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 – Jul 2
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL July Jul 06, 2021 100 Jun 25, 2021
ROUGH RICE July Jul 06, 2021 75 Jul 01, 2021
OATS July Jul 06, 2021 4 Jun 30, 2021
SOYBEAN July Jul 06, 2021 13 May 13, 2021
WHEAT July Jul 06, 2021 20 Jun 25, 2021

DJ U.S. May Grain Exports-Jul 2
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 ——-
May 21 Apr 21 Mar 21 Apr 21
Barley 810,416 1,102,550 1,290,377 2,188,097
Corn /1 8,478,561,000 8,499,404,000 9,468,433,000 5,700,116,000
Sorghum 630,646,000 1,024,366,000 795,273,000 809,404,000
Oats 4,271,300 6,264,150 6,506,883 2,463,472
Rye 619,747 102,005 67,664 989,810
Wheat /1 2,391,488,942 2,615,264,074 2,147,217,704 2,347,780,373
wheat flour /1 21,565,238 23,421,703 24,765,276 22,937,338
Malt 41,178,703 35,895,849 32,634,204 15,901,428
——- In Bushels, CWT or Pounds ——-
May 21 Apr 21 Mar 21 May 20
Barley 37,222 50,639 59,266 100,497
Corn /1 333,782,777 334,603,321 372,751,916 224,401,352
Sorghum 24,827,182 40,327,094 31,308,194 31,864,501
Oats 294,266 431,561 448,284 169,718
Rye 24,398 4,016 2,664 38,967
Wheat /1 87,871,275 96,093,519 78,895,935 86,265,276
wheat flour /1 475,432 516,360 545,981 505,682
Malt 90,783,516 79,136,814 71,946,117 35,056,654
1/Includes commercial and donated.

DJ U.S. May Oilseed, Meal, Oils/Fats Exports-Jul 2
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 ——-
May 21 Apr 21 Mar 21 May 20
soybeans 1,268,410,123 1,386,274,262 2,296,299,759 1,966,536,425
soyoil 32,661,807 59,774,837 70,690,293 162,305,113
crude 24,502,313 50,336,093 60,705,266 146,282,800
refined 143,090 125,898 150,517 1,013,597
other/1 7,693,591 8,840,033 9,356,016 14,692,479
hydrogenated 322,813 472,813 478,494 316,237
cottonseed oil 3,184,454 3,085,608 4,238,401 2,232,495
crude 541,815 833,763 1,693,901 32,663
refined 1,267,077 1,041,699 1,088,872 1,009,843
other/1 1,272,053 1,210,146 1,455,628 1,189,989
hydrogenated 103,509 0 0 0
sunseeds 343,541 67,020 370,936 60,174
sunseed oil 5,347,669 4,584,933 5,326,358 3,926,423
rapeseed 3,958,278 10,372,703 9,347,171 3,332,602
rapeseed oil 11,623,684 12,340,223 18,603,484 8,846,553
crude 5,485,495 5,213,297 9,069,627 1,010,722
refined 6,138,189 7,126,926 9,533,857 7,835,831
linseed meal 259,840 166,858 173,146 233,169
cottonseed meal 4,239,266 3,829,086 3,336,784 6,731,589
soymeal 722,667,723 754,644,230 965,665,030 741,211,036
soymeal/flour 209,194,319 179,797,768 206,458,329 235,502,689
soymeal hulls 21,423,000 25,606,000 6,624,000 16,721,000
lard 11,328,991 2,216,412 1,948,282 460,435
edible tallow 11,635,071 13,488,847 12,419,198 9,976,092
inedible tallow 12,605,472 14,642,525 22,012,764 23,625,363
ch white grease 0 0 0 0
——- In Bushels, Pounds or Short Tons ——-
May 21 Apr 21 Mar 21 May 20
soybeans 46,605,616 50,936,337 84,373,707 72,257,103
soyoil 72,006,971 131,780,980 155,845,446 357,821,585
crude 54,018,363 110,972,108 133,832,226 322,498,425
refined 315,460 277,558 331,833 2,234,599
other/1 16,961,468 19,488,940 20,626,488 32,391,377
hydrogenated 711,681 1,042,374 1,054,899 697,183
cottonseed oil 7,020,521 6,802,602 9,344,076 4,921,810
crude 1,194,498 1,838,133 3,734,413 72,010
refined 2,793,427 2,296,554 2,400,552 2,226,323
other/1 2,804,397 2,667,916 3,209,111 2,623,477
hydrogenated 228,198 0 0 0
sunseeds 757,378 147,754 817,774 132,661
sunseed oil 11,789,594 10,108,049 11,742,611 8,656,282
rapeseed 8,726,511 22,867,900 20,606,988 7,347,131
rapeseed oil 25,625,841 27,205,539 41,013,669 19,503,314
crude 12,093,448 11,493,354 19,995,108 2,228,261
refined 13,532,393 15,712,185 21,018,560 17,275,053
linseed meal 286 184 191 257
cottonseed meal 4,673 4,221 3,678 7,420
soymeal 796,597 831,844 1,064,453 817,037
soymeal flour/me 230,595 198,191 227,579 259,595
soymeal hulls 23,615 28,225 7,302 18,432
lard 24,976,154 4,886,353 4,295,227 1,015,086
edible tallow 25,650,945 29,737,822 27,379,650 21,993,522
inedible tallow 27,790,313 32,281,247 48,529,846 52,085,019
ch white grease 0 0 0 0

DJ U.S. May Grain Imports-July 2
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-May 2021—- —-Apr 2021—-
kilograms pounds kilograms pounds
durum wheat 12,291 27,102 4,554 10,042
spring wheat 3,994,184 8,807,176 10,559,061 23,282,730
winter wheat 11,208,110 24,713,883 24,438,377 53,886,621
wheat/meslin 30,223,889 66,643,675 14,183,698 31,275,054
TOTAL WHEAT 45,438,474 100,191,835 49,185,690 108,454,446
barley 2,552,182 5,627,561 1,700,831 3,750,332
oats 688,107 1,517,276 1,202,840 2,652,262
corn 41,335,809 91,145,459 55,126,598 121,554,149
other corn 4,031,652 8,889,793 4,783,006 10,546,528
TOTAL CORN 45,367,461 100,035,252 59,909,604 132,100,677

DJ U.S. May Soymeal, Vegetable Oils/Oilseed Imports-July 2
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-May 2021—- —-Apr 2021—-
kilograms pounds kilograms pounds
coconut oil 34,103,539 75,198,303 40,640,012 89,611,226
palm kernel oil 26,178,552 57,723,707 38,838,831 85,639,622
palm oil 98,125,494 216,366,714 135,552,092 298,892,363
soybean 43,869,524 96,732,300 33,820,091 74,573,301
soymeal 0 0 0 0
soyoil 7,517,274 16,575,589 9,309,547 20,527,551
rapeseed oil
edible 168,443,214 371,417,287 147,857,764 326,026,370
rapeseed oil,
inedible 50,482 111,313 198,296 437,243

WHEAT
General Comments: Wheat markets were lower, with Hard Red Winter futures weakest. Trends are still up in the Winter Wheat markets but futures were lower as the harvest is progressing. Dry weather is still forecast for Spring Wheat areas, but Minneapolis closed lower Hard Red Winter closed a little higher. The Winter Wheat harvest is ongoing. Winter Wheat yield reports are strong, so the supply will likely be good once the harvest is complete. There have been some rains in the region to keep the harvest pressure on the slow side but the quality seems good. However, the Spring Wheat situation is different and a short crop is increasingly likely. More rain is possible later this week, but Spring Wheat areas could get shortchanged again.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 695 September. Support is at 658, 637, and 632 September, with resistance at 694, 708, and 717 September. Trends in Kansas City are up with objectives of 681 September. Support is at 630, 619, and 611 September, with resistance at 655, 662, and 669 September. Trends in Minneapolis are mixed. Support is at 820, 796, and 780 September, and resistance is at 860, 864, and 870 September.

RICE
General Comments: Rice closed a little lower after trading both sides of unchanged. It was a slow trading day as the market tried to understand the USDA reports and the current growing conditions. The plantings report showed more plated area than the industry had expected and is not generally believed in the cash market. The industry thinks that planted area is lower and perhaps much lower. The stocks report showed that there is still a lot of Rice out there. Growing conditions have been mixed at best with many areas getting too much rain. The daily charts show mixed trends. Rice areas have generally been wet and northern areas have been cool. Louisiana and parts of Mississippi were saturated and are still reported to be wetter than desired for strong production and good quality. Some big storms are in the forecast for the rest of the week. Warm temperatures are reported in Arkansas and Missouri and the crop progress is improving. However, it is still very wet in Arkansas and farmer progress has been limited for the last couple of weeks. World prices \were mostly a little lower last week.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1336, 1331, and 1311 September, with resistance at 1358, 1371, and 1380 September.

CORN AND OATS:
General Comments: Corn was a little higher on follow through buying. Futures were much higher in early trading then ran into some profit taking for the rest of the day. A long weekend is coming and the importance of the weather for the next few weeks kept traders cautious. The forecasts are dry for the northwest and wet for central and eastern areas. Reports of and forecasts for more cold weather in Brazil also supported the market and many US places got too much rain and others not nearly enough in the last week. Temperatures got close to or just below freezing in parts of southern Brazil and on into Paraguay. There are ideas of losses to Corn in these areas, and some ideas are that the losses could be extensive in affected areas. Oats were higher. Canadian Oats areas look to be dry in the near term. Hot and dry conditions continue in central and northern Brazil for Corn there. Longer range forecasts released by NWS call for warmer and drier weather for many important US growing areas this Summer.
Overnight News:
Chart Analysis: Trends in Corn are up with no objectives. Support is at 588, 579, and 570 September, and resistance is at 614, 626, and 629 September. Trends in Oats are up with objectives of 410 September. Support is at 379, 367, and 358 September, and resistance is at 392, 401, and 403 September.

SOYBEANS
General Comments: Soybeans and Soybean Oil were lower but Soybean Meal was higher in mostly quiet trading. The highs were made early in the day and then some long liquidation and perhaps new selling hit the pits. Reports of big rains in much of the Midwest and forecasts for more rains in the coming week were negative, but some areas are now getting too much rain. Minnesota and northern Iowa and the Dakotas should get very little, if any, rain. Forecasts call for cooler weather this week in the Midwest and northern Great Plains. China has started with new US Soybeans purchases for Fall delivery. The longer range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 1471 August. Support is at 1396, 1381, and 1344 August, and resistance is at 1460, 1471, and 1481 August. Trends in Soybean Meal are up with objectives of 388.00 August. Support is at 375.00, 367.00, and 361.00 August, and resistance is at 387.00, 389.00, and 397.00 August. Trends in Soybean Oil are mixed to up with objectives of 6590 and 7090 August. Support is at 6104, 6090, and 5780 August, with resistance at 6370, 6560, and 6590 August.

CANOLA AND PALM OIL
General Comments: Palm Oil futures were higher yesterday in response to bullish export dater from the private sources. It was higher today on ideas that strong exports can continue. India cut its import tariffs which helped demand ideas. News that Indonesia was contemplating a reduction in the export tax was also bad for prices. The private surveyors showed more demand so far this month in reports issued on Friday. The reports provoked the stronger Friday close. Canola was closed for Canada Day. Some showers, but a lot of dry weather, is in the forecast for the Prairies this week and it remains generally dry. Demand has backed off with the collapse in world vegetable oils prices, but supplies remain tight in the country.
Overnight News:
Chart Analysis: Trends in Canola are up with no objectives. Support is at 779.00, 769.00, and 766.00 November, with resistance at 814.00, 820.00, and 826.00 November. Trends in Palm Oil are up with objectives of 3620 and 3720 September. Support is at 3570, 3450, and 3420 September, with resistance at 3700, 3750, and 3780 September.

Midwest Weather Forecast: Mostly dry north and west, showers and storms south and east. Temperatures should average near to above normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
June July May May May
July July July July
August July July July

DJ ICE Canada Cash Grain Close – Jun 30
WINNIPEG — The following are the closing cash canola prices
from ICE Futures.
Source: ICE Futures
1 Canada NCC Best Bid
Price Basis Contract Change
CANOLA
*Par Region 874.50 90.10 July 2021 up 25.10
Basis: Thunder Bay 851.70 40.00 Nov. 2021 up 17.10
Basis: Vancouver 881.70 70.00 Nov. 2021 up 17.10
All prices in Canadian dollars per metric tonne.
*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 – July 2
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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
July 1027.50 +05.00 Unquoted – –
Aug 1002.50 +15.00 Unquoted – –
Sept 987.50 +45.00 Unquoted – –
Oct/Nov/Dec 927.50 +20.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
July 1030.00 +05.00 Unquoted – –
Aug 1005.00 +15.00 Unquoted – –
Sept 990.00 +45.00 Unquoted – –
Oct/Nov/Dec 930.00 +20.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
July 995.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
July 965.00 +15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 3,980.00 +80.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 298.00 +04.00 Unquoted – –
($1=MYR4.163)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 02
Soybean No. 1
Turnover: 212,075 lots, or 1.22 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 5,600 5,710 5,600 5,710 5,588 5,671 83 186 973
Sep-21 5,700 5,785 5,670 5,745 5,631 5,727 96 157,138 105,597
Nov-21 5,713 5,820 5,713 5,779 5,683 5,768 85 33,747 59,846
Jan-22 5,750 5,843 5,736 5,806 5,695 5,794 99 8,466 21,003
Mar-22 5,739 5,856 5,739 5,808 5,728 5,806 78 12,231 13,983
May-22 5,799 5,884 5,793 5,859 5,741 5,832 91 307 809
Corn
Turnover: 738,576 lots, or 19.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 2,611 2,611 2,580 2,580 2,600 2,603 3 655 2,006
Sep-21 2,623 2,641 2,621 2,631 2,624 2,631 7 479,488 543,449
Nov-21 2,617 2,633 2,617 2,625 2,611 2,625 14 111,811 233,146
Jan-22 2,636 2,646 2,632 2,641 2,629 2,639 10 84,776 206,386
Mar-22 2,639 2,655 2,637 2,650 2,631 2,646 15 55,973 46,805
May-22 2,647 2,673 2,641 2,666 2,640 2,665 25 5,873 11,443
Soymeal
Turnover: 1,718,534 lots, or 63.01 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 3,544 3,570 3,544 3,570 3,459 3,558 99 26 4,655
Aug-21 3,659 3,689 3,636 3,689 3,575 3,668 93 2,961 2,647
Sep-21 3,666 3,699 3,661 3,694 3,587 3,683 96 1,161,707 1,219,719
Nov-21 3,680 3,718 3,680 3,714 3,608 3,702 94 55,130 53,004
Dec-21 3,680 3,699 3,668 3,699 3,584 3,688 104 22,377 27,611
Jan-22 3,653 3,679 3,644 3,677 3,580 3,662 82 356,937 509,657
Mar-22 3,486 3,519 3,485 3,514 3,394 3,502 108 92,437 265,378
May-22 3,433 3,455 3,418 3,445 3,364 3,437 73 26,959 48,092
Palm Oil
Turnover: 1,073,323 lots, or 80.33 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 8,184 8,184 8,184 8,184 8,550 8,184 -366 41 8
Aug-21 7,850 7,850 7,850 7,850 7,606 7,850 244 1 91
Sep-21 7,568 7,608 7,444 7,608 7,344 7,526 182 922,988 415,784
Oct-21 7,494 7,496 7,344 7,466 7,248 7,402 154 27,691 34,600
Nov-21 7,340 7,388 7,268 7,388 7,140 7,320 180 12,238 39,708
Dec-21 7,342 7,342 7,196 7,310 7,090 7,266 176 10,446 50,913
Jan-22 7,150 7,226 7,062 7,226 7,016 7,146 130 92,689 95,723
Feb-22 7,216 7,216 7,066 7,184 7,016 7,118 102 2,044 6,752
Mar-22 7,112 7,182 7,060 7,178 6,994 7,104 110 2,638 3,327
Apr-22 7,128 7,176 7,056 7,174 6,992 7,108 116 1,665 2,579
May-22 7,112 7,170 7,024 7,170 6,954 7,100 146 877 4,484
Jun-22 7,106 7,154 7,098 7,110 7,048 7,124 76 5 16
Soybean Oil
Turnover: 1,054,758 lots, or 90.00 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 – – – 8,694 8,624 8,694 70 0 514
Aug-21 8,678 8,678 8,678 8,678 8,366 8,678 312 1 150
Sep-21 8,580 8,622 8,464 8,594 8,394 8,556 162 885,566 419,514
Nov-21 8,504 8,538 8,418 8,528 8,316 8,480 164 42,271 54,866
Dec-21 8,426 8,482 8,378 8,462 8,208 8,424 216 14,840 78,280
Jan-22 8,440 8,444 8,304 8,410 8,226 8,378 152 104,809 145,620
Mar-22 8,256 8,314 8,216 8,274 8,144 8,254 110 6,337 15,460
May-22 8,158 8,160 8,032 8,088 7,936 8,084 148 934 5,357
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