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 CBOT Delivery Intentions: Totals – Jan 7
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL January Jan. 08, 2020 843 Jan 06, 2020
SOYBEAN OIL January Jan. 08, 2020 312 Jan 03, 2020
ETHANOL January Jan. 08, 2020 52 Dec 26, 2019
SOYBEAN January Jan. 08, 2020 90 Dec 31, 2019

DJ U.S. November Grain Imports-Jan 7
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Nov 2019—- —-Oct 2019—-
kilograms pounds kilograms pounds
durum wheat 92,053 202,977 885 1,951
spring wheat 5,673,067 12,509,113 7,039,477 15,522,047
winter wheat 264,300 582,782 17,463,745 38,507,558
wheat/meslin 20,238,023 44,624,841 29,975,965 66,097,003
TOTAL WHEAT 26,267,443 57,919,712 54,480,072 120,128,559
barley 5,286,465 11,656,655 8,564,072 18,883,779
oats 115,558 254,805 64,917 143,142
corn 36,476,254 80,430,140 96,716,616 213,260,138
other corn 7,328,554 16,159,462 3,202,656 7,061,856
TOTAL CORN 43,804,808 96,589,602 99,919,272 220,321,995

DJ U.S. Nov Soymeal, Vegetable Oils/Oilseed Imports-Jan 7
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Nov 2019—- —-Oct 2019—-
kilograms pounds kilograms pounds
coconut oil 35,100,236 77,396,020 55,115,126 121,528,853
palm kernel oil 27,305,072 60,207,684 40,791,922 89,946,188
palm oil 152,813,936 336,954,729 119,874,452 264,323,167
soybean 11,016,001 24,290,282 52,672,593 116,143,068
soymeal 0 0 0 0
soyoil 11,106,095 24,488,939 13,812,245 30,456,000
rapeseed oil
edible 145,302,165 320,391,274 158,837,336 350,236,326
rapeseed oil,
inedible 0 0 37,493 82,672

DJ U.S. November Grain Exports-Jan 7
In kilograms (top) and in bushels (bottom), except flour in cwt and malt
in pounds. /1 denotes includes commercial and donated. Source: U.S. Department
of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Nov 19 Oct 19 Sep 19 Nov 18(*)
Barley 3,204,384 3,723,645 3,622,005 4,680,912
Corn /1 2,473,759,000 2,303,948,000 2,028,505,000 5,104,748,000
Sorghum 284,147,000 134,528,000 203,701,000 227,512,000
Oats 2,356,541 1,917,875 2,472,120 1,609,374
Rye 114,601 414,600 1,415,090 13,000
Wheat /1 1,814,104,673 2,150,889,083 2,312,813,585 1,755,479,922
wheat flour /1 22,539,306 26,716,748 24,081,850 23,473,082
Malt 33,513,454 29,079,611 34,236,170 38,266,263
——- In Bushels, CWT or Pounds ——-
Nov 19 Oct 19 Sep 19 Nov 18(*)
Barley 147,175 171,024 166,356 214,990
Corn /1 97,386,591 90,701,495 79,857,895 200,962,989
Sorghum 11,186,258 5,296,079 8,019,272 8,956,660
Oats 162,351 132,130 170,314 110,876
Rye 4,512 16,322 55,709 512
Wheat /1 66,656,252 79,030,834 84,980,480 64,502,183
wheat flour /1 496,907 589,004 530,914 517,493
Malt 73,884,531 64,109,579 75,477,848 84,362,684
1/Includes commercial and donated.

DJ U.S. November Oilseed, Meal, Oils/Fats Exports-Jan 7
In kilograms (top). Oils in pounds, soybeans in bushels, meal and hulls in
short tons (bottom). Source: U.S. Department of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Nov 19 Oct 19 Sep 19 Nov 18(*)
soybeans 7,005,296,109 5,944,598,146 3,890,013,028 5,066,985,020
soyoil 112,200,119 114,550,236 22,016,767 97,906,583
crude 93,464,898 101,935,850 13,938,865 88,320,359
refined 168,085 105,555 96,396 165,614
other/1 18,337,287 12,234,566 7,756,026 9,039,986
hydrogenated 229,849 274,265 225,480 380,624
cottonseed oil 6,330,822 3,147,658 4,383,277 6,242,842
crude 2,090,513 0 304,859 81,095
refined 1,261,995 1,262,155 2,617,235 4,890,129
other/1 2,978,314 1,885,503 1,461,183 1,268,760
hydrogenated 0 0 0 2,858
sunseeds 57,787 83,950 81,329 56,823
sunseed oil 5,709,363 3,979,619 3,316,099 4,063,074
rapeseed 27,302,991 24,235,254 20,900,442 17,769,686
rapeseed oil 6,807,545 9,715,989 7,885,744 9,496,168
crude 2,805,849 5,415,156 2,652,235 5,804,738
refined 4,001,696 4,300,833 5,233,509 3,691,430
linseed meal 74,674 56,353 153,563 100,131
cottonseed meal 10,795,817 15,840,888 12,515,041 6,331,677
soymeal 860,831,849 778,679,879 684,757,972 790,036,891
soymeal/flour 254,959,594 240,199,947 180,481,283 247,564,609
soymeal hulls 3,633,000 14,393,000 16,092,000 14,282,000
lard 2,249,238 1,648,638 1,655,938 1,775,270
edible tallow 10,290,873 12,128,267 11,783,842 11,048,612
inedible tallow 33,967,318 23,269,003 18,509,048 30,889,157
ch white grease 0 14,248 0 0
——- In Bushels, Pounds or Short Tons ——-
Nov 19 Oct 19 Sep 19 Nov 18(*)
soybeans 257,397,928 218,424,349 142,932,044 186,177,918
soyoil 247,358,963 252,540,085 48,538,671 215,847,105
crude 206,054,864 224,730,119 30,729,942 194,713,095
refined 370,564 232,709 212,517 365,116
other/1 40,426,805 26,972,606 17,099,113 19,929,761
hydrogenated 506,730 604,651 497,098 839,132
cottonseed oil 13,957,076 6,939,399 9,663,473 13,763,113
crude 4,608,793 0 672,099 178,784
refined 2,782,223 2,782,576 5,770,016 10,780,891
other/1 6,566,060 4,156,823 3,221,358 2,797,137
hydrogenated 0 0 0 6,301
sunseeds 127,399 185,078 179,300 125,273
sunseed oil 12,586,993 8,773,560 7,310,748 8,957,546
rapeseed 60,192,802 53,429,598 46,077,595 39,175,458
rapeseed oil 15,008,070 21,420,093 17,385,093 20,935,470
crude 6,185,839 11,938,377 5,847,178 12,797,259
refined 8,822,231 9,481,715 11,537,914 8,138,211
linseed meal 82 62 169 110
cottonseed meal 11,900 17,461 13,795 6,979
soymeal 948,895 858,339 754,809 870,858
soymeal flour/me 281,042 264,772 198,945 272,890
soymeal hulls 4,005 15,865 17,738 15,743
lard 4,958,722 3,634,625 3,650,719 3,913,801
edible tallow 22,687,495 26,738,256 25,978,929 24,358,024
inedible tallow 74,885,131 51,299,379 40,805,473 68,098,946
ch white grease 0 31,411 0 0

DJ USDA Grain Inspections for Export in Metric Tons – Jan 6
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 JAN 2, 2020
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 01/02/2020 12/26/2019 01/03/2019 TO DATE TO DATE
BARLEY 0 0 0 16,760 6,191
CORN 550,930 408,946 501,565 8,601,828 18,474,243
FLAXSEED 0 100 0 396 218
MIXED 0 0 0 0 0
OATS 0 0 0 1,918 1,693
RYE 0 0 0 0 0
SORGHUM 67,388 4,049 31,803 937,362 490,515
SOYBEANS 963,830 991,801 682,518 21,744,427 17,309,583
SUNFLOWER 0 0 0 0 0
WHEAT 345,109 312,090 263,918 14,846,048 12,940,992
Total 1,927,257 1,716,986 1,479,804 46,148,739 49,223,435
————————————————————————-
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: Wheat markets were lower for the week in Chicago and a little higher in Minneapolis Spring. The US weather improved with additional precipitation in the Great Plains and Midwest. More precipitation is in the forecast for later this week. The market is also feeling the fallout from the killing of the Iranian general last week by the US. Ideas are that US Wheat demand from the Middle East will take a hit and this is likely to happen as many in Iraq are very upset that the general was killed in their territory. World markets have rallied in the face of reduced production potential for Australia and Russia and the new tax regime for Argentina.. The Australian problem is very serious as record heat with almost no rain was noted in important growing areas. There is no relief in sight. World prices will still be dictated by what happens in Europe and the Black Sea area and US prices will most likely remain a follower as the US tries to compete for sales. Chart patterns on daily and weekly charts suggest that trends are still up but that further corrective trading lower is possible this week.
Overnight News: The southern Great Plains should get mostly dry conditions this week and some light and mixed precipitation at the end of the week. Temperatures should trend to near to above normal. Northern areas should see mostly dry conditions except for some light precipitation over the middle of the week. Temperatures will average near to above normal. The Canadian Prairies should see mostly dry weather. Temperatures should be near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 547, 545, and 539 March, with resistance at 558, 564, and 567 March. Trends in Kansas City are mixed. Support is at 467, 464, and 456 March, with resistance at 484, 497, and 510 March. Trends in Minneapolis are mixed. Support is at 543, 539, and 533 March, and resistance is at 557, 566, and 567 March.

COT — Supplemental Report – Option and Futures Combined Positions as of December 31, 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 524,777
: Positions :
: 80,685 79,078 181,325 73,531 163,335 157,087 52,565 492,628 476,303: 32,149 48,474
: Changes from: December 24, 2019 (Change in open interest: 8,471) :
: 7,250 -5,048 -2,171 3,596 10,703 -1,525 1,847 7,150 5,331: 1,321 3,140
: Percent of Open Interest Represented by Each Category of Trader :
: 15.4 15.1 34.6 14.0 31.1 29.9 10.0 93.9 90.8: 6.1 9.2
: Total Traders: 379 Number of Traders in Each Category :
: 103 97 112 60 115 49 23 274 297:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of December 31, 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 289,139
: Positions :
: 46,698 49,789 83,778 58,223 115,111 71,712 21,538 260,411 270,216: 28,729 18,924
: Changes from: December 24, 2019 (Change in open interest: -7,774) :
: -4,267 -6,992 -2,086 -956 4,553 -189 -3,245 -7,497 -7,770: -278 -5
: Percent of Open Interest Represented by Each Category of Trader :
: 16.2 17.2 29.0 20.1 39.8 24.8 7.4 90.1 93.5: 9.9 6.5
: Total Traders: 287 Number of Traders in Each Category :
: 91 45 81 80 84 35 13 244 194:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of December 31, 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 63,133 :
: Positions :
: 32,304 30,637 1,066 0 37 4,672 13,088 3,149 5,382 1,108 2,858 :
: Changes from: December 24, 2019 :
: 642 5,238 -109 0 10 988 -5,520 272 -318 254 -133 :
: Percent of Open Interest Represented by Each Category of Trader :
: 51.2 48.5 1.7 0.0 0.1 7.4 20.7 5.0 8.5 1.8 4.5 :
: Number of Traders in Each Category Total Traders: 89 :
: 44 39 . 0 . 8 7 4 7 6 9 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of December 31, 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 18,628 :
: Positions :
: 8,253 15,366 1,119 0 2,248 4,834 0 220 1,484 0 408 :
: Changes from: December 24, 2019 :
: 19 -189 -257 0 232 50 0 0 137 0 -94 :
: Percent of Open Interest Represented by Each Category of Trader :
: 44.3 82.5 6.0 0.0 12.1 25.9 0.0 1.2 8.0 0.0 2.2 :
: Number of Traders in Each Category Total Traders: 29 :
: 10 21 . 0 . 4 0 . . 0 . :
—————————————————————————————————————-

RICE
General Comments: Rice was lower as the crisis in Iraq continued to boil. Iraq is a buyer of US milled Rice and anything to upset sales to that important destination would be noted. In addition, ideas are that Rice has little to gain from the China deal as China is not likely to take much US Rice if any. Some producers are selling the next crop and the trade and open interest in the September contract is relatively large for the time of year. More selling from producers of the next crop is expected on any rally attempts. Demand for US Rice remains generally positive and the weekly export sales report was strong. The export sales pace in general has been very good. The US domestic market is now quiet with the harvest mostly done and no one real interested in selling. Mills and exporters are thought to be covered.
Overnight News: The Delta should get dry weather except for some rain on Thursday. Temperatures should be below normal but near to above normal this weekend.
Chart Analysis: Trends are mixed to down with objectives of 1279 and 1251 March. Support is at 1297, 1288, and 1278 March, with resistance at 1322, 1332, and 1344 March.

DJ USDA World Market Rice Prices – Jan 7
NOTE: Report for Friday, Jan 3.
USDA today announced the prevailing world market prices
of milled and rough rice, adjusted for U.S. milling yields
and location, and the resulting marketing loan gain (MLG)
and loan deficiency payment LDP) rates. Source: USDA
—–World Price—– MLG/LDP Rate
Milled Value Rough Rough
($/cwt) ($/cwt) ($/cwt)
Long Grain 14.31 9.13 0.00
Medium/Short Grain 13.97 9.36 0.00
Brokens 8.63 —- —-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of December 31, 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 11,002 :
: Positions :
: 3,379 7,373 167 0 0 4,202 817 10 579 1,037 257 :
: Changes from: December 24, 2019 :
: -1,377 -913 57 0 0 479 57 0 97 -9 -685 :
: Percent of Open Interest Represented by Each Category of Trader :
: 30.7 67.0 1.5 0.0 0.0 38.2 7.4 0.1 5.3 9.4 2.3 :
: Number of Traders in Each Category Total Traders: 58 :
: 12 14 . 0 0 20 . . 5 8 5 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn and Oats closed mixed, with Corn lower and Oats higher. The main driver remains the lack of Corn demand over the short term. Export demand has been disappointing and ethanol and other industrial demand has started to improve but faces an uncertain road ahead. Much of the improved ethanol demand will be seen if and when China starts to buy. Feed demand remains unknown but has been disappointing over the last couple of years given the increase in animal numbers seen in the US. There is little Corn available to the domestic cash market. The market has been short Corn as farmers have been holding. That means that there is very little Corn available to the domestic and international cash market. Ukraine has been selling and offers from Argentina have been at lower prices.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 380, 378, and 377 March, and resistance is at 388, 392, and 393 March. Trends in Oats are mixed. Support is at 288, 283, and 276 March, and resistance is at 295, 301, and 303 March.

COT — Supplemental Report – Option and Futures Combined Positions as of December 31, 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 1,756,379
: Positions :
: 143,544 252,767 409,578 496,888 743,261 402,487 159,951 1,452,497 1,565,557: 303,882 190,822
: Changes from: December 24, 2019 (Change in open interest: -31,154) :
: 9,164 3,839 -22,734 -9,383 -6,502 -4,607 -8,933 -27,559 -34,331: -3,595 3,176
: Percent of Open Interest Represented by Each Category of Trader :
: 8.2 14.4 23.3 28.3 42.3 22.9 9.1 82.7 89.1: 17.3 10.9
: Total Traders: 795 Number of Traders in Each Category :
: 143 128 170 380 370 51 30 666 618:
——————————————————————————————————————-

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal were higher, but Soybean Oil really moved lower due to the weakness in Palm Oil futures. The news that the US and China had reached agreement on a Phase One deal that covered agricultural goods was bullish but the killing of the Iranian general was bearish and the more recent news. A signing ceremony will be held in the US on January 15 and then new buying from China is expected. A lot will depend on the price of US Soybeans and those from Brazil and Argentina. Lower prices there will hurt overall demand here. China will return in the end to buy at least as many Soybeans as it did before the trade war, but when is the main problem and is compounded by good growing conditions and ideas of big crops in South America. Many US producers have put their Soybeans into storage and not selling. This has caused basis levels to firm in the country and at the Gulf of Mexico.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 937, 934, and 923 March, and resistance is at 947, 956, and 961 March. Trends in Soybean Meal are mixed. Support is at 300.00, 298.00, and 296.00 March, and resistance is at 308.00, 312.00, and 315.00 March. Trends in Soybean Oil are mixed. Support is at 3440, 3420, and 3380 March, with resistance at 3550, 3570, and 3600 March.

COT — Supplemental Report – Option and Futures Combined Positions as of December 31, 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 848,230
: Positions :
: 73,982 90,438 223,372 282,384 403,500 201,452 58,422 781,190 775,732: 67,040 72,497
: Changes from: December 24, 2019 (Change in open interest: -83,567) :
: 3,956 -19,088 -36,258 -33,506 -13,809 -10,389 -13,971 -76,196 -83,126: -7,370 -441
: Percent of Open Interest Represented by Each Category of Trader :
: 8.7 10.7 26.3 33.3 47.6 23.7 6.9 92.1 91.5: 7.9 8.5
: Total Traders: 572 Number of Traders in Each Category :
: 128 129 191 180 215 50 29 470 470:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of December 31, 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 540,191
: Positions :
: 114,065 28,569 112,683 109,027 344,591 170,289 32,192 506,064 518,036: 34,128 22,156
: Changes from: December 24, 2019 (Change in open interest: -21,324) :
: -2,756 3,382 -11,006 -3,951 -13,544 -2,755 2,553 -20,467 -18,613: -857 -2,711
: Percent of Open Interest Represented by Each Category of Trader :
: 21.1 5.3 20.9 20.2 63.8 31.5 6.0 93.7 95.9: 6.3 4.1
: Total Traders: 331 Number of Traders in Each Category :
: 110 52 103 75 78 43 19 282 219:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of December 31, 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 454,476
: Positions :
: 49,674 75,292 79,347 158,174 245,136 122,153 28,080 409,348 427,855: 45,128 26,620
: Changes from: December 24, 2019 (Change in open interest: -28,263) :
: 2,125 943 -14,253 -11,861 -10,224 -462 -2,933 -24,452 -26,467: -3,812 -1,796
: Percent of Open Interest Represented by Each Category of Trader :
: 10.9 16.6 17.5 34.8 53.9 26.9 6.2 90.1 94.1: 9.9 5.9
: Total Traders: 310 Number of Traders in Each Category :
: 69 63 83 97 85 38 16 253 218:
——————————————————————————————————————-

CANOLA AND PALM OIL
General Comments: Canola was lower along with Chicago Soybean Oil and on a stable Canadian Dollar. Demand from crushers is reported to be good and crush margins are reported to be strong. Palm Oil was unchanged to higher on news that Malaysia would implement B24 in its fuel blends. Indonesia has also announced plans to increase biofuels in its mixtures, including B48 and B50. India has improved its imports of Palm Oil. Demand has been a problem in India due to government tariffs there, but the tariffs are now gone and reports indicate that demand has sharply increased.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 476.00, 473.00, and 470.00 March, with resistance at 482.00, 485.00, and 490.00 March. Trends in Palm Oil are mixed. Support is at 3020, 3000, and 2920 March, with resistance at 3150, 3180, and 3210 March.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of December 31, 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 177,366 :
: Positions :
: 146,380 97,237 5,472 2,112 427 1,867 43,487 6,124 4,710 14,587 11,360 :
: Changes from: December 24, 2019 :
: -2,113 974 -68 73 -157 205 -5,417 578 -1,634 593 1,060 :
: Percent of Open Interest Represented by Each Category of Trader :
: 82.5 54.8 3.1 1.2 0.2 1.1 24.5 3.5 2.7 8.2 6.4 :
: Number of Traders in Each Category Total Traders: 207 :
: 40 55 4 4 . 11 42 10 27 48 19 :
—————————————————————————————————————-

Midwest Weather Forecast: Some rain and snow by Thursday. Temperatures should average near to above normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
January +47 Mar +170 Mar +104 Mar +50 Jan +12 Mar N/A
February +52 Mar +110 Mar +49 Mar
March +57 Mar +110 Mar +49 Mar
All basis levels are positive unless noted as negative

DJ ICE Canada Cash Grain Close – Jan 6
WINNIPEG — The following are the closing cash
canola prices from ICE Futures.
Source: ICE Futures
Price Basis Contract Change
CANOLA
*Par Region 447.30 -31.00 Mar 2020 dn 1.70
Basis: Thunder Bay 484.20 7.00 Mar 2020 dn 1.10
Basis: Vancouver 495.20 18.00 Mar 2020 up 1.90
All prices in Canadian dollars per metric tonne.
*Quote for previous day
Source: Commodity News Service Canada

DJ Malaysian PM Cash Market Prices for Palm Oil – Jan. 7
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, 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
Jan 782.50 00.00 Unquoted – –
Feb 785.00 -02.50 Unquoted – –
Mar 785.00 -02.50 Unquoted – –
Apr/May/Jun 760.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 785.00 00.00 Unquoted – –
Feb 787.50 -02.50 Unquoted – –
Mar 787.50 -02.50 Unquoted – –
Apr/May/Jun 762.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 767.50 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jan 675.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 3,090 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 256.00 -06.00 Unquoted – –
($1=MYR4.0902)

DJ China Dalian Grain Futures Closing Prices, Volume – Jan 07
Soybean No. 1
Turnover: 59,707 lots, or 2.34 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-20 3,395 3,405 3,380 3,399 3,379 3,398 19 283 224
Mar-20 3,413 3,454 3,413 3,448 3,420 3,439 19 66 1,195
May-20 3,915 3,943 3,906 3,916 3,887 3,923 36 56,399 81,546
Jul-20 3,947 3,973 3,947 3,973 3,928 3,960 32 2 22
Sep-20 3,950 3,965 3,937 3,943 3,926 3,952 26 2,906 12,574
Nov-20 3,798 3,826 3,798 3,805 3,799 3,809 10 51 136
Corn
Turnover: 413,367 lots, or 7.97 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-20 – – – 1,811 1,811 1,811 0 0 750
Mar-20 1,870 1,878 1,869 1,875 1,866 1,873 7 28,533 297,733
May-20 1,914 1,927 1,914 1,926 1,913 1,922 9 316,658 759,278
Jul-20 1,941 1,955 1,941 1,954 1,942 1,951 9 1,351 6,188
Sep-20 1,973 1,986 1,971 1,981 1,970 1,980 10 65,999 183,141
Nov-20 1,981 1,998 1,981 1,993 1,984 1,991 7 826 1,606
Soymeal
Turnover: 857,742 lots, or 23.61 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-20 2,620 2,629 2,620 2,629 2,609 2,622 13 1,070 3,622
Mar-20 2,652 2,664 2,650 2,661 2,664 2,659 -5 105,961 287,876
May-20 2,738 2,748 2,736 2,743 2,744 2,743 -1 565,047 1,649,837
Jul-20 2,775 2,781 2,766 2,775 2,777 2,777 0 2,996 4,734
Aug-20 2,819 2,822 2,819 2,822 2,816 2,821 5 4 90
Sep-20 2,827 2,839 2,826 2,834 2,832 2,834 2 181,652 1,038,558
Nov-20 2,859 2,864 2,849 2,852 2,856 2,853 -3 986 834
Dec-20 2,913 2,913 2,857 2,885 2,881 2,887 6 26 103
Palm Oil
Turnover: 1,864,026 lots, or 11.73 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-20 6,312 6,402 6,306 6,398 6,418 6,344 -74 202 4,626
Feb-20 6,564 6,624 6,564 6,624 6,674 6,594 -80 2 268
Mar-20 6,566 6,592 6,524 6,582 6,590 6,548 -42 125 432
Apr-20 6,492 6,492 6,492 6,492 6,500 6,492 -8 1 21
May-20 6,298 6,366 6,248 6,358 6,356 6,302 -54 1,788,748 822,909
Jun-20 6,140 6,140 6,100 6,100 6,240 6,120 -120 4 21
Jul-20 – – – 6,162 6,162 6,162 0 0 305
Aug-20 – – – 6,090 6,092 6,090 -2 0 7
Sep-20 5,980 6,036 5,946 6,028 6,044 5,986 -58 74,942 79,762
Oct-20 – – – 6,018 6,018 6,018 0 0 4
Nov-20 – – – 5,980 6,012 5,980 -32 0 9
Dec-20 5,990 5,990 5,902 5,902 6,000 5,946 -54 2 11
Soybean Oil
Turnover: 556,228 lots, or 37.85 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-20 6,720 6,882 6,720 6,882 6,800 6,766 -34 18 222
Mar-20 6,688 6,802 6,688 6,802 6,820 6,758 -62 10 416
May-20 6,800 6,886 6,746 6,886 6,848 6,816 -32 513,150 654,620
Jul-20 – – – 6,710 6,700 6,710 10 0 416
Aug-20 6,658 6,658 6,608 6,622 6,662 6,638 -24 23 1
Sep-20 6,650 6,698 6,590 6,696 6,696 6,644 -52 43,026 138,872
Nov-20 6,576 6,576 6,576 6,576 6,608 6,576 -32 1 211
Dec-20 – – – 6,658 6,690 6,658 -32 0 0
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