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 Summary for September USDA Monthly Cattle on Feed Data
Data from the U.S. Department of Agriculture’s monthly cattle-on-feed report, released at 3:00 p.m. ET Friday, and analysts’ estimates as compiled by the Wall Street Journal. In million head.
Numbers USDA’s Average Range
2019 2018 estimated of analysts’ of analysts’
% of prev yr estimates
On-feed Sep 1 10.982M 11.125M 99 99.4 98.5- 100.0
Placed in Aug 1.884M 2.070M 91 94.5 88.9- 97.8
Marketed in Aug 1.953M 1.983M 98 98.4 97.6- 98.8
Note: USDA rounds its estimates to the nearest whole number.

DJ USDA Cattle on Feed: 7-State 1,000+ Lots Totals-Sep 20
WASHINGTON (Dow Jones)==U.S. cattle on feed for slaughter market
in the historic 7 states for feedlots with capacity of 1,000 or more
totaled 9.577 million, down 1.5% from the previous year, the U.S.
Department of Agriculture said Friday.
NOTE: This table was compiled by Dow Jones. USDA no longer reports
7-state data.
Cattle on Feed: Number on Feed, Placements, marketing, and
Other Disappearance, 1,000+ Capacity Feedlots,
7 States, September 1, 2018-2019
========================================================================
Number 2019 as % of
Item ====================================
2018 2019 2018
========================================================================
=====1,000 head==== Percent
On feed August 1 9,693 9,697 100
Placed on feed during August 1,776 1,638 92
Fed cattle marketed during August 1,702 1,704 100
Other disappearance during August 47 54 115
On feed September 1 9,720 9,577 99
========================================================================

DJ USDA Cattle on Feed: 1,000+ Lots Total U.S, 12-State-Sep 20
Cattle on Feed: Number on Feed, Placements, marketing, and
Other Disappearance, 1,000+ Capacity Feedlots,
United States, September 1, 2018-2019
========================================================================
Number 2019 as % of
Item ======================================
2018 2019 2018
========================================================================
====1,000 head==== Percent
On feed August 1 11,093 11,112 100
Placed on feed during August 2,070 1,884 91
Fed cattle marketed during August 1,983 1,953 98
Other disappearance during August 55 61 111
On feed September 1 11,125 10,982 99
========================================================================
Cattle on Feed: Number on Feed, Placements, marketing, and
Other Disappearance, 1,000+ Capacity Feedlots,
United States, August 1, 2018-2019
========================================================================
Number 2019 as % of
Item =====================================
2018 2019 2018
========================================================================
====1,000 head==== Percent
On feed July 1 11,287 11,480 102
Placed on feed during July 1,742 1,705 98
Fed cattle marketed during July 1,873 2,002 107
Other disappearance during July 63 71 113
On feed August 1 11,093 11,112 100
========================================================================
Total 12-State 1,000+ Capacity lots
September 1, 2018-2019
========================================================================
Number 2019 as % of
Item ====================================
2018 2019 2018
========================================================================
====1,000 head==== Percent
On feed August 1 10,803 10,822 100
Placed on feed during August 2,005 1,835 92
Fed cattle marketed during August 1,926 1,910 99
Other disappearance during August 52 60 115
On feed September 1 10,830 10,687 99
========================================================================

WHEAT
General Comments: Wheat markets were mostly higher last week with Minneapolis Spring Wheat the leader to the upside. Chicago Soft Red Winter Wheat closed slightly lower for the week. Spring Wheat futures rallied as rains interrupted harvest progress in the northern Great Plains. The rains have hurt the already slow harvest progress and could affect quality if the rains continue. Harvest is underway in Canada with most progress made in Saskatchewan and very little progress reported in Manitoba and Alberta. Planting of the next Winter Wheat crop is now underway under mostly good conditions in the central Great Plains and Midwest. It has been hot and dry in west Texas so planters might wait in this area to see if the rains return. North African buyers were busy last week with Algeria buying from western Europe and mostly France and Egypt buying from Russia. It is hot and dry in Ukraine and planting has been delayed there. Australia and Argentina have also been hot and dry and crop production expectations are being reduced. US export sales were lower last week and were very disappointing. There is just a lot of Wheat on offer around the world and that will limit any upside potential for US export demand and for Wheat prices.
Overnight News: The southern Great Plains should get mostly dry conditions until showers appear in eastern areas late this week. Temperatures should be near to above normal. Northern areas should see scattered showers later this week. Temperatures should be near normal. The Canadian Prairies should see mostly light to moderate showers. Temperatures should be variable.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 492 and 502 December. Support is at 481, 475, and 469 December, with resistance at 492, 496, and 498 December. Trends in Kansas City are mixed. Support is at 403, 399, and 397 December, with resistance at 411, 414, and 425 December. Trends in Minneapolis are up with objectives of 535 and 540 December. Support is at 518, 515, and 514 December, and resistance is at 530, 535, and 537 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 17, 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 458,093
: Positions :
: 58,608 102,968 160,952 64,925 100,239 146,616 52,493 431,100 416,651: 26,993 41,442
: Changes from: September 10, 2019 (Change in open interest: -6,916) :
: -3,363 -4,207 -6,184 -792 892 3,958 3,244 -6,381 -6,255: -535 -661
: Percent of Open Interest Represented by Each Category of Trader :
: 12.8 22.5 35.1 14.2 21.9 32.0 11.5 94.1 91.0: 5.9 9.0
: Total Traders: 354 Number of Traders in Each Category :
: 66 128 118 77 94 44 21 268 287:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 17, 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 315,876
: Positions :
: 55,305 85,448 88,855 80,413 96,778 61,544 25,930 286,117 297,010: 29,759 18,866
: Changes from: September 10, 2019 (Change in open interest: -2,703) :
: -436 -3,747 2,111 -2,979 894 -1,110 -2,302 -2,414 -3,044: -289 341
: Percent of Open Interest Represented by Each Category of Trader :
: 17.5 27.1 28.1 25.5 30.6 19.5 8.2 90.6 94.0: 9.4 6.0
: Total Traders: 286 Number of Traders in Each Category :
: 79 55 66 98 83 32 15 238 194:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 17, 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 71,085 :
: Positions :
: 43,502 25,151 966 0 555 1,503 24,574 1,629 6,142 2,512 4,923 :
: Changes from: September 10, 2019 :
: -600 -714 56 0 84 147 413 67 335 -93 129 :
: Percent of Open Interest Represented by Each Category of Trader :
: 61.2 35.4 1.4 0.0 0.8 2.1 34.6 2.3 8.6 3.5 6.9 :
: Number of Traders in Each Category Total Traders: 96 :
: 48 36 4 0 4 5 10 . 11 10 14 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 17, 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 15,622 :
: Positions :
: 4,585 12,265 2,026 0 206 6,650 800 650 694 1,306 100 :
: Changes from: September 10, 2019 :
: -1,443 -604 136 0 -113 500 0 0 255 109 46 :
: Percent of Open Interest Represented by Each Category of Trader :
: 29.4 78.5 13.0 0.0 1.3 42.6 5.1 4.2 4.4 8.4 0.6 :
: Number of Traders in Each Category Total Traders: 26 :
: 8 13 . 0 . . . . . . . :
—————————————————————————————————————-

RICE
General Comments: Rice was higher once again last week. Harvest is moving along at roughly a normal pace but the trade still expects greatly reduced long grain production this year. The main harvest is winding down in Texas and southern Louisiana despite some big rains from a tropical storm last week. Yield reports are generally average to below average for these areas. Yield results are not expected to improve as the harvest moves north. Producers to the north had a terrible time getting crops planted and then fields saw big rains at time through the Summer. Some of the crops are getting more big rains as the remains of the tropical system moves north. This is not good news for producers who are trying to dry down the crops and prepare them for harvest. Yield reports are expected to be variable in Arkansas and the rains will not improve the potential at all. The trade still thinks there are lower production estimates coming as planted and harvested area along with yields should be smaller. Export demand is holding at mostly good levels even though demand does not appear to be spectacular so far. Sales are primarily to Latin America these days and the US will be the primary supplier to these countries as Brazil and the rest of Mercosur are producing less this year.
Overnight News: The Delta should get mostly dry conditions in the south but big rains near Houston today and in northern and western areas later in the week. Temperatures should be above normal.
Chart Analysis: Trends are up with no objectives. Support is at 1224, 1220, and 1217 November, with resistance at 1252, 1260, and 1272 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 17, 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 10,792 :
: Positions :
: 5,515 6,620 115 246 0 1,483 371 0 296 1,142 1,544 :
: Changes from: September 10, 2019 :
: 39 1,496 0 0 0 1,117 -279 0 5 194 132 :
: Percent of Open Interest Represented by Each Category of Trader :
: 51.1 61.3 1.1 2.3 0.0 13.7 3.4 0.0 2.7 10.6 14.3 :
: Number of Traders in Each Category Total Traders: 54 :
: 12 16 . . 0 9 . 0 7 14 12 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn closed higher on ideas of improving demand and varying reports for the initial harvest. The weekly export sales report was as strong as it had been in months as all of the big Mexican purchases made the list. There were no big sales announced in the daily system last week, but hopes for generally stronger sales persist as the administration is making a big push to get the new trade agreement with Mexico and Canada approved by Congress. It is also working hard to get bio fuels demand improved after tossing away a lot of the demand by granting waivers to 31 refineries a couple of weeks ago. It reports good progress in the negotiations although no deal has been announced yet. The new program would make E-85 more available in the US although logistics have to be worked out. It would not replace all of the lost demand but it would be a start. The harvest has begun in parts of the Midwest and variable yields have been reported. The vast majority of the yields have been below a year ago and this could indicate that the crop will be much smaller than projected by USDA in its monthly estimates. The crops harvested first were planted first and were thought to have the highest yield potential. Yield reports from the country will now become very important for traders and could dictate price direction for the coming weeks.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 368, 365, and 363 December, and resistance is at 374, 377, and 381 December. Trends in Oats are mixed to down with objectives of 268 and 259 December. Support is at 272, 270, and 265 December, and resistance is at 277, 279, and 281 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 17, 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 2,070,638
: Positions :
: 163,805 359,299 514,590 672,589 826,466 376,059 156,927 1,727,044 1,857,282: 343,595 213,356
: Changes from: September 10, 2019 (Change in open interest: -5,154) :
: -13,873 15,090 18,148 -14,986 -40,372 -5,888 8,775 -16,599 1,641: 11,445 -6,795
: Percent of Open Interest Represented by Each Category of Trader :
: 7.9 17.4 24.9 32.5 39.9 18.2 7.6 83.4 89.7: 16.6 10.3
: Total Traders: 936 Number of Traders in Each Category :
: 191 170 222 438 391 48 31 798 704:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 17, 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 5,669 :
: Positions :
: 1,301 4,505 134 0 0 929 198 0 1,355 1 129 :
: Changes from: September 10, 2019 :
: 294 878 -1 0 0 215 -177 0 -6 1 5 :
: Percent of Open Interest Represented by Each Category of Trader :
: 22.9 79.5 2.4 0.0 0.0 16.4 3.5 0.0 23.9 0.0 2.3 :
: Number of Traders in Each Category Total Traders: 26 :
: 7 9 . 0 0 7 . 0 5 . . :
—————————————————————————————————————-

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal were lower last week with much of the selling coming late in the week. Futures had been rallying on demand hopes as the Chinese negotiating team came to the US to try to move a trade deal along and get at least a partial deal done. Progress was reported and the market hoped that China would at least start buying US agricultural products, mostly Soybeans and Pork, while the rest of the deal was worked out. The president dashed those hopes in a single tweet when he said he wanted only a complete deal. Chinese negotiators had been scheduled to visit some farms in Nebraska and Montana after the negotiations were completed on Friday but changed plans and just went back home instead. Futures moved to the lows of the day and the lows of the week on the news. A quick trip south of Chicago late last week showed that Soybeans were starting to turn color in a lot of fields with one or two fields cut already. The harvest is not far away and yield reports will be monitored. No one is exactly sure how the crop will turn out but the betting is still that USDA is too high with its yield estimates. A smaller crop will not mean a big change in pricing and a big rally if the US is not selling and it needs to get a trade deal with China to sell in a big way.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 855, 853, and 850 November. Support is at 879, 875, and 861 November, and resistance is at 894, 905, and 909 November. Trends in Soybean Meal are mixed to down with objectives of 286.00 and 276.00 October. Support is at 291.00, 289.00, and 286.00 October, and resistance is at 295.00, 297.00, and 298.00 October. Trends in Soybean Oil are mixed. Support is at 2900, 2850, and 2800 October, with resistance at 2980, 3020, and 3040 October.

COT — Supplemental Report – Option and Futures Combined Positions as of September 17, 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 793,509
: Positions :
: 70,414 138,921 217,025 264,076 311,910 179,069 56,438 730,584 724,294: 62,925 69,216
: Changes from: September 10, 2019 (Change in open interest: 12,269) :
: 3,855 -28,604 5,462 -10,575 35,257 13,679 2,916 12,421 15,030: -153 -2,761
: Percent of Open Interest Represented by Each Category of Trader :
: 8.9 17.5 27.4 33.3 39.3 22.6 7.1 92.1 91.3: 7.9 8.7
: Total Traders: 569 Number of Traders in Each Category :
: 149 120 180 189 196 47 28 469 452:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 17, 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 527,411
: Positions :
: 82,307 65,403 136,044 124,378 267,662 146,463 31,784 489,192 500,893: 38,219 26,518
: Changes from: September 10, 2019 (Change in open interest: 863) :
: 3,411 -30,833 4,563 -13,199 26,164 6,122 2,000 897 1,894: -34 -1,031
: Percent of Open Interest Represented by Each Category of Trader :
: 15.6 12.4 25.8 23.6 50.8 27.8 6.0 92.8 95.0: 7.2 5.0
: Total Traders: 339 Number of Traders in Each Category :
: 99 68 124 76 78 36 19 291 243:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 17, 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 474,927
: Positions :
: 35,113 94,265 117,127 173,349 196,949 98,084 35,632 423,672 443,973: 51,255 30,954
: Changes from: September 10, 2019 (Change in open interest: -1,822) :
: -2,648 2,340 -211 1,405 -6,576 287 3,872 -1,168 -576: -654 -1,246
: Percent of Open Interest Represented by Each Category of Trader :
: 7.4 19.8 24.7 36.5 41.5 20.7 7.5 89.2 93.5: 10.8 6.5
: Total Traders: 313 Number of Traders in Each Category :
: 55 77 98 114 81 35 14 265 227:
——————————————————————————————————————-

CANOLA AND PALM OIL
General Comments: Canola was lower on Chicago price action and on ideas of increasing harvest pressure. Reports indicate that the harvest is making good progress now. There has not been a frost or freeze yet to hurt the seed. Reports from the field indicate good yields. Palm Oil was lower and futures made new lows for the move as export demand remained disappointing. SGS showed lower export for the month so far and the market sold off more on the news. Export data from the private sources has been lower so far this month. The market still expects limited upside potential, but the charts show that the market still has potential to move higher over time. There are ideas that there is plenty of production and supply to meet any expected demand. Stocks in Indonesia have increased for four straight months.
Overnight News: SGS said that Malaysian Palm Oil exports are 700.935 tons so far this month, from 752,470 tons last month.
Chart Analysis: Trends in Canola are mixed to down with objectives of 444.00 and 438.00 November. Support is at 445.00, 441.00, and 437.00 November, with resistance at 451.00, 455.00, and 456.00 November. Trends in Palm Oil are mixed. Support is at 2220, 2200, and 2180 November, with resistance at 2240, 2270, and 2280 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 17, 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 208,057 :
: Positions :
: 167,457 69,281 2,656 2,314 629 5,962 75,712 13,918 2,204 29,626 14,515 :
: Changes from: September 10, 2019 :
: 16,780 18,444 -473 -325 -282 -1,472 -5,917 1,483 -433 1,961 1,116 :
: Percent of Open Interest Represented by Each Category of Trader :
: 80.5 33.3 1.3 1.1 0.3 2.9 36.4 6.7 1.1 14.2 7.0 :
: Number of Traders in Each Category Total Traders: 282 :
: 55 71 4 . . 7 52 11 34 81 39 :
—————————————————————————————————————-

DJ Canadian Grain Handling Summary – Sep 20
WINNIPEG–The following are Canadian grain handling summary statistics
for the week ended Sept. 15, 2019. Figures in thousands of metric tons.
Source: Canadian Grain Commission.
Durum
Wheat Oats Barley Flax Canola Peas Corn Total*
COMMERCIAL STOCKS
This Week 1636.4 530.1 178.3 314.6 15.2 803.3 468.9 55.3 4437.4
Week Ago 1591.1 624.3 177.8 276.0 17.1 817.1 435.5 63.7 4428.3
Year Ago 2826.4 813.1 262.8 357.1 45.6 888.1 458.7 241.3 6393.2
PRODUCER DELIVERIES
This Week 313.0 61.7 52.5 92.7 1.0 187.1 157.2 4.5 901.5
Week Ago 237.8 69.3 59.3 95.2 1.7 212.5 212.0 3.3 939.2
To Date 1632.5 371.0 294.3 344.6 9.5 1653.2 816.7 56.5 5536.5
Year Ago 2593.9 446.5 319.9 371.6 19.1 1585.2 622.6 99.3 6377.4
TERMINAL RECEIPTS
This Week 295.6 99.6 17.3 33.7 0.0 85.8 145.7 0.0 765.3
Week Ago 344.9 70.5 8.6 24.8 0.0 87.9 82.8 0.1 678.9
To Date 2195.6 682.6 45.9 76.7 0.1 999.4 392.9 3.4 4852.1
Year Ago 2874.7 442.6 77.6 91.8 20.7 640.6 276.3 103.5 4754.5
EXPORTS
This Week 191.8 115.7 41.0 28.0 0.3 32.0 98.2 0.0 575.9
Week Ago 391.0 121.0 37.0 0.5 0.4 108.6 59.5 0.0 752.1
To Date 1820.4 611.2 150.4 60.4 6.8 899.7 311.5 12.5 4351.5
Year Ago 2120.1 314.1 190.5 86.7 39.3 660.9 179.5 183.2 4036.4
DOMESTIC DISAPPEARANCE
This Week 99.0 3.2 4.6 22.1 0.6 156.4 7.0 14.1 327.5
Week Ago 40.2 2.2 4.5 24.9 1.0 186.6 2.9 9.8 292.5
To Date 449.0 29.3 35.2 151.8 4.6 1198.4 22.5 120.6 2160.7
Year Ago 442.7 41.4 33.6 130.8 4.4 930.1 17.7 143.8 1881.3
*Totals include data from other crops not shown including rye, soybeans,
canary seed, mustard seed, beans, lentils and chickpeas.
Source: Commodity News Service Canada (news@marketsfarm.com, or 204-414-9084)

Midwest Weather Forecast: Mostly dry this week than showers possible this weekend. Temperatures should be near to above normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
September +37 Dec +160 Dec +70 Sep +14 Nov +12 Oct N/A
October +42 Dec +80 Dec +14 Nov
November +45 Dec +80 Dec +26 Nov
All basis levels are positive unless noted as negative

DJ ICE Canada Cash Grain Close – Sep 20
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 428.90 -22.00 Nov 2019 dn 1.40
Track Thunder Bay 457.40 10.00 Nov 2019 dn 3.50
Track Vancouver 467.40 20.00 Nov 2019 dn 3.50
All prices in Canadian dollars per metric ton.
*Quote for previous day
Source: Commodity News Service Canada (news@marketsfarm.com, or
204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – September 23
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, supplied by commodity broker Matthes & Porton Bhd.
Prices are quoted in U.S. dollars a metric ton, except for crude palm oil and palm kernel oil, which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul, a Malaysian measurement equivalent to 60 kilograms.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Oct 525.00 -05.00 Unquoted – –
Nov 530.00 -05.00 Unquoted – –
Dec 535.00 -07.50 Unquoted – –
Jan/Feb/Mar 557.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Oct 530.00 -05.00 Unquoted – –
Nov 535.00 -05.00 Unquoted – –
Dec 540.00 -07.50 Unquoted – –
Jan/Feb/Mar 562.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Oct 532.50 — Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Oct 435.00 — Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Oct 2,100.00 — Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Oct 139.00 — Unquoted – –
($1=MYR4.1770)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 23
Soybean No. 1
Turnover: 133,060 lots, or 4.60 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-19 3,385 3,420 3,380 3,420 3,405 3,394 -11 38 330
Jan-20 3,430 3,454 3,421 3,448 3,441 3,436 -5 119,488 210,900
Mar-20 – – – 3,415 3,419 3,415 -4 0 30
May-20 3,665 3,672 3,651 3,666 3,665 3,662 -3 13,224 63,260
Jul-20 – – – 3,667 3,667 3,667 0 0 16
Sep-20 3,679 3,688 3,675 3,688 3,686 3,680 -6 310 724
Corn
Turnover: 852,230 lots, or 15.88 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-19 1,832 1,839 1,830 1,834 1,835 1,833 -2 71,526 235,760
Jan-20 1,850 1,863 1,849 1,855 1,856 1,856 0 679,976 1,276,362
Mar-20 1,875 1,883 1,874 1,876 1,877 1,878 1 276 5,444
May-20 1,922 1,932 1,921 1,925 1,924 1,926 2 90,062 365,728
Jul-20 1,939 1,952 1,939 1,944 1,944 1,947 3 1,572 2,628
Sep-20 1,962 1,976 1,962 1,969 1,967 1,970 3 8,818 20,678
Soymeal
Turnover: 1,910,732 lots, or 54.59 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-19 2,886 2,940 2,886 2,902 2,896 2,913 17 91,246 233,552
Dec-19 2,891 2,929 2,891 2,897 2,892 2,908 16 890 2,468
Jan-20 2,865 2,893 2,853 2,862 2,859 2,870 11 1,539,134 1,855,956
Mar-20 2,836 2,855 2,832 2,832 2,837 2,846 9 34 760
May-20 2,762 2,778 2,752 2,759 2,763 2,763 0 254,700 809,360
Jul-20 2,769 2,784 2,763 2,769 2,772 2,773 1 94 1,828
Aug-20 2,797 2,797 2,788 2,788 2,788 2,791 3 8 156
Sep-20 2,796 2,805 2,788 2,792 2,799 2,795 -4 24,626 68,106
Palm Oil
Turnover: 567,766 lots, or 27.45 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Oct-19 – – – 5,078 5,078 5,078 0 0 2
Nov-19 – – – 5,220 5,220 5,220 0 0 8
Dec-19 – – – 5,010 5,010 5,010 0 0 4
Jan-20 4,802 4,836 4,784 4,814 4,806 4,810 4 517,702 552,650
Feb-20 4,930 4,930 4,888 4,888 4,898 4,908 10 4 716
Mar-20 – – – 4,988 4,978 4,988 10 0 2
Apr-20 – – – 4,978 4,978 4,978 0 0 2
May-20 5,060 5,092 5,042 5,070 5,066 5,066 0 49,226 130,046
Jun-20 – – – 5,132 5,132 5,132 0 0 6
Jul-20 5,016 5,134 5,016 5,100 5,102 5,082 -20 6 604
Aug-20 – – – 5,114 5,114 5,114 0 0 2
Sep-20 5,118 5,138 5,098 5,124 5,126 5,118 -8 828 6,318
Soybean Oil
Turnover: 634,614 lots, or 38.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-19 – – – 6,078 6,078 6,078 0 0 4
Dec-19 – – – 6,010 6,010 6,010 0 0 12
Jan-20 6,034 6,096 6,032 6,068 6,054 6,060 6 542,332 866,426
Mar-20 6,120 6,120 6,118 6,118 6,128 6,118 -10 6 522
May-20 6,054 6,100 6,046 6,078 6,084 6,070 -14 86,962 267,376
Jul-20 – – – 6,092 6,092 6,092 0 0 524
Aug-20 – – – 6,218 6,232 6,218 -14 0 0
Sep-20 6,082 6,132 6,078 6,116 6,114 6,108 -6 5,314 12,490
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