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 U.S. Wheat Production Estimates — Survey
NEW YORK–The following are analysts’ estimates for 2022-23 U.S. wheat production, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated production forecasts at noon on Thursday.
2022-23 WHEAT PRODUCTION
Average Range USDA 2021-22
All Wheat 1,789 1,635-1,915 1,646
Winter Wheat 1,245 1,146-1,359 1,277
Hard Red Winter 683 568-779 749
Soft Red Winter 365 340-393 361
White Winter 199 166-237 167
All Wheat Winter Wheat Hard-Red Soft-Red White
AgriSompo North America 1,905
Allendale 1,872 1,359 779 358 222
DC Analysis 1,803 1,197 660 365 172
Doane 1,775 1,175 600 350 225
EDF Man 1,767 1,300 700 380 220
Futures International 1,915 1,323 700 393 230
Grain Cycles 1,819 1,287 759 340 188
Linn 1,810 1,220 685 375 170
Sid Love Consulting 1,782 1,237 650 350 237
Midland Research 1,744 1,194 629 375 190
Northstar 1,700 1,200 655 370 175
Prime-Ag 1,683
RJ O’Brien 1,221 641 358 222
Risk Mgmt Commodities 1,635 1,225 705 350 170
StoneX 1,672 1,146 568 375 203
US Commodities 1,860 1,260 748 360 166
Western Milling 1,848 1,274 683 365 226
Zaner Ag Hedge 1,817 1,300 762 370 169

DJ U.S. Corn, Soybean Production Estimates — Survey
NEW YORK–The following are analysts’ estimates for 2022 U.S. corn and soybean production in millions of bushels, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release its monthly estimates at noon on Thursday.
U.S. Corn, Soybean Production (million bushels)
Average Range USDA 2021
Corn Production 14,779 14,414-15,115 15,115
Soybean Production 4,604 4,435-4,653 4,435
Corn Soybean
Production Production
AgriSompo North America 14,715 4,565
AgriSource 14,700 4,650
Allendale 14,824 4,641
DC Analysis 14,788 4,640
Doane 14,600 4,635
EDF Man 14,752 4,635
Futures International 14,825 4,640
Grain Cycles 14,842 4,635
Linn 14,575 4,591
Sid Love Consulting 14,414 4,500
Midland Research 14,680 4,630
Northstar 14,660 4,544
Prime-Ag 14,833 4,590
Risk Mgmt Commodities 15,115 4,435
StoneX 14,867 4,632
US Commodities 15,077 4,589
Vantage RM 14,806 4,642
Western Milling 14,905 4,653
Zaner Ag Hedge 14,815 4,638

DJ U.S. May Grain, Soybean Stockpiles Estimates — Survey
NEW YORK–The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2021-22 and 2022-23, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Thursday at noon ET.
U.S. 2021-22 Stockpiles (millions)
Average Range USDA April
Corn 1,404 1,310-1,440 1,440
Soybeans 222 175-260 260
Wheat 681 650-713 678
U.S. 2022-23 Stockpiles (millions)
Average Range USDA April
Corn 1,305 988-1,627 N/A
Soybeans 319 200-488 N/A
Wheat 655 560-725 N/A
2021-22 2022-23
Corn Soybeans Wheat Corn Soybeans Wheat
Agrisompo North America 1,365 200 674 1,180 200 689
AgriSource 1,440 220 665 1,225 300
Allendale 1,430 225 698 1,419 283 720
DC Analysis 1,390 210 693 1,225 255 610
Doane 1,365 220 650 1,250 350 560
EDF Man 1,440 240 713 1,320 325 691
Futures International 1,390 225 663 1,450 350 652
Grain Cycles 1,440 250 688 1,422 413 683
Linn 1,310 185 688 1,400 315 725
Sid Love Consulting 1,440 260 678
Midland Research 1,340 210 700 1,155 250 615
Northstar 1,430 220 700
Prime-Ag 1,440 240 678 1,300 400 600
RJ O’Brien 1,434 217 668 1,165 275 601
Risk Mgmt Commodities 1,400 230 688 1,450 325 635
StoneX 1,423 196 678 988 488 570
US Commodities 1,415 175 688 1,627 214 721
Vantage RM 1,415 245 665 1,280 380 682
Western Milling 1,386 235 664 1,111 243 697
Zaner Ag Hedge 1,390 235 688 1,524 375 691

DJ May 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 2021-22 and 2022-23, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Thursday at noon ET.
World Stockpiles (million metric tons)
2021-22
Average Range USDA April
Corn 303.7 298.5-308.0 305.5
Soybeans 89.0 86.5-90.5 89.6
Wheat 278.3 275.0-282.5 278.4
2022-23
Average Range USDA April
Corn 295.6 278.0-307.7 N/A
Soybeans 98.0 89.4-107.8 N/A
Wheat 271.6 261.0-286.8 N/A
2021-22 2022-23
Corn Soybeans Wheat Corn Soybeans Wheat
AgriSompo North America 299.0 89.4 280.5 278.0 90.5 261.0
Allendale 305.1 88.1 278.9 298.6 94.4 271.1
EDF Man 305.0 90.0 278.0 292.0 101.0 279.0
Futures International 304.0 89.0 275.0 288.0 105.0 271.0
Grain Cycles 304.0 89.5 278.0 285.0 101.0 271.0
Linn 298.5 86.5 279.0 300.0 101.5 273.0
Midland Research 305.0 88.0 282.5 287.0 98.0 268.0
Northstar 301.0 88.5 275.0 307.0 94.0 262.0
Prime-Ag 305.0 89.0 279.0 300.0 95.0 275.0
Risk Mgmt Commodities 303.5 90.5 276.4
StoneX 308.0 90.1 280.4 300.2 107.8 263.0
US Commodities 304.5 89.0 278.0 304.0 89.4 278.0
Western Milling 306.0 89.0 279.0
Zaner Ag Hedge 303.1 88.9 277.0 307.7 98.4 286.8

DJ USDA Monthly Grain Inspections Exported by Rail – May 10
MS_GR210
Minneapolis, MN WED MAY 11, 2022 USDA MARKET NEWS
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT BY RAIL TO CANADA AND MEXICO
REPORT FOR MONTH ENDING APRIL 2022
————————————————————————
Apr-22 Mar-22 Year to Date
CANADA Rail Cars Metric Tons Metric Tons Metric Tons
BARLEY 0 0 0 0
BARLEY MALTING 0 0 0 0
CORN WHITE 0 0 0 0
CORN YELLOW 0 0 10,877 64,762
RYE 0 0 0 0
FLAXSEED 0 0 0 0
SOYBEANS 0 0 0 0
WHEAT DU 0 0 0 0
WHEAT HDWH 0 0 0 0
WHEAT HRS 0 0 0 0
WHEAT HRW 0 0 0 0
WHEAT SRW 3 299 0 299
WHEAT SWW 0 0 0 0
WHEAT MIXED 0 0 0 0
MEXICO
BARLEY 0 0 0 0
BARLEY MALTING 0 0 0 0
CANOLA 1 100 0 100
CORN WHITE 216 21,554 19,259 88,712
CORN YELLOW 7,468 745,231 735,558 2,781,158
CORN MIXED 4 399 0 798
FLAXSEED 0 0 0 100
OATS 1 100 100 300
SORGHUM 0 0 9,580 9,580
WHT SORGHUM 0 0 0 0
SOYBEANS 2,849 284,304 304,463 1,186,316
SUNFLOWER 0 0 100 100
WHEAT DU 0 0 0 0
WHEAT HDWH 0 0 0 0
WHEAT HRS 167 16,666 65,267 138,217
WHEAT HRW 1,340 133,720 174,434 630,179
WHEAT SRW 462 46,105 51,895 187,814
WHEAT SWW 8 798 299 1,396
WHEAT UNCL 0 0 0 0
————————————————————————-
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED
AND
WEIGHED THROUGH GIPSA’S AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT.
NO ADDITIONAL ANALYSIS, COMPILATIONS OR DATA IS AVAILABLE.
R=Revised (YTD Revision Entails Past Month Revisions)
Year to Date is January to current or end of year
Wheat
DU=Durum
HDWH= Hard White
HRS=Hard Red Spring
HRW=Hard Red Winter
SRW=Soft Red Winter
SWW=Soft White
UNCL=Unclassed
Source: USDA, FGIS
USDA MARKET NEWS SERVICE
Niki Davila 503-535-5001 Nicole.davila@usda.gov
https://www.ams.usda.gov/mnreports/ms_gr210.txt

DJ CBOT Delivery Intentions: Totals – May 11
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL May May 12, 2022 50 May 10, 2022
ROUGH RICE May May 12, 2022 15 May 10, 2022
KC HRW WHEAT May May 12, 2022 2 May 05, 2022
WHEAT May May 12, 2022 33 May 05, 2022

WHEAT
General Comments: Wheat markets were higher yesterday on better, but still poor overall, crop conditions for the HRW crops in the western Great Plains. Spring Wheat planting remains much behind normal and overall Spring Wheat planting could be reduced because of the delayed planting pace. The weather forecast looks improved for the planting of the US and Canadian Spring Wheat crops as it should be warmer. Trends are sideways in all three markets on the weekly charts but are still turning up in Minneapolis on the daily charts. Russia have been offering into the world market at relatively cheap prices but the Wheat is moving from the Black Sea although a lot of ships are scared to go on those waters. Ukraine can rail Wheat to Romania for shipment and has been doing this. There are forecasts for some light precipitation to fall in HRW growing areas of the western Great Plains this week and more moderate weather is forecast for the northern Great Plains and Canadian Prairies. The northern Great Plains and Canadian Prairies should get showers. The western US Great Plains remained too dry and crop conditions were very poor.
Overnight News: The southern Great Plains should get isolated showers or dry conditions. Temperatures should average above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see isolated showers in western areas. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 1069, 1047, and 1034 July, with resistance at 1135, 1143, and 1190 July. Trends in Kansas City are mixed. Support is at 1153, 1133, and 1115 July, with resistance at 1189, 1202, and 1259 July. Trends in Minneapolis are mixed to up with objectives of 1263 July. Support is at 1203, 1180, and 1154 July, and resistance is at 1235, 1242, and 1254 July.

RICE:
General Comments: Rice was lower again for much of the day yesterday, but then rebounded to close higher. Funds and other speculators have been the best sellers lately on demand concerns and as planting and growing conditions improved in the US. There still was slow progress in Rice planting and emergence in the US, but improved weather this week could allow producers to start to catch up. The slow progress and wet and cold conditions in Arkansas have many looking for a lower planted area and all planted area is expected to be less, anyway, due to high input costs against the price of Rice.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1675, 1661, and 1658 July and resistance is at 1718, 1735, and 1749 July.

DJ USDA World Market Rice Prices – May 11
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 15.10 9.56 0.00
Medium/Short Grain 14.90 10.17 0.00
Brokens 9.58 —- —-

CORN AND OATS:
General Comments: Corn closed higher yesterday on slow planting progress and despite forecasts for better planting weather this week. Very warm temperatures are being reported in the Midwest this week and ideas are that planting progress is about to increase rapidly. Planting progress will be faster, but fields still need to dry out so it could still be a couple of days before many producers can work the fields. The crop planting progress is very slow now due to the cold and wet Spring seen here and the market started to worry about yield loss soon. Many think the top end of the yield has been taken off the Corn crop due to the delayed planting. It already thinks there is reduced planted area because of the March planning intentions reports from USDA. The potential loss of Ukraine exports of Corn makes the world situation tighter. China has a Covid outbreak again and has closed some cities and some ports in response. The moves are harsh but China has a no tolerance policy about the pandemic. The closings of cities and ports will hurt the economy as people can’t make or spend money and hurt imports as there will be fewer places to unload cargoes. However, China has been a very big buyer of US Corn over the last couple of weeks as they need the feed and Ukraine cannot currently offer any supply. President Biden has said he will permit the use of higher ethanol blends in gasoline this Summer in an effort to control inflation and high fuel prices.
Overnight News:
Chart Analysis: Trends in Corn are down with objective of 767, 743, and 739 July. Support is at 769, 753, and 739 July, and resistance is at 781, 791, and 814 July. Trends in Oats are down with objectives of 573 July Support is at 586, 565, and 542 July, and resistance is at 622, 647, and 659 July.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher yesterday but Soybean Meal was lower. There are still fears of a cooling economy on forecasts for much improved planting weather this week, but the delayed planting pace helped support the market yesterday. Soybean Oil remains well supported as demand is holding strong amid very tight supplies of vegetable oils here and around the world. Almost summer like conditions are being reported this week after weeks of cold and wet weather for the Midwest so planting progress should increase. There are still many wet fields so the planting progress for Corn and Soybeans might not be as strong as the trade expects when USDA reports again next Monday. There were ideas that the world could be headed to a recession. Traders are worried about demand moving forward as the US Dollar is very strong and China is locking down due to Covid. There are still worries about Chinese demand because of Covid lockdowns there. China has been a major buyer of US Soybeans this year after a very slow start due to the problems in South America. They are buying for this year and already have booked a large amount of new crop Soybeans to cover future needs. Most of the current buying is for next year. Ideas are that the Chinese economy could slow down due to the Covid lockdowns there and cause the country to purchase less Soybeans in the world market.
Overnight News:
Chart Analysis: Trends in Soybeans are down with objectives of 1523 July. Support is at 1578, 1569, and 1561 July, and resistance is at 1622, 1657, and 1679 July. Trends in Soybean Meal are down with objectives of 384.00 and 335.00 July. Support is at 393.00, 386.00, and 381.00 July, and resistance is at 418.00 429.00, and 436.00 July. Trends in Soybean Oil are mixed. Support is at 7910, 7800, and 7700 July, with resistance at 8320, 8400, and 8460 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on strong export demand as reported by SGS. The Indonesian ban on Palm Oil products imports is now in effect and a ban on Crude Palm Oil exports is coming, according to the Indonesian government. The industry estimates the ban could last through the month of May, but the government has made no such prediction. Hopes for better demand from India keep the market supported. A new Covid outbreak is reported in China and cities and infrastructure has been shut down, including some airports and water ports. The economy could slow down and affect demand. Production from Malaysia is expected to increase as well as the Covid lockdowns finally go away and as the weather is good for production. Canola was lower yesterday and was led lower by July futures as demand seems to have dried up. It is reported to be very dry and has been cold for planting but warmer temperatures are reported this week. There are ideas of reduced Sunflower export potential from Russia and Ukraine. The market is worried about South American production as well. Canada produced a very short crop of Canola last year so supplies are tight.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 1122.00, 1108.00, and 1093.00 July, with resistance at 1168.00, 1182.00, and 1201.00 July. Trends in Palm Oil are up with no objectives. Support is at 6260, 6180, and 6150 July, with resistance at 6500, 6750, and 6850 July.

DJ Malaysia May 1-10 Palm Oil Exports Up 45.2%, SGS Says
Malaysia’s palm oil exports for May 1-10 are estimated to be up 45.2% on month at 371,295 metric tons, cargo surveyor SGS (Malaysia) Bhd. said Wednesday.
The following are the major items in the SGS estimate:
(All figures in metric tons)
May 1-10 April 1-10
RBD Palm Olein 130,332 95,466
RBD Palm Oil 51,050 33,305
RBD Palm Stearin 25,335 21,372
Crude Palm Oil 44,983 63,285
Total* 371,295 255,789
*Palm oil product volumes don’t add up to total as some products aren’t included
SGS Malaysia is a division of the Switzerland-based Societe Generale de Surveillance Group.

Midwest Weather Forecast: Mostly dry conditions. Temperatures should average above normal.

US Gulf Cash Basis

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
May
115May
210 May 120 May
140 May

June
108 July
210 July
120 July
140 July

July
1024 July
200 July
80 July
135 July

DJ ICE Canada Cash Grain Close – May 10
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 1156.90 0.00 July 2022 dn 0.70
Basis: Thunder Bay 1180.50 45.00 July 2022 dn 21.40
Basis: Vancouver 1200.50 65.00 July 2022 dn 21.40
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 – May 11
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
May 1747.50 +40.00 Unquoted – –
Jun 1647.50 +30.00 Unquoted – –
Jul/Aug/Sep 1517.50 +35.00 Unquoted – –
Oct/Nov/Dec 1447.50 +30.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1750.00 +40.00 Unquoted – –
Jun 1650.00 +30.00 Unquoted – –
Jul/Aug/Sep 1520.00 +35.00 Unquoted – –
Oct/Nov/Dec 1450.00 +30.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1635.00 +20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 1445.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 7200.00 +150.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 470.00 00.00 Unquoted – –
($1=MYR4.375)

DJ China Dalian Grain Futures Closing Prices, Volume – May 11
Soybean No. 1
Turnover: 111,195 lots, or 6.78 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-22 6,105 6,105 6,105 6,105 6,158 6,105 -53 1 29
Jul-22 6,190 6,190 6,136 6,139 6,172 6,153 -19 87,343 108,195
Sep-22 6,044 6,088 6,012 6,016 6,035 6,023 -12 12,694 31,840
Nov-22 5,822 5,822 5,777 5,780 5,810 5,789 -21 10,185 18,883
Jan-23 5,756 5,768 5,677 5,749 5,767 5,739 -28 903 3,250
Mar-23 5,741 5,746 5,729 5,736 5,751 5,741 -10 69 619
Corn
Turnover: 399,191 lots, or 11.83 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-22 2,872 2,876 2,872 2,875 2,876 2,873 -3 618 13,398
Jul-22 2,920 2,938 2,918 2,924 2,928 2,928 0 59,113 341,983
Sep-22 2,972 2,982 2,962 2,967 2,971 2,971 0 298,605 1,200,871
Nov-22 2,937 2,949 2,934 2,937 2,941 2,941 0 14,594 71,394
Jan-23 2,950 2,961 2,942 2,942 2,945 2,949 4 16,133 95,759
Mar-23 2,942 2,960 2,942 2,945 2,947 2,950 3 10,128 29,121
Soymeal
Turnover: 763,292 lots, or 2.98 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-22 3,977 4,043 3,977 4,030 4,252 4,029 -223 318 895
Jul-22 4,018 4,041 4,011 4,032 3,988 4,026 38 47,844 219,102
Aug-22 3,989 4,009 3,979 4,000 3,962 3,993 31 22,537 146,757
Sep-22 3,930 3,945 3,911 3,931 3,901 3,927 26 576,699 1,223,243
Nov-22 3,851 3,867 3,833 3,853 3,833 3,849 16 26,210 77,790
Dec-22 3,798 3,811 3,770 3,794 3,780 3,792 12 12,670 29,717
Jan-23 3,740 3,745 3,707 3,721 3,716 3,722 6 67,461 260,632
Mar-23 3,629 3,641 3,611 3,621 3,610 3,624 14 9,553 18,395
Palm Oil
Turnover: 921,124 lots, or 10.62 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-22 14,600 14,600 14,500 14,550 14,318 14,548 230 64 1,478
Jun-22 13,190 13,456 12,998 13,392 13,226 13,260 34 17,117 8,641
Jul-22 12,426 12,626 12,276 12,558 12,508 12,462 -46 19,126 62,083
Aug-22 11,906 12,050 11,722 11,978 11,892 11,906 14 8,981 36,531
Sep-22 11,520 11,668 11,342 11,580 11,488 11,498 10 833,122 320,285
Oct-22 11,304 11,456 11,128 11,354 11,246 11,290 44 12,405 18,898
Nov-22 11,114 11,258 10,954 11,176 11,088 11,124 36 4,470 4,638
Dec-22 11,066 11,066 11,000 11,020 10,958 11,044 86 14 134
Jan-23 10,896 10,978 10,718 10,894 10,844 10,838 -6 25,728 43,874
Feb-23 – – – 10,756 10,756 10,756 0 0 70
Mar-23 10,594 10,750 10,546 10,688 10,618 10,676 58 36 134
Apr-23 10,500 10,680 10,422 10,642 10,524 10,600 76 61 80
Soybean Oil
Turnover: 619,740 lots, or 68.01 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-22 11,046 11,070 10,990 11,070 11,104 11,110 6 142 1,912
Jul-22 11,118 11,242 11,014 11,202 11,080 11,130 50 25,539 90,527
Aug-22 11,064 11,158 10,958 11,122 11,004 11,076 72 15,097 59,066
Sep-22 10,998 11,088 10,876 11,024 10,960 10,978 18 531,830 375,938
Nov-22 10,864 10,970 10,774 10,914 10,852 10,882 30 17,715 28,678
Dec-22 10,866 10,912 10,726 10,850 10,784 10,818 34 5,866 8,077
Jan-23 10,770 10,858 10,670 10,776 10,750 10,764 14 17,415 26,402
Mar-23 10,630 10,744 10,566 10,666 10,632 10,648 16 6,136 3,224
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