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 USDA Report: Summary for U.S. Agriculture Supply, Demand Report
Following are key numbers from the USDA’s crop report and how the government’s estimates compared to analysts’ forecasts in a Wall Street Journal survey.
U.S. 2020 Production, Yield (million bushels, bushels per acre)
Friday’s Average USDA
Estimates Forecast Range August
Corn Production 14,900.0 14,833 14,625-15,095 15,278
Soybean Production 4,313.0 4,286 4,192-4,391 4,425
Friday’s Average USDA
Estimates Forecast Range August
Corn Yield 178.5 177.7 174.8-181.0 181.8
Soybean Yield 51.9 51.6 50.5-52.9 53.3
****
U.S. Stockpiles (million bushels)
2019-20
Friday’s Average USDA
Estimates Forecast Range August
Corn 2,253 2,271 2,128-2,756 2,228
Soybeans 575 605 561-664 615
2020-21
Friday’s Average USDA
Estimates Forecast Range August
Corn 2,503 2,439 2,152-2,697 2,756
Soybeans 460 461 379-576 610
Wheat 925 926 900-948 925
****
World Stockpiles (million metric tons)
2019-20
Friday’s Average USDA
Estimates Forecast Range August
Corn 309.2 311.7 309.1-317.5 311.3
Soybeans 96.0 95.6 94.0-96.5 95.9
Wheat 299.8 302.8 299.0-316.8 300.9
2020-21
Friday’s Average USDA
Estimates Forecast Range August
Corn 306.8 310.4 304.0-317.0 317.5
Soybeans 93.6 93.2 89.5-100.0 95.4
Wheat 319.4 316.1 313.1-319.0 316.8

DJ USDA Supply/Demand: Crop Summary – Sep 11
U.S. ending stocks in million bushels, except soyoil in million pounds,
cotton in million (480 pound) bales and rice in million cwt. Exports and
Production in million metric tons except cotton in million (480 pound) bales.
Projections based on trends and analysts’ judgments, not survey
date. Source: USDA’s World Agricultural Outlook Board.
======U.S.====== ================WORLD=======================
Ending Stocks Exports Production
20/21 19/20 18/19: 20/21 19/20 18/19: 20/21 19/20 18/19
Soybeans 460.0 575.0 909.0:166.34 165.90 148.42:369.74 337.30 361.06
Brazil na na na: 85.00 93.50 74.59:133.00 126.00 119.70
Argentina na na na: 7.50 10.25 9.10: 53.50 49.70 55.30
China na na na: 0.10 0.10 0.12: 17.50 18.10 15.97
Soyoil 1,860 1,845 1,775: 12.08 12.08 11.23: 59.91 57.44 55.75
Corn 2,503 2,253 2,221:186.03 170.33 181.06: 1,162 1,113 1,124
China na na na: 0.02 0.02 0.02:260.00 260.77 257.33
Argentina na na na: 34.00 37.00 37.24: 50.00 50.00 51.00
S.Africa na na na: 2.30 2.50 1.45: 14.00 16.25 11.82
Cotton(a) 7.20 7.25 4.85: 41.72 40.74 41.40:117.20 121.98 118.65
All Wheat 925 1,044 1,080:189.44 191.38 173.61:770.49 764.03 730.96
China na na na: 1.00 1.05 1.01:136.00 133.59 131.43
EU 27 na na na: 25.50 38.43 23.31:136.15 154.94 136.69
Canada na na na: 25.00 24.63 24.38: 36.00 32.35 32.20
Argentina na na na: 13.50 13.50 12.19: 19.50 19.75 19.50
Australia na na na: 19.00 9.50 9.01: 28.50 15.20 17.60
Russia na na na: 37.50 34.24 35.86: 78.00 73.61 71.69
Ukraine na na na: 18.00 21.01 16.02: 27.00 29.17 25.06
Sorghum 23.0 35.0 64.0: na na na: na na na
Barley 85.0 80.0 87.0: na na na: na na na
Oats 42.0 37.0 38.0: na na na: na na na
Rice 45.9 28.7 44.9: 44.50 42.34 43.72:499.58 495.93 496.68

Alerts History
• 14-Sep-2020 07:30:53 AM – CANADA 2020 ALL-WHEAT OUTPUT SEEN 5.6% TO 34.1 MLN TONNES VS 32.3 MLN TONNES IN 2019 – STATSCAN
• 14-Sep-2020 07:30:54 AM – STATISTICS CANADA PRODUCTION ESTIMATES FOR FIVE MAIN AGRICULTURAL PROVINCES ARE BASED ON SATELLITE DATA, HISTORICAL SURVEY ESTIMATES AND AGROCLIMATIC DATA
• 14-Sep-2020 07:31:21 AM – CANADA 2020 DURUM WHEAT OUTPUT SEEN +23.2% TO 6.1 MLN TONNES VS 5.0 MLN TONNES IN 2019
• 14-Sep-2020 07:31:54 AM – CANADA 2020 CANOLA OUTPUT SEEN -0.4% TO 19.4 MLN TONNES VS 19.5 MLN TONNES IN 2019
• 14-Sep-2020 07:32:14 AM – CANADA 2020 BARLEY OUTPUT SEEN -1.2% TO 10.3 MLN TONNES VS 10.4 MLN TONNES IN 2019
• 14-Sep-2020 07:32:34 AM – CANADA 2020 OATS OUTPUT SEEN +6.5% TO 4.5 MLN TONNES VS 4.2 MLN TONNES IN 2019

DJ Statistics Canada Crop Model-Based Production Report – Sep 14
WINNIPEG–Canada 2020/21 grain/oilseed September model-based
production estimates. Includes August estimates and year-ago
production for comparison. Source: Statistics Canada. Production in
thousand metric tons, yield in kg/hectare, area harvested in thousand
hectares.
Harvested Avg Production
area yield 2020-21 2020-21 2019-20
SEP AUG FINAL
barley 2,756.9 3,720 10,254.5 10,545.5 10,382.6
edible beans 156.8 2,325 364.5 327.8 316.8
canaryseed 107.2 1,481 158.8 149.8 175.0
canola 8,318.8 2,331 19,392.6 19,403.0 19,477.3
chickpeas 115.4 2,073 239.2 204.6 251.5
corn 1,402.2 10,005 14,029.2 13,927.6 13,403.9
faba beans N/A N/A N/A N/A 107.8
flaxseed 360.6 1,531 552.2 553.1 486.1
lentils 1,680.5 1,824 3,064.6 2,804.5 2,242.0
mixed grains 66.7 3,147 209.6 199.4 191.7
mustard 100.5 1,021 102.6 91.1 134.6
oats 1,245.3 3,616 4,502.9 4,497.5 4,227.3
dry peas 1,675.2 2,603 4,360.0 4,996.1 4,236.5
fall rye* N/A N/A N/A 402.4 N/A
soybeans 1,987.4 3,088 6,137.1 5,962.4 6,045.1
sugar beets N/A N/A N/A N/A 903.8
sunflower seed 39.5 2,409 95.1 95.3 62.9
triticale N/A N/A N/A N/A 72.2
all wheat 9,877.5 3,457 34,144.7 35,739.8 32,347.8
durum wheat 2,240.8 2,737 6,134.1 6,925.7 4,977.0
spring wheat 7,089.8 3,549 25,161.7 25,935.2 25,670.4
winter wheat* 546.9 5,276 2,848.9 2,878.9 1,700.5
*Fall rye and winter wheat numbers represent what was remaining
after winterkill.
Source: Commodity News Service Canada (news@marketsfarm.com, or 204-414-
9084)

DJ CBOT Delivery Intentions: Totals – Sep 14
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep. 15, 2020 29 Sep 10, 2020
SOYBEAN OIL September Sep. 15, 2020 98 Aug 31, 2020
KC HRW WHEAT September Sep. 15, 2020 8 Sep 11, 2020
SOYBEAN September Sep. 15, 2020 2 Sep 08, 2020
WHEAT September Sep. 15, 2020 24 Sep 09, 2020

WHEAT
General Comments: Winter Wheat markets were lower last week and on Friday as USDA released its latest supply and demand and production reports. No changes were made to the US estimates and this was as expected by the trade. USDA increased ending stocks estimates for the new crop year to 319.4 million tons from 316.1 million tons and the estimates should be considered bearish. The larger world ending stocks estimates reflect larger production estimates in Russia and Australia. Less production is likely in Europe and Argentina due to drought. About half of Argentine growing areas are affected as was much of France. The next crop is being planted now in northern parts of the world. Conditions are improved in the US after some rains fell in the Great Plains. The Midwest has had god rains although some areas in the southern Midwest have not gotten much rain recently. It is also too dry for planting in parts of Ukraine and southern Russia. There is still plenty of time for rains to start planting in the latter two areas.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near normal. Northern areas should see isolated showers. Temperatures will average below normal. The Canadian Prairies should see isolated showers. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are down with objectives of 530, 509, and 504 December. Support is at 539, 527, and 516 December, with resistance at 550, 557, and 560 December. Trends in Kansas City are mixed. Support is at 467, 465, and 463 December, with resistance at 480, 485, and 490 December. Trends in Minneapolis are down with objectives of 505 December. Support is at 530, 525, and 519 December, and resistance is at 539, 544, and 545 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 2020
: 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 466,640
: Positions :
: 79,005 80,803 134,176 45,994 162,830 179,881 42,302 439,057 420,110: 27,583 46,529
: Changes from: September 1, 2020 (Change in open interest: 6,281) :
: -5,932 3,849 8,712 1,094 -856 2,934 -1,205 6,808 10,500: -528 -4,219
: Percent of Open Interest Represented by Each Category of Trader :
: 16.9 17.3 28.8 9.9 34.9 38.5 9.1 94.1 90.0: 5.9 10.0
: Total Traders: 395 Number of Traders in Each Category :
: 92 115 110 73 116 48 25 284 306:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 2020
: 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 243,041
: Positions :
: 48,141 48,668 44,703 52,754 115,020 76,036 15,974 221,634 224,366: 21,407 18,675
: Changes from: September 1, 2020 (Change in open interest: 1,999) :
: -2,588 -3,369 9,939 -2,858 -3,820 -1,893 -1,841 2,600 909: -602 1,090
: Percent of Open Interest Represented by Each Category of Trader :
: 19.8 20.0 18.4 21.7 47.3 31.3 6.6 91.2 92.3: 8.8 7.7
: Total Traders: 249 Number of Traders in Each Category :
: 57 49 57 68 76 35 15 189 172:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 8, 2020
: 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 56,152 :
: Positions :
: 27,664 26,357 2,284 45 168 8,644 13,565 1,037 4,120 2,668 2,414 :
: Changes from: September 1, 2020 :
: -1,963 2,136 79 -3 33 -207 -5,338 -258 -166 690 92 :
: Percent of Open Interest Represented by Each Category of Trader :
: 49.3 46.9 4.1 0.1 0.3 15.4 24.2 1.8 7.3 4.8 4.3 :
: Number of Traders in Each Category Total Traders: 94 :
: 36 38 . . . 9 14 6 8 6 8 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 8, 2020
: 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 26,772 :
: Positions :
: 10,331 24,298 0 803 0 15,457 0 0 117 229 712 :
: Changes from: September 1, 2020 :
: -3,086 -2,373 0 -486 0 -910 0 0 -1 -833 -180 :
: Percent of Open Interest Represented by Each Category of Trader :
: 38.6 90.8 0.0 3.0 0.0 57.7 0.0 0.0 0.4 0.9 2.7 :
: Number of Traders in Each Category Total Traders: 36 :
: 8 25 0 . 0 6 0 0 . . . :
—————————————————————————————————————-

RICE
General Comments: Rice was lower as USDA released bearish production estimates. The All Rice production estimate was 218.112 million cwt, ups significantly from last month. Long Grain was also up significantly at 159.097 million cwt. Ending stocks were up as well at 45.9 million cwt for All Rice and up significantly at 32.8 million cwt for Long Grain. USDA noted lower ending stocks estimates for Medium Grain. The report implies that the US will have plenty of Rice for any demand in the coming year. Reports indicate that export and domestic demand has not been real strong to start out the new crop year. Exporters and domestic mills are thought to be holding back on purchases for as long as possible due to the current relatively high prices. The USDA reports suggest that both sources of demand will be rewarded for their patience.
Overnight News: The Delta should get isolated showers. Temperatures should be near to below normal.
Chart Analysis: Trends are down with objectives of 1191 November. Support is at 1204, 1197, and 1188 November, with resistance at 1220, 1231, and 1237 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 8, 2020
: 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 10,806 :
: Positions :
: 4,780 9,287 101 0 0 2,682 467 0 924 135 242 :
: Changes from: September 1, 2020 :
: 74 237 21 0 0 -217 0 0 138 16 -6 :
: Percent of Open Interest Represented by Each Category of Trader :
: 44.2 85.9 0.9 0.0 0.0 24.8 4.3 0.0 8.5 1.2 2.2 :
: Number of Traders in Each Category Total Traders: 47 :
: 12 19 . 0 0 12 . 0 8 . . :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was little changed last week. USDA released its latest production and supply and demand reports and the reports should have been a little negative for prices at lest for the US data. US Corn product ion was estimated at 14.900 billion bushels, a little higher than the average trade guess. The yield was higher than the average guess at 178.3 bushels per acre. Ending stocks were also higher than expected at 2.503 billion bushels. World data showed lower ending stocks estimates at 3.6.9 million tons. USDA estimated world ending stocks at 317.5 million tons last month. USDA has found less damage to crops in Iowa and northern Illinois due to the drought and derecho winds that hit both areas a month ago. That allowed for the higher yield, production, and ending stocks estimates. The world data implies that US export demand should remain strong for the foreseeable future. The lower ending stocks come from less ending stocks for the US and for China. The US has less production and China has less production and increased demand.
Overnight News: China bought 490,000 tons of US Corn and Japan bought 106,000 tons of US Corn.
Chart Analysis: Trends in Corn are up with objectives of 374 December. Support is at 364, 363, and 359 December, and resistance is at 371, 374, and 377 December. Trends in Oats are mixed. Support is at 269, 265, and 262 December, and resistance is at 274, 279, and 282 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 2020
: 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 1,751,115
: Positions :
: 192,083 194,545 408,729 526,269 807,357 444,225 107,513 1,571,305 1,518,143: 179,810 232,972
: Changes from: September 1, 2020 (Change in open interest: 28,233) :
: 6,832 -18,680 12,194 11,337 32,181 2,490 -1,499 32,853 24,196: -4,619 4,038
: Percent of Open Interest Represented by Each Category of Trader :
: 11.0 11.1 23.3 30.1 46.1 25.4 6.1 89.7 86.7: 10.3 13.3
: Total Traders: 795 Number of Traders in Each Category :
: 156 146 164 320 354 49 30 621 607:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 8, 2020
: 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 5,424 :
: Positions :
: 1,454 4,518 126 0 0 843 0 0 692 5 313 :
: Changes from: September 1, 2020 :
: 97 31 27 0 0 48 0 0 -144 -10 47 :
: Percent of Open Interest Represented by Each Category of Trader :
: 26.8 83.3 2.3 0.0 0.0 15.5 0.0 0.0 12.8 0.1 5.8 :
: Number of Traders in Each Category Total Traders: 25 :
: 9 11 . 0 0 6 0 0 4 . . :
—————————————————————————————————————-

SOYBEANS AND PRODUCTS
General Comments: Soybeans and the products closed higher for the week. Soybeans were a leader on Friday due to the USDA reports and potentially bullish weather. USDA estimated US Soybeans production at 4.313 billion bushels and ending stocks at 460 million bushels. The production estimate was above the average trade guess but the ending stocks estimate was on the average trade guess. USDA is suggesting that demand will be there for any supply. Much of the demand until now has been from China. The trade generally expects China to shift its buying back to Brazil in the near future, but USDA suggests that China could continue to buy here a little longer than expected. World ending stocks estimates were neutral when compared to trade expectations but were lower than last month. That is due mostly to the lower US production estimates. Soybeans went higher despite the neutral data on fund and other speculator buying.
Overnight News: China bought 129,000 tons of US Soybeans and unknown destinations bought 318,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are up with no objectives. Support is at 982, 967, and 959 November, and resistance is at 1000, 1012, and 1024 November. Trends in Soybean Meal are up with objectives of 322.00 October. Support is at 315.00, 308.00, and 306.00 October, and resistance is at 321.00, 324.00, and 326.00 October. Trends in Soybean Oil are mixed. Support is at 3260, 3200, and 3180 October, with resistance at 3390, 3430, and 3460 October.

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 2020
: 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 1,069,089
: Positions :
: 182,601 50,748 256,744 316,749 624,872 242,235 55,105 998,329 987,468: 70,760 81,621
: Changes from: September 1, 2020 (Change in open interest: 35,547) :
: 8,513 3,445 9,569 20,877 16,530 -1,720 1,393 37,239 30,938: -1,692 4,609
: Percent of Open Interest Represented by Each Category of Trader :
: 17.1 4.7 24.0 29.6 58.4 22.7 5.2 93.4 92.4: 6.6 7.6
: Total Traders: 654 Number of Traders in Each Category :
: 183 118 175 192 244 54 22 525 482:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 2020
: 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 510,938
: Positions :
: 80,705 15,615 92,024 153,849 349,383 136,491 24,176 463,069 481,198: 47,869 29,740
: Changes from: September 1, 2020 (Change in open interest: 17,953) :
: 2,851 -1,976 6,057 5,478 11,698 3,035 1,058 17,421 16,838: 532 1,115
: Percent of Open Interest Represented by Each Category of Trader :
: 15.8 3.1 18.0 30.1 68.4 26.7 4.7 90.6 94.2: 9.4 5.8
: Total Traders: 306 Number of Traders in Each Category :
: 94 37 77 84 88 41 20 258 198:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 2020
: 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 501,873
: Positions :
: 55,329 26,016 118,189 170,846 305,316 106,699 23,536 451,063 473,056: 50,809 28,816
: Changes from: September 1, 2020 (Change in open interest: 10,353) :
: 7,666 -9,498 4,997 -3,996 13,265 50 1,418 8,717 10,181: 1,636 172
: Percent of Open Interest Represented by Each Category of Trader :
: 11.0 5.2 23.5 34.0 60.8 21.3 4.7 89.9 94.3: 10.1 5.7
: Total Traders: 280 Number of Traders in Each Category :
: 77 39 76 87 86 36 18 233 200:
——————————————————————————————————————-

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower for the first time in three weeks. Demand reports from the private surveyors were down and this is becoming a bigger problem for higher prices. Production ideas are turning seasonally higher as trees enter a peak production period over the next few months, but the market appears to have priced itself out of the demand base. Most importers seem to have enough stocks on hand and the Coronavirus pandemic is keeping overall demand on the lighter side. Soybean Oil was a little higher and Canola was higher. Canola closed higher on reports of freezing temperatures last week in the Canadian Prairies. The freeze extended into parts of the Dakotas and Minnesota as well. It is possible that a significant part of the Canola crop got hurt during the freeze event. Farmers there have withdrawn from the market and speculators are buying. The rally in US Soybeans futures was also supportive to Canola futures as was late week weakness in the Canadian Dollar.
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 524.00, 531.00, and 536.00 November. Support is at 515.00, 512.00, and 505.00 November, with resistance at 518.00, 521.00, and 524.00 November. Trends in Palm Oil are mixed. Support is at 2760, 2700, and 2650 November, with resistance at 2880, 2900, and 2920 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 8, 2020
: 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 239,696 :
: Positions :
: 157,857 196,602 42 3,081 323 49,623 1,520 6,537 7,658 12,462 16,434 :
: Changes from: September 1, 2020 :
: -5,054 7,899 -1 143 -119 7,630 -2,709 1,163 2,720 248 961 :
: Percent of Open Interest Represented by Each Category of Trader :
: 65.9 82.0 0.0 1.3 0.1 20.7 0.6 2.7 3.2 5.2 6.9 :
: Number of Traders in Each Category Total Traders: 316 :
: 37 75 . 8 . 48 10 12 40 113 24 :
—————————————————————————————————————-

DJ Canadian Grain Handling Summary – Sep 11
By MarketsFarm
Winnipeg, Sept. 10 (MarketsFarm) – The following are Canadian grain
handling summary statistics for the week ended July 26, 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 2478.7 711.0 343.5 420.1 20.8 917.0 630.6 46.4 6305.2
Week Ago 2322.3 602.0 282.5 335.4 21.5 845.9 514.6 51.6 5605.9
Year Ago 1591.1 624.3 177.8 276.0 17.1 817.1 435.5 63.7 4428.3
PRODUCER DELIVERIES
This Week 412.2 136.9 98.5 152.5 2.0 410.7 260.1 8.0 1611.5
Week Ago 417.3 124.8 94.6 141.8 2.9 242.5 307.2 7.6 1528.9
To Date 1881.1 406.8 334.9 446.4 15.0 1539.1 1010.3 41.9 6220.6
Year Ago 1316.8 309.3 240.9 252.2 8.4 1464.8 659.7 46.8 4624.6
TERMINAL RECIEPTS
This Week 411.5 113.3 9.0 45.9 0.1 127.9 192.3 1.2 980.1
Week Ago 568.4 97.0 19.1 36.8 0.7 185.9 91.4 2.0 1058.4
To Date 2996.2 470.9 50.4 205.0 16.6 1094.8 322.7 11.8 5431.9
Year Ago 1895.4 581.8 28.5 43.0 0.1 910.0 242.6 3.3 4072.8
EXPORTS
This Week 348.9 82.1 30.3 6.6 0.7 169.0 185.6 0.0 830.5
Week Ago 523.8 6.8 48.7 68.4 1.1 255.9 55.7 0.0 1038.8
To Date 2138.9 321.0 159.6 168.4 38.9 1053.1 266.6 10.1 4325.6
Year Ago 1628.8 495.5 109.4 32.3 6.5 867.4 213.3 12.5 3774.9
DOMESTIC DISAPPEARANCE
This Week 87.0 2.8 14.3 19.5 1.9 163.7 4.7 19.8 334.4
Week Ago 112.8 17.2 10.8 24.6 2.1 162.0 3.3 16.5 378.1
To Date 563.7 35.3 60.9 111.8 6.9 987.8 15.3 102.8 2008.9
Year Ago 349.0 26.1 29.9 129.5 4.0 1041.5 15.5 102.9 1827.4
*Totals include data from other crops not shown including rye, soybeans,
canaryseed, mustard seed, beans, lentils and chickpeas.

Midwest Weather Forecast: Mostly dry conditions. Temperatures should average near to below normal

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
September +49 Dec +160 Dec +65 Sep +85 Nov +15 Dec N/A
October +52 Dec +65 Dec +72 Nov
November +63 Dec +65 Dec +78 Nov

DJ ICE Canada Cash Grain Close – Sep 11
WINNIPEG, Sept. 11 (MarketsFarm) – The following are the closing
cash canola prices from ICE Futures. Source: ICE Futures
Price Basis Contract Change
CANOLA
*Par Region 473.70 -36.10 Nov 2020 up 4.40
Basis: Thunder Bay 529.40 12.00 Nov 2020 up 7.60
Basis: Vancouver 543.40 24.00 Nov 2020 up 7.60
All prices in Canadian dollars per metric ton.

DJ Malaysian PM Cash Market Prices for Palm Oil – Sept 14
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
Sept 747.50 +17.50 Unquoted – –
Oct/Nov/Dec 732.50 +27.50 Unquoted – –
Jan/Feb/Mar 705.00 +25.00 Unquoted – –
Apr/May/Jun 690.00 +25.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sept 750.00 +17.50 Unquoted – –
Oct/Nov/Dec 735.00 +27.50 Unquoted – –
Jan/Feb/Mar 707.50 +25.00 Unquoted – –
Apr/May/Jun 692.50 +25.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sept 745.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sept 665.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sept 2,950.00 +60.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sept 193.00 +05.00 Unquoted – –
($1=MYR4.144)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 14
Soybean No. 1
Turnover: 192,075 lots, or 8.62 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-20 4,500 4,610 4,500 4,566 4,647 4,699 52 651 0
Nov-20 4,480 4,500 4,444 4,453 4,401 4,466 65 183 1,616
Jan-21 4,466 4,516 4,452 4,502 4,428 4,486 58 181,839 132,520
Mar-21 4,498 4,533 4,468 4,522 4,443 4,505 62 803 2,860
May-21 4,512 4,573 4,511 4,552 4,493 4,547 54 6,969 11,411
Jul-21 4,542 4,593 4,525 4,578 4,510 4,566 56 1,630 1,426
Corn
Turnover: 1,570,857 lots, or 38.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-20 2,322 2,367 2,322 2,367 2,311 2,271 -40 400 0
Nov-20 2,358 2,420 2,358 2,390 2,354 2,386 32 99,078 31,255
Jan-21 2,399 2,450 2,395 2,419 2,383 2,419 36 1,210,110 1,412,838
Mar-21 2,428 2,472 2,421 2,443 2,406 2,441 35 17,651 27,654
May-21 2,441 2,489 2,436 2,460 2,422 2,457 35 192,513 467,101
Jul-21 2,441 2,498 2,441 2,463 2,427 2,462 35 51,105 78,132
Soymeal
Turnover: 2,372,976 lots, or 72.90 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-20 – – – 2,929 2,999 2,929 -70 0 0
Nov-20 3,022 3,129 3,022 3,102 3,009 3,086 77 82,493 60,991
Dec-20 3,038 3,140 3,038 3,110 3,008 3,104 96 1,750 1,824
Jan-21 3,066 3,152 3,060 3,118 3,034 3,111 77 1,775,350 1,568,786
Mar-21 2,947 3,029 2,944 2,994 2,914 2,995 81 16,541 20,049
May-21 2,901 2,964 2,892 2,935 2,873 2,931 58 435,813 823,964
Jul-21 2,904 2,973 2,903 2,941 2,873 2,936 63 52,465 17,237
Aug-21 2,950 3,013 2,948 2,983 2,929 2,986 57 8,564 5,759
Palm Oil
Turnover: 1,131,820 lots, or 67.61 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-20 – – – 6,206 6,488 6,206 -282 21 0
Oct-20 6,070 6,258 6,042 6,250 6,032 6,174 142 138 1,546
Nov-20 6,016 6,228 5,988 6,226 5,988 6,118 130 9,718 4,574
Dec-20 5,856 6,126 5,856 6,126 5,884 5,958 74 60,143 749
Jan-21 5,872 6,098 5,852 6,096 5,848 5,984 136 882,254 482,631
Feb-21 5,836 6,072 5,826 6,066 5,828 5,938 110 128,784 14,617
Mar-21 5,822 6,050 5,808 6,040 5,802 5,938 136 9,393 2,785
Apr-21 – – – 5,778 5,778 5,778 0 10 152
May-21 5,748 5,960 5,738 5,950 5,740 5,846 106 41,349 65,529
Jun-21 5,740 5,872 5,732 5,870 5,764 5,824 60 6 3
Jul-21 5,818 5,880 5,818 5,880 5,748 5,854 106 4 3
Aug-21 – – – 5,870 5,830 5,870 40 0 0
Soybean Oil
Turnover: 791,087 lots, or 54.54 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-20 6,788 6,890 6,788 6,890 6,780 6,696 -84 4 0
Nov-20 6,808 7,000 6,802 6,996 6,768 6,910 142 12,896 5,688
Dec-20 6,830 6,980 6,818 6,980 6,782 6,898 116 51 334
Jan-21 6,832 7,008 6,808 6,998 6,774 6,914 140 672,826 634,792
Mar-21 6,792 6,974 6,780 6,972 6,746 6,856 110 23,801 6,657
May-21 6,662 6,842 6,648 6,836 6,616 6,742 126 70,246 192,386
Jul-21 6,606 6,790 6,602 6,782 6,560 6,696 136 11,255 5,835
Aug-21 6,650 6,762 6,650 6,762 6,596 6,686 90 8 13
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