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 – Sep 8
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL September Sep 09, 2021 2 Sep 01, 2021
ROUGH RICE September Sep 09, 2021 10 Sep 03, 2021
OATS September Sep 09, 2021 1 Aug 12, 2021
WHEAT September Sep 09, 2021 31 Aug 31, 2021

DJ USDA Grain Inspections for Export in Metric Tons – Sep 7
WA_GR101
Washington, DC Tue Sep 07, 2021 USDA Market News
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 SEP 02, 2021
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 09/02/2021 08/26/2021 09/03/2020 TO DATE TO DATE
BARLEY 0 0 1,996 6,550 5,727
CORN 275,799 583,498 887,889 39,453 271,920
FLAXSEED 0 0 72 24 389
MIXED 0 0 0 0 0
OATS 0 0 48 100 948
RYE 0 0 0 0 0
SORGHUM 3,831 74,186 33,144 1,317 33,096
SOYBEANS 68,059 386,839 1,512,819 18,778 682,227
SUNFLOWER 0 0 0 0 0
WHEAT 381,551 370,461 699,386 6,487,016 7,467,467
Total 729,240 1,414,984 3,135,354 6,553,238 8,461,774
————————————————————————-
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

DJ U.S. Corn, Soybean Production Estimates — Survey
New York–The following are analysts’ estimates for 2021 U.S. corn and soybean production in millions of bushels, as compiled by The Wall Street Journal. Yield estimates are in bushels per acre and harvested acres are in million acres. The U.S. Department of Agriculture is scheduled to release its monthly estimates at noon on Friday.
U.S. 2021 Production, Yield (million bushels, bushels per acre)

Average Range USDA August USDA 2020
Corn Production 14,897 14,667-15,116 14,750 14,182
Soybean Production 4,363 4,269-4,440 4,339 4,135
Corn Yield 175.5 172.2-177.5 174.6 172.0
Soybean Yield 50.3 49.0-51.2 50.0 50.2
Corn Soybean
Production Yield Production Yield
AgriSomp North America 14,709 174.9 4,327 50.2
Agrisource 14,900 175.5 4,350 50.1
Allendale 14,975 176.3 4,338 50.1
DC Analysis 14,912 174.8 4,365 50.3
Doane 15,116 177.0 4,436 51.2
EDF Man 14,872 176.0 4,421 51.0
Futures Intl 14,777 173.6 4,367 50.2
Grain Cycles 15,053 176.8 4,345 50.2
Linn Group 14,996 176.7 4,345 50.2
Sid Love Consulting 14,784 176.0 4,300 50.0
Midland Research 14,945 175.6 4,390 50.4
Midwest Market Solution 14,787 175.0 4,367 50.4
Northstar 14,950 175.5 4,378 50.5
Prime Ag 14,960 176.0 4,404 50.5
RJOBrien 14,667 172.2 4,269 49.0
RMC 14,960 176.0 4,378 50.5
StoneX Group 15,088 177.5 4,379 50.8
US Commodities 14,728 174.3 4,440 51.2
Vantage RM 14,810 173.7 4,310 49.7
Western Milling 14,872 176.0 4,339 50.0
Zaner Ag Hedge 14,977 176.2 4,377 50.6

DJ U.S. September Grain, Soybean Stockpiles Estimates — Survey
New York–The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2020-21 and 2021-22, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Friday at noon ET.
U.S. Stockpiles (millions)
2020-21
Average Range USDA August
Corn 1,159 1,091-1,224 1,117
Soybeans 166 140-199 160
2021-22
Average Range USDA August
Corn 1,329 1,018-1,545 1,242
Soybeans 178 132-245 155
Wheat 619 579-653 627
2020-21 2021-22
Corn Soybeans Corn Soybeans Wheat
AgriSompo North America 1,117 160 1,251 145 611
Agrisource 1,187 165 1,462 170 602
Allendale 1,182 178 1,388 197 635
DC Analysis 1,198 175 1,300 185 607
Doane 1,192 170 1,375 210 600
EDF Man 1,141 190 1,198 153 614
Futures Intl 1,145 185 1,273 179 625
Grain Cycles 1,142 160 1,545 191 652
Linn Group 1,200 199 1,250 245 615
Sid Love Consulting 1,091 140 1,311 160 608
Midland Research 1,212 165 1,432 190 627
Midwest Market Solutions 1,147 144 1,129 171 586
Northstar 1,150 160 1,400 175 640
Prime Ag 1,117 160 1,400 200 627
RJOBrien 1,136 155 1,202 135 653
RMC 1,200 160 1,450 160 625
StoneX Group 1,224 164 1,487 132 619
US Commodities 1,100 175 1,018 217 579
Vantage RM 1,132 165 1,330 145 627
Western Milling 1,167 160 1,314 167 625
Zaner Ag Hedge 1,152 165 1,394 207 612

DJ September World Grain, Soybean Stockpiles Estimates — Survey
New York–The following are analysts’ estimates in millions of metric tons for world grain and soybean ending stockpiles for 2020-21 and 2021-22, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Friday at noon ET.
World Stockpiles (million metric tons)
2020-21
Average Range USDA August
Corn 281.0 279.9-282.0 280.8
Soybeans 92.5 89.2-93.4 92.8
Wheat 288.6 287.0-290.0 288.8
2021-22
Average Range USDA August
Corn 285.7 281.5-290.5 284.6
Soybeans 96.9 91.2-98.7 96.2
Wheat 278.9 276.0-288.0 279.1
2020-21 2021-22
Corn Soybeans Wheat Corn Soybeans Wheat
Allendale 281.1 93.4 288.8 286.5 98.2 281.7
EDF Man 282.0 98.0 288.0
Futures Intl 281.5 98.0 276.0
Grain Cycles 290.5 97.0 279.0
Linn Group 285.0 97.8 277.1
Midwest Market Solutions 280.2 92.8 288.5 285.0 96.1 278.5
Northstar 281.0 93.0 287.0 286.0 96.8 278.0
Prime Ag 280.8 92.8 288.8 288.0 97.0 277.0
RMC 282.0 93.0 289.0 285.0 97.0 278.0
StoneX Group 281.7 89.2 290.0 289.7 91.2 280.6
US Commodities 279.9 92.7 288.0 283.4 97.0 277.0
Western Milling 281.3 93.0 288.8 283.0 96.5 277.0
Zaner Ag Hedge 288.2 98.7 277.9

Crop Progress
Date 5-Sep 29-Aug 2020 Avg
Cotton Setting Bolls 94 86 96 97
Cotton Bolls Opening 29 21 36 34
Corn Dough 95 91 97 94
Corn Dented 74 55 77 69
Corn Mature 21 9 23 19
Soybeans Setting Pods 96 93 98 96
Soybeans Dropping Leaves 18 9 18 15
Sorghum Coloring 73 59 72 69
Sorghum Mature 32 23 28 31
Sorghum Harvested 19 18 21 22
Rice Harvested 28 19 25 31
Oats Harvested 97 92 95 94
Spring Wheat Harvested 95 88 80 83
Barley Harvested 92 85 83 87
Winter Wheat Planted 5 5 3

Crop Condition
Very Poor Poor Fair Good Excellent
Cotton This Week 1 6 32 50 11
Cotton Last Week 1 5 24 55 15
Cotton Last Year 11 16 28 36 9

Corn This Week 4 10 27 45 14
Corn Last Week 4 10 26 46 14
Corn Last Year 5 9 25 46 15

Soybeans This Week 4 10 29 46 11
Soybeans Last Week 5 10 29 45 11
Soybeans Last Year 3 7 25 52 13

Rice This Week 1 3 21 60 15
Rice Last Week 1 2 20 62 15
Rice Last Year 1 3 18 61 17

Sorghum This Week 3 10 30 47 10
Sorghum Last Week 3 9 30 49 9
Sorghum Last Year 6 11 34 37 12

Peanuts This Week 0 2 24 64 10
Peanuts Last Week 1 2 21 64 12
Peanuts Last Year 1 2 60 18 14

Pasture and Range This Week 20 21 30 24 5
Pasture and Range Last Week 21 23 28 23 5
Pasture and Range Last Year 19 27 32 20 2

DJ Canadian Grain, Oilseed Stocks As Of July 31, 2021 – StatsCan
WINNIPEG–The following is the Statistics Canada grain and
oilseed stocks in all positions report.
Figures are as of July 31, 2021, in thousand metric tons.
Source: Statistics Canada.
On Farms Commercial Total
Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31
2021 2020 2021 2020 2021 2020
Barley 551 688 160 269 711 957
Canaryseed 4 2 22 13 26 15
Canola 1,063 2,140 704 1,295 1,767 3,435
Chickpeas 250 228 30 22 280 250
Corn N/A 1,994 N/A 566 N/A 2,560
Flaxseed 25 25 32 39 57 64
Lentils 299 151 107 58 406 209
Mustard 28 47 13 14 40 61
Oats 351 208 308 218 659 426
Peas 212 96 267 137 479 233
Rye 37 18 35 22 72 40
Soybeans N/A 101 N/A 525 N/A 626
Sunflower 115 102 1 2 116 103
All wheat 2,166 2,194 3,540 3,306 5,705 5,499
Durum 77 190 675 547 752 737
By Commodity News Service Canada (news@marketsfarm.com, or
204-414-9084)

WHEAT
General Comments: Wheat was lower as a higher US Dollar more than offset new sales of more than 300,000 tons of HRW to Nigeria overnight. Minneapolis was lower as the harvest moves to completion. The weekly export inspections was poor once again. The demand has not been seen here, so the Winter Wheat markets have not been able to do more than hold in a range. This is true even with the Nigerian sale announced yesterday. Hurricane Ida did not reach into most Wheat areas but could have brought some big rains to some SRW areas. Wheat loading ports in the US are mostly in Texas or the PNW and were not affected. Dry weather in southern Russia as well as the northern US Great Plains and Canadian Prairies remains a supportive feature in the market although the US and Canada are seeing some showers this week. Crop size estimates in Russia have been reduced and domestic Russian prices are above world prices. The Russian weather has been good for production in northern and western areas but is still trending dry in southern areas and into Kazakhstan. The weather in China and Europe is wet and there is potential for reduced quality in Europe. Europe is expecting top yields in some areas but less yield in others and parts of eastern Europe and northern Russia are expecting strong yields.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be near to above
normal. Northern areas should see mostly dry conditions. Temperatures will be near normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 709, 705, and 693 December, with resistance at 733, 745, and 754 December. Trends in Kansas City are mixed. Support is at 711, 697, and 685 December, with resistance at 730, 735, and 738 December. Trends in Minneapolis are mixed. Support is at 890, 880, and 875 December, and resistance is at 927, 937, and 950 December.

RICE:
General Comments: Rice closed a little higher yesterday but the price action has been weak as the harvest makes progress in the south. It was a low volume day yesterday as traders are also waiting for the UDA production reports out later this week. A weaker US Dollar was ignored in this market. Harvesting continues in Louisiana and Texas. A delayed harvest is expected in Mississippi and Arkansas. Initial yield reports and quality reports have been acceptable to many in Texas and are called good in Louisiana. Smut has been reported in Texas but the smut is coming off the grain in the cleaning process and the problem is considered to be minor. The harvest pace is expected to be slow due to ongoing showers in both regions and farther into the north. Ideas of average yields are also heard in Arkansas and Mississippi. Growing conditions have been mixed at best with many areas getting too much rain.
Overnight News: The Delta should get isolated showers. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed. Support is at 1320, 1308, and 1299 November, with resistance at 1348, 1358, and 1368 November.

DJ USDA World Market Rice Prices – Sep 8
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 15.13 9.63 0.00
Medium/Short Grain 15.12 9.67 0.00
Brokens 9.60 —- —-

CORN AND OATS:
General Comments: Corn was lower on fund selling yesterday and on ideas of increasing production and less demand. The trade widely expects USDA to show improved yields in its production estimates this Friday, and planted area is expected to increase as well In the meantime, demand ideas are dropping due to less than hoped for demand at the current time and now because of the effects of Hurricane Ida. The weekly export inspections report showed how the US export pace was affected by the hurricane. The hurricane moved onshore in Louisiana and did extensive damage to the state, including the grain export elevators. The state also lost electrical posser in all affected areas and it will take some time for that to get fixed. Damage assessments for the elevators is expected this week. The weather remains a feature of the trade but is less important now as pollination is done and the Corn is filling kernels and starting to mature. Some forecasts call for improved weather, especially in the northern and western belt. Ideas are that Brazil Corn production could be less than 85 million tons so reduced production estimates are expected in coming reports. Oats were lower yesterday on speculative profit taking as the weather remains bad for production even with the crop near or in harvest.
Overnight News:
Chart Analysis: Trends in Corn are down with objectives of 488 December. Support is at 507, 500, and 494 December, and resistance is at 530, 543, and 548 December. Trends in Oats are mixed. Support is at 500, 492, and 480 December, and resistance is at 512, 518, and 520 December.

SOYBEANS
General Comments: Soybeans and the products were lower but Soybeans and Soybean Oil held the trading range. Funds were the most active sellers in all three markets. The destruction of Gulf port facilities along the Mississippi River near New Orleans was the reason for the big selling. The hurricane moved onshore in Louisiana a week ago and did extensive damage to the state, including the grain export elevators. The state also lost electrical posser in all affected areas and it will take some time for that to get fixed. Damage assessments for the elevators is expected this week. Demand has held together despite the export problems but the export inspections report showed that very little is getting shipped right now as the exporters scramble to find other ports to send the grain. Demand is still weaker than expected overall. USDA will release its production and supply and demand reports this week and the trade widely expects USDA to show more production due to better yields and stable to increased planted area.
Overnight News: China bought 106,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1270, 1269, and 1241 November, and resistance is at 1306, 1309, and 1325 November. Trends in Soybean Meal are down with objectives of 325.00 October. Support is at 331.00, 328.00, and 325.00 October, and resistance is at 340.00, 344.00, and 349.00 October. Trends in Soybean Oil mixed. Support is at 5750, 5730, and 5700 October, with resistance at 6010, 6090, and 6160 October

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower last week on demand concerns. It was higher today as demand showed signs of returning to the market. Exports were not strong last month and the trade expects big ending stocks when MPOB releases its monthly data later this week. There are ideas of tight supplies due to labor problems. There are just not enough workers in the fields due to Coronavirus restrictions. Production has also been down to more than offset the export losses so prices have trended higher. Canola closed lower yesterday as the harvest is getting ready to start. Damaging weather continues in the Canadian Prairies and northern Great Plains but some showers are in the forecast for this week. Production ideas are down due to the extreme weather seen in these areas. It remains generally dry and warm in the Prairies. The Prairies crops are in big trouble now due to previous hot and dry weather and the rains are coming too late.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 868.00, 857.00, and 8530.00 November, with resistance at 905.00, 909.00, and 940.00 November. Trends in Palm Oil are mixed. Support is at 4270, 4150, and 4050 November, with resistance at 4430, 4530, and 4600 November.

Midwest Weather Forecast: Isolated showers north and west, showers and storms south and east. Temperatures should average near 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 – Sep 3
WINNIPEG–The following are the closing cash canola prices
from ICE Futures for Sept. 3, 2021.
Source: ICE Futures
CANOLA
1 Canada NCC Best Bid
Spot Price Basis Contract Change
*Par Region 907.50 15.00 Nov 21 up 1.70
Basis: Thunder Bay 926.20 40.00 Nov 21 dn 6.30
Basis: Vancouver 971.20 85.00 Nov 21 dn 6.30
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 – Sept 8
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, 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 1197.50 +10.00 Unquoted – –
Oct/Nov/Dec 1157.50 +20.00 Unquoted – –
Jan/Feb/Mar 1057.50 +10.00 Unquoted – –
Apr/May/Jun 992.50 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sept 1200.00 +10.00 Unquoted – –
Oct/Nov/Dec 1160.00 +20.00 Unquoted – –
Jan/Feb/Mar 1060.00 +10.00 Unquoted – –
Apr/May/Jun 995.00 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sept 1140.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sept 1040.00 +15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sept 4,680.00 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
1Sept 320.00 +02.00 Unquoted – –
($1=MYR4.154)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 08
Soybean No. 1
Turnover: 210,760 lots, or 1.22 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-21 – – – 5,797 5,797 5,797 0 0 1,003
Nov-21 5,819 5,835 5,756 5,823 5,833 5,803 -30 157,229 127,984
Jan-22 5,850 5,850 5,781 5,840 5,852 5,818 -34 34,902 51,237
Mar-22 5,822 5,842 5,778 5,834 5,849 5,818 -31 10,078 22,070
May-22 5,866 5,871 5,811 5,861 5,872 5,841 -31 769 2,660
Jul-22 5,861 5,861 5,793 5,837 5,855 5,829 -26 7,782 5,059
Corn
Turnover: 844,430 lots, or 20.90 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-21 2,556 2,558 2,540 2,558 2,555 2,550 -5 430 3,768
Nov-21 2,478 2,503 2,463 2,478 2,486 2,485 -1 87,924 221,570
Jan-22 2,458 2,486 2,452 2,461 2,462 2,469 7 676,642 889,115
Mar-22 2,484 2,505 2,472 2,481 2,481 2,490 9 47,660 159,710
May-22 2,520 2,535 2,509 2,514 2,519 2,523 4 21,859 57,412
Jul-22 2,535 2,545 2,522 2,526 2,528 2,535 7 9,915 24,299
Soymeal
Turnover: 1,237,729 lots, or 42.96 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-21 3,801 4,037 3,735 3,786 3,774 3,840 66 122 3,016
Nov-21 3,703 3,710 3,681 3,685 3,691 3,697 6 36,234 101,466
Dec-21 3,630 3,641 3,612 3,616 3,608 3,631 23 8,201 76,395
Jan-22 3,518 3,527 3,485 3,486 3,506 3,506 0 963,660 1,228,401
Mar-22 3,363 3,370 3,329 3,330 3,344 3,351 7 42,533 303,906
May-22 3,275 3,279 3,237 3,239 3,262 3,261 -1 128,189 343,362
Jul-22 3,246 3,257 3,217 3,221 3,236 3,242 6 30,501 67,759
Aug-22 3,311 3,329 3,272 3,275 3,293 3,296 3 28,289 30,646
Palm Oil
Turnover: 987,869 lots, or 82.86 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-21 9,350 9,350 9,268 9,350 9,198 9,298 100 32 861
Oct-21 9,068 9,188 9,000 9,128 9,054 9,086 32 12,664 12,655
Nov-21 9,002 9,086 8,898 9,040 8,984 9,004 20 15,443 59,688
Dec-21 8,766 8,832 8,634 8,780 8,714 8,748 34 11,140 61,491
Jan-22 8,426 8,480 8,268 8,442 8,358 8,388 30 889,749 412,740
Feb-22 8,176 8,248 8,052 8,210 8,142 8,164 22 22,941 48,487
Mar-22 8,012 8,074 7,888 8,044 7,978 7,996 18 14,841 16,083
Apr-22 7,852 7,938 7,762 7,892 7,842 7,866 24 9,414 17,678
May-22 7,796 7,812 7,660 7,778 7,744 7,748 4 11,218 20,433
Jun-22 7,658 7,658 7,658 7,658 7,586 7,658 72 1 537
Jul-22 7,620 7,620 7,560 7,560 7,590 7,586 -4 4 481
Aug-22 7,550 7,552 7,450 7,480 7,440 7,462 22 422 803
Soybean Oil
Turnover: 938,397 lots, or 85.95 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-21 9,702 9,720 9,622 9,720 9,686 9,684 -2 405 5,485
Nov-21 9,680 9,720 9,590 9,676 9,604 9,658 54 44,204 94,327
Dec-21 9,462 9,518 9,362 9,464 9,424 9,450 26 38,024 74,070
Jan-22 9,206 9,244 9,076 9,192 9,174 9,168 -6 786,411 502,132
Mar-22 8,862 8,872 8,718 8,812 8,806 8,798 -8 22,944 67,177
May-22 8,522 8,578 8,420 8,532 8,510 8,504 -6 28,675 72,333
Jul-22 8,396 8,430 8,288 8,390 8,362 8,368 6 10,076 27,007
Aug-22 8,356 8,398 8,252 8,346 8,326 8,330 4 7,658 12,767
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