions :
: 57,754 143,626 205,783 113,803 132,341 172,359 63,138 549,700 544,888: 48,003 52,814
: Changes from: April 2, 2019 (Change in open interest: -24,236) :
: -3,027 -3,827 -14,958 -2,887 3,255 -3,033 -8,392 -23,905 -23,922: -331 -314
: Percent of Open Interest Represented by Each Category of Trader :
: 9.7 24.0 34.4 19.0 22.1 28.8 10.6 92.0 91.2: 8.0 8.8
: Total Traders: 419 Number of Traders in Each Category :
: 104 131 156 103 100 43 26 345 333:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 09, 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 352,512
: Positions :
: 57,646 103,293 98,033 93,071 104,553 64,376 24,304 313,127 330,184: 39,385 22,328
: Changes from: April 2, 2019 (Change in open interest: -11,037) :
: -827 -3,920 -2,801 -5,145 -355 -3,833 -4,055 -12,606 -11,130: 1,569 93
: Percent of Open Interest Represented by Each Category of Trader :
: 16.4 29.3 27.8 26.4 29.7 18.3 6.9 88.8 93.7: 11.2 6.3
: Total Traders: 260 Number of Traders in Each Category :
: 55 57 75 85 76 33 12 210 194:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 9, 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 65,547 :
: Positions :
: 34,240 29,190 2,495 0 280 5,475 14,932 1,541 5,853 3,809 4,335 :
: Changes from: April 2, 2019 :
: 3,693 -3,707 -273 0 186 -2,732 4,547 57 548 -770 96 :
: Percent of Open Interest Represented by Each Category of Trader :
: 52.2 44.5 3.8 0.0 0.4 8.4 22.8 2.4 8.9 5.8 6.6 :
: Number of Traders in Each Category Total Traders: 91 :
: 48 34 5 0 . 9 9 5 8 9 10 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 9, 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 16,952 :
: Positions :
: 6,372 12,894 1,920 152 381 4,401 907 1,126 1,352 18 983 :
: Changes from: April 2, 2019 :
: -480 -1,959 222 152 -186 -858 161 245 -613 -202 -72 :
: Percent of Open Interest Represented by Each Category of Trader :
: 37.6 76.1 11.3 0.9 2.3 26.0 5.4 6.6 8.0 0.1 5.8 :
: Number of Traders in Each Category Total Traders: 28 :
: 11 11 . . . . . . . . . :
—————————————————————————————————————-

RICE
General Comments: Rice was lower for the week but closed close to the highs of the week after a push into some longer term support areas seen in the first few days. It is possible that another short term low has been found. USDA showed increased ending stocks for All Rice in its monthly supply and demand updates, but the big changes were made in medium to short grain categories. Long Grain ending stocks were unchanged on lower milled rice export demand but higher domestic demand. The average farm price was unchanged. Planting has been active near the Gulf Coast and in Texas. Planting progress has been more sporadic to the north due to cool and wet conditions, but some planting has been done. Producers in Texas and Louisiana reported some impressive rains over the weekend that will help flush the crop and aid in germination. The crop in these areas seems to be off to a good start. USDA has shown average progress in its reports. The weekly export sales report was poor last week. The market seems content to trade in a wide trading range for now and this implies that somewhat higher prices are possible over the next few weeks. The domestic market is using price breaks to extend forward coverage as the mills push to own Rice into the next harvest. Prices have been firming in Texas due to good demand for limited supplies. Much of the Rice is moving to Mexico. Prices have been firm in Arkansas due to a lack of producer selling as they wait to get the next crop planted. Some in the trade are disputing the planted area estimates from USDA. They think the planted area will be less in part due to the weather but mostly due to the prices. Some [producers will switch to competing crops such as Soybeans, Cotton, of Sorghum due to costs of production and relative return potential. Current supplies are high and bearish traders point to this fact as reason to keep prices relatively cheap or at least in a trading range.
Overnight News: The Delta should get showers and rains on Wednesday and Thursday. Temperatures should near normal.
Chart Analysis Trends are down with no objectives. Support is at 1041, 1034, and 1022 May, with resistance at 1058, 1064, and 1070 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 9, 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 8,322 :
: Positions :
: 5,420 3,271 144 0 0 111 2,300 0 466 650 673 :
: Changes from: April 2, 2019 :
: -242 -1,442 0 0 0 -178 611 0 31 73 -31 :
: Percent of Open Interest Represented by Each Category of Trader :
: 65.1 39.3 1.7 0.0 0.0 1.3 27.6 0.0 5.6 7.8 8.1 :
: Number of Traders in Each Category Total Traders: 46 :
: 13 12 . 0 0 . 7 0 8 11 10 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was a little lower last week and remains in a trading range overall. The market is holding support on ideas that prices are cheap enough for this time of year. USDA released its monthly supply and demand updates in the first part of the week and showed reduced feed and export demand to put ending stocks estimates higher in line with the data released in the quarterly stocks report. The report was considered neutral to prices. The weekly export sales report showed poor export demand. Argentina has been offering at equal or cheaper prices than the US and the Brazil Winter Corn crop is being planted under mostly good conditions. Some parts of the Brazil growing area is turning too dry and it could be that the dry season is starting early. Yield potential could be reduced if the dry season comes before pollination, which is still several weeks away. The crop is getting planted early in many areas in an effort to beat the dry season, so it is a wait and see situation for now. Planting conditions in the US are not real good at this time. The Midwest and Great Plains saw a major Winter storm last week and many areas north and west of Chicago saw between one and two feet of snow. Another big storm moved through the Delta and Southeast over the weekend. Both areas will need time to dry out before fieldwork can get started again. It remains cold in the Great Plains nd Midwest so the snow will be slow to melt and the grounds will not get warm enough to allow for any planting. Most producers did little or no fall preparation so many still need to apply fertilizers and other chemicals before starting to plant. The crop could be planted late unless the weather improves soon, but forecasts call for more systems to develop over the next couple of weeks and for temperatures to remain cool. Warmer and drier weather is in the long-term outlook after the next couple of weeks.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 359, 355, and 351 May, and resistance is at 363, 366, and 367 May. Trends in Oats are mixed. Support is at 284, 280, and 277 May, and resistance is at 291, 294, and 295 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 09, 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 2,165,129
: Positions :
: 181,982 476,334 578,226 700,202 707,105 398,898 179,693 1,859,309 1,941,359: 305,820 223,770
: Changes from: April 2, 2019 (Change in open interest: -51,876) :
: -549 23,976 -47,059 25,072 -2,820 -37,305 -34,521 -59,841 -60,424: 7,965 8,548
: Percent of Open Interest Represented by Each Category of Trader :
: 8.4 22.0 26.7 32.3 32.7 18.4 8.3 85.9 89.7: 14.1 10.3
: Total Traders: 885 Number of Traders in Each Category :
: 195 169 246 386 346 51 29 758 695:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 9, 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 6,369 :
: Positions :
: 2,039 3,619 161 0 0 391 217 104 1,486 834 396 :
: Changes from: April 2, 2019 :
: 20 456 -1 0 0 160 -39 104 198 124 48 :
: Percent of Open Interest Represented by Each Category of Trader :
: 32.0 56.8 2.5 0.0 0.0 6.1 3.4 1.6 23.3 13.1 6.2 :
: Number of Traders in Each Category Total Traders: 29 :
: 10 9 . 0 0 4 . . 7 . 4 :
—————————————————————————————————————-

SOYBEANS AND PRODUCTS
General Comments: Soybeans were a little lower and Soybean Meal was a little higher last week. The major news item came on Thursday when USDA released its weekly export sales report. The report showed poor sales of Soybeans and huge sales of pork to China. The big purchase of US pork by China despite very high tariffs on US goods showed to many just how bug the Asian Swine Flu epidemic is in China. The government reports that a couple million hogs have been lost but private estimates show much higher loss potential. Some suggest that the total losses of hogs are equal to or greater than the combined production in North and South America combined. It is an indication of the very strong demand potential from China for hogs and pork and products and also an indication that Soybeans and Meal demand could be significantly less in the coming year as China works to eradicate the disease and then repopulate its herds. The Soybeans demand could take several years to recover as it will take time to rebuild the herds. Export differentials from the US and South America have been under pressure for this reason and also as the South American crop is now available. Prices are a little lower now in Brazil than in the US despite a lack of farmer selling in Brazil. They are unhappy with the price and nervous over economic changes going on in Brazil as the new president works to overhaul the public pension system and finds strong resistance from the Brazilian legislature. Some shifting of business back to the US could happen if the Brazil farmer holding patterns are strong enough and Soybeans become more scarce in Brazil ports, but basis levels right now do not indicate any shortages there. US futures prices are usually under pressure at this time of year due to the arrival of the South American harvest, but should soon find a seasonal low and attempt to rally. The magnitude of any rally will depend on the US weather, which is less than favorable right now.
Overnight News: Unknown destinations bought 140,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 892, 883, and 882 May, and resistance is at 898, 908, and 913 May. Trends in Soybean Meal are mixed. Support is at 307.00, 304.00, and 301.00 May, and resistance is at 309.00, 312.00, and 314.00 May. Trends in Soybean Oil are mixed. Support is at 2880, 2860, and 2840 May, with resistance at 2920, 2940, and 2950 May.

DJ Brazilian Soybean Harvest Close to Complete Despite Rain — Market Talk
10:24 ET – Brazilian farmers had finished harvesting on 88% of the area planted with soybeans as of Feb. 11, according to consultancy AgRural. That’s ahead of the five-year average of 85% for the date, the group says. Work is advancing rapidly despite sparse rains in the state of Rio Grande do Sul, though more frequent precipitation in some northeastern states are slowing harvesting there and has caused some small problems with quality, AgRural says. Last week, the consultancy raised its forecast for the 2018-2019 crop to 114.6M metric tons from 112.9M. Even with the increase, it will be a decline from the record 119.3M tons Brazil produced in the 2017-2018 crop. (jeffrey.lewis@wsj.com)

COT — Supplemental Report – Option and Futures Combined Positions as of April 09, 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 900,302
: Positions :
: 82,687 167,648 240,605 351,285 333,171 165,391 63,965 839,968 805,389: 60,334 94,912
: Changes from: April 2, 2019 (Change in open interest: 37,893) :
: 202 -6,564 23,390 12,218 20,405 129 1,013 35,940 38,244: 1,953 -352
: Percent of Open Interest Represented by Each Category of Trader :
: 9.2 18.6 26.7 39.0 37.0 18.4 7.1 93.3 89.5: 6.7 10.5
: Total Traders: 654 Number of Traders in Each Category :
: 134 172 216 199 236 46 31 508 556:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 09, 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 511,702
: Positions :
: 71,801 116,851 130,728 148,001 213,777 126,015 19,783 476,545 481,139: 35,156 30,563
: Changes from: April 2, 2019 (Change in open interest: 345) :
: 4,517 6,424 -3,430 2,379 1,157 -3,584 -3,796 -119 355: 464 -10
: Percent of Open Interest Represented by Each Category of Trader :
: 14.0 22.8 25.5 28.9 41.8 24.6 3.9 93.1 94.0: 6.9 6.0
: Total Traders: 336 Number of Traders in Each Category :
: 77 92 125 79 79 35 18 271 264:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 09, 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 477,077
: Positions :
: 48,796 69,720 113,316 162,407 220,126 99,903 35,830 424,422 438,992: 52,655 38,085
: Changes from: April 2, 2019 (Change in open interest: -8,949) :
: 365 -3,464 7,259 -7,882 -2,434 -10,773 -10,720 -11,031 -9,359: 2,081 410
: Percent of Open Interest Represented by Each Category of Trader :
: 10.2 14.6 23.8 34.0 46.1 20.9 7.5 89.0 92.0: 11.0 8.0
: Total Traders: 303 Number of Traders in Each Category :
: 55 79 93 99 92 32 15 245 232:
——————————————————————————————————————-

CANOLA AND PALM OIL
General Comments: Canola was slightly higher in dull trading to finish the week. 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 lower on weaker petroleum prices. Data on exports so far this month was positive. Demand could remain strong as prices are cheaper on a relative basis to Soybean Oil. Short term trends remain are still turning up, but futures are pushing hard against support areas.
Overnight News: SGS said that Malaysian Palm Oil exports are 744,188 tons so far this month, up 6.7% from last month.
Chart Analysis: Trends in Canola are mixed. Support is at 453.00, 449.00, and 446.00 March, with resistance at 459.00, 462.00, and 467.00 May. Trends in Palm Oil are mixed. Support is at 2150, 2120, and 2090 May, with resistance at 2200, 2230, and 2250 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 9, 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 201,843 :
: Positions :
: 121,444 66,165 6,726 2,295 989 22,311 71,909 17,578 10,511 20,231 21,011 :
: Changes from: April 2, 2019 :
: -2,688 -1,061 78 195 66 -271 -79 333 829 -1,032 4,324 :
: Percent of Open Interest Represented by Each Category of Trader :
: 60.2 32.8 3.3 1.1 0.5 11.1 35.6 8.7 5.2 10.0 10.4 :
: Number of Traders in Each Category Total Traders: 259 :
: 25 35 . . . 6 54 13 56 82 38 :
—————————————————————————————————————-

DJ Canadian Grain Handling Summary – Apr 12
WINNIPEG–The following are Canadian grain handling summary statistics
for the week ended April 7, 2019. Figures in thousands of metric tons.
Source: Canadian Grain Commission.
Durum
Wheat Oats Barley Flax Canola Peas Corn Total*
COMMERCIAL STOCKS
This Week 2983.7 907.3 232.7 330.8 63.7 1131.3 385.6 419.8 7200.1
Week Ago 3046.5 934.2 238.0 305.4 59.3 1125.2 388.7 457.0 7313.4
Year Ago 2727.0 579.5 192.2 396.8 70.0 1500.1 417.7 238.4 6745.1
PRODUCER DELIVERIES
This Week 408.3 124.9 35.5 70.1 13.1 317.6 70.2 18.0 1103.5
Week Ago 392.1 113.2 27.0 65.0 12.5 285.5 61.6 14.4 1009.2
To Date 15203.3 3069.5 1603.6 2686.7 268.2 12812.7 2454.2 405.4 41436.3
Year Ago 12710.5 2825.1 1599.6 2371.2 303.6 13786.3 2003.8 434.2 39138.2
TERMINAL RECEIPTS
This Week 386.3 147.1 6.9 38.3 0.4 189.6 22.8 5.4 823.7
Week Ago 288.9 134.1 0.0 31.0 4.6 192.6 34.1 13.3 718.6
To Date 13785.7 2866.9 308.9 1661.7 81.0 6998.5 1317.6 891.8 33314.7
Year Ago 11750.5 3028.7 123.2 1346.7 145.6 7557.8 1210.0 641.7 30751.7
EXPORTS
This Week 371.0 81.7 31.8 36.5 3.5 181.0 2.0 55.7 768.2
Week Ago 387.4 109.7 18.1 44.4 10.6 163.8 59.1 0.0 797.7
To Date 12451.5 2580.7 1101.2 1784.4 164.5 6580.6 1339.2 991.9 30869.3
Year Ago 10796.5 2781.0 1142.0 1426.7 212.2 7072.9 1234.0 460.8 28649.0
DOMESTIC DISAPPEARANCE
This Week 65.0 2.6 5.4 26.3 1.5 213.9 3.3 19.8 357.5
Week Ago 44.1 3.3 5.5 24.2 2.2 216.4 5.2 19.1 346.2
To Date 2735.6 227.0 207.2 780.9 41.5 6401.9 146.6 808.5 13042.0
Year Ago 3199.4 491.7 193.0 833.7 36.1 6435.7 165.1 511.9 13732.1
*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 starting about Wednesday. Temperatures should be near to above normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
April +49 May +162 May +80 May +18 May +2 May
May +50 May +80 May +27 July
June +42 July +65 July +22 July
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paraguay Paraguay Paraguay Santos
April
May +32 May -21 May
June +32 July -22 July +48 July

DJ ICE Canada Cash Grain Close – Apr 12
WINNIPEG – The following are the closing cash canola prices from
ICE Futures.
Source: ICE Futures
CANOLA
1 Canada NCC Best Bid
Spot Price Basis Contract Change
*Par Region 447.20 -9.00 May 2019 up 0.20
Track Thunder Bay 466.30 10.00 May 2019 up 0.10
Track Vancouver 481.30 25.00 May 2019 up 0.10
All prices in Canadian dollars per metric ton.
*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 15
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 540.00 00.00 Unquoted – –
May 540.00 -02.50 Unquoted – –
Jun 550.00 -02.50 Unquoted – –
July/Aug/Sep 555.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Apr 545.00 00.00 Unquoted – –
May 545.00 -02.50 Unquoted – –
Jun 555.00 -02.50 Unquoted – –
July/Aug/Sep 560.00 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 510.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 460.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 2,050 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 136 -03.00 Unquoted – –
($1=MYR 4.1100)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 15
Soybean No. 1
Turnover: 177,302 lots, or 5.95 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-19 3,306 3,347 3,287 3,338 3,313 3,325 12 118,424 122,786
Jul-19 3,364 3,406 3,364 3,399 3,377 3,391 14 126 272
Sep-19 3,406 3,439 3,383 3,433 3,406 3,421 15 54,690 92,542
Nov-19 – – – 3,420 3,420 3,420 0 0 38
Jan-20 3,402 3,430 3,390 3,422 3,399 3,417 18 4,062 34,646
Mar-20 – – – 3,414 3,414 3,414 0 0 12
Corn
Turnover: 1,554,510 lots, or 29.52 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-19 1,849 1,862 1,844 1,859 1,842 1,854 12 227,448 522,310
Jul-19 1,875 1,891 1,873 1,887 1,869 1,883 14 74,014 300,114
Sep-19 1,899 1,916 1,891 1,909 1,886 1,905 19 1,169,546 1,315,264
Nov-19 1,920 1,935 1,913 1,931 1,906 1,926 20 768 1,084
Jan-20 1,936 1,951 1,925 1,947 1,923 1,941 18 81,994 189,984
Mar-20 1,931 1,951 1,930 1,947 1,930 1,943 13 740 1,962
Soymeal
Turnover: 1,974,068 lots, or 51.49 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-19 2,514 2,542 2,513 2,540 2,516 2,529 13 223,504 516,346
Jul-19 2,542 2,564 2,539 2,563 2,542 2,553 11 62,170 200,058
Aug-19 2,594 2,623 2,585 2,614 2,593 2,608 15 1,418 1,308
Sep-19 2,604 2,635 2,601 2,632 2,607 2,619 12 1,646,362 2,094,176
Nov-19 2,632 2,662 2,631 2,660 2,635 2,651 16 238 3,750
Dec-19 2,686 2,729 2,681 2,699 2,689 2,700 11 38 214
Jan-20 2,684 2,712 2,682 2,710 2,688 2,699 11 40,286 139,422
Mar-20 2,685 2,711 2,685 2,706 2,687 2,700 13 52 496
Palm Oil
Turnover: 407,690 lots, or 19.00 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 4,466 4,486 4,450 4,454 4,462 4,464 2 48,126 203,272
Jun-19 – – – 4,586 4,584 4,586 2 0 34
Jul-19 – – – 4,750 4,750 4,750 0 0 46
Aug-19 – – – 4,732 4,732 4,732 0 0 0
Sep-19 4,706 4,708 4,662 4,668 4,680 4,684 4 348,074 447,644
Oct-19 4,748 4,748 4,748 4,748 4,760 4,748 -12 6 12
Nov-19 – – – 4,804 4,804 4,804 0 0 18
Dec-19 4,884 4,892 4,884 4,884 4,830 4,886 56 6 22
Jan-20 4,782 4,786 4,754 4,758 4,766 4,770 4 11,476 70,182
Feb-20 4,720 4,720 4,720 4,720 4,906 4,720 -186 2 0
Mar-20 – – – 4,808 4,808 4,808 0 0 0
Soybean Oil
Turnover: 471,828 lots, or 26.31 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-19 5,444 5,458 5,420 5,422 5,428 5,438 10 84,542 268,250
Jul-19 – – – 5,512 5,512 5,512 0 0 12
Aug-19 – – – 5,576 5,576 5,576 0 0 54
Sep-19 5,606 5,626 5,576 5,578 5,588 5,604 16 381,826 653,532
Nov-19 – – – 5,656 5,656 5,656 0 0 2
Dec-19 – – – 5,790 5,774 5,790 16 0 10
Jan-20 5,730 5,750 5,704 5,706 5,714 5,728 14 5,460 51,014
Mar-20 – – – 5,914 5,900 5,914 14 0 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