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. Corn, Soybean Production Estimates — Survey
CHICAGO–The following are analysts’ estimates for 2019 U.S. corn and soybean production in millions of bushels, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release its monthly estimates at noon on Tuesday.
U.S. 2019 Production (million bushels, bushels per acre)
Average Range USDA May USDA 2018
Corn Production 13,903 12,988-14,859 15,030 14,420
Corn Yield 170.3 162.5-175.0 176.0 176.4
Soybean Production 4,092 3,860-4,240 4,150 4,544
Soybean Yield 48.7 47.5-49.6 49.5 51.6
Corn Soybean
Production Yield Production Yield
AgriSource 13,987 168.0 4,011 48.5
Agrivisor 14,270 173.0 4,189 49.0
Allendale 14,174 170.7 4,113 49.0
DC Analysis 13,577 N/A 4,177 N/A
Doane 13,000 162.5 4,085 47.5
Farm Futures 13,589 168.4 4,107 48.3
INTL FCStone 13,606 169.0 4,062 48.5
Sid Love Consulting 14,260 171.0 4,106 49.0
North Star 13,923 169.0 3,904 48.0
Price Group 13,480 170.0 4,120 48.0
Prime Ag 14,689 172.0 4,106 49.0
RMC 14,220 174.0 4,240 49.6
US Commodities 14,859 174.0 4,150 49.5
Vantage RM 12,988 170.0 3,860 48.7
Western Milling 13,237 167.2 4,087 48.0
Zaner Ag Hedge 14,596 175.0 4,150 49.5

DJ U.S. Wheat Production Estimates — Survey
CHICAGO–The following are analysts’ estimates for 2019-20 U.S. wheat production, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated production forecasts at noon on Tuesday.
2019-20 Wheat Production
Average Range USDA May USDA 2018-19
All Wheat 1,891 1,837-1,952 1,897 1,884
Winter Wheat 1,255 1,194-1,316 1,268 1,184
Hard Red Winter 766 662-816 780 662
Soft Red Winter 263 252-286 265 286
White Winter 228 215-252 224 236
All Wheat Winter Wheat Hard-Red Soft-Red White
Agrivisor 1,864 1,235 755 260 220
Allendale 1,876 1,269 783 262 224
DC Analysis 1,920 1,291 812 255 224
Doane 1,850 1,227 N/A N/A N/A
Farm Futures 1,952 1,234 762 257 215
INTL FCStone 1,881 1,266 786 256 224
Sid Love Consulting 1,913 1,284 800 260 224
North Star 1,877 1,265 780 260 225
Price Group 1,887 1,258 765 265 228
Prime Ag 1,897 N/A N/A N/A N/A
RJ O’Brien 1,922 1,297 816 257 224
RMC 1,894 1,194 662 286 236
Vantage RM 1,852 1,231 696 283 252
Western Milling 1,945 1,316 810 260 246
Zaner Ag Hedge 1,837 1,208 735 252 221

DJ U.S. June Grain, Soybean Stockpiles Estimates — Survey
CHICAGO–The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2018-19 and 2019-20, 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. Stockpiles (millions)
2018-19
Average Range USDA May
Corn 2,165 2,035-2,485 2,095
Soybeans 1,010 920-1,079 995
Wheat 1,113 1,077-1,128 1,127
2019-20
Average Range USDA May
Corn 1,731 1,133-2,404 2,485
Soybeans 987 825-1,346 970
Wheat 1,115 1,025-1,180 1,141
2018-19 2019-20
Corn Soybeans Wheat Corn Soybeans Wheat
AgriSource 2,095 995 N/A 1,580 835 N/A
Agrivisor 2,095 1,020 1,095 1,725 994 1,076
Allendale 2,245 995 1,115 2,079 993 1,106
DC Analysis 2,235 1,047 1,127 1,552 1,036 1,155
Doane 2,220 1,035 1,095 1,250 940 1,025
Farm Futures 2,206 986 1,118 1,467 1,006 1,130
INTL FCStone 2,485 1,079 1,120 1,554 1,346 1,079
Sid Love Consulting 2,095 1,020 1,127 1,991 1,046 1,180
Northstar 2,110 1,000 1,127 1,633 854 1,141
Price Group 2,095 995 1,110 1,665 991 1,114
Prime-Ag 2,145 1,020 1,127 2,200 950 1,141
RJ O’Brien 2,190 1,062 1,122 1,899 1,161 1,177
RMC 2,035 920 1,087 1,835 875 1,097
US Commodities 2,145 990 1,120 2,404 970 1,135
Vantage RM 2,145 980 1,077 1,133 825 1,095
Western Milling 2,125 1,024 1,128 1,312 978 1,100
Zaner Ag Hedge 2,145 1,005 1,117 2,151 980 1,091

DJ June 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 May
Corn 99.8 96.0-102.0 100.0
Soybeans 117.0 116.0-118.0 117.0
Corn Soybeans
Allendale 99.00 117.00
Agrivisor 100.00 117.00
DC Analysis 100.00 117.00
Doane 100.00 117.00
Farm Futures 101.00 117.00
INTL FCStone 98.20 116.50
North Star 100.00 117.00
Price Group 100.00 117.00
Prime Ag 101.00 117.00
RMC 96.00 116.00
US Commodities 100.50 118.00
Western Milling 102.00 117.00
Zaner Ag Hedge 100.00 118.00
Argentina Corn, Soybean Production (million metric tons)
Average Range USDA May
Corn 49.0 48.0-50.0 49.0
Soybeans 56.1 55.5-57.0 56.0
Corn Soybeans
Allendale 48.50 56.50
Agrivisor 49.00 56.00
DC Analysis 48.00 56.00
Doane 49.00 56.00
Farm Futures 48.00 55.90
INTL FCStone 48.50 56.50
North Star 49.00 56.00
Price Group 49.00 56.00
Prime Ag 50.00 56.00
RMC 48.00 55.50
US Commodities 49.50 56.50
Western Milling 50.00 57.00
Zaner Ag Hedge 50.00 56.00

DJ June 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 and 2019-20, 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 Stockpiles (million metric tons)
2018-19
Average Range USDA May
Corn 323.6 314.0-328.4 325.9
Soybeans 113.1 107.4-115.4 113.2
Wheat 274.6 272.1-276.0 275.0
2019-20
Average Range USDA May
Corn 301.6 285.0-315.0 314.7
Soybeans 114.7 108.0-136.2 113.1
Wheat 288.2 276.4-293.0 293.0
2018-19 2019-20
Corn Soybeans Wheat Corn Soybeans Wheat
Agrivisor 325.9 113.2 275.0 295.0 114.0 290.5
Allendale 322.7 113.3 273.8 308.2 114.3 291.5
Doane 328.0 115.0 276.0 295.0 113.0 288.0
Farm Futures 316.0 112.4 273.0 285.0 110.0 290.0
INTL FCStone 321.4 115.4 274.5 300.3 136.2 276.4
Northstar 326.0 113.2 275.0 295.0 111.0 293.0
Prime-Ag 327.0 114.0 275.0 310.0 113.0 291.0
RMC 314.0 107.4 275.6 315.0 108.0 277.0
US Commodities 324.0 113.0 275.5 314.0 114.0 292.0
Western Milling 326.0 112.0 275.0 289.7 112.0 292.0
Zaner Ag Hedge 328.4 115.4 272.1 310.4 116.3 288.7

WHEAT
General Comments: Wheat markets were mixed last week, with Minneapolis prices higher and Chicago SRW prices a little higher. Chicago HRW prices closed lower. Spring Wheat values are starting to move higher due to reports of dry weather for planting in the western Canadian Prairies and reports of hot and dry weather in Russia and into eastern Ukraine. Production estimates for Russia have started to drop and world prices have started to firm. The situation in Canada is having more to do with the recent strength in Minneapolis as much of the Canadian Spring Wheat is hedged in that market. The dry weather in Canada has made for easier planting but poor emergence. Questions about yield potential are starting to increase. HRW markets were the big loser on the week. The weather in the Great Plains seems to be a little better now and ideas are that a high yielding crop is coming. However, there have also been reports that some of the Wheat is not good and will be used as feed for dairy interests in the region. No one has said how much of the crop could be affected, but the market does not seem real concerned at this time as USDA crop condition ratings have been stronger than trade estimates over the last couple of weeks. SRW areas of the Midwest, Delta, and Southeast saw significant rains over the weekend from the storm that formed in the Gulf last week. The precipitation is very welcome in the Southeast but not in the Delta or the Midwest. Export demand for US Wheat has been stronger than trade expectations over the last few weeks. The weekly charts show that the Chicago Winter Wheat markets faded from some strong resistance areas last week. Minneapolis is churning its way through about nine months of price action as it tries to move higher and back to about $5.90 per bushel.
Overnight News: The southern Great Plains should get frequent precipitation this week and a drier weekend. Temperatures should be above normal. Northern areas should see light to moderate precipitation off and on this week. Temperatures should be near o above normal. The Canadian Prairies should see light precipitation or dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 502, 488, and 481 July, with resistance at 515, 522, and 529 July. Trends in Kansas City are mixed to down with objectives of 443, 412, and 376 July. Support is at 445, 444, and 441 July, with resistance at 461, 463, and 474 July. Trends in Minneapolis are up with objectives of 584, 591, and 616 July. Support is at 561, 556, and 551 July, and resistance is at 576, 581, and 588 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 04, 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 604,140
: Positions :
: 55,192 111,937 232,763 94,657 138,579 183,921 74,681 566,533 557,960: 37,606 46,180
: Changes from: May 28, 2019 (Change in open interest: 8,326) :
: -9,730 -16,294 19,056 -4,322 4,031 3,710 1,599 8,714 8,392: -388 -66
: Percent of Open Interest Represented by Each Category of Trader :
: 9.1 18.5 38.5 15.7 22.9 30.4 12.4 93.8 92.4: 6.2 7.6
: Total Traders: 385 Number of Traders in Each Category :
: 92 129 142 84 103 44 24 303 320:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 04, 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 335,398
: Positions :
: 47,953 72,935 106,202 88,008 107,039 64,021 25,132 306,184 311,308: 29,214 24,090
: Changes from: May 28, 2019 (Change in open interest: -19,915) :
: -4,385 -17,157 -2,124 -6,087 1,623 -4,157 -4,445 -16,752 -22,103: -3,163 2,187
: Percent of Open Interest Represented by Each Category of Trader :
: 14.3 21.7 31.7 26.2 31.9 19.1 7.5 91.3 92.8: 8.7 7.2
: Total Traders: 257 Number of Traders in Each Category :
: 62 59 72 78 80 31 17 209 198:
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Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 4, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
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WHEAT-HRSpring – MINNEAPOLIS GRAIN EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 62,746 :
: Positions :
: 33,831 32,567 1,572 0 975 3,232 11,106 1,384 5,606 1,341 3,918 :
: Changes from: May 28, 2019 :
: -2,417 2,393 -180 -4 4 107 -4,299 42 -305 -292 633 :
: Percent of Open Interest Represented by Each Category of Trader :
: 53.9 51.9 2.5 0.0 1.6 5.2 17.7 2.2 8.9 2.1 6.2 :
: Number of Traders in Each Category Total Traders: 83 :
: 46 39 4 0 . . 8 . 6 7 10 :
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Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 4, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
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BLACK SEA WHEAT FINANCIAL – CHICAGO BOARD OF TRADE 50 Metric Tons :
CFTC Code #00160F Open Interest is 23,716 :
: Positions :
: 8,978 18,774 2,687 0 1,191 7,296 200 1,807 608 149 812 :
: Changes from: May 28, 2019 :
: -266 2,380 395 0 375 2,148 -100 -363 122 123 -257 :
: Percent of Open Interest Represented by Each Category of Trader :
: 37.9 79.2 11.3 0.0 5.0 30.8 0.8 7.6 2.6 0.6 3.4 :
: Number of Traders in Each Category Total Traders: 30 :
: 14 13 4 0 . 4 . . . . . :
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RICE
General Comments: Rice was higher last week as the weather remained difficult for producers. Some excessive rains were reported late in the week around Houston and there is some potential for damage to crops. The big rains then moved east into Louisiana to possibly damage crops there and then over the weekend into Mississippi and north into Arkansas to further delay plantings. Some of the producers in Mississippi, Arkansas, and southern Missouri will stop trying to plant Rice and will try to plant Soybeans instead. There can be little doubt now that total planted area will be somewhat reduced, especially in Mississippi and Arkansas. Just how much the planted area will be reduced seems to be a guess at this point. California is also having some weather problems from too much rain. The crop was planted a little late and the crop condition ratings have not been as strong as is normally seen in the state. Demand for US Rice in the world market has not been all that strong lately, but sales in the western hemisphere are continuing. USDA did show a big sale to Iraq, but this was already known to the trade and did not move prices. World prices have been firming lately so this should help the US. Trends on the weekly charts remain strong as futures closed near the highs for the week. Prices could continue to work higher as the market tries to factor in the potential for lost planted area and production for this year.
Overnight News: The Delta should get scattered showers each day. Temperatures should above normal.
Chart Analysis: Trends are mixed. Support is at 1162, 1158, and 1153 July, with resistance at 1179, 1183, and 1190 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 4, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
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ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 8,732 :
: Positions :
: 4,386 4,984 127 160 0 1,101 745 25 511 873 627 :
: Changes from: May 28, 2019 :
: -19 852 -23 70 0 438 -652 5 -53 136 12 :
: Percent of Open Interest Represented by Each Category of Trader :
: 50.2 57.1 1.5 1.8 0.0 12.6 8.5 0.3 5.8 10.0 7.2 :
: Number of Traders in Each Category Total Traders: 50 :
: 14 14 . . 0 7 4 . 9 7 7 :
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CORN AND OATS
General Comments: Corn and Oats both closed flower last week. Corn basically held inside the trading range of the previous week. There was a lot of long liquidation and some new selling seen in the market. At least some of the new selling came from producers who used the rally to price levels not seen in the last three years to unload crops in storage. A big reason for the selling were threats of a new trade war with Mexico over the immigration problems on the border. The president tweeted that a deal was reached on Friday evening and that no new tariffs would be imposed. The threat of tariffs had threatened to hurt trade in agricultural products between the two countries and also the new free trade agreement with Mexico and Canada. The trade agreement still needs to be ratified by congress, where it faces some strong opposition, but at least it is still on the table. The weather is the other big market mover these days, and the weather turned drier last week. The trade expects the Corn planting progress to be very active and that Corn could be over 80% planted in the reports this afternoon. Rains returned to the Midwest over the weekend, so it is doubtful that much progress was made. More rain is expected over the second half of the week. It is still very likely that a significant area will not get planted to Corn and will be planted instead to Soybeans of will not be planted this year. Lower than trend line yields are also likely given the late planting dates in most of the Midwest. USDA will begin to reflect the planting problems and what it could mean to production, demand, and prices in the monthly supply and demand updates that will be released on Tuesday.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down with objectives of 401, 391, and 381 July. Support is at 412, 407, and 405 July, and resistance is at 423, 431, and 436 July. Trends in Oats are down with objectives of 270 and 262 July. Support is at 292, 290, and 287 July, and resistance is at 304, 307, and 310 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 04, 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 2,549,467
: Positions :
: 268,175 203,190 726,438 716,121 1,127,545 466,477 203,662 2,177,211 2,260,834: 372,256 288,633
: Changes from: May 28, 2019 (Change in open interest: 53,641) :
: -9,881 -99,894 61,521 13,175 104,299 4,063 -24,416 68,878 41,509: -15,237 12,132
: Percent of Open Interest Represented by Each Category of Trader :
: 10.5 8.0 28.5 28.1 44.2 18.3 8.0 85.4 88.7: 14.6 11.3
: Total Traders: 960 Number of Traders in Each Category :
: 235 157 268 421 429 47 29 833 769:
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Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 4, 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 7,959 :
: Positions :
: 1,139 5,649 137 0 0 1,976 103 3 1,724 95 630 :
: Changes from: May 28, 2019 :
: -84 48 -5 0 0 122 -6 3 -4 -47 -68 :
: Percent of Open Interest Represented by Each Category of Trader :
: 14.3 71.0 1.7 0.0 0.0 24.8 1.3 0.0 21.7 1.2 7.9 :
: Number of Traders in Each Category Total Traders: 36 :
: 9 11 . 0 0 11 . . 7 . 5 :
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SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal were lower last week and the weekly charts show that futures could not overcome strong resistance near $9.00 per bushel and have now fallen back to test support. The price action has been disappointing given the Midwest weather and slow planting pace for both Corn and Soybeans. The trade thinks that there will be more Soybeans planted in the US this year because some of the Corn can’t be planted and this could be true. The potential for more Soybeans planted area is especially good in the eastern Midwest where yield potential is higher. The trade is also worried about a permanent loss of demand from China due in part to the Swine Flu there and in other parts of Southeast Asia and the trade war with China. This is also happening and the Brazilian producer has been the beneficiary. The US has been selling Soybeans almost everywhere else as US prices have been competitive, but the biggest buyer in the world will not buy from the US due to the increased trade tensions. Neither side seems ready to make a deal right now and in fact the tensions seem to be escalating. China has continued to buy US pork meat as it needs meat in a big way due to the Swine Flu. It is also making deals to buy from just about everyone else as the demand is going to be big enough to demand imports from all corners of the globe. The Brazilian Real has firmed in the last few weeks and is now less than 4:1 against the US Dollar. This will increase Brazil prices and will help the US remain competitive in world markets for everyone besides China. USDA will show its crop progress reports on Monday night and the monthly supply and demand updates on Tuesday during the trading session.
Overnight News:
Chart Analysis: Trends in Soybeans are down with objectives of 849 and 819 July. Support is at 848, 838, and 831 July, and resistance is at 864, 874, and 879 July. Trends in Soybean Meal are down with objectives of 308.00 y 296.00. Support is at 310.00, 305.00, and 303.00 July, and resistance is at 314.00, 316.00, and 321.00 July. Trends in Soybean Oil are mixed. Support is at 2700, 2670, and 2620 July, with resistance at 2790, 2800, and 2820 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 04, 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 960,273
: Positions :
: 64,423 172,563 306,965 349,825 334,059 178,228 59,926 899,440 873,512: 60,833 86,761
: Changes from: May 28, 2019 (Change in open interest: -1,668) :
: -4,436 -31,200 11,133 -5,996 16,093 1,201 -2,026 1,901 -6,001: -3,569 4,333
: Percent of Open Interest Represented by Each Category of Trader :
: 6.7 18.0 32.0 36.4 34.8 18.6 6.2 93.7 91.0: 6.3 9.0
: Total Traders: 616 Number of Traders in Each Category :
: 127 168 206 187 215 46 31 487 520:
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COT — Supplemental Report – Option and Futures Combined Positions as of June 04, 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 550,353
: Positions :
: 78,456 128,512 128,296 166,730 231,607 141,793 32,066 515,275 520,481: 35,078 29,872
: Changes from: May 28, 2019 (Change in open interest: -31,420) :
: -1,155 -9,373 -16,963 -12,350 1,359 931 -5,840 -29,537 -30,818: -1,883 -603
: Percent of Open Interest Represented by Each Category of Trader :
: 14.3 23.4 23.3 30.3 42.1 25.8 5.8 93.6 94.6: 6.4 5.4
: Total Traders: 347 Number of Traders in Each Category :
: 85 97 110 86 78 36 21 274 262:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 04, 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 529,467
: Positions :
: 51,454 54,309 131,164 185,625 268,636 110,737 44,204 478,979 498,313: 50,487 31,154
: Changes from: May 28, 2019 (Change in open interest: -7,978) :
: 1,219 -21,227 -1,549 -3,175 18,050 -428 -1,186 -3,933 -5,912: -4,044 -2,066
: Percent of Open Interest Represented by Each Category of Trader :
: 9.7 10.3 24.8 35.1 50.7 20.9 8.3 90.5 94.1: 9.5 5.9
: Total Traders: 282 Number of Traders in Each Category :
: 61 56 95 93 94 33 17 243 221:
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CANOLA AND PALM OIL
General Comments: Canola was lower Friday along with Chicago. Support still comes from reports of dry weather in Canada, but there were forecasts for some precipitation over the weekend, especially in the north. The dry weather has allowed for rapid planting but poor initial growth. Demand remains light in the domestic market and the export market. There are hope for increased demand from China as that country bought about double its normal amount of Canadian Wheat last month. Palm Oil was a little lower along with the outside markets and in anticipation of the MPOB repors this week. A higher Ringgit was negative for prices. It has been a tough time getting Soybeans planted in the US and this is supporting Palm Oil. Demand ideas are improving on ideas China on increase buying, but ideas are that production remains high. Short term trends are trying to turn up.
Overnight News: Amspec said that Malaysian Palm Oil exports are 376,802 tons so far this month, from 550,765 tons last month.
Chart Analysis: Trends in Canola are mixed to down with objectives of 448.00 and 441.00 July. Support is at 449.00, 446.00, and 441.00 July, with resistance at 457.00, 462.00, and 464.00 July. Trends in Palm Oil are mixed. Support is at 2020, 1990, and 1960 August, with resistance at 2070, 2090, and 2120 August.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 4, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
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CANOLA – ICE FUTURES U.S. (20 Metric Tonnes) :
CFTC Code #135731 Open Interest is 184,117 :
: Positions :
: 122,790 59,908 4,612 864 437 18,851 66,993 13,969 4,753 22,803 17,499 :
: Changes from: May 28, 2019 :
: -2,388 6,037 391 516 33 -342 -9,837 -479 -172 742 -5,175 :
: Percent of Open Interest Represented by Each Category of Trader :
: 66.7 32.5 2.5 0.5 0.2 10.2 36.4 7.6 2.6 12.4 9.5 :
: Number of Traders in Each Category Total Traders: 268 :
: 31 37 5 . . 7 51 14 53 92 39 :
—————————————————————————————————————-

DJ Canadian Grain Handling Summary – Jun 7
WINNIPEG–The following are Canadian grain handling summary statistics
for the week ended June 2, 2019. Figures in thousands of metric tons.
Source: Canadian Grain Commission.
Durum
Wheat Wheat Oats Barley Flax Canola Peas Corn Total*
COMMERCIAL STOCKS
This Week 2245.6 602.4 159.6 272.5 65.6 909.0 288.8 308.0 5517.6
Week Ago 2067.0 576.4 184.3 246.3 61.7 794.5 236.6 345.3 5155.6
Year Ago 1955.8 373.7 130.8 263.7 50.9 928.4 218.9 177.6 4577.9
PRODUCER DELIVERIES
This Week 625.6 155.1 36.9 54.1 9.3 469.1 94.1 9.5 1528.9
Week Ago 348.3 100.7 21.2 26.8 8.2 304.2 47.6 9.2 920.3
To Date 18295.2 3825.2 1878.4 3057.1 347.8 15384.9 2893.7 479.2 49522.4
Year Ago 15338.9 3172.5 1844.6 2720.1 376.3 16256.3 2530.0 544.6 46367.8
TERMINAL RECEIPTS – Note: Large revisions have been reported by licensed
elevators that affected Crop Year to Date totals this week.
This Week 388.0 130.5 17.4 22.0 6.7 143.8 33.5 31.3 821.7
Week Ago 375.8 95.2 4.0 25.8 5.0 82.3 52.4 23.6 694.3
To Date 17625.1 4266.6 373.8 1889.5 127.4 8418.1 1691.1 1219.8 41428.7
Year Ago 15216.5 3735.6 195.8 1593.1 182.4 9302.1 1655.9 960.1 38143.3
EXPORTS
This Week 420.7 75.0 12.2 0.7 1.7 151.1 22.3 71.3 792.8
Week Ago 462.0 81.3 18.2 37.5 15.4 85.1 90.8 10.5 858.9
To Date 15663.7 3719.2 1311.2 2032.5 211.3 7899.6 1721.0 1506.0 38231.6
Year Ago 13807.3 3405.0 1336.8 1735.3 264.8 8807.0 1780.2 915.9 35904.9
DOMESTIC DISAPPEARANCE
This Week 121.1 15.0 5.1 19.7 1.2 165.0 2.4 26.3 381.0
Week Ago 61.4 2.2 6.2 19.3 0.7 198.4 2.5 21.5 340.1
To Date 3494.1 300.9 261.6 971.1 49.2 7966.1 179.1 980.2 16110.4
Year Ago 4050.5 634.9 259.4 1049.6 48.4 7917.2 199.7 708.6 17046.5
*Totals include data from other crops not shown including rye, soybeans,
canaryseed, mustard seed, beans, lentils and chickpeas.
Source: Commodity News Service Canada (news@marketsfarm.com

Midwest Weather Forecast: More precipitation in all areas by the middle of the week. Temperatures should be near to below normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
June +59 July +162 July +80 July +59 July +1 July
July +47 July +80 July +49 July
August +35 September +75 September +38 August
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paranagua Paranagua Paranagua Santos
June
July 130 July -13 July 32 July
August 130 August -10 August 25 September

DJ ICE Canada Cash Grain Close – Jun 7
By MarketsFarm
WINNIPEG, June 7 (MarketsFarm) – The following are the
closing cash canola prices from ICE Futures.
Source: ICE Futures
Price Change
CANOLA
*Par Region 444.70 up 4.50
Track Thunder Bay 466.00 dn 1.70
Track Vancouver 473.00 up 1.70
All prices in Canadian dollars per metric ton.

DJ Malaysian PM Cash Market Prices for Palm Oil – June 10
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
Jun 507.50 -05.00 Unquoted – –
July 507.50 -05.00 Unquoted – –
Aug/Sep 512.50 -05.00 Unquoted – –
Oct/Nov/Dec 517.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Jun 512.50 -05.00 Unquoted – –
July 512.50 -05.00 Unquoted – –
Aug/Sep 517.50 -05.00 Unquoted – –
Oct/Nov/Dec 522.50 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 475.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 400.00 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 1,990 -30.00 Unuoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 136 -02.00 Unquoted – –
($1=MYR 4.1620

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